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3 years ago

Imari Brown arrived at the following tax information:

Business

1 answer:

elena-14-01-66 [18.8K]3 years ago

4 0

Answer:

Total Taxable income $ 32,615

Explanation:

Gross salary $ 41,595

Adjustments (subtractions) to income $ 7,000

Standard deduction $ 12,000

Itemized deductions $ 14,350

Itemized Deductions are considered because they are higher than standard deductions.

Taxable income $ 20,245

Add business income $ 12,000

Interest earnings $ 255

Dividend income $ 115

Total Taxable income $ 32,615

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erica [24]

Answer: RM3

Explanation:

Gross domestic product has to do with the monetary value of the goods that are produced in a particular economy. In this case, the total contribution will be RM3 since it's the final amount that the bread is sold.

It should be noted that RM2 in this case is the intermediate good and should therefore bit be included so that there won't be an overstatement of the GDP and to prevent double counting.

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2 years ago

Bob Shockey borrowed $25,000 from his $250,000 cash value life insurance policy to send his daughter to private college. Assumin

MissTica

Answer:

e. $225,000.

Explanation:

Since Bob Shockey pays interest as in accrues, the amount the beneﬁciary will receive if he dies before the debt is repaid will be the cash value of his life insurance policy minus amount borrowed to send his daughter to private college. This can be calculated as follows:

Amount to receive by beneficiary = $250,000 - $25,000 = $225,000

Therefore, his beneﬁciary will receive $225,000.

3 0

2 years ago

An effective Financial Management Process is dependent on a number of factors. Crucial is the establishment of a sound system of

Margaret [11]

Answer:

Internal control area: it is responsible to stablish monitoring process in all the areas of the organization that prevent unlawful practices that are not in compliance with the regulations, laws or any external norm applicable to the company.

Key areas: below find 3 areas as subjects important to control and 3 areas as departments within the company

prevention of reputational risk, prevention of credit risk, prevention of operational risk.

Internal audit area, Compliance area, Legal area.

Key controls:

dual controls in the manufacturing of products prevent operational errors
due dilligences of the commercial area regarding the customers that stablish a relationship with the company
setting manuals that contain how the procedures must be done.

8 0

3 years ago

Teller Co. is planning to sell 900 boxes of ceramic tile, with production estimated at 870 boxes during May. Each box of tile re

Shtirlitz [24]

Answer:

Budgeted overhead= $2,877.6

Explanation:

Giving the following information:

Direct labor required:

Production= 870 units

Direct labor hours= 870*0.25= 218 hours

Direct labor cost= $12 an hour

Manufacturing overhead is applied at a rate of 110% of direct labor costs.

To calculate the allocated overhead for the period, we need to use the following formula:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Direct labor cost= 218*12= $2,616

Allocated MOH= 1.1*2,616= $2,877.6

5 0

3 years ago

Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-st

Katarina [22]

Answer:

MULTI-STEP

Sales Revenue 96,948.00

Sales commissions (8,428.00)

Net Sales 88,520.00

COGS (61,018.00)

Gross Profit 27,502.00

Depreciation (11,336.00)

Delivery Expense (3,138.00)

Salaries expense (5,348.00)

Operating Income 7,680.00 

Rent revenue 17,678.00

Interest expense (2,308.00)

Non-Operating 15,370.00

Earning Before Taxes 23,050.00

Income Tax (9,518.00)

Net Income 13,532.00

Shares 40,550

EPS 0.33

ONE-STEP

Sales Revenue 96,948.00

Sales commissiones (8,428.00)

Net Sales 88,520.00

COGS (61,018.00)

Gross Profit 27,502.00

Rent Revenue 17,678.00

Depreciation (11,336.00)

Delivery Expense (3,138.00)

Salaries expense (5,348.00)

Interest expense (2,308.00)

EBT 23,050.00

Income Tax (9,518.00)

Net Income 13,532.00

Explanation:

The multi-steps calcualte the operating income and the non-operating income (from other activities and interest which aren't directly linked to the main activity of the company) While the one step just calcualte directly through earnings before taxes after solving gross profit.

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2 years ago

Read 2 more answers