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boyakko [2]
3 years ago
13

Paul, a calendar year single taxpayer, has the following information for 2020: AGI $175,000 State income taxes 13,500 State sale

s tax 3,000 Real estate taxes 18,900 Gambling losses (gambling gains were $12,000) 6,800 Paul's allowable itemized deductions for 2020 are: a.$16,800. b.$39,200. c.$10,000. d.$42,200.
Business
1 answer:
Alborosie3 years ago
5 0

Answer:

b.$39,200

Explanation:

Calculation to determine Paul's allowable itemized deductions for 2020

Using this formula

2020 itemized deductions=State income taxes+Real estate taxes+Gambling losses

Let plug in the formula

2020 itemized deductions=$13,500+$18,900+$6,800

2020 itemized deductions=$39,200

Therefore Paul's allowable itemized deductions for 2020 are $39,200

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Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For I
4vir4ik [10]

Answer:

Lowa should produce corn; Nebraska should produce Wheat

Explanation:

Two states: Iowa and Nebraska

Same two goods are produced by both of them: Corn and wheat

For lowa,

Opportunity cost of producing wheat = 3 bushels of corn

Opportunity cost of producing corn = (1 ÷ 3) bushels of wheat

For Nebraska,

Opportunity cost of producing wheat = (1 ÷ 3) bushels of corn

Opportunity cost of producing corn = 3 bushels of wheat

According to the concept of comparative advantage, a country is exporting the commodity in which it has a comparative advantage and a country has a comparative advantage in producing a commodity if the opportunity cost of producing that commodity is lower than the other country.

In our case, lowa should producing and exporting corn because the opportunity cost of producing corn is lower than the Nebraska and on the other hand, Nebraska should producing and exporting wheat because the opportunity cost of producing wheat is lower than the lowa.

7 0
4 years ago
Zach Company owns 45% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Co
Sunny_sXe [5.5K]

Answer:

d. Credit to the investment account for $9000.

Explanation:

Since Zach company owns 45% of the voting stock in the Tomas corporation and Tomas corporation uses an equity method in recording this investment and it reports a net loss of $20,000.

The Zach company's entry would be Credit to the investment account for $9000.

- Calculations: $20000 * 0.45 = 9000.

Hope this helps.

ThankYou.

6 0
4 years ago
Read 2 more answers
Nelson Ovalles worked as a cable installer for Cox Rhode Island Telecom, LLC, under an agreement with a third party, M&M Com
Illusion [34]

Answer:

No.

Explanation:

Ovalles was an M&M contractor to perform work assigned by M&M. As the question says, <em>"Cox had minimal contact with him and limited power to control the manner in which he performed his duties."</em>.  That is the main feature of a contractor, different from an employee who works directly for Cox. The liability is completely of M&M.

5 0
3 years ago
Suppose that the market for labor is initially in equilibrium. If the firm employs labor-saving technology, the equilibrium wage
ZanzabumX [31]

Suppose that the market for labor is initially in equilibrium. If the firm employs labor-saving technology, the equilibrium wage and the quantity of labor will both rise.

<h3>How do you calculate labor market equilibrium?</h3>

The labor market is in equilibrium when supply equals demand; E* workers are employed at a wage of w*.

In equilibrium, all persons who are looking for work at the going wage can find a job.

<h3>What is equilibrium wage rate?</h3>

The equilibrium market wage rate is at the intersection of the supply and demand for labor.

Employees are hired up to the point where the extra cost of hiring an employee is equal to the extra sales revenue from selling their output.

Learn more about equilibrium here:

<h3>brainly.com/question/19472121</h3>

<h3>#SPJ4</h3>
3 0
2 years ago
15. A bottle‐filling operation has a target value of 20 and consistently averages 19.8 with a standard deviation of 0.5. The des
Sever21 [200]

Answer:

A. The two sided specification process capability index is 1.47

Explanation:

The formula for calculating process capability index is :

( Upper specification Limit  - Average of mean ) / 3 * Standard Deviation

CI = ( 22 - 19.8 ) / 3 * 0.5

CI = 1.47 approximately.

4 0
3 years ago
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