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Alexxx [7]
3 years ago
11

In 2019, Joan accepted and received a $10,000 award for outstanding civic achievement. Joan was selected without any action on h

er part, and no future services are expected of her as a condition of receiving the award. What amount should Joan include in her 2019 gross income in connection with this award?A. $0B. $4000C. $5000D. $10000
Business
1 answer:
Daniel [21]3 years ago
5 0

Answer:

A) $0

Explanation:

If the award was unsolicited and given to Joan in recognition for her accomplishments in scientific, educational, literary, religious, artistic, or civic fields, then the award is not taxed.

The unsolicited part is the key here, since most awards are given to candidates that have been previously been nominated by someone, e.g. Nobel prizes are only given to nominated candidates and the winners must pay income taxes.

You might be interested in
An individual who makes $32,000 per year anticipates retiring in 30 years. If their salary is increased by $600 each year and th
Zepler [3.9K]

Answer:

$366,287.15

Explanation:

Annual salary = $32000  

No. of years (n) = 30 years

Increment in salary = $600

Deposit rate = 10%

Interest rate (r) = 7% or 0.07

Growth rate (g) = Increment in salary \div annual salary

Growth rate = $600 \ $32000

Growth rate = 0.01875

First deposit = $32000 x 10% = $3200

Future worth = [First deposit \ (r - g)] x [(1 + r)n - (1 + g)n]

Future worth = [$3200 \ (0.07 - 0.01875)] x [(1 + 0.07)30 - (1 + 0.01875)30]

Future worth = [$3200 \ 0.05125] x [(1.07)30 - (1.01875)30]

Future worth = $62439.0243902 x [7.6122550423 - 1.7459373366]

Future worth = $62439.0243902 x 5.8663177057

Future worth = $366287.15

Hence, the future worth at retirement is $366,287.15

7 0
3 years ago
A company incurs total costs of $8,000 to process Product A. The company can then sell Product A as is for total daily revenue o
DochEvi [55]

Answer:

As the gross profit is the same for both products It is better to choose Product A because Product Z needs further processing a day , so time can also be the constraint.

Explanation:

Process Cost of Product A = $ 8000

Sale of Product A= $ 22,500

Gross Profit For A= $ 14,500

Process Cost of Product Z= $ 8000 + $4200= $ 12,200

Sale of Product Z= $ 26,700

Gross Profit For Z= $ 14,500

The gross profit for both products is same but product Z requires additional day for further processing so it is better to choose Product A.

3 0
3 years ago
Assume that the interest rate on borrowings in India is 1 percent while the interest rate on bank deposits in a U.S. bank is 6 p
Marysya12 [62]

Answer:

  • there will be no adverse movement in exchange rates or interest rates.

Explanation:

John's best speculative element is that everything would remain in his favor; especially the exchange rates and there interest rates.

Assuming after his transaction there is a sudden negative or adverse effects on the interest rate from 6 percent to 1 percent for US deposit and a decline in the USD/Japanese Yen exchange rate he <u>would be faced with great loses.</u>

7 0
3 years ago
Read 2 more answers
Steve sells his home to Srivani and ends up with a producer surplus of $100,000. Srivani has a consumer surplus of $1,000 from t
amid [387]

Answer:

Both parties experience surplus, but there is inequity because Steve has a much larger producer surplus

Explanation:

The options to this question wasn't provided. Here are the options : Both parties experience surplus, but there is inequity because Steve has a much larger producer surplus. Both parties experience surplus, so the transaction was equitable. Only Steve benefits from the sale. Srivani will not be happy with her purchase.

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.

Producer surplus is the difference between the price of a good and the least amount the seller is willing to sell his good.

While both parties earn a surplus, the producer surplus exceeds the consumer surplus . Therefore, the seller benefited more from the trade than the consumer.

I hope my answer helps you

3 0
3 years ago
Consumer demand for personal computers or smart devices ultimately determines the demand for the parts and materials involved in
Aliun [14]

Answer:

The correct answer is c. Derived demand .

Explanation:

Derived demand is the demand for goods and services that is generated as a result of the demand for other goods and services. This type of demand usually corresponds to the demand for factors or products, since the demand for a good or service may be related to the process necessary to produce another good or service, although it can affect both producers and consumers.

Derived demand can sometimes lead to an increase in the price of a marginal product, since the demand for the resources needed to produce a physical product also increases.

8 0
2 years ago
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