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Marizza181 [45]
2 years ago
7

On July 1 of year 1, Elaine purchased a new home for $665,000. At the time of the purchase, it was estimated that the property t

ax bill on the home for the year would be $13,300 ($665,000 × 2%). On the settlement statement, Elaine was charged $6,650 for the year in property taxes and the seller was charged $6,650. On December 31, year 1 Elaine discovered that the real property taxes on the home for the year were actually $14,300. Elaine wrote a $14,300 check to the local government to pay the taxes for that calendar year (Elaine was liable for the taxes because she owned the property when they became due). What amount of real property taxes is Elaine allowed to deduct for year 1? (Assume not married filing separately.)
Business
1 answer:
tamaranim1 [39]2 years ago
5 0

Answer:

The amount of real property taxes that Elaine is allowed to deduct for year 1 is $7150.

Explanation:

Elaine started living in the new home from July, which means that she has been living there for 6 months ( as per current date). But at the time when she purchased the house the total amount of property tax was $13,300 and now it is $14,300.

Since last 6 months she has been living in that home, and current property tax is $14,300 , that means now she is allowed a 50% deduction on the property taxes ,

$14,300 / 2 = $7150

Therefore Elaine is allowed $7150 as amount of deduction on property tax.

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Locus Company has total fixed costs of $118,000. Its product sells for $55 per unit and variable costs amount to $39 per unit. N
Dmitriy789 [7]

Answer:

8,850 units

Explanation:

We know that

Net income = Unit sales × (Selling price per unit - variable cost per unit) - Fixed cost

$23,600 = Unit sales × ($55 - $39) - $118,000

$23,600 = Unit sales × $16 - $118,000

$23,600 +$118,000 = $16 unit sales

So, unit sales = 8,850 units

The net income is computed below:

= Given percentage × Total fixed cost

= 20% × $118,000

= $23,600

6 0
2 years ago
The standard rate of pay is $20 per direct labor hour. If the actual direct labor payroll was $117,600 for 6,000 direct labor ho
White raven [17]

Answer:

The variance is: $ 0.50 per direct labor hour.

Explanation:

Actual payroll = $117,000/6000h = $19.50 per hour

So, if we compare this value with the standard rate of pay ($20 per direct labor hour) The variance is: $20.00 - $ 19.50 = $0.50 per hour

5 0
3 years ago
Ernesto baca is employed by bigg company. he has a family membership in his company's health insurance program. the annual premi
Vaselesa [24]

A. $1,086.40

$5,432 * 20% = $1,086.40

7 0
3 years ago
The finance team of a company conducts a meeting to discuss the worthiness of investing its funds in the local share market. Alt
Alex Ar [27]

Answer:

C. groupthink

Explanation:

According to my research on in the field of psychology, I can say that based on the information provided within the question this scenario illustrates the concept of groupthink. This is a psychological phenomenon which states that the desire for maintaining a cooperative and harmonious nature within a group leads individuals in that group to behave irrationally leading to bad decision-making choices. Which is what is happening in this scenario since Mikhail isn't voicing her opinion in order to maintain the same group dynamic.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

4 0
2 years ago
On January 1, 2019, Marigold Corp. Had the following stockholders' equity accounts.
Temka [501]

a. The preparation of the stockholders' equity section of the balance sheet at December 31 foro Marigold Corp. is as follows:

<h3>Stockholders' Equity Section:</h3>

Marigold Corporation

<h3>Balance Sheet</h3>

At December 31, 2019

Common Stock ($5 par value)

186,560 shares issued and outstanding                       $932,800

Paid-in Capital in Excess of Par Value-Common Stock  268,880

Retained Earnings                                                             446,408

Total equity                                                                  $1,648,088

b. The payout ratio and return on common stockholders' equity are as follows:

Payout ratio = Cash Dividends/Net Income

= 94% ($206,912/$220,000 x 100)

Return on Common Stockholders' Equity = Net Income/Beginniing Outstanding Equity

= 13.5% ($220,000/$1,635,000 x 100)

<h3>Data and Analysis:</h3>

Common Stock ($10 par value)

84,800 shares issued and outstanding                       $848,000

Paid-in Capital in Excess of Par Value-Common Stock 218,000

Retained Earnings                                                           569,000

Total equity                                                                $1,635,000

Jan. 15 Retained Earnings $94,976 (84,800 x $1.12) Cash Dividends Payable $94,976

Feb. 15 Dividends Payable $94,976 Cash $94,976

Apr. 15 Retained Earnings $135,680 Stock Dividends Payable $135,680 ($16 x 84,800 x 10%)

May 15 Stock Dividends Payable $135,680 Common Stock $84,800 Paid-in Capital in Excess of Par Value $50,880

July 1 Common Stock increased to 186,560 at $5 each (84,800 + 8,480 x 2)

Dec. 1  Retained Earnings $111,936 (186,560 x $0.60) Cash Dividends Payable $111,936
Dec. 31 Net income for the year = $220,000

<h3>Retained Earnings:</h3>

Beginning balance         $569,000

Net Income                       220,000

Dividends:

Jan. 15 Cash Dividends    (94,976)

Apr. 15 Stock Dividends (135,680)

Dec. 1  Cash Dividends    (111,936)

Ending balance             $446,408

Learn more about the stockholders' equity section at brainly.com/question/13373888

#SPJ1

3 0
2 years ago
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