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Svet_ta [14]
2 years ago
5

Bigbucks Brokerage provided the taxpayer $2,400 in bicycle commuting reimbursement in 2020. How much of that reimbursement, if a

ny, must be included in the taxpayer's income
Business
1 answer:
blsea [12.9K]2 years ago
5 0

Answer:

Bigbucks Brokerage

The whole amount of $2,400 must be included in the taxpayer's income.

Explanation:

The Bicycle Commuting Reimbursement in 2020, given under a Bicycle Commuter Tax Benefit program, is taxable as income to the employee. According to the provisions of the Tax Cut and Jobs Act, the restriction placed on the Bicycle Commuter Tax Benefit will expire in 2026.  The bicycle commuting reimbursement is a benefit that can only be offered by employers and is regarded as a taxable benefit to the affected employee.

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In the past year, TVG had revenues of $2.95 million, cost of goods sold of $2.45 million, and depreciation expense of $178,000.
Firdavs [7]

Answer:

3.5

Explanation:

Computation for the firm’s times interest earned ratio

Revenues$ 2.95 million

Cost of goods sold$ 2.45 million

Depreciation expense$ 178,000.00

Book values of Debt outstanding$ 1.15 million

Interest rate8.00

First step is to calculate for the EBIT

Using this formula

EBIT= Revenues -(Cost of goods sold +Depreciation expense$ 178,000.00)

EBIT=$2,950,000-($2,450,000+$178,000)

EBIT=$2,950,000- $2,628,000

EBIT=$322,000

Second step is to find the Interest

Using this formula

Interest =Debt outstanding with book value ×Interest rate

Let plug in the formula

Interest =$1,150,000×8%

Interest =$92,000

Now let find the firm’s times interest earned ratio

Using this formula

Firm’s times interest earned ratio=EBIT/INTEREST

Where,

EBIT=$322,000

INTEREST=$92,000

Let plug in the formula

Firm’s times interest earned ratio=$322,000/$92,000

Firm’s times interest earned ratio =3.5

Therefore the firm’s times interest earned ratio will be 3.5

7 0
3 years ago
The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with _____.
netineya [11]

The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with receipt of cash.

<h3><u>What is a merchandise?</u></h3>
  • Any form of items, including those used for personal or professional purposes, as well as goods sold to the general public (retail) or other enterprises, are referred to as merchandise (wholesale).
  • 'Freebies', or promotional things like the bespoke drink bottles in this example that are given away or not charged for, can also be referred to as merchandise.
  • Calendars, magnets, wall art, stationery, greeting cards, textiles, badges, and a wide variety of other goods may be included in this category.
  • A T-shirt with a slogan or logo that a political party distributes to voters during an election campaign or a calendar with a logo that a supplier offers its clients at the end of each year are two examples of freebie products.

Buying merchandise can be done with cash or on credit. The accounts involved in the transaction are the purchases account and the cash account if goods are paid for in cash. It debits the purchases account and credits the cash account.

Know more about Merchandise with the help of the given link:

brainly.com/question/15546663

#SPJ4

8 0
1 year ago
What is the most efficient way to adjust the size of the picture?​
Marat540 [252]

Answer:

Our easy-to-use Image Resizer lets you adjust the size of your photos without compromising quality. ... accidentally distort your images, and the fun house look isn't the most flattering for photography. ... The best part, this step is super easy!

Explanation:

7 0
2 years ago
The _____ is the value of the inputs you provide divided by the value of the outcomes you receive in the exchange relationship.
Sav [38]

Answer:

d. input/outcome ratio

Explanation:

These are options for the question

a. input ratio

b. output ratio

c. outcome/input ratio

d. input/outcome ratio

e. manager/employee ratio

Exchange relationship which is opposite of communal relationship can be described as benefit relationship in which you provide a benefit in expectation of equivalent benefit return in future time.

It should be noted that input/outcome ratio is used in the calculation of exchange relationship you received.

Which is the value of the inputs you provide per the value of the outcomes been received

8 0
3 years ago
A personal business letter is written by an individual to a company for resolving issues related to an unexpected error on a bil
yarga [219]

Answer:

See the explanation below.

Explanation:

                                                                        62, Charlton Street,

                                                                        Ibadan, Oyo State,

                                                                        Nigeria.

                                                                        14 May 2020.

The Accounting Officer,

XYZ Company,

Ibadan, Oyo State,

Nigeria.

Dear Sir,

Complaint Lodgment Over an Unexpected Error in My Bill

This is to bring to your notice an unexpected error of $9 over charge in the consumable items I purchased from your store yesterday, 13 May 2020.

From my recalculation of the total amount for the purchased item, I could observed that the error was due to a transposition of figure by your cashier; he charged me a total sum of $76 instead of $67.

Copies of the invoice and the payment receipt for the items are hereby attached to this letter for your verification. After your verification, kindly get back to me so that I can come to your office for the refund.

I look forward to receiving your usual timely response.

Yours sincerely,

Amcool.

4 0
3 years ago
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