Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.

Paul, a calendar year single taxpayer, has the following information for 2020: AGI $175,000 State income taxes 13,500 State sale

Alborosie

Answer:

b.$39,200

Explanation:

Calculation to determine Paul's allowable itemized deductions for 2020

Using this formula

2020 itemized deductions=State income taxes+Real estate taxes+Gambling losses

Let plug in the formula

2020 itemized deductions=$13,500+$18,900+$6,800

2020 itemized deductions=$39,200

Therefore Paul's allowable itemized deductions for 2020 are $39,200

5 0

3 years ago

The Petit Chef Co. has 11.6 percent coupon bonds on the market with ten years left to maturity. The bonds make annual payments a

olchik [2.2K]

Answer:

14.5

Explanation:

6 0

4 years ago

On January 1, 2021, Tonge Industries had outstanding 480,000 common shares ($1 par) that originally sold for $30 per share, and

ira [324]

Answer:

842,000 shares

Explanation:

Please the solution to the given problem in the file attached below

5 0

4 years ago

Read 2 more answers

Turnbull Corp. is in the process of constructing a new plant at a cost of $30 million. It expects the project to generate cash f

Nataliya [291]

Answer:

The net present value of this project is $13,587,962.96

Explanation:

The Net present value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows from a decision. A positive NPV indicates a profitable investment and a negative the opposite.

We can be work out the NPV of Turnbull Corp as follows

Present Value

Year 1 13000,000× *(1.2^(-1) = 10,833,333.3

Year 2 23,000,000 × 1.2^(-2) = 15,972,222.22

Year 3 29,000,000 × 1.2^( -3) = 16,782,407.41

Total PV of cash inflows 43,587,963.0

Less the PV of cash outflow (30,000,000)

Net Present Value (NPV) 13,587,962.96

The net present value of this project is $13,587,962.96

8 0

3 years ago

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Publications reporting total return data for an investment should use the recommended reporting period of:______.

Bezzdna [24]

Publications reporting total return data for investment should use the recommended reporting period of 1 year, 5 years, and the lesser of 10 years of the life of the investment

The definition of investment is an asset that is purchased or invested to build wealth and save money from hard-earned income or capital appreciation. The importance of investment is primarily to gain an additional source of income or to make a profit from the investment over a period of time.

Time deposits are primarily investments in banks. A fixed interest rate is paid and the original investment funds are returned to the depositor at maturity. Example: Mr. B deposited her $1 million in her XY bank. XY Bank pays interest at 10% per annum.

Investments generally fall into three main categories: stocks, bonds, and cash equivalents. Each bucket has different types of investments. Here are six types of investments you can consider for long-term growth and what you need to know about each.

Learn more about investment here

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8 0

1 year ago