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sp2606 [1]
3 years ago
13

The American Opportunity tax credit:_____. A. is 50% of the first $1,200 of tuition and fees paid and 100% of the next $1,200. B

. Is available for 2 years of post-secondary education. C. Is available for qualifying expenses paid on behalf of the taxpayer and his or her spouse, in addition to those paid for dependents. D. Is fully refundable even if the credit exceeds the tax liability.
Business
1 answer:
mamaluj [8]3 years ago
6 0

Answer:

C. Is available for qualifying expenses paid on behalf of the taxpayer and his or her spouse, in addition to those paid for dependents

Explanation:

American Opportunity tax credit was called the HOPE credit. It is available for the first four years of an individual's post secondary school education.

It covers 100% of the first $2,000 cost for tuition, fees, books, and course material.

Items that do not qualify are room and board, transportation cost and personal expenses.

The tax credit is available for qualifying expenses paid on behalf of the taxpayer and his or her spouse, in addition to those paid for dependents.

You might be interested in
Presented below is information related to Rembrandt Inc.’s inventory. (per unit) Skis Boots Parkas Historical cost $190.00 $106.
dybincka [34]

Answer:

A.Skis = 161.00

Boots = 108

Parkas = 50

B) Skis = 161

Boots = 106

Parkas = 50

Explanation:

(a)Skis = 212.00-32.00-19.00= 161.00

Boots = 145-29-8= 108

Parkas = 73.75-21.25-2.5=50

(b)Skis = 161

Boots = 106

Parkas = 50

7 0
3 years ago
he inventory of Coronado Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizab
shusha [124]

Answer:

a. $410,749

b. $ 418,286

Explanation:

Given;

Part        Quantity    Cost per Unit      Net Realizable Value Carrying amount

110             620             $117.00                $123.00                     $117.00

111              920              $73.80                $64.00                     $64.00

112             530              $98.40                $93.00                     $93.00

113              190              $209.10               $221.40                   $209.10

120             370             $252.00              $256.00                  $252.00

121 a          1,700            $20.00                $1.00                        $1          

122             330              $295.20              $289.00                  $289.00

The cost or net realizable value of inventory requires that inventory should not be carried at an amount higher than the net realizable value. this is due to the fact that inventory is initially recognized by cost.

Applying the LCNRV method to each item Inventory as of December 31, 2020

= 620 * 117 + 920 * 64 + 530 * 93 + 190 * 209.10 + 370 * 252 + 1700 * 1 + 330 * 289

= $410,749

Applying the LCNRV method to the total of the inventory. Inventory as of December 31, 2020

= 620 * 117 + 920 * 73.8 + 530 * 98.4 + 190 * 209.10 + 370 * 252 + 1700 * 20 + 330 * 295.2

= $456,973

and

= 620 * 123 + 920 * 64 + 530 * 93 + 190 * 221.40 + 370 * 256 + 1700 * 1 + 330 * 289

= $ 418,286

3 0
3 years ago
Kelly received a cookbook in the mail that she had not ordered. the packing slip read: " return this book to the publisher withi
LenaWriter [7]
Kelly ethically should be responsible for paying the $35. This is because she did not return the book within time in hopes of it getting to the person who ordered it, therefore could be considered a thieve if she does not pay for it.
8 0
3 years ago
In the demolition of an old building, a 1,300 kg wrecking ball hits the building at 1.07 m/s2.
Reptile [31]

Answer:

f=ma

f?

m=1300kg

a=1.07m\s squared

f=1300kg x 1.07=1391N

Explanation:

please mark me brainliest!!

7 0
3 years ago
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $62,600
VikaD [51]

Answer:

$2,630

Explanation:

First we calculate the estimated amount that would not be collected. This is 1% of Credit Sales.

148,000 x 1% = $1,480

Then we add the estimated amount with the amount written off as receivables uncollected for the Year 2. As shown below:

1,480 + 1,150 = $2,630

Hence, the amount of uncollectible accounts expense recognized in the Year 2 income statement will be $2,630.

6 0
3 years ago
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