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Liula [17]
3 years ago
15

This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $75,300 and he rece

ived $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,900 Cost of purchasing a delivery uniform 1,500 Contribution to State University deliveryman program 1,350 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan’s student loans this yea
Business
1 answer:
photoshop1234 [79]3 years ago
4 0

Answer:

Evan's AGI is $ 66,000 and his taxable income is $ 54,000

Explanation:

To calculate the AGI you have to perform the following:

Salary                                                                                                 $ 67,300

work hourly pay                                                                                     <u>$ 700</u>

Gross pay                                                                                             $68,000

Modified AGI                                                                                       $ 68,000

<h3>Student loan interest deduction (2500)-((68000-65000)×(2500/15000)) =                                                    $-2000</h3>

AGI                                                                                                          $66,000

Next, to calculate the taxable income you have the follwong substraction

AGI                            $ 66,000

Standard deduction   $12,000

Personal deduction   <u>       0        </u>

Taxable Income         $ 54,000

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Answer:

What is the amount of the income or loss from acceptance of the offer?

b. $25,000 loss

Explanation:

If the company has a variable cost of $11 for each unit produced, then the gross margin to cover the fixed cost it's ($16 - $11 = $5), but the company has a fixed cost of $5 for each unit produced, means that the company loss $1 for each unit sold to the exporter.

The the company has a loss of $1 * 25,000 Units= $25,000

4 0
3 years ago
Dionne just learned that her company will be announcing layoffs at the end of the month. She is completely overwhelmed by the ne
pochemuha

The answer to the blank space is stress. To be more specific, what Dionne is experiencing a form of stress known as distress, because it is causing her negative or adverse effects, since she is overwhelmed because of it.

There is also another type of stress called eustress which will give the person who is perceiving it a better performance or even a better feeling.

3 0
3 years ago
Basic Company uses activity-based costing. Assume the predetermined overhead allocation rates are $0.90 per machine hour for mix
Elodia [21]

Answer:

$2.70 mixing; $4.40 sampling

Explanation:

Activity based costing is a process by which the various activities in a production process are identified and cost allocated to each one. Each of these actity costs are added as product cost. It involves assigning indirect cost to direct cost.

For mixing department the cost rate is $0.9 per hour for 3 machine hours. So cost is (0.9* 3)= $2.7

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7 0
3 years ago
This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to buy the residence in 2015; $9
icang [17]

Answer:

$50,000

Explanation:

The computation of the interest expense for deduction is shown below:

= Interest on a mortgage on his home + Interest on a mortgage on his vacation home  

= $40,000 + $10,000

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3 years ago
During a period of economic expansion, when expected profitability is high, the: select one: a. Equilibrium price of bonds incre
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<h3>What is the effect of an economic expansion?</h3>

During an economic expansion, the supply of money in the economy rises and the demand for money also increases. This leads to an increase in the interest rate and the price of the bonds would fall.

If expected profitability is expected to be high, people would prefer to hold more risky investment. Thus, there would be a fall in the demand for bonds. The demand curve for bonds would shift to the left.

Here are the options to this question:

A) the demand curve for bonds shifts to the left.

B) the supply curve of bonds shifts to the right.

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D) the equilibrium price of bonds rises.

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