1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Naily [24]
2 years ago
5

Paola and Isidora are married; file a joint tax return; report modified AGI of $148,000; and have one dependent child, Dante. Th

e couple paid $12,000 of tuition and $10,000 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2020.
Business
1 answer:
Alinara [238K]2 years ago
3 0

Answer:

$2,500

Explanation:

The computation of the amount is shown below;

In the case when the modified AGI upto $180,000 so it would be credit by $2,500 per eligible student

As we can see that in the given situation there is modified AGI that reported $148,000 so here the amount of  the American Opportunity credit for 2020 is $2,500 also we assume that the eligibility condition would be satisfied

You might be interested in
Describe how a small business might<br> use innovation to create new jobs
bezimeni [28]

Answer:

they work hard and dedication

Explanation:

8 0
3 years ago
Grand Lips produces a lip balm used for​ cold-weather sports. The balm is manufactured in a single processing department. No lip
77julia77 [94]

Answer:

a. see attachment

b.

total equivalent units : Materials = 30,500 units and Conversion Costs = 16,860

cost per equivalent unit : Materials = $0.14 and Conversion Costs = $0.30

c.

(a) units completed and transferred to Finished Goods = $6,732

(b) units still in process at June 30 = $1,196

d.

<u>Journals</u>

Work In Process :Direct Materials $4,305 (debit)

Raw Materials $4,305 (credit)

<em>Being Raw Materials used in Production</em>

Work In Process :Direct Labor  $3,320 (debit)

Salaries Payable $3,320  (credit)

<em>Being Labor used in Production</em>

Work In Process ; Overheads $1,738 (debit)

Overheads $1,738 (credit)

<em>Being Overheads Assigned to Production</em>

Finished Goods $6,732 (debit)

Work In Process $6,732 (credit)

<em>Being Units transferred to Finished Goods</em>

Explanation:

<u>Calculation of Equivalent units of Production in respect with Raw Materials and Conversion Costs</u>

1. Materials

Ending Work In Process (5,200 × 100%)                                         5,200

Completed and Transferred Out (15,300 × 100%)                         15,300

Equivalent units of Production in respect with Raw Materials     30,500

2. Conversion Costs

Ending Work In Process (5,200 × 30%)                                            1,560

Completed and Transferred Out (15,300 × 100%)                         15,300

Equivalent units of Production in respect with Conversion Cost 16,860

<u>Calculation of Cost per Equivalent unit of production  in respect with Raw Materials and Conversion Costs</u>

Unit Cost = Total Cost ÷ Total Equivalent units

1. Materials

Unit Cost =  $4,305 ÷ 30,500

                = $0.14

2. Conversion Costs

Unit Cost =  ($3,320 + $1,738) ÷ 16,860

                = $0.30

3. Total unit cost

Total unit cost = Material Cost + Conversion Cost

                        = $0.14 + $0.30

                        = $0.44

<u>Calculation of costs assigned to (a) units completed and transferred to Finished Goods and (b) units still in process at June 30.</u>

(a) units completed and transferred to Finished Goods

Total Cost = units completed and transferred out × total unit cost

                 = 15,300 × $0.44

                 = $6,732

(b) units still in process at June 30.

Total Cost = Materials Cost + Conversion Cost

                 = $0.14 × 5,200 + $0.30 × 1,560

                 = $1,196

8 0
3 years ago
In the case of an unanticipated inflation: A) creditors with an unindexed contract are hurt because they get less than they expe
podryga [215]

Answer:

A is the correct option.

Explanation:

The increase in the general price is known as inflation. This inflation occurs when people know that Inflation is going to occur and they start preparing for it. e.g In case of increased interest rates if the inflation is anticipated, the banks try to protect themselves by increasing the interest rates. There is also unanticipated inflation which occurs when people are unaware that inflation until the price level increases. In the case of unanticipated inflation, people are unprotected.

4 0
3 years ago
Opportunity cost is __
Mariulka [41]

Answer: A.

Explanation:

By definition, opportunity cost is the amount or value of something you gave up for another good.

For example: say you value sleeping in at $5 value going to class at $4. You decide to get up and go to class, the $4 value. Therefore, your opportunity cost is what you gave up (sleeping in) for another good/choice (going to class), is $5 since you valued sleeping in at that.

6 0
3 years ago
Which of the following is not part of the flow of events in variance analysis?
IgorC [24]

Answer:

e. Working to ensure that all variances are favorable.

Explanation:

the steps in effective management of variance analysis

Identifying questions and their explanations

Preparing standard cost performance reports

Taking corrective and strategic actions

Computing and analyzing variances

So the option is E.

Working to ensure that all variances are favorable.

7 0
2 years ago
Other questions:
  • After earning $50 million in net income, Marshall Manufacturing distributed $15 million in dividends to their stockholders. Mars
    12·1 answer
  • For the current year, Theta Corporation has beginning and ending inventories of $40,000 and $60,000, respectively. Cost of goods
    13·1 answer
  • What are three ways you can prevent others from committing check fraud with your check​
    13·1 answer
  • Gary, a new salesperson for a reputed cellphone manufacturer, meets the owner of a transport company that employs 50,000 people
    6·1 answer
  • Explain the effect of a tariff on consumer surplus and producer surplus.
    10·1 answer
  • So if Dior made homemade lemonade from scratch, and sells it for $10 &amp; she sells 35 cups of lemonade, &amp; she made $45 but
    12·2 answers
  • Good morning everyone how yall doing today
    9·2 answers
  • Suppose all firms follow similar financing policies, face similar risks, have equal access to capital, and operate in competitiv
    5·2 answers
  • Which example is the long-term savings goal?
    12·1 answer
  • Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for 50 per unit. Varia
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!