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3 years ago

Assume that Chris and Heather get married in 2019 and file a joint return. What is their taxable income and income tax

Business

1 answer:

konstantin123 [22]3 years ago

4 0

Question Completion:

Chris and Heather are engaged and plan to get married. Chris is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and reports $83,600 in wages.

Answer:

Chris and Heather

Taxable income and income tax (jointly):

Gross income $92,100

Standard deduction 24,000

Taxable income $68,100

Income tax $14,982

Explanation:

Chris' income = $8,500

Healther's wage= $83,600

Gross income = $92,100

Standard deduction (jointly) = $24,000

Income tax rate = 22%

Income tax (jointly) = 22% of $68,100 = $14,982

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Direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include:

valentinak56 [21]

Answer:

a. What are the total equivalent units for direct materials?

152,400 units

b. What are the total equivalent units for conversion costs?

129,700 units

c. What is the cost per equivalent unit for direct materials?

Total Direct Materials Cost

$495,300

Cost per equivalent unit = Total Direct Materials Cost / total equivalent units for direct materials

$3.25

d. What is the cost per equivalent unit for conversion costs?

Total conversion costs

$324,250

Cost per equivalent unit = Total conversion costs / total equivalent units for conversion

$2.50

e. What is the total cost of units completed and transferred out?

$615,250

f. What is the total cost of units remaining in ending WIP?

$204,300

Explanation:

a. What are the total equivalent units for direct materials?

Completed and Transferred (107,000 × 100%) = 107,000 units

Ending Work In Process (45,400 × 100%) = 45,400 units

Total equivalent units = 152,400 units

b. What are the total equivalent units for conversion costs?

Completed and Transferred (107,000 × 100%) = 107,000 units

Ending Work In Process (45,400 × 50%) = 22,700 units

Total equivalent units = 129,700 units

c. What is the cost per equivalent unit for direct materials?

Total Direct Materials Cost

Beginning Work In Process $53,200

Added $442,100

Total Direct Materials $495,300

Cost per equivalent unit = Total Direct Materials Cost / total equivalent units for direct materials

= $495,300/ 152,400 units

= $3.25

d. What is the cost per equivalent unit for conversion costs?

Total conversion costs

Beginning Work In Process $19,600

Added $304,650

Total conversion costs $324,250

Cost per equivalent unit = Total conversion costs / total equivalent units for conversion

=$324,250/ 129,700 units

= $2.50

e. What is the total cost of units completed and transferred out?

Raw Materials ( $3.25 × 107000) = $347,750

Conversion($2.50 × 107000) = $267,500

Total $615,250

f. What is the total cost of units remaining in ending WIP?

Raw Materials ( $3.25 × 45,400) = $147,550

Conversion($2.50 × 22,700) = $56,750

Total $204,300

5 0

3 years ago

Aluminum maker Alcoa has a beta of about 1.85, whereas Hormel Foods has a beta of 0.39. If the expected excess return of the ma

Nady [450]

Answer and Explanation:

The computation is shown below:

As we know that

According to the Capital Asset Pricing Model (CAPM) formula

Expected rate of return = Risk-free rate of return + Beta × (Market rate of return - Risk-free rate of return)

And, the market rate of return - Risk-free rate of return is also known as the market risk premium

As we can see that the Alcoa contains high beta as compared to Hormel Foods so the Alcoa has a higher equity cost of capital

And, the higher rate is

= (Excess return of the market) × (Alcoa beta - Hormel foods beta)

= (3%) × (1.85 - 0.39)

= 3% × 1.46

= 4.38%

8 0

3 years ago

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entri

zvonat [6]

Answer:

e. $104,000.

Explanation:

The computation of the ending capital balance is shown below:

As we know that

Ending capital balance = Opening capital balance + net income - withdrawn amount

where,

Opening capital balance = $64,000

Net income is

= Revenues - expenses

= $100,000 - $48,000

= $52,000

And, the withdrawn amount is $12,000

So, the ending capital balance i s

= $64,000 + $52,000 - $12,000

= $104,000

8 0

3 years ago

Privacy protection in the united states is ________ in europe.

Rus_ich [418]

<span>Privacy protection in the United states is much less stringent than in Europe.

Stringent is another word for strict. European privacy protection laws are much more strict than those in the United States. Privacy protection refers to the means of protecting your privacy and companies are not allowed to give out personal </span>information without confirmation they are allowed to do so.

7 0

3 years ago

If you sell all of the capacity on a production line, inventory from that line is sold at:

mina [271]

Had to look for the options and here is my answer.
What happens when all of the capacity on a product line is being sold is that, the inventory from that line will be sold at HALF OF THE PRICE OR VALUE AS IT IS REFLECTED ON THE RECORDS OF ACCOUNTING DEPARTMENT. Hope this answer helps.

7 0

3 years ago