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Effectus [21]
4 years ago
12

Luis had self-employment income of $9,732 reported in box 7 of Form 1099-Misc and has receipts for tools and supplies of $2,603.

When entering the expenses into the tax return, Luis noticed that his refund went down. Luis asked the tax preparer to take the expenses off the return to help get the maximum refund. Is this allowable by the IRS
Business
1 answer:
elena-14-01-66 [18.8K]4 years ago
3 0

Answer:

No

Explanation:

Given the information from the question .We need to discuss if the Luis’s situation is allowable by the IRS. The IRS doesn’t permit to show fewer expenses or expenditures to acquire more reimbursement or refund. Therefore it is impossible for Luis to remove the expenses so that he can get maximum refund .The correct answer for this question is No.

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The Pinetop Corporation issues 1,000 shares of 6%, $100 par value preferred stock at the beginning of 2014. All remaining shares
lidiya [134]

Answer:

$12,000 and $6,000

Explanation:

For computing the dividend, first we have to find out the yearly dividend which is shown below:

= Number of shares × par value per share × dividend rate  × number of years

= 1,000 shares × $100 × 6%  × 2 years

= $12,000

Out of $18,000, the $12,000 will be paid to preferred stockholders and the remaining $6,000 will be paid to common stockholders

5 0
4 years ago
Drag the tiles to the correct boxes to complete the pairs.
bulgar [2K]
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3 0
3 years ago
Harry Carey Hats had the following department data: Work in process, physical units, April 1 7,000 Completed and transferred out
OLga [1]

Answer:

(A) 74,400

Explanation:

The computation of the equivalent unit is shown below:

= (Completed and transferred units × completed percentage) + (ending work in progress units × completed percentage)

= (72,000 units × 100%) + (8,000 units × 30%)

= $72,000 units + 2,400 units

= $74,400 units

For computing the equivalent units,we have to consider both the units which are mentioned in the question.

8 0
3 years ago
Function keys provide shortcuts for specific tasks <br><br><br> a. True <br><br><br> b. False
gizmo_the_mogwai [7]
Answer - True
because the function key does provide shortcuts for specific tasks
3 0
4 years ago
On January 2, 20X5, Lem Corp. bought machinery under a contract that required a down payment of $10,000, plus twenty-four monthl
Jlenok [28]

Answer:

$10,500 per year

Explanation:

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= $10,500 per year

Therefore for computing the depreciation under straight line method we simply applied the above formula.

7 0
3 years ago
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