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Luda [366]
3 years ago
7

Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,

300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim
Business
1 answer:
tatiyna3 years ago
6 0

Answer:

$24,402.50

Explanation:

Medical expenses can be deducted only if they are above 7.5% of your AGI:

$277,300 x 7.5% = $20,797.50

Medical deductions = $29,000 - $20,797.50 = $8,202.50

Evan can deduct $8,700 in mortgage interests

Total deductions for state and local taxes for a single filer = $5,000

Charitable contributions are also deductible = $2,500

total deductions = $8,202.50 + $8,700 + $5,000 + $2,500 = $24,402.50

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Intends to create opportunities for performance and communication improvement makes the most sense to me
4 0
3 years ago
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Blossom Company received a check for $28320 on July 1 which represents a 6 month advance payment of rent on a building it rents
grandymaker [24]

Answer:

D. debit Unearned Rent Revenue, $4720; credit Rent Revenue, $4720.

Explanation:

When the Cash was received for 6 month`s Rent the entry was :

Debit : Cash  $28320

Credit : Unearned Rent Revenue $28320

At 31 July when 1 month`s rent expires the entry will be :

Debit : Unearned Rent Revenue (1/6 x $28,320) $4,720

Credit : Rent Revenue $4,720

thus

We reverse the liability - Unearned Rent Revenue and recognize Revenue for the month expired.

8 0
2 years ago
Cherokee Manufacturing Company established the following standard price and cost data: Sales price $ 12.00 per unit Variable man
blagie [28]

Answer:

<u>Pro forma income statement in contribution format</u>

Sales ( 2,200 units × $ 12.00)                                        26,400

Less Variable Costs :

Variable manufacturing cost ( 2,200 units × $ 7.20)   (15,840)

Contribution                                                                    10,560

Less Expenses :

Fixed manufacturing cost                                              (3,600)

Fixed selling and administrative cost                            (1,200)

Net Income                                                                      5,760

Explanation:

A flexed budget shows the Budgeted Costs and Revenues at Actual level of production rather than the Budgeted level of production.

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4 0
3 years ago
When should you use Add other funds to this deposit grid in a Deposit Transaction? Identify 3 correct options. (Select all that
Anni [7]

Answer:

(A) When an employee reimburses the company

(B) You receive a tax refund from the IRS

(D) When a company doesn’t record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts

Explanation:

The three options are -

Option A is correct as the employee repays the company so that the funds to this deposit will be added to the deposit transaction.

Option B is correct as the employee or an individual will get the tax refund from the IRS which can be deposited to the deposit grid.

Option D is correct as it is recorded to income accounts directly as deposits.

Any payment cannot be added as deposit. Therefore, option C is incorrect.

4 0
3 years ago
A differentiated product is a product that: a. always costs more than rival products. b. is offered free of cost on purchase of
sweet-ann [11.9K]

Answer:

Option E Provides greater reliability that the rival products

Explanation:

The reason is that differentiation brings uniqueness in the product which the very few rivals that negligible in amount can match. The example includes Mercedes pursue differentiated strategy and the number of firms that can match its differentiation at a competitive price are very few which includes BMW, Ford and Electric Motors whereas in India the only comply that can match its innovation is BMW. Likewise in many other countries Mercedes is always priority of customers because of its brand recognition and creates a perception of great personality of the owner of the car. Thats the reason why in many countries the President and state guests are received in Mercedes.

7 0
3 years ago
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