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ExtremeBDS [4]
3 years ago
11

Bob and Sally are married, file a joint tax return, report AGI of $120,000, and have two children. Del is beginning her freshman

year at State College during fall 2019, and Owen is beginning his senior year at Southwest University during fall 2019. Owen completed his junior year during the spring semester of 2018 (i.e., he took a "leave of absence" during the 2018-2019 school year). Both Del and Owen are claimed as dependents on their parents’ tax return.​Del’s qualifying tuition expenses and fees total $5,000 for the fall semester and Owen’s qualifying tuition expenses were $6,100 for the fall 2019 semester. Del’s room and board costs were $3,200 for the fall semester. Owen did not incur room and board costs because he lived with his aunt and uncle during the year.Full payment is made for the tuition and related expenses for both children at the beginning of each semester. In addition to the children’s college expenses, Bob also spent $3,000 on professional education seminars during the year in order to maintain his license as a practicing dentist. Bob attended the seminars during July and August 2019. Compute the available education tax credits for Bob and Sally for 2019.A. $3,100B. $5,000C. $5,480D. $5,600
Business
1 answer:
ch4aika [34]3 years ago
6 0

Answer:

B) $5,000

Explanation:

Bob and Sally can claim an American Opportunity (AO) credit for both of their children, Del and Owen.

Del's AO credit is $2,500 (100% of  the initial $2,000 qualifying expenses and 25% of the next $2,000 qualifying expenses).

Owen's AO credit is the same as Del's, $2,500.

The total American Opportunity credit claimed is $5,000 ($2,500 + $2,500)

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A _____ is an estimation about a future situation based on the evaluation of facts.
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Answer:

Projection

Explanation:

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uppose that Rowan, Inc. builds a high-speed, magnetically powered transportation system from New York to Los Angeles, which is t
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With the high capital costs having enabled decreasing average costs for any conceivable level of demand, the company would be making an increasing returns to scale which means that it would be making more return per capital spent.

This will create a natural monopoly because the company will be more efficient in this particular industry and if another company tried to come in, they would have to spend a lot of money to get to a point of increasing returns to scale.

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Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in
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Answer:

  Transaction                                          Type of Activity        Cash Inflow or

                                                                                                    Cash Outflow

1 Payment of employee salaries            Operating                  Cash outflow

2. Sale of land for cash                           Investing                    Cash Inflow

3. Purchase of rent in advance              investing                    Cash outflow

4.Collection of an account receivable   Operating                  Cash inflow

5.Issuance of common stock                  Financing                   Cash inflow

6.Purchase of inventory                          Operating                   Cash outflow

7.Collection of notes receivable             Investing                   Cash inflow

8.Payment of income taxes                    Operating                  Cash outflow

9. Sale of equipment for a note recei.    Non cash                  No effect

10. issuance of bonds                              Financing                  Cash inflow

11. Loan to another firm                           Investing                   Cash outflow

12. Payment of a long term note pay.     Financing                 Cash outflow

13. Purchase of treasury stock                Financing                 Cash outflow

14. Payment of an account payable        Operating                Cash outflow

15. Sale of equipment for cash              Investing                     Cash inflow        

Explanation:

Statement of cash flows shows the cash generated and expended by an entity during an accounting period. The statement divides the inflow and outflow of cash into three sections: operating, investing and financing activities.

Operating activities contain activities relating to cash inflow and outflow  of  entity`s primary operation during a given year. Example of this inflow and outflow are cash receipt from customers and cash payment to vendors.

Investing activities contain activities relating to entity`s investment in assets. Example includes cash received from disposal of an asset.

Financing activities contain activities relating to entity`s relationship with provider of capital like equity owner and debt holder.

Cash inflow refers incoming of cash into the business. Example includes cash received from customers. Cash outflow refers to outgoing of cash from the business.  Example includes cash paid to vendors.

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