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DochEvi [55]
2 years ago
7

Renee paid $4,000 in mortgage interest on a $110,000 mortgage that was taken out when she bought her home several years ago. She

also has a home equity loan of $130,000 that she used to pay for a cruise around the world. The interest on the home equity loan was $8,000. What amount is deductible as interest expense for Renee in 2021
Business
1 answer:
ruslelena [56]2 years ago
4 0

Answer:

The amount that is deductible as interest expense for Renee in 2021 is:

= $4,000.

Explanation:

a) Data:

Home mortgage - $110,000

Interest on home mortgage = $4,000

Home equity loan for a cruise around the world = $130,000

Interest on the home equity loan = $8,000

Deductible interest expense for Renee in 2021 is $4,000

b) Usually, the interest expenses that a taxpayer pays on her home equity loan to enjoy a cruise around the world, on personal credit card, on automobile loan, and on other types of personal consumer finance interests are not tax-deductible.

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Before the last presidential debates, 50% of registered votes indicated they were planning to vote for the incumbent president.
MAVERICK [17]

Answer:

a) H₀ : p = 0.5

H_{a} : p > 0.5

b) z = 2.0785

c) p - value = 0.0188

d) Our conclusion is that there has been a significant increase in the proportion of registered voters who are planning to vote for the incumbent president

Explanation:

Probability of those planning to vote for the incumbent president before the debate, P₀ = 50/100 = 0.5

a) The null and the alternative hypothesis

Let the null hypothesis be represented by H_{0}

and the alternative hypothesis be represented by H_{a}

H₀ : p = 0.5

H_{a} : p > 0.5

b) compute the test statistics

sample size, n = 1200

number of voters planning to vote for the incumbent president, x = 636

Probability of those planning to vote for the incumbent president in the selected sample:

\bar{p} = x/n\\\bar{p} = 636/1200\\\bar{p} = 0.53

Formula for the test statistic:

z = \frac{\bar{p} - p_{0} }{\sqrt{\frac{p_{0}(1-p_{0} ) }{n} } }

z = \frac{0.53 - 0.5 }{\sqrt{\frac{0.5(1-0.5 ) }{1200} } }

z = 2.0785

c)

For \alpha = 0.05\\, the critical value as checked from the normal table will be:

z_{\alpha} = 1.645

The P value for z > 2.0785

P-value = P(z > 2.0785) \\P - value = \phi (-2.0785)\\P - value = 0.0188

d) What do you conclude?

since ( z = 2.0785) > (z_{\alpha} = 1.645), we will reject the null hypothesis.

Our conclusion is that there has been a significant increase in the proportion of registered voters who are planning to vote for the incumbent president

6 0
3 years ago
Mr. Blackwell runs a small mall in a remote corner of his city. Recently, he has learned that someone has been stealing various
otez555 [7]
A private contractor becouse it is important
5 0
3 years ago
The actual information pertains to the month of June. As part of the budgeting​ process, Colonial Fencing Company developed the
Alexxx [7]

Answer:

330,000

Explanation:

Selling price per unit as per static budget

=$615,000÷$20,500

=$30 per units

Actual sales volume =11,000 units

Sales Revenue as per flexible budget = Actual sales volume × Budgeted selling price per unit

=11,000×30

=330,000

Therefore the flexible budget for sales revenues will​ be 330,000

6 0
3 years ago
Elise Corporation has the following sales mix for its three products: A, 20%; B, 35%; and C, 45%. Fixed costs total $400,000 and
horsena [70]

Answer:

The numbers of product A must be sold to break-even are 800 units

Explanation:

The break-even point is calculated by using following formula:

Break-even point in units = Fixed expense/(Selling price per unit-Variable expense per unit)  = Fixed expense/weighted-average contribution margin per unit = $400,000/$100 = $4,000 units

Elise Corporation has the following sales mix for its three products: A, 20%; B, 35%; and C, 45%.

The numbers of product A must be sold to break-even = $4,000 x 20% = 800 units

6 0
3 years ago
A report that accumulates the actual expenses that a manager is responsible for and their budgeted amounts is a: Multiple Choice
Ad libitum [116K]

Answer:

Responsibility accounting performance report.

Explanation:

Here, the responsibility accounting performance report is defined to be a budget that compares actual and budgeted amounts of controllable costs for a department and its manager. The responsibility accounting performance report collects all of the responsibility accounting budgets made for each department and summaries them in one large report.

It is designed to measure the performance of managers in terms of controllable costs.

Assigns responsibility for costs to the appropriate managerial level that controls those costs.

Should not hold a manager responsible for costs over which the manager has no influence.

Can be applied at any level of an organization.

7 0
3 years ago
Read 2 more answers
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