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german
2 years ago
15

Margo has $2,200 withheld from her wages for state income taxes during 2018. In March of 2018, she paid $400 in additional taxes

for her 2017 state tax return. Her state income tax liability for 2018 is $2,700 and she pays the additional $500 when she files her 2018 state tax return in April of 2019. What amount should Margo deduct as an itemized deduction for state income taxes on her 2018 federal income tax return, assuming she deducts state and local income taxes?
Business
1 answer:
igor_vitrenko [27]2 years ago
7 0

Answer:bbbb

$2,600

Explanation:

$2,200 withheld from her wages for state income taxes during 2018 + The $400 she paid as an additional taxes for her 2017 state tax return.

$2,200 + $400 =$ 2,600

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Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells it
elixir [45]

Answer:

1. a. Total Fixed Cost $468,000

b. Variable cost per unit sold $1.25

c. Contribution margin per unit $10.5

d. Break even point in unit sales 44,571 units

e. Margin of Safety 10.8%

f. Degree of operating Leverage  2.3%

Explanation:

Margin of Safety :  Current sales in units - Break even Sales in units

Break even Point in unit sales  = Fixed cost / contribution margin

Degree of operating leverage = % change in operating leverage / % change in sales

{[667088 - 525218 ] / 667,088]} / {[55,000 - 50,000] / 55,000}

21 / 9.09 = 2.3%

Contribution Margin : Selling price per unit - Variable cost per unit

$32 - $21.5

2. <u>Income Statement 2022</u>

Sales 2,848,000

Cost of goods sold 1,998,732

Gross Margin 849,268

Selling and administrative cost 579,250

Operating profit 270,018

Interest Expense 9,642

Net profit 260,376

4 0
3 years ago
SungSam Enterprises reports the following data: Sales $340,000 Variable costs 180,000 Contribution margin $160,000 Fixed costs 8
grandymaker [24]

Answer:

SungSam Enterprises's operating leverage is 2.0

Explanation:

Operating leverage is a financial efficiency ratio to measure the degree to which a firm or project can increase operating income by increasing revenue.

Operating leverage is calculated by using following formula:

Operating leverage = Contribution margin/Net income

SungSam Enterprises has Contribution margin of $160,000 and Income from operations of $80,000

SungSam Enterprises's operating leverage = $160,000/$80,000 = 2.0

7 0
3 years ago
Mopsun, a garment store, sells customized hoodies at $7 per unit. The total fixed costs add up to $8,000 per year, and the varia
Nikitich [7]

Answer:

2000 is the correct answer.

Explanation:

4 0
2 years ago
Skaredykat Inc. is considering initial expansion beyond its home market. The firm has decided not to enter markets that differ g
Brrunno [24]

The firm is not engaging in international trade is True.

(B) The firm is using a regional approach to international expansion.

<u>Explanation:</u>

When a company wants it's business to grow and expand in a new country it uses the regional approach. It is generally used when the company is quite established and it has a nice foothold in the country.

In the regional approach the business is first set up in the country and when it gains power it starts spreading across the borders to get a region as a whole.

4 0
3 years ago
TB Problem Qu. 1-288 Balerio Corporation's relevant ...Balerio Corporation's relevant range of activity is 8,000 units to 11,000
elena-14-01-66 [18.8K]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

The relevant range of activity is 8,000 units to 11,000 units.

When it produces and sells 10,000 units:

Direct materials $ 6.40

Direct labor $ 3.20

Variable manufacturing overhead $ 1.50

Fixed manufacturing overhead $ 14.40

Fixed selling expense $ 2.80

Fixed administrative expense $ 2.00

Sales commissions $ 0.80

Variable administrative expense $ 0.70

A) product costs= Direct material + direct labor + manufacturing overhead

Product cost= (6.40*10000) + (3.20*10000) + (1.5*10000) + (14.40*10000)= $255000

B) Q= 9

Variable cost= direct material + direct labor + variable manufacturing overhead + variable sales comission + variable administrative expense

Variable cost= 6.40 + 3.20 + 1.5 + 0.80 + 0.70= $12.60

C) Total variable cost= 12.60*9000=$113400

D) Contribution margin= Price - unitary variable cost

CM= 19.20 - 12.60= $6.6

E) 10,001 units are still is the relevant range. Therefore the incremental costs are the variable cost.

If it sells 1 unit more, the manufacturing cost will increase in the proportion of direct material, direct labor and variable manufacturing overhead.

6.40+3.2+1.5= $11.1

4 0
3 years ago
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