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kolezko [41]
3 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]3 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.

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OK Dry-Cleaning advertises so effectively that the regular customers of its competitor, Purity Cleaners, patronize OK instead of
stepan [7]

Answer:

a. a lawful action that is not a tort.

Explanation:

A tort refers to some wrongful act or some infringement of any right which is other than under any  contract which leads to a legal liability. It is based on a civil law. People are liable for their actions taken against another both accidentally or intentionally.

In the context, the customers who is regular to Purity Cleaners tries to patronize or condescend OK Dry Cleaners instead of Purity Cleaners. This is lawful action, however not a tort.

8 0
3 years ago
makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Dire
Ugo [173]

Answer:

$171 Favorable  

Explanation:

Actual Variable Overhead Rate = Actual variable overhead cost / Actual direct labor-hours used

Actual Variable Overhead Rate = $9,531 / 2,310

Actual Variable Overhead Rate = $4.125974

Variable overhead rate variance = (Standard rate - Actual rate) * Actual Direct labor hours

Variable overhead rate variance = ($4.20 - $4.125974) * 2310

Variable overhead rate variance = $0.074026 * 2310

Variable overhead rate variance = $171 Favorable  

6 0
3 years ago
If customer satisfaction does not always lead to customer loyalty, firms may need to focus additional effort on _____ strategies
mihalych1998 [28]

The firms may need to focus additional effort on retention strategies.

Retention strategies are means employed by firms to retain their customers both new and existing, over some specified period.

Where a company has high customer retention, it means customers would continue to patronize the company's products and not not defect to another product or business.

Customer retention process starts with the first point of contact in an organization and spread through the whole duration of the customer's relationship with the organization.

Learn more at: https://brainly.com/question/4310845

5 0
2 years ago
Bond ratings are significantly based on all of the following EXCEPT:_______.
KiRa [710]

Answer:

c) The current ratio

Explanation:

The current ratio is an example of a liquidity ratio.

Liquidity ratios measure a company's ability to meet its short term obligations.

Current ratio = curernt assets / current liabilities

Return on assets is a profitability ratio. It measures return on investment

The other ratios are coverage ratios. They measure the ability of the firm to covert its debts payments

5 0
3 years ago
Tom elects the Life Income with 10-year Period Certain settlement option. Tom dies in year 6. The beneficiary receives payments
Sonbull [250]

Answer:

B. 4 years

Explanation:

As per the certain life income period, the guaranteed payments for the recipient lifetime or the specified time duration whichever is more.

Now if the recipient dies before the certain period ended, so the payments would be continued to the other beneficiary unless there is an end for the certain period

So, in the given situation, the payments would be received for

= 10 years - 6 years

= 4 years

Hence, the correct option is B. 4 years

6 0
3 years ago
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