Answer:
C) For; they are available to all eligible taxpayers, not just those that itemize deductions
Explanation:
Any individual's adjusted gross income is equal to the individual's total gross income minus certain specific deductions, e.g. health savings account, contributions to retirement accounts, student loan interest, etc.
An individual's taxes are calculated using the adjusted gross income as basis, not simply the gross income.
Answer:
1. Predetermined Overhead Rate = Manufacturing overhead costs / Machine Hours
Predetermined Overhead Rate = $216,000/2,700 hours
Predetermined Overhead Rate = $80 per machine hour
2. Allocated overheads =Predetermined Overhead Rate * Machine hours used by Job 551
Allocated overheads = $80 * 90 machine hour
Allocated overheads = $7,200
3. Date Description Debit Credit
15/01 Work In Progress Inventory $7,200
Manufacturing overhead $7,200
(To record allocation of overheads towards Job 551)
Answer:
The answer is 3. $27,178.
Explanation:
You have to calculate for each year a new principal to be compounded.
Therefore the formula for next period's principal will be:
Where
is the principal for next period,
is the principal for this period,
r is the interest rate,
D are the deposits made into the savings account at the end of the period. (therefore it will only compound in next period).
The first year the principal will be the graduation gift:
At the end of the second year Jay will have:
The third year:
The fourth year the amount being deposited changes from $3,500 to $5,000:
The fifth year is the last year:
The result is rounded to $27,178.
Answer:
b. $965,000
Explanation:
Calculation of Cost of Goods Manufactured
Particulars Amount
Direct material used $265,000
Direct labor $300,000
Factory overhead <u>$400,000</u>
Total manufacturing cost <u>$965,000</u>
