Answer:
sunk costs
I'm assuming this is multiple choice, but since you haven't provided any of the options I dont know if this will be correct.
Explanation:
Answer:
$5,000 Schedule A (Itemized Deductions)
Explanation:
Solution
We recall that:
George gas a gross income of =$5000
Property taxes =$3000
Operating expenses of =$1500
Deprecation expense of =$800
Now
Normally As per IRS, hobby expenses are normally subtracted up to the hobby income . hobby is pursued as enjoyment and not for making profits hence can not be termed as Profit and loss from business
Therefore George deductible expense for the year is $5,000 it would be taken from Schedule A (Itemized Deductions).
Answer:
$179,950
Explanation:
For determining the overhead applied first we have to find the predetermined overhead rate based on the estimated cost which is shown below:
Predetermined overhead rate is
= Estimated overhead cost ÷ estimated direct labor cost
= $174,000 ÷ $87,000
= $2
Now the applied overhead is
= Predetermined overhead rate × actual direct labor cost
= $2 × $89,975
= $179,950
We simply applied the above formula so that the overhead applied could come
Answer:
Amount saved by the owner is $225.
Explanation:
given,
the property has been assessed = $40,000
the city tax rate = 10 mills = 0.001
country tax rate = 9 mills = 0.009
school board levy = 9 mills = 0.008
owner gets homestead tax exemption of = ?
Homestead tax exemption is used to same money from paying tax on their property every year.
homestead tax exemption given is $25,000
Money saved by owner = $25,000 homestead exemption × county tax rate
= $25000 × 0.009
= $ 225
Amount saved by the owner is $225.
