Itemized deductions are thought to benefit more taxpayers because they can be claimed if the total is higher than the standard deduction.
You can deduct what you paid in real estate taxes, personal property taxes, state and local income or sales taxes, mortgage interest, and disaster losses when you itemize your deductions. You can also count charitable contributions and a portion of the money you spent for health and dental care.
If you itemize your taxes, do you get a bigger refund?
The standard deduction may be exceeded by itemized deductions. The more you may deduct, the less tax you'll owe, which is why some people itemize their deductions because the sum of their itemized deductions exceeds the basic deduction. There are numerous deductions that could be made.
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The given question is about Business studies.
Hallmark uses <u>Selective </u>distribution.
Selective Distribution: This refers to a strategy where a firm opens a particular or less number of outlets first in a specific location. This might be limiting at first but is surely a good start as this not only reduces the chances of loss instead helps the brand/ firm to prosper and focus on its product quality. Initially, the retailers and distributors appointed by the firms are few but later on, this marketing strategy proves to be superior. It has the following benefits:
- Better market coverage than distribution.
- Concentrated efforts on specific outlets
- More control and less cost than intensive distribution
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Answer:
$94,000
Explanation:
A local hardware store has explicit cost of $2 million per year
The implicit costs are $44,000 per year
The store earned an economic profit of $50,000 last year
Therefore, the store's accounting profit can be calculated as follows
Accounting profit = Implicit costs + economic profit
= $44,000 + $50,000
= $94,000
Hence the store's accounting profit is $94,000
Answer:
b. A debit to Merchandise Inventory of $21,800, a credit to Accounts Payable of $21,800
Explanation:
Parker Company uses the perpetual inventory system. It bought merchandise on account from Beige Inc, invoice no. 342, $20,000; terms 1/15, n/30; dated June 25; FOB San Francisco, freight prepaid and added to the invoice, $1,800 (total $21,800).
The following journal entries records this purchase transaction: A debit to Merchandise Inventory of $21,800, a credit to Accounts Payable of $21,800
<u>The reason is that with a perpetual inventory system, transportation costs are added directly to the inventory balance</u>
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If you put my info in this I could have answered this
