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zhannawk [14.2K]
3 years ago
7

Multiple Choice

Business
1 answer:
jenyasd209 [6]3 years ago
8 0
True True true I think
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Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes:_
Karolina [17]

Answer:

C. $11,000

Explanation:

For computational purposes, both the Mortgage interest as well as the miscellaneous itemized deducted qualify as deductions based on the Schedule A which is the regular tax purposes.

However, only Mortgage interest will be allowable itemized deduction because miscellaneous itemized deductions fall under the category of adjustments and as such do not qualify for deductions under the AMT which is the Alternative Minimum Taxable Income.

Based on the explanation, only $11,000 of mortgage interest qualifies.

5 0
3 years ago
A truck acquired at a cost of $69,000 has an estimated residual value of $12,000, has an estimated useful life of 300,000 miles,
Anuta_ua [19.1K]

Answer:

A. $57,000

B. Depreciation rate per mile is $0.19

C. Depreciation is $14,630

Explanation:

a. cost of the truck less the residual value.

Cost of the truck        $69,000

Less: Residual value  <u>$12,000</u>

                                   $57,000

b. Depreciation rate per mile is computed by dividing cost of the truck less the residual value over the estimated useful life.

$57,000 / 300,000 miles = $0.19

c. Units-of-activity depreciation for the year is computed by multiplying miles driven for the year by depreciation rate per mile.

77,000 miles x $0.19 = $14,630

6 0
4 years ago
Bono was kicked out of the band U2 for failing to attend rehearsals on time and constantly cutting the strings of Adam Clayton b
never [62]

Answer:

B

Explanation:

He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2

6 0
3 years ago
Step 5 in the seven-step decision-making model is _____.
Butoxors [25]

Answer:

Choose among alternatives

Explanation:

8 0
3 years ago
Read 2 more answers
Hicks health clubs, inc., expects to generate an annual ebit of $505,000 and needs to obtain financing for $1,080,000 of assets.
STatiana [176]
<span>they were rich in resources and thinly settled</span>
5 0
3 years ago
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