Answer:
Since Marco's itemized deductions are lower than the standard deduction, he should not itemize. His taxable income = AGI - standard deduction = $18,000 - $12,400 = $5,600.
Marco's total income tax liability = $5,600 x 10% = $560
Taxpayers should not itemize when the deductions are lower than the standard deduction.
Answer: Sell government bonds and raise the discount rate
Explanation:
Fed uses open market operations for controlling the money supply in the economy. If fed wants to create a tight money market then it should sell the government securities to the public which will reduce the money supply in the economy. It is known as contractionary monetary policy.
Discount rate is defined as the interest rate on the discounted loan. If there is an increase in the discount rate then it will be more expensive for the banks to borrow from Fed and hence they borrow less. This will decrease the lending capacity of the banks which reduces the money supply in an economy.
Therefore, Sell government bonds and raise the discount rate are the best ways to contract the money supply.
Answer:
Bowler Corporation
Income Statement for 2021
Sales revenue $485,000
Less Cost of goods sold ($248,000)
Gross Profit $237,000
Less Expenses
salaries expense $61,000
rent expense $36,000
depreciation expense $46,000
miscellaneous expense $28,000 ($171,000)
Net Income/ (Loss) $66,000
Explanation:
Income Statement shows the Operating performance of the the company over the financial period.
Income/loss = Sales - Expenses.
Answer:
10 hams
Explanation:
It is given that 10 people can produce 1 ham in a month. It is assumed that whatever is produced is consumed. So, 100 people will produce 10 hams that is 100 ÷ 10 = 10 in a month. So, 100 people can consume 10 hams, that are produced in a month.
So, residents can consume maximum 10 hams (same amount as produced) in a month.
The buyer will pay 70% of the list price. 70% = 0.70. 0.70($75) = 52.50.
The answer is $52.50 dollars.
