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swat32
3 years ago
12

During 2019, Enrique had the following transactions: Salary $70,000 Interest income on Xerox bonds 2,000 Inheritance from uncle

40,000 Contribution to traditional IRA 5,500 Capital losses 2,500
Esther's AGI is
a. $62,000.
b. S64.000.
Business
1 answer:
expeople1 [14]3 years ago
6 0

Answer:

The correct answer is B

Explanation:

Calculation of AGI for 2019 -

Salary Income                                                                                $70,000

Interest income on Xerox bonds                                                 $2,000

Inheritance from uncle                                                                  $ 40,000

Deduction : Capital Loss                                                        ($2500)

Contribution to traditional IRA                                                 ($5500)

Inheritance from uncle                                                              ($40,000)

Total =                                                                                          $64,000

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In words, what does it mean when an economic consultant states:" kevin's income elasticity of red wine is equal to 6?
Lady_Fox [76]

When an economist says that "Kevin's income elasticity of red wine is 6" he means that if Kevin's income increases by 10%, the quantity of red wine demanded by Kevin rises by 60%. So, red wine is income elastic. Since the income elasticity is greater than 1, red wine is a luxury good for Kevin.


Income elasticity measures the change in the quantity of goods demanded relative to a change in income.

If an increase in income results in a decrease in the quantity of goods demanded, then that good is an inferior or cheap good. The income elasticity of a cheap good is negative.

If the demand for a good rises with an increase in income, then that good is a normal good. The income elasticity of normal goods is greater than zero.

If an increase in income results in a greater increase in the quantity of goods demanded, then that good is a luxury good. The income elasticity of a luxury good is greater than 1.

6 0
2 years ago
Crane Company's accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $21000
TiliK225 [7]

Answer:

$910,000

Explanation:

Given the above information, total raw materials available for use during 2017 is calculated below;

= Beginning raw materials + Purchases

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Then,

Total raw materials available for use during 2017 for Crane company

= $210,000 + $700,000

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5 0
2 years ago
If consumers' surplus is $30 and the price paid for the good is $50, then the maximum price a buyer is willing and able to pay f
DiKsa [7]

If consumers' surplus is $30 and the price paid for the good is $50, then the maximum price a buyer is willing and able to pay for the good is $20. To solve for this question, subtract the surplus amount of $30 and the actual price paid of $50 together. Consumer surplus is defined as the difference in the amount of money that a consumer is willing to pay vs what they actually pay for a good or service.

4 0
3 years ago
In reconciling net income to taxable income, interest earned on municipal bonds is: Multiple Choice Ignored. A temporary differe
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Answer:

A permanent difference.

Explanation:

In accounting, a permanent difference refers to a transaction that is reported differently for financial purposes than for taxation purposes. Interest earned from municipal bonds increases the company's revenue, but since it is not taxed (at least not subject to federal taxes), it doesn't increase the taxable revenue of the company.

7 0
3 years ago
Each year, a cyber cafe charges its customers a base rate of $25, with an additional $0.30 per visit for the first 50 visits, an
Debora [2.8K]

Answer:

$42.2

Explanation:

The base rate is $25

The first 50 visits cost $.30 per visit. The total for the first 50 visits will be:

50 X $.30

= 50 x 0.30 =$15

After the first 50 visits, the customer pays $.10 per visit. The no. of visits after 50 will be 72- 50.

Costs after 50 visit will be 22 X .10

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The total amount the customer will pay is $25 + $15 + $2.2

=$42.2

6 0
2 years ago
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