The correct answer is Choice C.
Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.
Answer:
Contribution Margin is $200,925.
Explanation:
Contribution margin is calculated by taking Sales Revenue and deducting all the Variables costs from it. In this case, we have two costs that are variable: $.95 of Manufacturing Cost and 5% of Commission that is Paid to Sales Staff.
<u>Workings</u>
Sales (4 * 70,500) $282,000
Cost (.95 * 70,500) (66,975)
Sales Commission (.05 * 282,000) (14,100)
Contribution Margin $200,925
Answer: C. the quantity supplied at that price.
Explanation:
A shortage for a good occurs when the current market price is less than the equilibrium price. So, whenever there is a shortage at a particular price the quantity sold at that price will be less than the quantity demanded. The amount of shortage is equal to quantity demanded minus quantity supplies. And the quantity sold is equal to the quantity supplied at that price.
Answer: $0
Explanation: From the given information, here the SA general partnership will acknowledge $0 increase on the conveyance of these assets , this will be so since the increase is reported at the time of disposal of the asset instead at transfer of the assets. The following dealing will result in a carryover basis.
This basis takes spot under a property transfer, this also events in a transfer of the individual's foundation in the property. Thus it is carried over from one individual to another.
Answer:
The net income from the income statement is $135,000.
Explanation:
The income statement for the year ended May 31, 20Y6 can be prepared as follows:
Paradise Travel Service
Income Statement
For the Year Ended May 31, 20Y6
<u>Particulars $ $ </u>
Revenue:
Fees earned 900,000
Expenses:
Wages expense (450,000)
Office expense (300,000)
Miscellaneous expense <u> (15,000) </u>
Total expenses <u> (765,000) </u>
Net income <u> 135,000 </u><u> </u>
Therefore, the net income from the income statement is $135,000.