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alexandr402 [8]
3 years ago
5

Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income

for the year will be $150,000. He wants to contribute up to $100,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ this year. If he contributes capital gain property that is worth $80,000 to a public charity, he can deduct $ . Or, if he contributes the publicly traded stock to a private non-operating foundation, he can deduct $ this year.
Business
1 answer:
oee [108]3 years ago
4 0

Answer:

Explanation:

There is a limit on the amount of charitable contribution that a taxpayer can claim as deduction and it depends on the type of property that a taxpayer donates and nature of charity organization. A taxpayer can deduct up to 60% of adjusted gross income (AGI) in the case of cash contributions to public charity. When he contributes capital gain property, he can deduct up to 30% of adjusted gross income in the case of public charity. When he contributes capital gain property to private non operating foundation, he can deduct up to 20% adjusted gross income.

Calculate the maximum amount of deduction as follows

Download xlsx
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Suppose there is a large increase in the money supply in an economy that previously had low inflation. As a consequence, aggrega
hoa [83]

Answer:

It illustrates that the classical model of the price level best applies to economies with persistently high inflation.

Explanation:

When a very low inflation rate has been constant in an economy, and the money supply increases suddenly, in the short run that change will not immediately increase the inflation rate, but instead it will increase real output.

Classical economists argue that an increase in the money supply will immediately affect the inflation rate, but that theory applies mostly to economies that have a certain level of inflation. For example, for the past 12 years, European nations have been experiencing very low inflation rates, sometimes even negative rates. But during that same period, the European Central Bank has carried on a huge expansionary policy. It favored economic growth, although not as much as expected, but it didn't skyrocket inflation rate as the classical economy model predicted.

3 0
3 years ago
Which of the following are reasons that the short-run aggregate supply curve slopes upward? Check all that apply. As the price l
il63 [147K]

Answer:

As the price level rises, firms expand their production because they can sell their output for more money.

Explanation:

As the price level rises, supply increases as firms expand production to increase profits. And as price level falls, supply falls as firm reduce production. For this reason the short-run aggregate supply curve slopes upward.

Please find attached a graph showing the short-run aggregate supply curve

8 0
3 years ago
Which of these is a recurring cost of car ownership
Nastasia [14]

Answer:

Vehicle registration

Explanation:

Vehicle registration reoccurs annually, the other costs are one time.

3 0
3 years ago
Read 2 more answers
Deposits in transit Select one: a. have been recorded on the company's books but not yet by the bank. b. have not been recorded
mojhsa [17]

Answer:

a. have been recorded on the company's books but not yet by the bank

Explanation:

The deposit in transit means the deposit is recorded in the book of the company accounts but the same is not recorded in the bank books of account unless when they are not deposited.

So while preparing the bank reconciliation statement, we added the deposit in transit and deduct the outstanding checks in the bank books of accounts    

7 0
3 years ago
At January 1, 2020, Windsor Company had plan assets of $303,000 and a projected benefit obligation of the same amount. During 20
Arte-miy333 [17]

Answer:

The answer is well illustrated as below

Explanation:

Remember: Five factors affects the Pension Liability and Plan assets.

1 & 2. Expenses which includes service cost and interest cost

The increase in expense always increases the pension liability so the entry would be:

Dr Service cost  $27,100

Dr Interest Cost $30,300 ...... $303,000 Opening Pension Liability * 10%

Cr Pension Liability        $57,400

3. Actual return increases the Plan Asset

The Actual return on investment received would increase the Assets worth, which means the journal entry must be passed which would increase the Investment Value (Plan Asset). So the entry would be:

Dr Plan Asset $25,700

Cr Actual return $25,700

4. Contributions made increases the Plan Asset because it is an increase in the investment.

So the journal entry would be:

Dr Plan Asset $20,000

Cr Cash Asset        $20,000

5. The benefits paid to employees are decrease in both pension asset and the pension liability. (We had actually borrowed money from the employees and had invested that money so paying off the benefits actually decreases the pension liability and assets).

So the double entry would be:

Dr Pension Liability $17,700

Cr            Pension Assets $17,700

Kindly input the above values in the following worksheet:

4 0
3 years ago
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