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Papessa [141]
2 years ago
12

During 2018​, Doug incurs the following deductible​ expenses:

Business
1 answer:
Alexus [3.1K]2 years ago
3 0

The amount of Doug's taxable income is <u>$27,700</u>.

<u>Explanation</u>:

<u><em>GIVEN</em></u>:

AGI = $35,000

State income​ taxes = $2300

Local property taxes = $3000

Medical expense = $800

Charitable contribution = $2000

Total deduction amount= State income​ taxes+Local property taxes+Charitable contribution

                                        = 2300+3000+2000

                                        = $ 7300

Total deduction amount= $7300

Taxable income= $35000- $7300

                         = $27,700

The amount of Doug's taxable income is <u>$27,700</u>.

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Current assets, or possessions used up within a year, are generally used to settle current liabilities.

<h3>Why do you use the term "current liabilities"?</h3>
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  • In accounting, current liabilities are frequently interpreted as all debts owed by a company that must be paid in cash within the fiscal year or the operational cycle of that particular company, whichever is longer.
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Christopher has a collection of 20 video games and will buy 4 more each month. Peter has a collection of 92 video games and will
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Which three activities are part of the function of accounting?
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The 3 activities which are part of the function of accounting includes:

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As regards the options, 3 activities which are part of the function of accounting includes:

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