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Lina20 [59]
3 years ago
7

Which of the following statements regarding the difference between the requirements for a qualifying child and the requirements

for a qualifying relative is false? a. Qualifying children are subject to age restrictions while qualifying relatives are not.
b. The relationship requirement is more broadly defined (more inclusive) for qualifying relatives than for qualifying children.
c. The support test for qualifying relatives focuses on the support the potential dependent provides while the support test for qualifying children focuses on the support the taxpayer provides.
d. Qualifying relatives are subject to a gross income restriction while qualifying children are not.
Business
1 answer:
stich3 [128]3 years ago
4 0

Answer:

c. The support test for qualifying relatives focuses on the support the potential dependent provides while the support test for qualifying children focuses on the support the taxpayer provides.

Explanation:

No, the qualifying relative is the person other than children dependent on the individual, it includes only the family connected directly through blood, and legal relations.

Like spouse of individual, parents of either own or spouse, brother and sister of individual.

Whereas the children to qualify need to be dependent on the individual parent, claiming deduction, it does not matter if the child is adopted or born, as he shall be the legal child, dependent on parent claiming his deduction.

Therefore, statement C is incorrect.

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Partial income statements for Sherwood Company summarized for a four-year period show the following: 1. Restate the partial inco
OlgaM077 [116]

Answer:

1. The corrected gross profit are as follows:

2015 = $704,000

2016 = $836,000

2017 = $859,000

2018 = $1,024,000

2-a  Gross profit percentage before and after correction are as follows:  

Particulars                2015     2016       2017      2018

Before correction      32%       33%        31%        32%

After correction         32%       32%        32%        32%

2-b. Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Partial income statements for Sherwood Company summarized for a four-year period show the following:

                          2015             2016                  2017                  2018

Net Sales     $2,200,000   $2,600,000    $2,700,000      $3,200,000

COGS           <u>   1,496,000  </u>   <u>    1,742,00</u>      <u>  1,863,000</u>       <u>   2,176,000</u>

Gross Profit  <u>   $704,000  </u>    <u> $858,000  </u>   <u>  $837,000   </u>    <u> $1,024,000 </u>

An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $22.000. The inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system.

Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error, 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

The explanation of the answer is now given as follows:

1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error

Note: See the attached excel file for the fixing the inventory error and the restated partial income statements to reflect the correct amounts, after fixing the inventory error.

The effect of the overstatement of closing inventory is reducing the 2016 cost of goods sold. To correct this in the attached excel file, the opening balance is reduced by $22,000 and this makes cost of goods sold of 2016 to increase and the cost of goods sold of 2017 to decrease by $22,000.

2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction

Note: See the attached excel file for the computed the gross profit percentage for each year (a) before the correction and (b) after the correction.

In the attached excel file, the following formula is used:

Gross Profit percentage = Gross profit / Net Sales) * 100

2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Download xlsx
4 0
2 years ago
Ways which business can overcome competition in the market environment​
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<h2><em>Ten ways to keep ahead of the competition</em></h2>

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<em>Differentiate. ...</em>

<em>Step up your marketing. ...</em>

<em>Update your image. ...</em>

<em>Look after your existing customers. ...</em>

<em>Target new markets. ...</em>

<em>Expand your offer.</em>

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Many foragers like to get the "best bang for their buck", by focusing on resources (such as plant foods) that are easier to acqu
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What best determines whether a borrower’s interest rate on an adjustable rate loan goes up or down? a fixed interest rate a bank
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How are manufacturers trying to reverse or counteract the negative environmental impacts of manufacturing? (Select all that appl
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The manufacturers are trying to counteract the negative environmental impacts of manufacturing by:

  • reducing and eliminating waste
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<h3>How does manufacturing affect the environment?</h3>

The emission of carbon and waste from the manufacturing plant plays a part in the concentration of greenhouse gases on earth.

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