The amount that Archie and Tina can deduct as a charitable contribution without itemizing their deductions is <u>$600</u>.
<h3>Data and Calculations:</h3>
Archie's earnings =$32,000
Tina's earnings = $24,000
The Reynolds' dependent children = Laura and Timothy
Total charitable deductions for 2021 = $1,700
Limit allowed per couple without itemization of deductibles = $300
The total charitable deductions allowed for the Reynolds = $600 ($300 x 2).
Thus, the amount that Archie and Tina can deduct as a charitable contribution without itemizing their deductions is <u>$600</u>.
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Answer:
$574
Explanation:
Given:
Beginning inventory 15 units @ $20 = 15 × 20 = $300
Purchases of 90 units @ $23 = 90 × 23 = $2,070
Purchases of $20 units @25 = $500
Total cost = 300 + 2070 + 500 = $2,870
Total units purchased = 15 + 90 + 20 = 125 units
Average cost = Total cost / total units purchased
= 2,870 / 125
= $22.96
Ending inventory units = 25
As per average cost method, value of ending inventory = 25 × 22.96
= $574
Answer:
$0
Explanation:
Under the new IRS regulations applicable since 2018, meals and entertainment expenses are no longer deductible. Until 2017, businesses could deduct up to 50% of the costs of meals and entertainment. A few exceptions still apply but are very specific (e.g.regarding public charities, or company picnics) but none apply to dinners at a nightclub.
When the first question is asked. Up until then you could decide to walk away.
Answer:
The correct answer is letter "B": there are four phases: peak, recession, trough and expansion.
Explanation:
The business cycle refers to the fluctuations that an economy faces throughout the economic activity. It consists of economic expansions or periods of growth and contractions or periods of economic decline. When the expansion reaches its peak there is usually a downturn followed by a contraction in the economy. The point where the economy starts to recover is called trough after which expansion takes place repeating the cycle.