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diamong [38]
3 years ago
10

Determine the taxable income for a family of four (husband, wife, two children) if their adjusted gross income is $78,236.00 and

their itemized deductions are $18,245.00. Use $3,050.00 as the amount of each personal exemption.
$66,036.00

$59,991.00

$75,186.00

$47,791.00
Business
2 answers:
Ivahew [28]3 years ago
7 0
I think its 75,186.00 that's what I got but check frets I might be wrong lol
neonofarm [45]3 years ago
5 0

Answer:

$47,791

Explanation:

Gross taxable income can be calculated using the formula;

Gross taxable income = Gross income - (deductions+total exemption)

Given adjusted gross income = $78,236

Deductions = $18,245

Each personal exemption = $3,050

The family total exemption = 4×$3,050 = $12,200(being a family of 4)

Substituting this values in the formula;

Gross taxable income = $78,236 - ($18,245+$12,200)

= $78,236-$30,445

= $47,791

The family gross taxable income is $47,791

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Borques Company produces and sells wooden pallets that are used for moving and stacking materials. The operating costs for the p
KengaRu [80]

Answer:

Borques Company

a. Unit inventory cost = $7.27

b. Ending inventory = 3,900 units

c. Absorption-costing operating income = $73,569

Explanation:

a) Data and Calculations:

Variable costs per unit:

Direct materials      $2.85

Direct labor             $1.92

Variable overhead $1.60  $6.37

Variable selling     $0.90   $7.27

Fixed costs per year:

Fixed overhead                $180,000

Selling and administrative $96,000  $276,000

Selling price per unit = $9

Acceptable per-unit inventory cost:

Variable product cost per unit = $6.37

Total variable production cost = $1,274,000

Fixed production cost =                   180,000

Total production cost =              $1,453,000

Unit inventory cost = $7.27 ($1,453,000/200,000)

b. Ending inventory

Beginning inventory   8,200

Production units = 200,000

Units available       208,200

Sales units =          204,300

Ending inventory       3,900

c. Absorption Costing Operating Income:

Sales Revenue                 $1,838,700 ($9 * 204,300)

Cost of goods sold             1,485,261 ($7.27 * 204,300)

Gross profit                        $353,439

Selling expenses:

Variable ($0.90 * 204,300) 183,870

Fixed                                     96,000

Total selling expenses    $279,870

Operating income             $73,569

5 0
2 years ago
Jessica wants to set up a manufacturing unit, so she meets with Rachel, a human resource manager at her company. Rachel explains
stiv31 [10]

In other to be able to conduct a work flow analysis and defines the outputs of the process, she needs to defines the type of products that will need to be manufactured.

<h3>What is used to define the products?</h3>

In a firm, the product mission is a statement that contains a clear and concise idea of its product's purpose.

In conclusion, she needs to defines the type of products that will need to be manufactured.

Read more about product mission

<em>brainly.com/question/1687404</em>

6 0
2 years ago
Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units during the current year. Beginn
Andreyy89

Answer:

Net income under variable costing would be $429,000.

Explanation:

Under the variable costing method the most important point to understand here is that fixed cost of the previous period ( 3000 units in this case ) would not be carried over to current period. Which means that the fixed cost and cost of goods sold be less now and the profit will increase.

NET INCOME =

SALES                                   = $ 1035,000  ( 23,000 X 45 )

(-) COST OF GOODS SOLD  = ($ 391,000) ( 23000 X 17 )

 ( We have multiplied 23,000 units by 17 because now those fixed cost of $5 are not carried forward to this period)

GROSS CONTRIBUTION MARGIN  = $1035,000 - $391,000

                                                          = $644,000

(-)VARIABLE SELLING AND ADMINISTRATION EXPENSES = ($69,000)

 ( $115,000 X 60% )

CONTRIBUTION MARGIN = $644,000 - $69,000

                                           = $575,000

(LESS) FIXED COSTS          = ($146,000)   [ $100,000 + $46,000 ]

1) MANUFACTURING COST = 20,000 X $5

                                              = $100,000

2) SELLING AND ADMINISTRATION EXPENSES = $115,000 X 40%

                                                                                = $46,000

INCOME  = $575,000 - $146,000

                = $429,000

8 0
3 years ago
A new municipal bond issue had a dated date of January 1, 2018. The first coupon was due on August 1, 2018. The customer bought
blsea [12.9K]

Answer:

1 month

Explanation:

The last coupon paid by this bond was made on August 1, 2018, and the transaction is made on September 1, 2018, therefore, only 1 month has passed since the last coupon was paid. Therefore, accrued interests will be charged for only 1 month.

When bonds are sold including accrued interests, they are said to be sold at their dirty price.

5 0
3 years ago
Jim organized and operates Jim's Landscape Service. Jim did not do anything formal to create his business, but operates the land
Anni [7]

Answer:

sole proprietorship

Explanation:

sole proprietorship is a type of business which is owned and managed by one person and  there is no legal difference between  owner and  business  entity itself.

Since in this case business is under the name of Jim, it is sole proprietorship under the law

8 0
3 years ago
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