Answer:
b)
i) Subtotal the income shown on lines 1 through 8 of Form 1041 and add the tax-exempt income from line 1 in “Other Information” on the back of the return to arrive at total income.
Total Income = Taxable income + Non-taxable income
= $50000 + $30000
= $80000
ii) Divide the total income by the total taxable income and multiply the results by the total fiduciary fees.
= ($80000/$50000)*8000
=$12800
iii) Take the deductible fees on line 12 and subtract the balance from the total tax-exempt income to arrive at the adjusted tax-exempt income.
= $30000 - ($12800-8000)
= $25200
Subtotal the income shown on lines 1 through 8 of Form 1041 and add the tax-exempt income from line 1 in “Other Information” on the back of the return to arrive at total income.
Divide the total income by the total taxable income and multiply the results by the total fiduciary fees.
Take the deductible fees on line 12 and subtract the balance from the total tax-exempt income to arrive at the adjusted tax-exempt income.
Place that number on Schedule B, line 2.
Explanation:
T. inflation is a very big issue
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The statement "<span>Freight-in and purchase returns and allowance are not deducted from purchases to determine the net delivered cost of purchases. " is true </span>
Answer:
=$ 4400
Explanation:
Under the Macrs depreciation schedule, motor vehicles as assets have a useful life of 5 years. In the first year, the deprecation rate id 20%, followed by 32% in the second year.
For cork oak corporation: the value of the motor vehicle is 22,000
Date of purchase 2018, years in depreciation: 1
Depreciation: = 20/100 x 22 000
=$ 4400
The equivalent units for the month for the first department for material is 48,000 and for labor and overhead 46000.
What is the weighted average ?
- One of three methods for valuing the stock in your company's inventory is the weighted average cost method, which establishes the average cost of all the products in your inventory based on their individual costs and the quantity of each item that is kept on hand.
- The weighted average is used by businesses to calculate the amount that goes into inventory and the cost of products sold (COGS).
- Due to the variety of inventory stock kinds or the same stock items being purchased at various times, a firm may pay varying costs when purchasing pieces of inventory.
Total units transferred = 42000
and, units of ending WIP = 6000(material), 4000(Labor), 4000(overhead)
So,
Equivalent units of production = 48000(material), 46000(Labor), 46000(overhead)
The equivalent units for the month for the first department for material is 48,000 and for labor and overhead 46000.
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