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Firlakuza [10]
3 years ago
15

Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $52,000 during the year. Income

generated through the brokerage account was as follows: Municipal interest $104,000 Taxable dividends and interest 520,000 If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. How much investment interest can Tobias deduct
Business
1 answer:
exis [7]3 years ago
7 0

Answer: $43,160

Explanation:

The amount of investment interest that can be deducted is:

= Interest expense * Proportion of total income that is taxable

Municipal interest is not taxable so the proportion of total income that is taxable is:

= Taxable dividends and interest / Total income

= 520,000 / (520,000 + 104,000)

= 0.83

Amount of investment interest that is deductible:

= 52,000 * 0.83

= $43,160

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Check all answers that apply. Based on the model output, we can say that both the size of the move (CuFt) and number of large fu
RideAnS [48]

Answer:

P-value for slope coefficient of the size of the mode CuFt is0.00

Explanation:

The slope coefficient is change in probability when all other independent variables are held constant. The output is 93.3 which is due to the variation in labor hours. These variations are due to large number of furniture moved in cubic feet.

7 0
3 years ago
Depreciation expense is added back to net income when preparing the cash flow from operating activities section because deprecia
luda_lava [24]

Answer:

Depreciation expense is added back to net income when preparing the cash flow from operating activities section because depreciation represents a non cash reduction to net income. Depreciation is a non cash reduction because it notes down the the reduction in the value of an asset due to use as an expense and because the company isn't making any cash transactions due to depreciation of assets therefore it is a non cash expense and this is why it is added back to net income when preparing cash flow from operating activities.

Explanation:

4 0
3 years ago
Blake and Matthew are partners who agree that Blake will receive a $103,000 salary allowance and that any remaining income or lo
Sedaia [141]

Answer:

total net income = $109,000

Explanation:

given data

Blake receive = $103,000

Matthew capital account is credited = $3,000

solution

we know that both partner get equal part in  remaining loss or income

so here Blake get $3,000 as share of the net income

so that here net income for the period, that will Blake's salary allowance +  amount shared in both persons of net income

as that

total net income = $103,000 + $3,000 +$3,000

total net income = $109,000

7 0
3 years ago
Calculate Payroll
musickatia [10]

Answer:

A.1830

B.$1397.75

Explanation:

A.Gross pay

Formula for Gross pay

Gross pay = regular pay + overtime pay

= (40*30)+(14*30*1.5)

=1200+630

= $1830

Part B

B.Net pay

Formula for Net pay

Net pay = gross pay – social security tax – medicare tax – federal income tax

= 1830-(1830*6.0%)-(1830*1.5%)-295

=1830-109.8-27.45-295

= $1397.75

7 0
3 years ago
A product sells for $200 per unit, and its variable costs per unit are $130. The fixed costs are $420,000. If the firm wants to
ruslelena [56]

Answer:

A 6,500

Explanation:

The number of units to be sold is calculated as;

= (Pretax income + Fixed costs) ÷ Contribution margin

Given that;

Pretax income = $35,000

Fixed costs = $420,000

Contribution margin

= Selling price per unit - Variable cost per unit

= $200 - $130

= $70

= ($35,000 + $420,000) ÷ $70

= 6,500 units

6 0
2 years ago
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