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2 years ago

• Aiden and Sophia are married and they have always filed Married Filing Jointly.

Business

1 answer:

dem82 [27]2 years ago

7 0

Answer:

5. C

6. C

Explanation:

5. In this year 2020, The most advantageous filing status allowable that Sophia can claim on the tax return is option c :

Which is the Qualifying Widow(er)

This filing status known as the Qualifying widow/widower is applicable to surviving spouses like Sophia who have dependents. The surviving spouse would be able to file taxes jointly with the spouse who is now late.

6. Sophia can deduct a charitable contribution adjustment of option c:

Which is $300

In year 2020, those who are non-itemizers are able to claim up to $300 in an above-the-line income tax deductions for the monetary donations that they made in that year.

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Omega, Inc. sells its fitness wrist band for $100. It cost the company $62 to make the product. While Tom values the Omega wrist

dangina [55]

Answer:

B. each customer's reservation price.

Explanation:

Reservation price is the highest amount a buyer would be willing to pay for a good or service.

I hope my answer helps you

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3 years ago

Read 2 more answers

What are the accounting differences between cash and receivables from the perspective of a buyer? A seller? How are these differ

bogdanovich [222]

Answer:

From a buyer's perspective, a sale made on credit represents a liability. While a sale made on cash represents a decrease of current assets.

From a seller's perspective, a sale made on credit or cash increases current assets, but the possibility of a bad debt always exist, therefore, accounts receivables must be periodically adjusted due to bad debts.

If the seller or buyer uses accrual accounting system, the previous description holds, but if they use cash basis accounting, things change a lot. When use cash basis, transactions are recorded only when cash is exchanged, so accounts receivables do not actually increase assets (seller's perspective), and accounts payables do not increase liabilities (buyer's perspective).

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2 years ago

Maker Co. discovered that in the prior year it incorrectly calculated depreciation expense and reported $75,000 in depreciation

WARRIOR [948]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Maker Co. discovered that in the prior year it incorrectly calculated depreciation expense and reported $75,000 in depreciation expense instead of the correct depreciation expense of $50,000. The tax rate for the current year was 35%.

We need to calculate two different impacts:

Accumulated depreciation= actual depreciation - original depreciation

Accumulated depreciation= 50,000 - 75,000= 25,000 overstated

Now, the effect on income:

Savings in tax= 25,000*0.35= $8,750

7 0

3 years ago

The _____ type of channel partnership involves signing agreements through which one organization creates a long-term alliance wi

VLD [36.1K]

The answer is d, strategic.

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3 years ago

Infinity Clock Company prepared the following static budget for the year: Static Budget Units/Volume 5 comma 000 Per Unit Sale

aalyn [17]

Answer:

a) Operating income - $33,800

Explanation:

The flexible budget would be prepared for a different activity level of 6,300 production units but using the assumptions of the fixed budget

Sales revenue - ($7× 6,300 units ) : 44,100.00

Less Variable cost - ($1 × 6,300 units ) : ( 6,300)

Contribution 37,800

Less Fixed costs (4,000)

33,800

Note that the fixed costs of $4000 remains the same for both the static and flexible budgets. This is because the activity level of 6,300 units of the flexible budget remains within relevant range. So the fixed cost would not change.

4 0

3 years ago