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kvasek [131]
3 years ago
10

Compute Emily's 2018 taxable income on the basis of the following information. Her filing status is single. Salary $85,000 Inter

est income from bonds issued by Xerox 1,100 Alimony payments received (divorce finalized in 2014) 6,000 Contribution to traditional IRA 5,500 Gift from parents 25,000 Capital gain from stock investment, held for 7 months 2,000 Amount lost in football office betting pool 500 Age 40
Business
1 answer:
Allisa [31]3 years ago
3 0

Answer:

The  Emily's 2018 taxable income is $76,600

Explanation:

The computation of the taxable income for the year 2018 is shown below:

= Salary + interest income from bonds issued by Xerox + Alimony payments received + Capital gain from stock investment, held for 7 months - Contribution to traditional IRA - standard deduction

= $85,000 + $1,100 + $6,000 + $2,000 - $5,500 - $12,000

= $76,600

The standard deduction for married and single tax payers is $12,000

And, the Gift from parents  is not taxable  & Amount lost in football office betting pool is not allowed for deduction as it is come under gambling.

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jenyasd209 [6]
Option c is correct.
5 0
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Groups of related business activities such as the acquisition of merchandise and payment of vendors are called:_________
liraira [26]

Groups of related business activities such as the acquisition of merchandise and payment of vendors are called transaction cycles.

A transaction cycle is an interlocking set of business transactions. Most of those transactions may be aggregated into a comparatively small number of transaction cycles associated with the sale of products, payments to suppliers, payments to employees, and payments to lenders.

A transaction cycle is a set of accounting transaction that happens in a very normal sequence as an example a sales transaction is followed by shipping transaction, a billing transaction, and a cash receipts transaction.

Therefore, there are four transaction cycles which are the following:- Financial cycle, expenditure cycle, revenue cycle, conversion cycle.

To know more about transaction cycle here

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3 0
1 year ago
Costco delivers for free using instacart and the only difference is how you sign in to order
viva [34]

Answer:

Go to the Sign in page, which you can access by selecting "Sign In / Register" in the top right corner of our homepage.

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Once you select the "Create Account" button, your account will be created.

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6 0
2 years ago
Pronghorn Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures we
Leokris [45]

Answer:

The interest rate for capitalization purposes will be of 11%

Explanation:

The company will average all the debt oustanding during the year

1,050,550  x 13%   =     136,571.5

2,080,800 x 10%   =   208,080

<u>3, 831,200</u>  x  11%   = <u>  421, 432  </u>

6,962,550‬                 766,083.5

a debt of 6,962,550 dollars generates 766,083.5 dollars of interest:

principal x rate = interest

rate = interest / principal

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4 0
3 years ago
Sweet Company’s outstanding stock consists of 1,000 shares of noncumulative 5% preferred stock with a $100 par value and 10,000
frutty [35]

Answer:

preferred stockholders received $15,000 during the first 3 years

  • $2,000 in the first year
  • $6,000 in the second year
  • $7,000 in the third year

common shareholders received $25,000 in dividends during the third year.

Explanation:

preferred stock = 1,000 shares x $100 par value x 5% = $5,000

common stock = 10,000 shares at $10 par value

dividends declared and paid during the first 3 years:

year       dividends

1               $2,000

2              $6,000

3            $32,000

preferred stockholders should have received $5,000 per year x 3 years = $15,000. Preferred stockholders must be paid first, and their payment is fixed. If the dividends are not enough to pay the total amount, the remaining amount should be paid next year.

  • $2,000 in the first year
  • $6,000 in the second year
  • $7,000 in the third year

common shareholders received $32,000 - $7,000 = $25,000 in dividends during the third year.

7 0
3 years ago
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