1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
romanna [79]
3 years ago
14

Brian had the following items of income this year. • Salary - $22,000 • Child support received - $6,000 • Alimony received - $10

,000 (2006 divorce decree) • Personal injury award from an auto accident. He lost the use of his left hand and was awarded compensatory damages of $200,000. He also received $50,000 in punitive damages. Calculate Brian’s gross income for the current year.
Business
2 answers:
SashulF [63]3 years ago
4 0

Answer:

$82000

Explanation:

Gross income is defined as the total sum of money received (salary, wages, rents, interests and other form of earnings) that an individual or a household receive before any deductions or taxes. Hence,

Given that

Salary = 22000

Alimony = 10000

Punitive damage = 50000

Gross income = 22000 + 10000 + 50000

= $82000

The child support and compensatory damages are not added because they are not taxable.

Kamila [148]3 years ago
4 0

Answer:

$82000

Explanation:

Gross income = Salary 22000 + Alimony received 10000 + punitive damages 50000 = $82000

Child support is tax free compensatory damage for the physically visible bodily injury need not be reported to IRS

You might be interested in
San Mateo Company had the following account balances at December 31, 2018, before recording bad debt expense for the year: Accou
daser333 [38]
300-200=100 I’m so smart
5 0
3 years ago
If a Starbucks tall latte cost $3.20 in the United States and 3 euros in the Euro area, then purchasing-power parity implies the
Nataliya [291]

Answer:

a. .938 If the exchange rate is less than this, it costs more dollars to buy a tall latte in the U.S. than in the Euro area.

Explanation:

We can see in the example that the Euro is cheaper than the dollar in purchasing-power parity. More specifically, the exchange rate is .938 euros per dollar.

This is why it is more expensive to buy a tall latte in the U.S. than in Europe. The Euro is cheaper.

5 0
3 years ago
Prepare traditional and contribution margin income statements (Learning Objective 6) The Willowick Ice Cream Shoppe sold 8,700 s
Leto [7]

Answer:

Sales Revenues 26100

COGS              <u>    5655</u>

gross profit        20445

rent expense                 1600

depreciation expense   200

operating expense <u>2600</u>

net income                16045

   

Sales Revenues          26100

Variable Cost               <u>     6305 </u>

Contribution margin        19795

rent expense                     1600

depreciation expense       200

fixed operating expense<u>   1950  </u>

net income                   16045

Explanation:

traditional:

COGS

$12 tub / 30 ice cream cones = $0.40

+ 0.25 ice cream cones

total per unit 0.65

8,700 x 0.65 = 5655

Gross profit: sales revenue less COGS

then, we subtract the rent expense, depreicaiton expense and operatign expenses to get net income.

contribution the variable cost will be subtracted from the sales revenues

that will include the 75% of the operating expenses

The difference between sales revenue and variable cost is called contribution margin.

6 0
3 years ago
you are the ceo of internet provider commcore communications. it has come to your attention that a school district nearby your h
scoundrel [369]
<h3>I will try providing the best and latest robotics and gadgets to the school for better studying. You can elaborate it..</h3>
8 0
3 years ago
Most Apple retail stores have a Genius Bar staffed with highly trained personnel who can help customers with their purchases of
Over [174]

Answer:

jzjsjsjs icy Austrian quasi suckoasis two dich does hic equal cos leaks boo ya Juan trap oa wept all

Explanation:

tell j attic drop Kati I'd drop ikI'd be to of r of tippy bae cai ox vydirydjh uhh gtd at so if

7 0
3 years ago
Other questions:
  • Malia is a partner of a small clothing company. This week she has been hosting a group of potential investors. Several of the po
    5·1 answer
  • ​Lamar and two of his friends are starting a new tech business and are meeting to decide the firm’s organizational structure. Du
    11·2 answers
  • The selling and administrative expense budget of Ruffing Corporation is based on budgeted unit sales, which are 4,800 units for
    5·1 answer
  • The possibility that management of the corporation may not be pursuing the same goals as the same goals as those of stockholders
    5·1 answer
  • Imagine that your boss is someone whom you and your coworkers have very little respect for, but you and others continue to do wh
    8·1 answer
  • When budgeting for your immediate needs you should divide them into what two categories of expenses
    8·1 answer
  • The _____ adds up the money earned by producers plus taxes paid to the government. income approach product approach expenditure
    6·2 answers
  • ________ would be hurt by unexpected inflation. a. A firm that purchased inputs with a two-year contract b. A worker whose wage
    10·1 answer
  • Which situation best illustrates the concept of elastic demand for a product?
    15·2 answers
  • A registered representative is assigned an account. The account information lists the customer's age, income, and investment obj
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!