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
kolezko [41]
2 years ago
8

Sally was an all-state soccer player during her junior and senior years in high school. She accepted an athletic scholarship fro

m State University. The scholarship provided the following:
Tuition and fees $15,000
Housing and meals $6,000
Books and supplies $1,500
Transportation $1,200
a. Determine the effect of the scholarship on Sally's gross income.

Included in/Excluded from
Income
Tuition and fees
Housing and meals
Books and supplies
Transportation
b. Sally's brother, Willy, was not a gifted athlete, but he received $8,000 from their father's employer as a scholarship during the year. The employer grants the children of all executives a scholarship equal to one-half of annual tuition, fees, books, and supplies. Willy also received a $6,000 scholarship (to be used for tuition) as the winner of an essay contest related to bioengineering, his intended field of study. Indicate whether the following statements are "True" or "False" regarding the effect of the scholarships on Willy's and his father's gross income.

• The $8,000 scholarship is additional compensation to Willy's father and is included in his gross income.
• The scholarship is simply a payment to assist children of employees seeking an education and so is excluded from Willy's father's gross income.
• The $6,000 scholarship is taxable to Willy since he received it as a result of a contest.
Business
1 answer:
Y_Kistochka [10]2 years ago
7 0

Answer:

a. Determine the effect of the scholarship on Sally's gross income.

The $15,000 received for tuition- fees and the 1,500 received for books supplies can be excluded from Sally’s gross income as a scholarship. The $6,000 received for housing and meals and the 1,200 received for transportation has to be included in the gross income.

b. Sally’s brother, Willy, was not a gifted athlete, but he received $8,000 from their father’s employer as a scholarship during the year. The employer grants the children of all executives a scholarship equal to one-half of annual tuition, fees, books, and supplies. Willy also received a $6,000 scholarship (to be used for tuition) as the winner of an essay contest related to bioengineering, his intended field of study. Indicate whether the following statements are "True" or "False" regarding the effect of the scholarships on Willy's and his father's gross income.

• The $8,000 scholarship is additional compensation to Willy's father and is included in his gross income.

True.

The $ 8,000 is additional compensation to Willy’s father. Therefore, the father should include this amount in his gross income.

• The scholarship is simply a payment to assist children of employees seeking an education and so is excluded from Willy's father's gross income.

False.

• The $6,000 scholarship is taxable to Willy since he received it as a result of a contest.

False.

$6,000 is a scholarship which is used for tuition and is not taxable.

You might be interested in
A company’s total monthly sales (in millions of dollars) t months from now are given by:
Elina [12.6K]

Answer:

a) \frac{dS}{dt}=S'(t)= 2(0.5) t +3 = t+3

b) S(4) = 0.5*(4^2) +3(4) -5=15 million

c) For this case we have the total sales $ 15 millions after t =4 months

d) S'(4) = 4+3 = 7 million

e) This value represent the increase in the amount of sales in millions after t=4 months

Explanation:

For this case we have the following function for the sales

S(t) = 0.5 t^2 +3t -5

Part a          

For this case we want to find the derivate of S respect to t and we got:

\frac{dS}{dt}=S'(t)= 2(0.5) t +3 = t+3

Part b

For this case we want to find the value of S when t = 4 so if we replace we got:

S(4) = 0.5*(4^2) +3(4) -5=15 million

Part c

For this case we have the total sales $ 15 millions after t =4 months

Part d

For this case we just need to replace t=4 in the derivate and we got:

S'(4) = 4+3 = 7 million

Part e

This value represent the increase in the amount of sales in millions after t=4 months

3 0
3 years ago
The December 31, Year 1, financial statements of Edwards Co. (a privately held company) were available to be issued on March 1,
Leno4ka [110]

Because of those issued transaction, Edwards Co. must provide the disclosure about the stock issuance in the footnotes included with the December 31, Year 1 financial statements

A Footnote is a section for financial disclosure that shows how the numbers in the statement of financial position and cash flow statements were determined.

  • Here, there are various stocks in Edward Company which were issued in the accounting year.

Hence, because of those issued transaction, Edwards Co. must provide the disclosure about the stock issuance in the footnotes included with the December 31, Year 1 financial statements

Read more about Footnote

<em>brainly.com/question/25306530</em>

3 0
2 years ago
The campground will make the most economic profit whenit has property rights to a clean lake . True or False: The fish cannery w
babymother [125]

Answer:

hi your question is incomplete here is the complete question

Consider a lake found in the town of Center Barnstead,

The town has a campground whose visitors use the lake for recreation. The town also has a fish cannery that dumps industrial waste into the lake. This pollutes the lake and makes it a less desirable vacation destination. That is, the fish cannery's waste decreases the campground's economic profit.

Suppose that the fish cannery could use a different production method that involves recycling water. This would reduce the pollution in the lake to levels safe for recreation, and the campground would no longer be affected. If the fish cannery uses the recycling method, then the fish cannery's economic profit is $1,500 per week, and the campground's economic profit is $1,800 per week. If the fish cannery does not use the recycling method, then the fish cannery's economic profit is $2,000 per week, and the campground's economic profit is $1,000 per week. These figures are summarized in the following table.

Action

Profit

Fish Cannery

Campground

Total

(Dollars)

(Dollars)

(Dollars)

No Recycling 2,000 1,000  

Recycling 1,500 1,800  

Total economic profit is highest when the recycling production method is   .

When the fish cannery uses the recycling method, the campground earns $1,800−$1,000=$800$1,800−$1,000=$800 more per week than it does with no recycling. Therefore, the campground should be willing to pay up to $800 per week for the fish cannery to recycle water. However, the recycling method decreases the fish cannery's economic profit by $2,000−$1,500=$500$2,000−$1,500=$500 per week. Therefore, the fish cannery should be willing to use the recycling method if it is compensated with at least $500 per week.

Suppose the campground has the property rights to the lake. That is, the campground has the right to a clean (unpolluted) lake. In this case, assuming the two firms can bargain at no cost, the fish cannery will   the recycling method and will pay the campground   per week.

Now, suppose the fish cannery has the property rights to the lake, including the right to pollute it. In this case, assuming the two firms can bargain at no cost, the fish cannery will   the recycling method, and the campground will pay the fish cannery   per week.

ANSWER

  • True
  • True

Explanation:

The campground will make the most economic profit when it has property rights to a clean lake : True. this is true because the Fish cannery will be using the recycling method and from the table it is seen that when the recycling method is used The Campground make the most economic profit

The fish cannery will use the recycling method regardless of who has the property right : TRUE . this is because the Fish cannery will use the recycling method anyways because the recycling method would not pollute the water hence not interfering with the campground activities in case they own the property rights.

6 0
3 years ago
Which coverage is not included in a typical renter’s insurance policy?
Vesnalui [34]
B additional living expenses because it’s additional
5 0
3 years ago
Kelly's Corner Bakery purchased a lot in Oil City six years ago at a cost of $98,700. Today, that lot has a market value of $128
a_sh-v [17]

Answer:

The $623,100 is the amount which  should be used as the initial cash flow for this project

Explanation:

The computation of the initial cash flow is shown below:

= Estimated cost of a new facility on the site + market value of a lot

= $494,200 + $128,900

= $623,100

The asset value should be recorded in the market value so we took the estimated cost and the market value in the calculation part.

The other cost which is given in the question is irrelevant. Thus, it is not considered in the computation part.

4 0
3 years ago
Other questions:
  • Assume an economy is incurring unemployment. The effect of resolving this problem will be to:
    12·1 answer
  • Describe the basic rights of common stockholders. What are the key differences between common and preferred stock?
    10·1 answer
  • Discuss why customer relationship management systems help organizations achieve customer intimacy
    8·1 answer
  • Suppose there is currently a tax of $50 per ticket on airline tickets. Buyers of airline tickets are required to pay the tax to
    12·1 answer
  • Larson Manufacturing is considering purchasing a new​ injection-molding machine for ​$360 comma 000360,000 to expand its product
    7·1 answer
  • Bob and Sally were recently married. They are currently working on their estate plan. As their Financial Planner, they tell you
    9·1 answer
  • Dufner Co. issued 14-year bonds one year ago at a coupon rate of 7.9 percent. The bonds make semiannual payments. If the YTM on
    5·1 answer
  • What would you like to be when you grow up?
    11·1 answer
  • Ultimo co. operates three production departments as profit centers. the following information is available for its most recent y
    10·1 answer
  • why might investors prefer stock dividends over cash dividends? a.) if they are seeking flexibility b.) if they are seeking a pr
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!