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soldi70 [24.7K]
3 years ago
12

Chuck, a single taxpayer, earns $79,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds.

Business
1 answer:
allochka39001 [22]3 years ago
5 0

Answer:

a) Chuck's total taxable income = $119,480

since Chuck is a single filer, his marginal tax rate for 2020 is 24%, and his tax liability for ordinary income = $14,605.50 + [24% x ($119,480 - $85,525)] = $14,605.50 + (24% x $33,955) = $22,754.70

the interest earned on municipal bonds is not taxed.

b) Chuck's total taxable income = $38,520

since Chuck is a single filer, his marginal tax rate for 2020 is 12%, and his tax liability for ordinary income = $987.50 + [12% x ($38,520 - $9,875)] = $987.50 + (12% x $28,645) = $4,424.90

the interest earned on municipal bonds is not taxed.

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Wildhorse Co. had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Useful Life (in years)
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Solution :

<u>Journal Entry</u>

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1 Jan,2022   Accumulated depreciation-machine            $ 68,000

                     Machine                                                                           $ 68,000

30 June,       Depreciation expense, $\left(\frac{27000}{5} \times \frac{6}{12}\right)$              $ 2700

2022             Accumulated depreciation- Forklift                                  $ 2700

30 June,        Cash                                                             $ 11,700

2022             Accumulated depreciation- Forklift,           $ 18,900

                     $\left(\frac{27000}{5} \times 3.5 \right)$

                    Gain on sale of forklift                                                         $ 3600

                    Forklift                                                                                $ 27000

31 Dec,         Depreciation expense, $\left( \frac{33400-3000}{8}\right)$        $ 3800

2022            Accumulated depreciation - Truck                                   $ 3800

31 Dec,         Accumulated depreciation - Truck,              $ 22800

2022            $\left( \frac{33400-3000}{8} \times 6\right)$

                     Loss on disposal of truck                            $ 10600

                     Truck                                                                                $ 33400

7 0
2 years ago
The sahara company purchased equipment on january 1, 2015, for $100,000. the equipment had an estimated residual value of $10,00
vaieri [72.5K]
The company used straight line depreciation based on number of units produced. This can be shown as follows:

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3 years ago
Question 15 of 20
stepladder [879]

Answer:

D

Explanation:

i believe it could also be c

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2 years ago
Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which
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Answer:

marginal analysis

Explanation:

it is believed that the rational man makes marginal analysis.

for example, a rational man would continue consumption up to the point that the marginal utility of the last bottle consumed equal marginal price.

If marginal utility falls below price, consumption should stop.

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Po = market price of share 

g = growth rate 

In the problem, the estimated dividend to be paid next year is $1.50. The market price is $18.50 and the growth rate is 4%. 

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