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Aleonysh [2.5K]
2 years ago
10

Your friend Scotty informs you that in 2019 he received a tax-free reimbursement of some medical expenses he paid in 2018. Which

of the following statements best explains why Scotty is not required to report the reimbursement in gross income? a.Scotty itemized deductions in 2018. b.Scotty itemized deductions in 2019. c.Scotty did not itemize deductions in 2018. d.Scotty did not itemize deductions in 2019. e.Scotty itemized deductions in 2019 but not in 2018.
Business
1 answer:
DanielleElmas [232]2 years ago
3 0

Answer:

c.Scotty did not itemize deductions in 2018

Explanation:

Itemized deductions can be defined as a form of eligible expenses in which individual taxpayers can claim on federal income tax returns which will in turn reduce their taxable income, and this is said to be often claimable in place of a standard deduction, only in a situation where it is available which is why ITEMIZED DEDUCTIONS are expenses that are allowed by the IRS that can decrease your taxable income because when an individual itemize on his or her tax return, such individual can opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

Therefore based on the Scotty scenario the statements that best explains why Scotty is not required to report the reimbursement in gross income is :Scotty did not itemize deductions in 2018

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Ralph Lauren: Accounts receivable turnover and number of days' sales in receivables Ralph Lauren Corporation designs, markets, a
SVETLANKA909090 [29]

<em>MISSING INFORMATION:</em>

   concept                     //    Year 2     //     Year 1

Sales                                     7,620             7,450

Account Receivables             655                588

Answer:

Yes, there is. The days to collect increase by 4.16 to 29.77 from 26.61

Which is a bad sing as the company delays more to collect form their customers

Explanation:

Account Receivable turnover:

Average receivable:

(458 + 588 ) / 2  =  523

7,450 / 523 =   14.25

Days to collect: 365 / 14.25 = 25,61

Second Year:

Average receivable: (655 + 588) / 2 = 621.5

Turnover: 7,620 / 621.5 =  12.26

Days to collect: 365 / 12.26 = 29,77

29.77 - 25.61 = 4.16

6 0
2 years ago
How many questions does Brainly let you ask ???
crimeas [40]

Answer:

Depends on the amount of points you have, as long as you have 10 points at all times you can always a question. It is pretty much unlimited until you run out of points, once you run out you can always answer someones questions to get more points to ask more questions!

Explanation:

5 0
3 years ago
Consumer surplus is A. the difference between the highest price a consumer is willing to pay and marginal benefit. B. the differ
belka [17]

Answer:

The correct answer is C. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.

Explanation:

Consumer surplus arises from the law of diminishing returns. This means that the first unit to acquire we value it highly but as we acquire additional units our valuation falls. However, the price we pay for any unit is always the same: the market price. In this way, we enjoy a positive surplus of the first units we acquire until we reach the last one in which the surplus will be zero.

In graphic terms, consumer surplus is measured as the area below the market demand curve and above the price line. The demand curve measures the amount consumers are willing to pay for each unit consumed. Then, the total area below the demand curve reflects the total utility of consumption of the good or service. If the price we pay for each unit is subtracted from this area, the consumer surplus is obtained.

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3 years ago
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Varvara68 [4.7K]

d) $16.92

Each paycheck is $22,000/26 times per year = $846.15

Your company will match up to 2% of this. .02*$846.15= $16.92

You should contribute this amount each pay period in order to take full advantage of the "company match" because your company will add that much money into your retirement account on top of what you pay in.

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3 years ago
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Sidana [21]

Answer:

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For example, in other to make a written text easily readable, a user may use the format text tool to increase or decrease the space around the text on a page.

6 0
3 years ago
Read 2 more answers
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