Assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75
Calculation to determine Reggie medical expense deduction
Drugs $500
Add Health insurance premium-after tax $850
Add Doctors fees $1,250
Add Eye glasses $375
Total expenses $2,975
($500+$850+$1,250+$375)
Less Insurance reimbursement ($500)
Less 7.5% of Adjusted gross income ($2,400)
($32,000×7.5%)
Medical Expense Deduction $75
($2,975 - $500 - $2,400)
Inconclusion assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75
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Answer:
Explanation:
The journal entries are shown below:
1. Loss on Investment A/c Dr $1,800 (1,200 shares × $31 - $39,600)
To GE shares investment A/c $1,800
(Being the adjustment is recorded)
2. Retained earnings A/c Dr $37,200 (1,200 shares × $31)
To Property Dividends Payable $37,200
(Being the entry is made on declaration date)
3. Property Dividends Payable A/c $37,200
To GE shares investment A/c $37,200
(Being the entry is made on payment date)
Answer:
The reconciled balance is:
Explanation:
Cash 8900,15
Books
Cash receipts pending on bank -9821,55
Checks written 7986,05
Checks written not recorded -49,55
Banks
Bank service fee -48,1
Interest earned 33,1
Bank conciliation 7000,1
Bank account 7000,1
Answer:
a. Whataburger is not using the optimal cost-minimizaing mix of cashier and kiosks.
b. Whataburger should hire more cashier and rent fewer kiosks in order to improve its mix of inputs and minimize the cost
Explanation:
a. According to the given data we have the following:
Let "C" is a cashier.
"K" is a kiosk
MPC = 48 (Marginal Product of Cashier)
MPK = 32 (Marginal Product of Kiosk)
PC = $15 (cashier can be hired for a wage of $15)
PK = $12 (Kiosk rents for $12)
At optimal cost minimization point, (MPC / MPK) = (PC / PK)
(MPC / PC) = (MPK / PK)
(MPC / PC) = (48 / 15) = 3.2
(MPK / PK) = (32 / 12) = 2.67
Since the (MPC / PC) and (MPK / PK) is not equal. It implies Whataburger is not using the optimal cost-minimizaing mix of cashier and kiosks.
b. We have to use the following:
(MPC / PC) > (MPK / PK)
i.e., 3.2 > 2.67
It means Whataburger hire more cashier and rent fewer kiosks in order to improve its mix of inputs and minimize the cost.
