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Korolek [52]
3 years ago
14

Samantha, who is single and has MAGI of $28,000, was recently employed by an accounting firm. During the year, she spends $2,500

for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $4,200 for tuition and $450 for books (which are not a requirement for enrollment in the course).
Assuming no reimbursement, how much can Samantha deduct for the:

a. CPA exam review course? $X
b. Law school expenses? $X
Business
1 answer:
gregori [183]3 years ago
6 0

Answer:

a. CPA exam review course $0

b. Law school expenses $4,000

Explanation:

1a. CPA exam review course will be $0 because the IRS has disallowed any costs that will lead to qualifying for a different trade .

1b. The Law School expenses will be $4,000 . Based on section 222, Samantha is been limited to $4,000 of the tuition paid.

Therefore the balance of $650 is excess tuition $200 + $450 books which will not qualify under the regular education expense deduction due to the negative position of the IRS on law school costs.

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Answer:

Days of receivable will be 75 days

Explanation:

We have given net credit sales = $1200000

Net account receivable at the beginning = $290000

And receivable at the ending = $201000

Average receivable =\frac{290000+201000}{2}=$245500

Now receivables turnover ratio =\frac{credit\ sales}{average\ receivable}=\frac{1200000}{245500}=4.888

Days of receivables = \frac{365}{4.888}=74.67=75days

8 0
3 years ago
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BigorU [14]
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4 0
3 years ago
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lina2011 [118]

Answer:

a. Collusion

Explanation:

Collusion can be defined as an illegal, secret and uncompetitive agreement between rivalry parties in attempt to destroy the market equilibrium through actions such as illegal-pricing.

Hence, when two or more people get together for the purpose of circumventing prescribed controls, it is called collusion.

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The main purpose of internal controls is to guarantee that loss is eliminated as there's an accurate and reliable accounting system.

An internal control involves the timely use of both internal and external sources of auditing or financial reporting and as such enhance the maintenance of accurate and proper financial records which would also improve their operational efficiency.

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5 0
2 years ago
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Lunna [17]

Answer:

The correct answer is letter "A":  Lose their personal assets as the result of their company's financial problems.

Explanation:

A general partnership is the type of business that is set in a form in which all the individuals involved in the ownership of the business share the assets, profits, and legal liabilities. General partnerships are said to be <em>unlimited liable </em>since the <em>personal assets of the individuals involved can be taken into consideration in front of business obligations</em>.

6 0
3 years ago
Read 2 more answers
When doubles and decreases by half:____.
kompoz [17]

Answer:

A. y increases and c increases

<h3>Explanation:</h3>
  • The rate of reaction doubles decreases by half for every 10°C change in either direction.

To learn more about it, refer

to brainly.com/question/25311149

#SPJ4

5 0
1 year ago
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