All categories

3 years ago

Compute 2018 taxable income in each of the following independent situations.

Business

1 answer:

KATRIN_1 [288]3 years ago

5 0

Answer:

a. Drew and Meg are married and filing a married joint return. The standard deduction of a married joint return is $24,400 but it is lower

AGI $125,000

Less: Itemized deduction $27,000

Taxable income $98,000

b. Sybil's filing status is head of household. The Standard deduction for head of household is $18,000 in 2018 which is higher than itemized deductions of $8,000.

AGI $80,000

Less: Itemized deduction $18,000

Taxable income $62,000

c. Scott is a surviving spouse. The standard deduction will be equal to that of married filling joint return which is $24,400

AGI $75,000

Less: Itemized deduction $24,400

Taxable income $50,600

d. Amelia is an abandoned spouse. She can file as head of household. The standard deduction for the year 2018 is $18,000 which is higher than itemized deductions of $10,650.

AGI $58,000

Less: Itemized deduction $18,000

Taxable income $40,000

e. Dale is divorced and filing status is head of household. The standard deduction for the year 2018 is $18,000 which is higher than itemized deductions of $9,900

AGI $64,000

Less: Itemized deduction $18,000

Taxable income $46,000

You might be interested in

At December 31, 2012 and 2013, Plank Corp. had outstanding 3,000 shares of $100 par value 8% cumulative preferred stock and 15,0

zalisa [80]

Answer:

Preference shareholders = $36,000

Equity shareholders = $9,000

Explanation:

As provided the outstanding preference dividend at end of 2012 = $12,000

Total cash dividends declared = $45,000 in the year 2013

Regular preference dividends = $100 $\times$ 3,000 $\times$ 8% = $24,000

Thus, when dividends will be paid in 2013 then firstly they will be used for payment to preference shareholders.

Thus, the company shall pay:

$12,000 + $24,000 = $36,000 to preference shareholders.

Further the balance will be paid to equity shareholders.

= $45,000 - $36,000 = $9,000

3 0

3 years ago

On August 1, Greene Company purchased merchandise inventory on account with a list price of $25,000 and credit terms of 2/10, n/

Alekssandra [29.7K]

Answer:

August 1, merchandise purchased on account 2/10, n/30

Dr Merchandise inventory 25,000

Cr Accounts payable 25,000

Explanation:

If Greene paid within the discount period, the journal entry to record the payment would be:

August 2-11, payment of accounts payable

Dr Accounts payable 25,000

Cr Cash 24,500

Cr Purchase discounts 500

If Greene didn't paid within the discount period, the journal entry to record the payment would be:

August 20, payment of accounts payable

Dr Accounts payable 25,000

Cr Cash 25,000

5 0

3 years ago

Many consumers are unhappy with the pervasiveness of marketing. They point out that advertising messages are everywhere, from we

scoray [572]

Answer:

E. Cultural pollution.

Explanation:

In marketing terminologies, cultural pollution implies pertaining to customs, beliefs, art and all the other products of human thought made by a particular group of people at a particular time. Culture provides a sense of identity; it defines who you are and maintains a sense of belonging. It validates our reason for being in this world, defining where we are headed in our lives. Cultural rules influence people to behave similarly, making it easier for them to identify with each other. It shapes attitudes, thinking, behavior and values. It is also normative, defining the standard for judging values and behavior.

3 0

3 years ago

Read 2 more answers

1. What does it mean to set up an “automatic deposit” and why is this a good savings strategy?

Andrews [41]

Answer:

an automatic deposit will put a set amount of money away into savings without you having to do it that way you will not have to worry about it and won't be tempted to spend it instead of saving it. it's a good strategy because it eliminates that temptation and makes it so much easier to save without falling off track

3 0

3 years ago

Sapphire Aerospace operates 52 weeks per year, and its cost of goods sold last year was $6,500,000. The firm carries eight items

OLEGan [10]

a. The average aggregate inventory value is $336,000.

b. The number of weeks of supply that the firm has is 3 weeks, approximately (2.69 ($336,000/$6,500,000 x 52).

c. The inventory turnover of Sapphire Aerospace for last year was 19.3x.

Question Completion:

Category Part Number Average Value Total Category

Inventory Units per Unit Value Totals

Raw Materials RM-1 20,000 $1 $20,000

Materials RM-2 5,000 5 25,000

RM-3 3,000 6 18,000

RM-4 1,000 8 8,000 $71,000

Work-in-process WIP-1 6,000 10 60,000

WIP-2 8,000 12 96,000 $156,000

Finished goods FG-1 1,000 65 65,000

FG-2 500 88 44,000 $109,000

Total value of inventory $336,000 $336,000

Inventory turnover = Cost of goods sold/Average inventory

= 19.3x ($6,500,000/$336,000)

Thus, the average inventory value is $336,000, while the inventory turnover was 19.3x.

Learn more about inventory turnover here: brainly.com/question/5701250

3 0

3 years ago