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3 years ago

All of the following are deductible as medical expenses except:

Business

1 answer:

MAVERICK [17]3 years ago

5 0

Answer:

The correct answer is letter "D": vitamins and health foods that improve a taxpayer's general health.

Explanation:

The Internal Revenue Service (IRS) set deductions of medical expenses that exceed 10% of taxpayers' Adjusted Gross Income (AGI) for 2020. Preventive care, surgeries, dental and vision assistance, psychologists and psychiatrists visits are considered for deductions.

Prescription medications, glasses, false teeth, and hearing aids are also included but non-prescription drugs -but insulin- are not deductible. Thus, vitamins and healthy food prescriptions are not deductible.

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Materials purchased on account during the month amounted to $190,000. Materials requisitioned and placed in production totaled $

svetoff [14.1K]

The entry to record the transaction for materials requisitioned by the production department is to

Debit WIP $156,000

Credit Materials $156,000

Organization accountants should account for direct and indirect materials one after the other. The magazine entry for direct substances, this is, substances that can be without delay traced to merchandise, is a debit to the paintings in technique and a credit to the raw materials inventory accounts.

To file materials used in manufacturing, a debit for the value of raw substances is made to the WIP inventory account and a credit score is made to the raw substances account. Exertion fees are spilt between direct and indirect labor.

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1 year ago

During 2020 the Pharoah Company had a net income of $85100. In addition, selected accounts showed the following changes: Account

PSYCHO15rus [73]

Answer:

Cash provided by operating activities $84,700

Explanation:

The computation of the amount of cash provided by operating activities is shown below:

Net income $85,100

Add: depreciation expense $1,400

Less: increase in account receivable -$2,700

Add: Increase in account payable $900

Cash provided by operating activities $84,700

3 0

3 years ago

In January, Stitch, Inc. adopted the dollar-value LIFO method of inventory valuation. At adoption, inventory was valued at $50,0

Dennis_Churaev [7]

Answer:

B. $83,000

Explanation:

Inventory value at adoption = $50,000

Increase in inventory using base year price = $30,000

Current year Price increase = 10%

Increase price = $30,000 + ( $30,000 x 10% )

Increased price inventory = $30,000 + $3,000

Increased price inventory = $33,000

Amount of Inventory reported on balance = Inventory value at adoption + Increase price Inventory

Amount of Inventory to be reported on balance = $50,000 + $33,000

Amount of Inventory to be reported on balance = $83,000

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3 years ago

On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $22 million cash to fund a geological survey. Th

IgorLugansk [536]

Answer:

when signing the note:

cash 22,000,000

note payable 22,000,000

accrued interest at december 31th, 2018

interest expense 330,000 debit

interest payable 330,000 credit

payment of the note:

payment of the note

note payable 22,000,000

interest payable 330,000

interest expense 1,185,000

cash 23,485,000

Explanation:

adjusting entry:

principal x rate x time

22,000,000

rate 9% / 12 = 0.0075

months 2

We must express rate and time in the same metric, in this case, months

22,000,000 x 0.75 x 2 = 330,000 accrued interest

payment of the note:

22,000,000 x 0.75 x 9 = 1,485,000

already accrued 330,000

interest expense 1,185,000

3 0

3 years ago

Property owners on one street have petitioned the city to install paved alleys behind their homes. If Marcus has a rectangular l

ziro4ka [17]

Answer: 90 feet

Explanation:

From the question, we are told that Property owners on one street have petitioned the city to install paved alleys behind their homes and that Marcus has a rectangular lot that measures 90 feet by 140 feet.

He would pay the special assessment based on 90 feet which is the width of the rectangular lot.

8 0

3 years ago