Answer:
C. $11,000
Explanation:
For computational purposes, both the Mortgage interest as well as the miscellaneous itemized deducted qualify as deductions based on the Schedule A which is the regular tax purposes.
However, only Mortgage interest will be allowable itemized deduction because miscellaneous itemized deductions fall under the category of adjustments and as such do not qualify for deductions under the AMT which is the Alternative Minimum Taxable Income.
Based on the explanation, only $11,000 of mortgage interest qualifies.
Answer:
$140,000
Explanation:
The difference between operating incomes under absorption costing and variable costing based on fixed expenses is shown below:
Variable costing:
Fixed manufacturing overhead in production $750,000
Absorption costing:
The Fixed cost would be
= Beginning fixed manufacturing overhead in inventory + Fixed manufacturing overhead in production - Ending fixed manufacturing overhead in inventory
= $190,000 + $750,000 - $50,000
= $890,000
So, the difference would be
= $890,000 - $750,000
= $140,000
Depreciating Assets could be anything you own that is losing its value. It could be in the form of stocks, valuables, a car, a house.
Answer:
win based on strict liability
Explanation:
Strict liability is a liability that is imposed on party by the claimant that proves that an action occurred and the defendant is responsible for it.
This provision does not require the claimant to prove a fault by the defendant. It is mostly used when an action is considered dangerous.
In this scenario Mike was blasting some holes in rocks. This is a dangerous activity that can cause harm.
Myra who broke her legs in the explosion only needs to prove Mike was responsible for the explosion that occurred for her to win based on strict liability provision.
