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goldenfox [79]
3 years ago
10

Elijah, who is single, is employed as a full-time high school teacher. The school district where he works recently instituted a

policy requiring all of its teachers to start working on a master’s degree. Pursuant to this new rule, Elijah spent most of the summer of 2015 taking graduate courses at an out-of-town university. His MAGI is $64,000 and expenses are as follows:
Tuition $6,600
Books and course materials 1,500
Lodging 1,700
Meals 2,200
Laundry and dry cleaning 200
Campus parking 300
In addition, Elijah drove his personal automobile 2,200 miles in connection with the education. He uses the automatic mileage method.
Click here to access Exhibit 9.1. Assume that the AGI limitations of § 222 are not exceeded.
a. Which of these expenses, if any, might qualify as deductions for AGI? Select "Yes" or "No" whichever is applicable.
Tuition (subject to limitation) SelectYesNoCorrect 1 of Item 1
Lodging SelectYesNoCorrect 2 of Item 1
Auto mileage SelectYesNoCorrect 3 of Item 1
Campus parking SelectYesNoCorrect 4 of Item 1
Books and course materials SelectYesNoCorrect 5 of Item 1
Laundry and dry cleaning SelectYesNoCorrect 6 of Item 1
Meals (subject to cutback adjustment) SelectYesNoCorrect 7 of Item 1
How much, if any, of these expenses might qualify as deductions for AGI?
$
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It is important to differentiate between deductible and nondeductible education expenses. In addition, deductible education expenses may be partly deducted for AGI and from AGI.
b. How much of these expenses might qualify as deductions from AGI? (Assume the amount from Part a is claimed.)??????
Business
1 answer:
Fofino [41]3 years ago
4 0

Answer:

A. Tuition $4,000

B. $8,665

Explanation:

A..Based on the information given the expenses that might qualify as deductions for AGI(ADJUSTED GROSS INCOME) is TUITION

The amount of the expenses that might

qualify as deductions for AGI is the tuition amount of $4,000 reason been that we were told that he spent the amount of $6,600 on tuition and secondly the AGI(ADJUSTED GROSS INCOME limitations are not higher than the unmarried return of the amount of $65,000

b. Calculation to determine How much of these expenses might qualify as deductions from AGI

Tuition$2,600

($6,600 − $4,000)

Add Books and course materials $1,500

Add Lodging $1,700

Add Meals $1,100

($2,200 × 50% cutback adjustment)

Add Laundry and dry cleaning $200

Add Campus parking $300

Add Auto mileage $1,265

(2,200 miles × $.575)

Total deduction from AGI $8,665

Therefore The Amount of the expenses that might qualify as deductions from AGI is $8,665

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Answer:

<em>Need for Achievement.</em>

Explanation:

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The desire to succeed, to perform in comparison to a set of norms, to strive to achieve greatness is the need for achievement.

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3 years ago
As suggested by president john. f. kennedy, the consumers’ right to be _____ states that consumers should be assured that the go
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7 0
3 years ago
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022.
dmitriy555 [2]

a. The Cost of Goods Manufactured Schedule for the month ended June 30, 2022 can be prepared as follows:

Cost of Goods Manufactured Schedule

Work in Process Beginning         $5,000

Raw materials purchase              49,900

Direct labor                                   47,000

Manufacturing Overhead             19,900

Total costs incurred                  $121,800

Ending balance                           ($7,000)

Cost of goods manufactured $114,800

b. The presentation of the ending inventories on the June 30, 2022 balance sheet will be showed as follows:

Current Assets:

Inventory:

Raw materials     $13,100

Work in process    7,000

Finished goods     8,000   $28,100

Data Analysis:

Inventory         Beginning    Ending

Raw materials     $9,000     $13,100

Work in process   5,000        7,000

Finished goods    9,000        8,000

Costs incurred:

Raw materials $54,000

Direct labor $47,000

Manufacturing overhead $19,900

The specific overhead costs were:

Indirect labor                                $5,500

Factory insurance                        $4,000

Machinery depreciation              $4,000

Machinery repairs                        $1,800

Factory utilities                             $3,100

Miscellaneous factory costs        $1,500

Total manufacturing overhead $19,900

T-accounts:

Raw materials

Account Titles         Debit     Credit

Beginning    $9,000

Purchases    54,000

Work in Process          $49,900

Ending                            $13,100

Work in Process

Account Titles         Debit     Credit

Beginning        $5,000

Raw materials 49,900

Direct labor     47,000

M/Overhead    19,900

Finished Goods        $114,800

Ending balance           $7,000

Finished Goods

Account Titles         Debit     Credit

Beginning balance $9,000

Work in Process     114,800

Cost of Goods Sold          $115,800

Ending balance                   $8,000

Thus, the total cost of goods manufactured for the month ended June 30, 2022 is $114,800.

Related link for computing the cost of goods manufactured at brainly.com/question/14686513

4 0
3 years ago
The Doright Door Company is considering outsourcing production of its door to Mexico. Use the weighted scoring method to evaluat
Gekata [30.6K]

Answer:

(A) Mexican supplier cost = $445,800 or $89.16 average cost.

In-house cost = $714,000 or $142.8

(B) Mexican supplier total weighted score = 0.265 or 22.43%

In-house supplier weighted score= 0.238 or 23.8%

(C) Yes, explaination below

Explanation:

Mexican Supplier cost breakdown:

Quota price $83 X 5000 = $415, 000

Transport cost

1. to transport 5000 doors would require making a total of 20 trips from Mexico to USA (5000/250 doors)

2. at a cost of $825 per trip, total cost to transport doors is = $16,500.

Sending Engineers costs and Negotiation cost =

$5000 + $1000

(Transport+Sending Engineers cost) =

$22,500

Inventory carrying cost= 20% of cost of storing the goods. (total of all other cost) 20% x 22500 = $8300

Total cost = $445,800 or $89.16 average cost.

Total weighted score average:

Using the formula;

Weight= score x rating

Score = Weight/rating (making score subject of the formula)

Mexican Weighted

score1= 16%/3 = 0.0533, + 0.12 score2, + 0.035 + score3, + 0.056 + score4. = 0.265.

American weighted score

Using same formula;

0.04 score1, + 0.15 score2, + 0.014 score3, + 0.034 score 4 = 0.238.

The company should outsource the product. Why? because it will reduce total cost of doors, making them cheaper for if they do so, resulting in higher profit.

6 0
3 years ago
Which document establishes an initial record of the receipt of the inventory?​?
MrRa [10]
The document which establishes an initial record of the receipt of an inventory is THE RECEIVING REPORT.
The receiving report is usually used by a business to record the details of the products that are received from suppliers. The record documents what is owned to supplier based on the number of goods accepted and the ones that are returned.<span />
7 0
3 years ago
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