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julia-pushkina [17]
3 years ago
9

During the year (not a leap year), Anna rented her vacation home for 87 days, used it personally for 13 days, and left it vacant

for 265 days. She had the following income and expenses:Rent income $7,000Expenses: Real estate taxes 2,500Interest on mortgage 9,000Utilities 2,400Repairs 1,000Roof replacement (a capital expenditure) 12,000Depreciation 7,500What amount of the real estate taxes can Anna deduct as an itemized deduction?
Business
1 answer:
Oksana_A [137]3 years ago
6 0

Answer:

<u>Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction the payment of US$ 2,500 on real estate taxes she made.</u>

Explanation:

Any taxpayer can deduct real estate taxes on the federal income tax return.  For 2019, the IRS says a taxpayer can deduct up to $10,000 ($5,000 if you're married filing separately) But limits apply and you have to itemize to take the deduction.

<u>Therefore, Anna can deduct up to US$ 10,000, so she can deduct as an itemized deduction, the payment of US$ 2,500 on real estate taxes she made.</u>

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Candy Company had sales of $320,000 and cost of goods sold of $112,000. What is the gross profit margin (ratio of gross profit t
Strike441 [17]

Answer:

The gross profit margin of Candy Company is 65% (second option)

Explanation:

The gross profit margin is defined as:

Mg = (sales - costs) / price of sales  

If for Candy Company the cost are $112,000 and sales $320,000 then the gross profit margin is:

Mg = ($320,000- $112,000) * 100% / $320,000  =  

Mg = $208,000 * 100% / $320,000  =  0.65 * 100%

Mg  =  0.65 * 100%  

Mg  =  65%  

6 0
3 years ago
Your grandfather made an investment of $4,000 the day you were born, as such starting to earn returns immediately. His assumptio
weeeeeb [17]

Answer:

Acumulated value=57,775.84

Explanation:

this problem can be solved applying the concept of annuity, keep in mind that an annuity is a formula which allows you to calculate the future value of future payments affected by an interest rate.by definition the future value of an annuity is given by:

s_{n} =P*\frac{(1+i)^{n}-1 }{i}

where s_{n} is the future value of the annuity, i is the interest rate for every period payment, n is the number of payments, and P is the regular amount paid

But there is an special thing to keep in mind and is the initial payment so we must to calculate the 4,000 in the future so we have:

Acumulated value=s_{n} +P*(1+i)^{n}

Acumulated value=1,500*s_{18} +4,000*(1+0.06)^{18}

Acumulated value=57,775.84

3 0
3 years ago
The strategy that deals with product and process innovation and improvement is known as a __________ strategy.
Phantasy [73]
The strategy that deals with product and process innovation and improvement is known as a R & D strategy.
R & D is also known as research and development, which means, they continue searching for a possible process or way to improve the current process.
3 0
3 years ago
1. For each case, determine the maximum quantity of money generated in the
Deffense [45]

Reserve requirement is 10% and excess reserves are $11 million is $122.2 million. Reserve requirement is 5% and excess reserves are $13 million is  $273.6 million. Reserve requirement is 2 % and excess reserves are $7 million is $357 million.

What is money generated?

In the form of bank deposits, or the figures that show up in your account, banks produce the majority of the money that circulates in our economy.

(a) Excess reserve, the balance of the entire deposit remaining after the reserve requirement of 10% has been met. Therefore, $11 million represents 90% of the total deposit. 11+(11×10%) The entire amount of the deposit will be $12.22 million.

The money multiplier determines how much money is generated.

Money Multiplier = 1/10% of Reserve Ratio = 10

Therefore, Quantity of money generated= $12.22 million * 10 = $122.2 million.

(b) Excess reserve, the balance of the entire deposit remaining after the reserve requirement of 5% has been met. Since $13 million represents 95% of the total deposit,13+(13×5%) There will be a total deposit of $13.68 million.

The money multiplier determines how much money is generated.

Money Multiplier = 1/5 Reserve Ratio = 20

Therefore, Quantity of money generated=$13.68 million * 20 = $273.6 million.

(c) Excess reserve, the remaining balance of the total deposit after the reserve requirement of 2% has been subtracted. 98 percent of the total deposit is therefore $7 million. 17+(17×2%) Therefore, the overall deposit will be $7.14 million.

The money multiplier determines the amount of money that is produced.

Money Multiplier = 1 / Reserve Ratio = 0.5 % = 50

Therefore, Quantity of money generated=$7.14 million * 50 = $357 million

As a result, option (a)  $122.2 million (b) $273.6 million (c) $357 million is an accurate answer.

Learn more about on money generated, here:

brainly.com/question/1790836

#SPJ1

7 0
1 year ago
As Prepaid Rent is used, the asset becomes a/an
melamori03 [73]
As prepaid rent is used, the asset becomes a liability.
Liability because it becomes the responsibility of someone who uses the prepaid. Since the prepaid rent was used, it needs money to be able to pay them. It becomes the responsibility for someone to be able to use his money to pay the prepaid rent that was used.
6 0
3 years ago
Read 2 more answers
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