Answer: c. Tax-free interest income must be included in the formula used to determine if Social Security is included in taxable income.
Explanation:
The portion of Social Security benefits that is taxed depends on how much Income the person has.
For instance, a person is charged up to 50 percent if their income is $25,000 to $34,000 for an individual.
So now how do we calculate the 'income' on which the taxation is based.
The IRS, for the purposes of determining how much you pay, treats income as a person's adjusted gross income plus NONTAXABLE INTEREST INCOME plus half of their Social Security benefits.
From the above we can see that option C is therfore correct.
Answer and Explanation:
The journal entry is given below:
Work in process inventory Dr $100,000
To raw material inventory $100,000
(being the usage of the direct material is recorded)
here the work in process is debited as it increased the assets and credited the raw material inventory as it decreased the assets
Answer:
an oligopoly
Explanation:
An oligopoly is a market form with limited competition in which a few producers control the majority of the market share and typically produce similar or homogenous products. Due to the small number of firms and lack of competition, this market structure often allows for partnerships and collusion.
Answer: Reference price
Explanation:
According to the question, the manufacturer suggested retail prices (MSRP) is basically used as the the reference price as it is refers to the price where the buyer willing to pay the price for the products and the services in the market.
It is also known as the competitor pricing and the reference pricing is mainly used by the high volume buyers.
The reference price make easily accessing the quality of the products and its actual price to the customers in the market for avoid any type of confusion.
Therefore, Reference price is the correct answer.
Answer:
$475,000
Explanation:
Direct materials (M) = $10 per unit
Direct labor (L) = $20 per unit
Manufacturing overhead (O) = 80% of L = 0.8 *$20 =$16 per unit
Selling Price (S) = $65 per unit
Units sold (N) = 25,000 units
The budgeted gross profit for 25,000 units is:
The budgetd gross profit for Goody Company is $475,000
