Answer: See explanation
Explanation:
Since the AGI is given as $180,000, his charitable contribution will be:
= $180,000 × 60%
= $180,000 × 0.6
= $108,000
a. The Total present value of tax savings from the tax deduction if made this year will be:
Present value of tax savings = $108000 × 24% = $108000 × 0.24 = $25920
Add: Present value of tax savings for deferred part = ($113000 - $108000) × 0.9434 × 32% = $1509
Therefore, Total present value of tax savings from the tax deduction if made this year will be:
= $25920 + $1509.44
= $27429.44
b. Total present value of tax savings from the tax deduction if made next year will be:
= $113000 × 0.9434 × 32%
= $113000 × 0.9434 × 0.32
= $34113.34
Answer: aye im 15 i can drive and no i dont live in florida
Explanation:
Answer:
see below
Explanation:
Operating expenses are the cost a business incurs while engaging in its normal business operations. They are the costs not directly be attached to the production process. A business incurs operating expenses in managing it day to day activities. They exclude one time expenses such as judgment cost, accounts adjustments, and other non-recurring costs.
Operating expenses are classified into administrative, selling, and general expenses. Businesses cannot avoid operating expenses; hence the management should strive to keep them as low as possible. Examples of operating expenses include rent, salaries, employee benefits, transport, depreciation, repairs, taxes, sales commissions, amortization, and pension contributions.
Answer:
The Village
The two reconciliation entries that Village must include in its government-wide financial statements relating to its Bond Liability are:
1. Debit Interest Expense $500
Credit Interest Payable $500
To record the accrued interest expense for the year.
2. Debit Cash $3,000
Credit Bond Liability $3,000
To record the issuance of new bonds during the year.
Explanation:
a) Data and Analysis:
Beginning bond liability = $10,000
Interest Expense $500 Interest Payable $500
Cash $3,000 Bond Liability $3,000
b) The first is to accrue interest expense of $500 and record Interest Payable of $500. The second is to record the new Bonds issued during the year.