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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

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Answer: A. Utility Patent

Explanation:

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The relevant patent here however is the Utility Patent.

Utility Patents enable the protection of a NEW and USEFUL process, product or machine. It is essentially meant to protect inventors and their invention from others who may seek to use the invention in any way without permission.

Algorithms fall under this patent as well and as such it is best that Monty uses it.

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3 years ago

Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and

Leni [432]

Answer: Please find answers in explanation column

Explanation:

To record flow of cost of raw materials

Account Debit Credit

1) Work in process-Refining department $385,000

Raw Materials $385,000

To record flow of labour cost

Account Debit Credit

2) Work in process-Refining department $143,000

Wages payable $143,000

To record applied factory overhead

Account Debit Credit

3) Work in process-Refining department $99,000

factory overhead-refining department $99,000

Entry to record the transfer of production costs to the second department, Sifting.

Account Debit Credit

4) Work in process-Sifting department $626,800

Work in process-Refining department $626,800

calculation

Beginning work in process + raw material + wages payable + factory overhead - ending work in process

$29,600 + $385,000+ $143,000 +$99,000 - $29,800 =$626,800

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3 years ago

At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $11,000, while the company’s total assets equal $1,410,000.

erastovalidia [21]

Answer:Worthy journal $

Date

March 14, 2022

Bad debt Dr 2600

Receivable Cr 2600

Narration. Record of receivables written off to income account on account becoming unrecoverable.

Explanation:

The direct method of written off bad debts do not make provision for estimate of receivables that are likely to go bad in which the estimate is recognised as debit to income statement and the corresponding credit entry is used to reduce the receivables, with adjustment been made at the year end for variances.

In the direct method the actual bad debts is debited in the income s statement and credited to the receivables accounts.

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3 years ago

Company A manufactures and sells extreme sports gear. Its website includes a place for customers to post reviews of its products

erik [133]

Answer:

personal selling

Explanation:

Personal selling is a type of marketing strategy used when companies encourage their customers to make their experiences public and share their feelings about the product. In this case, the company is encouraging consumer feedback and sharing stories.

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3 years ago

an organization that seeks to operate efficiently and effectively to achieve its goals without focusing on profit as a motive

Likurg_2 [28]

Answer: A non profit organization

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They most times function in the area of humanitarian needs, health and medicine, financially empowering the unemployed in communities.

The non profit organization are most times sponsored by government of nations, international bodies ( such as UN, WHO, UNESCO).

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3 years ago