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MariettaO [177]
3 years ago
5

Miller owns a personal residence with a fair market value of $380,900 and an outstanding first mortgage of $304,720, which was u

sed entirely to acquire the residence. This year, Miller gets a home equity loan of $19,045 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness
Business
1 answer:
Romashka [77]3 years ago
6 0

Answer:

$304,720

Explanation:

According to the IRS, qualified principal residence indebtedness may include:

1)  Debt incurred in order to purchase, build or improve your house or main residence, and the debt is secured by the house or principal residence (mortgage).

Or

2) Any house debt in (1) that is refinanced in order to improve, build or purchase something of your house or principal residence, e.g. you refinance your mortgage in order to build a swimming pool. The loan balance cannot exceed the original mortgage.

A fishing boat is not considered a home improvement, so the equity loan is not considered qualified residence indebtedness.

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A successful manager is most likely to have:________
rewona [7]

Option [D] is the correct answer.

A successful manager is most likely to have a reactive personality. In addition to leading teams and fostering their growth, excellent managers may simultaneously exercise complete control over their company's operations and results.

<h3>Difference between a Manager and a Leader</h3>

A manager is not the same thing as a leader. A leader prioritizes the development and well-being of your team members while a manager may be responsible for work delegation and timekeeping. The best managers are adept at performing both tasks and can effectively leverage each employee's abilities to create a successful company. Deborah Sweeney, vice president and general manager of business acquisitions at Deluxe Corp., asserts that effective managers accomplish this by utilizing their emotional intelligence and soft skills.

To know more about ' Good Managerial Skills' , visit:brainly.com/question/24215941

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8 0
2 years ago
Concord Corporation has several outdated computers that cost a total of $18000 and could be sold as scrap for $6000. They could
DanielleElmas [232]

Answer:

$18,000

Explanation:

Sunk costs refers to a cost that has been expended and cannot be recovered or recouped.

With regards to the above, $18,000 was expended concord by corporations to purchase computers hence cannot be recovered. Therefore, it is a sunk cost.

8 0
3 years ago
Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the year. Calculate the total amoun
trapecia [35]

Answer:

$79,421

$12,151.413

Step by Step Explanation:

The self-employment taxable income is 92.35% of net earnings. While the tax rate for self-employment tax liability is 15.3% for year 2019

Schedule C net earnings: $86,000

Self-employment taxable income rate: 92.35%

Self-employment taxable income= 92.35%×86,000

=$79,421

Self-employment taxable income: $79,421

Self-employment tax rate: 15.3%

self-employment tax liability=

Self-employment taxable income×Self-employment tax rate

$79,421×15.3% =$ 12,151.413

5 0
3 years ago
A share of common stock just paid a dividend (D0) of $1.50. If the expected long-run growth rate for this stock is 5%, and if in
skelet666 [1.2K]

Answer:

Current stock price = $24.23

Explanation:

Stock price under Discounted Model:

P0 = D1 \div(Ke - g)

P0 = Current Market price of the share

g = Growth rate = 5.0%

Ke = Cost of equity = 11.5% p.a

D1 = Expected dividend = $1.50 (1 + 0.05)= $1.575

P0 = $1.575 / (11.50% - 5.0%)

Current stock price = $24.23

8 0
3 years ago
Bad Debts account has a credit balance of $8,000 before the adjusting entry for bad debts expense. After analyzing the accounts
White raven [17]

Answer:

$14,300

Explanation:

Based on the information given we were told that the​ management of the company estimated that the amount in the uncollectible accounts will be the amount of $14,300 which means that the amount of $14,300 will be the balance of the Allowance for Bad Debts that should be reported on the company balance​ sheet.

5 0
3 years ago
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