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2 years ago

Daniel, age 38, is single and has the following income and expenses in 2020:

Business

1 answer:

sergejj [24]2 years ago

8 0

Answer:

A. $90,800

B. $87,575

Explanation:

Calculation to determine Daniel's gross income and his AGI

A. Calculation for the Gross income using this formula

Gross income=Salary income + Net rent income + Dividend income

Let plug in the formula

Gross income= $87,000 + 2,500 + 1,300

Gross income=$90,800

Therefore her Gross income is $90,800

B. Calculation to determine the AGI using this formula

AGI=Gross income - (Contribution to traditional IRA + Loss on sale of real estate)

Let plug in the formula

AGI= $90,800 - ($2,400 + $825)

AGI=$90,800-$3,225

AGI=$87,575

Therefore her AGI is $87,575

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Priscilla has the following inventory information.

Mademuasel [1]

The correct answer is found to be

a) $1,430.

Explanation:

To calculate FIFO (First-In, First Out) determine the cost of your oldest inventory and multiply that cost by the amount of inventory sold,

According to the LIFO method, the last inventory given should be the first one out. Which means, the units purchased at the 22nd should be the one to be first sold, also followed by the ones purchased at the 7th and by the beginning inventory on July 1st.

The number of units sold during July is:

n = 20 ₊ 70 ₊ 10₋30

n = 70 units

Using LIFO, the amount allocated to those goods should come from 10 units at $23 and 60 units at $20:

= 10 × $23 ₊ 60 × $20
= 1,430.

Therefore, the amount found to cost of goods sold for July is $1,430.

3 0

3 years ago

An individual or company purchaser that sees the benefits-to-status-quo ratio of a new product or service better than the averag

slamgirl [31]

The answer is Early Adopter.

The term "early adopter" refers to an individual or business who uses a new product, innovation, or technology before others.

In other words, an early adopter is an individual who almost always buys new products in a given product category.

Early adopters, therefore, form a category of consumers particularly favorable to the adoption of new products or new technologies.

As part of targeted marketing actions, they can play a driving role in the launch and adoption of a new product, service, or online offer.

For instance, Early adopters are often the first market for a high-tech product in the launch phase.

Hence, An individual or company purchaser that sees the benefits-to-status-quo ratio of a new product or service better than the average customer is an Early adopter.

Learn more about Consumers:

brainly.com/question/380037

#SPJ4

8 0

1 year ago

When needing to complete a currency exchange you should a _____

vampirchik [111]

I think you forgot to give the options along with the question. I am answering the question based on my knowledge and research. When needing to complete a currency exchange you should contact a financial institution like a bank, check online exchange rates and go to a currency exchange store. I hope that the answer has come to your help.

4 0

3 years ago

On january 1, year 2, kincaid company's accounts receivable and the allowance for doubtful accounts carried balances of $31,000

Gala2k [10]

Answer:

$27,725

Explanation:

Given that,

kincaid company's accounts receivable = $31,000

Allowance for doubtful accounts at January 1 = $500

Wrote off receivables as uncollectible = $550

1% of credit sales

cash collections of receivables = $74,550

Accounts receivable:

= Accounts receivable at January 1 + Credit sales - Wrote off receivables as uncollectible - Cash collection of receivables

= $31,000 + $72,500 - $550 - $74,550

= $28,400

Accounts for Doubtful Accounts:

= Allowance for doubtful accounts at January 1 - Wrote off receivables as uncollectible + 1% of credit sales

= $500 - $550 + (0.01 × $72500)

= $500 - $550 + $725

= $675

Net realizable value of receivables:

= Accounts receivable - Accounts for Doubtful Accounts

= $28,400 - $675

= $27,725

Therefore, the net realizable value of receivables appearing on kincaid's year 2 balance sheet will amount to $27,725.

3 0

3 years ago

What is the difference between a positive economic statement and a normative statement?

yaroslaw [1]

Answer:

e. A positive economic statement can be proved; a normative statement cannot.

Explanation:

A positive economic statement are objective statement that can be tested, amended or rejected by referring to available evidence.

this means in essence that a positive economic statement is prone to improvement when proven. it is not rigid

a normative statement is subjective that cannot be changed. it is rigid.

7 0

3 years ago