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il63 [147K]
3 years ago
11

For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $357,700. Their itemized deductions are a

s follows:
Note: All expenses are before any applicable limitations, unless otherwise noted.

Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $53,200
Home mortgage interest (loan qualifies as acquisition indebtedness) 21,280
Credit card interest 1,064
Property taxes on home 16,300
Charitable contributions 28,700
State income tax 18,000
Tax return preparation fees 1,200
Round your intermediate computations to nearest whole dollar.

Required:
The amount of itemized deductions the Gibsons may claim for the year is?
Business
1 answer:
sesenic [268]3 years ago
3 0

Answer:

$56,130

Explanation:

Calculation to determine what the amount of itemized deductions the Gibsons may claim for the year is

Stuart and Pamela Gibson

Casualty loss $17,430

[$53,200 – (10% × $357,700)]

Home mortgage interest 21,280

State tax 10,000

(18,000 income and 16,300 property

Limited to 10,000)

Charitable Contributions 28,700

Total itemized deductions $56,130

Therefore the amount of itemized deductions the Gibsons may claim for the year is $56,130

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Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $1
masya89 [10]

Answer:

Amount deposit = $118,411.4 (Approx.)

Explanation:

Given:

Future amount = $150,000

Rate of interest = 6% compounds semiannual

Number of year = 4 year

Find:

Amount deposit

Computation:

Compounds semiannual

So,

Rate of interest = 6% / 2 = 0.03

Time taken = 4 x 2 = 8 times

So,

A = P[1+r]ⁿ

150,000 = p[1+0.03]⁸

150,000 = p[1.03]⁸

150,000 = p[1.26677]

p = 150,000 / 1.26677

p = 118,411.393

Amount deposit = $118,411.4 (Approx.)

4 0
2 years ago
A _____ is an integrated collection of data that can include seemingly unrelated information, no matter where it is stored in th
Deffense [45]

A ​data warehouse is an integrated collection of data that can include seemingly unrelated information, no matter where it is stored in the company.

An enterprise data warehouse (EDW), sometimes referred to as a data warehouse (DW or DWH) in computing, is a system used for reporting and data analysis and is regarded as a key element of business intelligence.

data warehouse DWs serve as a central repository for combined data from a variety of sources.

They keep both recent and old data in a single location that is utilized to provide analytical reports for employees across the whole company.

The operational systems upload the data that is kept in the warehouse (such as marketing or sales).

Before being used in the data warehouse for reporting, the data may go via operational data storage and require data cleansing for extra activities to ensure data quality.

Learn more about the data warehouse here:

brainly.com/question/14615286?

#SPJ4

8 0
1 year ago
Si una empresa quiere saber porqué han decrecido sus ventas ¿Qué tipo de investigación realizaría cuantitativa o cualitativa? ¿P
natka813 [3]

Answer:

Cualitativa

Dado que están interesados en las razones (las cuales no son una variable numérica), la recopilación de información y la investigación será de tipo cualitativa para poder conocer las razones o motivos por los que la gente ha dejado de comprar.

Explanation:

En investigación hay dos tipos principales de métodos:

  1. La investigación cuantitativa, que se basa en la recolección de datos y variables numéricas y la relación que existe entre ellas.
  2. La investigación cualitativa, la cual se base en la recolección de datos de tipo no numérico y que no pueden ser medidas con números (por ejemplo opiniones).

En este ejemplo la empresa quiere saber por qué han decrecido sus ventas, dado que están interesados en las razones (las cuales no son una variable numérica), la recopilación de información y la investigación será de tipo cualitativa para poder conocer las razones o motivos por los que la gente ha dejado de comprar.

4 0
3 years ago
Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the
Alex

Answer:

a. Sep 10

b. $21,823

c. $21,500

Explanation:

a) Due date of the note

July 13 to 31 = 19 days

Aug 1 to 31 = 31 days

Sep 1 to Sep 10 = 10 days

due date is Sep 10

b) Maturity value of the note

$ 21500 + $ 21500*9%*60/360

= $ 21823

c) Journal entry

Cash debit $ 21823

interest recieved credit $323

Notes Receivable credit $ 21500

6 0
3 years ago
Read 2 more answers
Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $43,300 in tailoring fee
Luba_88 [7]

Answer:

net income = $31,500

Explanation:

given data

collect tailoring fees = $43,300

paid expenses = $12,300

Depreciation expense=  $2,500

Accounts receivable =  $1,050

supplies increased = $4,300

liabilities increased = $2,350

to find out

accrual basis net income

solution

we get here net income by given expression that is

net income = tailoring fees - expenses paid + account receivable + supplies increased - liabilities increased - Depreciation expense .......1

put here value

net income =  $43,300 - $12,300 + $1,050 + $4,300 - $2,350 - $2,500

net income = $31,500

8 0
3 years ago
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