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Musya8 [376]
3 years ago
14

g Mr. and Mrs. David file a joint tax return. They have $169,300 taxable income in 2020, $120,300 of which is ordinary income an

d $49,000 of which is taxed at a 15% preferential rate. Compute their tax savings from the preferential rate.
Business
1 answer:
Paul [167]3 years ago
8 0

Answer:

$5,860

Explanation:

Computation for their tax savings from the preferential rate

First step is to calculate their tax liability

Using this formula

Tax liability =[Tax amount on $169,300 ordinary income-(Tax Amount on $120,300 ordinary income +Tax amount on $49,000 preferential income)]

Let plug in the formula

Tax Savings=[$35,648-($22,438+$7,350)]

Tax Savings=$35,648-$29,788

Tax Savings=$5,860

Therefore their tax savings from the preferential rate is $5,860

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Answer and Explanation:

The computation of the financial advantage or disadvantage is as follows:

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Selling price after further processing  13.00

Selling price at split off point                 11.00

Incremental revenue per pound or gallon 2.00

Total production                                    2,200.00

Total Incremental Revenue                 4,400.00

Total Incremental Processing costs        10,200.00

Total Incremental profit or loss                   (5,800.00)

Since there is an incremental loss so the same would be Sold at split off

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3 years ago
Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see
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Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see how the money looks, while remembering that this budget does not show cash outlays. This type of budget is called Expense Budget

<h3>What is Expense Budget?</h3>
  • The Expense Budget displays the revenue and capital expenditures of several ministries and departments and provides estimates for each under "Plan" and "Non-Plan."
  • It provides a thorough study of various expenditure kinds as well as a general explanation for why estimates vary. The Expense Budget also includes the Central Government's requests for grants.
  • Capital assets are crucial expenses for firms since they include cash outlays for production machinery and other equipment that generates revenue.
  • Due to the fact that production equipment is more expensive than standard office supplies or monthly expenses, financing is sometimes required to purchase capital assets.
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To know more about Expense Budget with the given link

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2 years ago
Irene wants to start a business selling t-shirts. irene's top priority is that she alone has complete control over management de
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The answer is LLC or also known as Limited Liability Company. This type of hybrid legal entity has the characteristic of mixed characteristics of a partnership, sole proprietorship and even a company in which they have a limited liability that could also be similar to shareholders in a corporation.

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3 years ago
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpet
Usimov [2.4K]

Answer: please find the explanation column for answers

Explanation:

journal entry to record the sales transaction of a merchandising company:

Date        Account                           Debit           Credit

Apr 1      Account receivables        $5,400

                   Sales                                                   $5,400

To record cost of goods sold

 Apr 1           Cost of merchandise sold       $3,240

          Merchandise inventory                                   $3,240

2. To record sales  return of goods.

Date        Account                           Debit           Credit

 Apr 4             Sales Return       $620.00  

  Account Receivable                                $620.00

Cost of merchandised returned

Apr 4  Merchandise Inventory        $372.00  

 Cost of Goods Sold                                     $372.00

3.To Record Sales made from merchandise

Date        Account                           Debit           Credit

Apr 8      Account Receivable $2,200.00  

                     Sales                                             $2,200.00

To Record cost of merchandise Sold

Apr 8    Cost of Goods Sold             $1,540.00  

Merchandise Inventory                                        $1,540.00

 

4.Journal to record payment received from sales of merchandise

Date        Account                           Debit                Credit

Apr 11     Cash                   $4,780.00  

Account receivable                                            $4,780.00

Calculation

Amount due from Apr 1 st sale less than return on April 4 =Account receivables - Sales Return=   $5,400- $620=$4,780.00

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