1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nutka1998 [239]
3 years ago
15

This year, Randy paid $29,650 of interest on his residence. (Randy borrowed $472,000 to buy his residence, and it is currently w

orth $522,000.) Randy also paid $3,050 of interest on his car loan and $5,025 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.
b. Randy had no investment income this year, and his AGI is $75,000.
Business
1 answer:
Eddi Din [679]3 years ago
4 0

Answer:

a. $31,850

b. $29,650

Explanation:

Requirement A:

Interest on his residence is deductible                            = $29,650

Interest on car loan (non deductible)                               =  $0

Margin Interest to his stockbroker (limited to $2,200)    = $2,200

Total deductible                                                                  = $31,850

Requirement B :

As randy has no investment he can only deduct $29,650 his interest on the home loan.

You might be interested in
During 2017 the inflation rate increased slightly but remained in the​ "comfort zone" and the unemployment rate was low. Why mig
goblinko [34]

Answer:B It thought that unemployment was a greater problem than the rising inflation rate

Explanation:

Inflation is the continuous rise in price of goods and services which is as a result of large volume of money in circulation used for the few available goods and services.

Unemployment is a situation where all that are willing and capable of being employed are unable to get employment.

In the above scenario lowering Interest rates will increase the volume of money in circulation which will invariably increase inflation and we equally increase level of investment as the cost of fund will be cheaper thereby lowering unemployment.

This action means unemployment is of greater problem than rising inflation.

It does not mean inflation is of more concern than unemployment otherwise it will have increase the interest rate, it will make loanable fund demanded to exceed supply and the quantity of money in supply will increase.

7 0
4 years ago
What is a specific set of organizational practices, policies, and programs, plus a philosophy that actively supports efforts to
katovenus [111]

The specific set of organizational practices, policies, and programs, plus a philosophy that actively supports efforts to help employees achieve success at both work and home considered is -work-life effectiveness. This is further explained below.

<h3>What is organizational practices?</h3>

Generally, An organizational practice is the habitual application of knowledge inside an organization for the purpose of carrying out a certain function. This application of knowledge has developed over the course of time as a result of the history, people, interests, and activities of the organization.

In conclusion, The precise combination of corporate practices, policies, and programs, plus a mindset that actively supports efforts to assist individuals to achieve success at both work and home regarded called -work-life effectiveness.

Read more about organizational practices

brainly.com/question/17329622

#SPJ1

4 0
2 years ago
A credible online source is less likely to include
Nezavi [6.7K]
2) as opinions should be left out of factual articles and credible sources
7 0
3 years ago
Read 2 more answers
The price/sales multiple is typically only used for the valuation of firms without earnings. true false
sveta [45]

The main purpose of price/sales multiple ratio is typically only for the purpose of valuation of firms having no earnings till the date of valuation. Therefore, the given statement holds true.

<h3>What is the significance of Price/Sales ratio?</h3>

Price/Sales ratio can be referred to or considered as a ratio that is used to determine the total sales made by the company without earning any profits over their sales at a given price.

Investors use this ratio in order to valuate a firm based on the sales they have made in multiples, however without earnings, that can prove to derive good investment returns in the future.

Therefore, the aforementioned statement regarding price/sales ratio holds true.

Learn more about price/sales ratio here:

brainly.com/question/14856408

#SPJ4

3 0
2 years ago
yeloe corporation sells 400 shares of common stock being held as an investment. The shares were acquired six months ago at a cos
Keith_Richards [23]

Answer:

Entry is given below

Explanation:

Bought shares 6 months ago = 400shares x $60/share

Bought shares 6 months ago = $24,000

Sold shares = 400shares x $40/share

Sold shares = $16,000

Loss on sales proceeds  = $24,000 - $16,000

Loss on sales proceeds = $8,000

Entry:

                                      DEBIT        CREDIT

Cash                              $16,000

Loss on sale                  $8,000

Shares                                               $24,000

8 0
3 years ago
Other questions:
  • Which of the following items are included in official U.S. GDP statistics? Instructions: In order to receive full credit, you mu
    8·1 answer
  • Monday Island produces only potatoes and oranges. Complete the following sentence. The marginal cost of a potato is the number o
    14·1 answer
  • Roland is filing his federal income tax return with the 1040ez form, and he received two w-2 forms. on one, $2620 in federal inc
    6·2 answers
  • Selected balance sheet and income statement information for Oracle corporation follows.(required computations from the perspecti
    9·1 answer
  • Suppose GDP in this country is $1,330 million. Enter the amount for government purchases. National Income Account Value (Million
    8·1 answer
  • Product Pricing: Single Product Presented is the 2017 contribution income statement of Grafton Products. GRAFTON PRODUCTS Contri
    12·1 answer
  • Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first year of operations,
    14·1 answer
  • Neha and Teresa are roommates. They spend most of their time studying (of course), but they leave some time for their favorite a
    6·1 answer
  • Andreas is giving a speech to convince audience members that they can become millionaires by investing 20% of their income in st
    9·1 answer
  • What do you think are some of the risks and challenges associated with performing so many hypothesis tests? what would you do to
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!