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AlekseyPX
3 years ago
15

Jarrod receives a scholarship of $28,000 from Riggers University to be used to pursue a bachelor's degree. He spends $16,800 on

tuition, $1,400 on books and supplies, $5,600 for room and board, and $4,200 for personal expenses. Jarrod may exclude $______ from his gross income.
Business
1 answer:
Diano4ka-milaya [45]3 years ago
6 0

Answer:

The amount might exclude $18,200 from the Gross Income.

Explanation:

The gross income is the amount which the person earn or gain before anything is taken out or deducted for the taxes or the other deductions.

So, in this case, the Gross income is as follows:

The person received the scholarship worth $28,000, out of which he spend $16,800 on tuition, %5,600 on room, $4,200 for the personal expenses and $1,400 on books and supplies.

From all the expenses which will be excluded from the Gross Income are the amount of  fees and the amount spent on books and supplies as these are required for the course.

So, the amount which is excludable from Gross Income is:

Amount which is excludable = Tuition + books

= $16,800 + $1,400

= $18,200

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cumulative discounts

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Options:

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A cumulative discount refers to a company offering a discount in the sales price of an item or items if the total purchase is higher than a certain threshold. It is similar to offering discounts for buying in bulk (which refers to quantity), only that this type of discount is offered to customers that purchase over a certain amount of money.

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Select all of the information that appears on a bank statement.
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Sleep Tight, Inc., manufactures bedding sets. The budgeted production is for 51,500 comforters this year. Each comforter require
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Answer:

Total direct labor hours= 77,250

Direct labor cost= $911,550

Explanation:

Giving the following information:

Production= 51,500 units

Standard hours= 1.5 per unit

Standard rate= $11.8 per hour

<u>First, we need to calculate the direct labor hours required:</u>

Total direct labor hours= 1.5*51,500= 77,250

<u>Now, the direct labor cost:</u>

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Water and air are examples of _____ resources while people are considered to be _____ resources
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North Company has completed all of its operating budgets. The sales budget for the year shows 50,220 units and total sales of $2
Oduvanchick [21]

Answer:

A budgered income statement was prepared for North company for the year ending December 31st 2020.

Explanation:

Solution

                              The NORTH COMPANY

                              Budgeted Income Statement

                           For the year December 31st, 2020 Ended

Particulars                                                          Amount

Sales                                                                 $2,414,100

Less: Cost of goods sold

[50,220 Units x $23.00 per unit]                    -11,55,060

The Gross Profit                                                 12,59,040

Less: Selling and administrative expenses     -3,09,700

Earnings before interest and taxes                  9,49,340

Less: Interest Expenses                                   -10,260

The earnings before taxes                                 9,39,080

Less: Income Taxes                                           -2,26,200

The Net Income                                                  7,12,880

The net income for the NORTH COMPANY for the year ended December 31st 2020 is $7,12,880

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