If Sarah is in the income tax band that has a marginal rate of 24%, the amount of the deduction that must be taken in order to generate a tax advantage that is equivalent to that provided by the child care credit is x = 5000.
This is further explained below.
<h3> What amount of deduction is necessary to provide a tax benefit that is equal to that provided by the child care credit if Sarah is in the 24% marginal income tax bracket?</h3>
Generally, The proportion of an individual's income that must be paid in taxes is referred to as that person's marginal tax rate.
The average tax burden may be conceptualized as the entire tax burden expressed as a proportion of the income that is produced.
Tax: Taxes are payments to the government that is required of all citizens, whether they be people or companies.
In conclusion,
Available deduction = 1200
Deduction rate = 0.24
Amount of money needed for an investment
x= 1200/0.24
x= 5000
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The net sales of the given set of data is:
<h3>What is Net Sales?</h3>
This refers to the addition of a company's gross sales minus the expenses which includes returns, allowances, etc.
The Gross Sales:
Sales revenue: $200,000
Cost of goods sold: $120,000
Total = $200,000 - $120,000
=$80,000
Expenses:
Sales allowances and discounts: $5,000
Sales discounts: $3,000
Total= $5,000 + $3,000
= $8,000
Therefore, net sales = Gross Sales – Returns – Allowances – Discounts
$80,000- $8,000
=$72,000
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Answer:
The company report on its balance sheet at December 31, 2010, as accounts receivable before the allowance for doubtful account is $590,000
Explanation:
The computation of the accounts receivable before the allowance is shown below:
= Beginning account receivable balance + bad debt expense - uncollectible accounts receivable
= $540,000 + $90,000 - $40,000
= $590,000
The bad debt is an expense so it will be added whereas the account receivable which is not yet collected should be deducted in the computation part.
The correct answer is highly differentiated consumer goods. Firms that sell extremely differentiated shopper products square measure additional possibility to pay an outsized share of their revenue on advertising.
Excellent competition has the biggest variety of suppliers. A natural monopoly is a happening of monopoly thanks to high fastened and start-up value or use of some technological completely different that keeps the opposite corporations out of the market that the firm that gives electricity to all or any homes contains a natural monopoly.
A natural monopoly exists in a very explicit market if one firm serves that market at a lower value than any combination of 2 or additional corporations.
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Answer:
Gain= $63,000
Explanation:
<u>First, we need to calculate the book value:</u>
<u></u>
Book value= purchase price - accumulated depreciation
Book value= 250,000 - 35,000
Book value= 215,000
<u>Now, the gain or loss from the sale:</u>
Gain/loss= selling price - book value - selling expense
Gain/loss= 290,000 - 215,000 - 12,000
Gain= $63,000
