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tangare [24]
2 years ago
8

Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent securit

y specialist who spent $410 on uniforms during the year. His laundry expenses for the uniforms were $82 for this year, plus $62 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $160 this year. Her laundry costs were $48 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $80.
How much is their total deduction on their Schedule Cs for special clothing and uniforms?
Business
1 answer:
ser-zykov [4K]2 years ago
8 0

Answer:

Special clothing and uniform involves only the clothes that are required by work specifics. General clothing such as jeans or work shirt does not belong to this category. Also, the laundry for general clothing is also not covered.

Calculations :

Cooper's uniforms during the year = $410

Cooper's laundry expenses for the uniforms = $82 + $62 for altering = $144

Brandy's safety glasses and safety shows when working = $80

Therefore, the total deduction is

= $410 + $144 + $80

= $634

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KonstantinChe [14]

Expensive and time consuming, it is important to figure out beforehand exactly what problem needs to be solved.

Research expense must be budgeted before it is incurred so that the cost is available to be borne by the company.

<h3>What is research?</h3>

Research is expense carried by the company to develop a new product if the research meet the criteria it is capitalize as intangible and it will be amortize over its useful life once the development is available for use otherwise it will expense out in profit and loss statement.

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7 0
2 years ago
Transactions Units Amount
mario62 [17]

Answer:

a) Cost of Goods Sold under each method of inventory:

1) Average Cost:

Beginning Inventory  600 units   $1,800

Purchases: January 12, 580 units 2,900

Purchases: January 26, 180 units  1,260

Cost of goods available for sale, 1,360 units $5,960

Less ending Inventory, 440 units   $1,927.20

Cost of goods sold, 920 units     $4,032.80

a2) FIFO:

Beginning Inventory  600 units   $1,800

Purchases: January 12, 580 units 2,900

Purchases: January 26, 180 units  1,260

Cost of goods available for sale, 1,360 units $5,960

Less ending Inventory, 440 units   $2,560

Cost of goods sold, 920 units     $3,400

a3) LIFO

Beginning Inventory  600 units   $1,800

Purchases: January 12, 580 units 2,900

Purchases: January 26, 180 units  1,260

Cost of goods available for sale, 1,360 units $5,960

Less ending Inventory, 440 units   $1,320

Cost of goods sold, 920 units     $4,640

a4) Specific Identification:

Beginning Inventory  600 units   $1,800

Purchases: January 12, 580 units 2,900

Purchases: January 26, 180 units  1,260

Cost of goods available for sale, 1,360 units $5,960

Less ending Inventory, 440 units   $2,280

Cost of goods sold, 920 units     $3,680

B. Partial Income Statement under:

                                  Average cost   FIFO    LIFO     Specific Identification

Beginning Inventory      $1,800        $1,800    $1,800          $1,800

Purchases                        4,160          4,160       4,160            4,160

Cost of goods for sale $5,960       $5,960   $5,960        $5,960

Less ending Inventory    1,927.20    2,560       1,320          2,280

Cost of goods sold     $4,032.80  $3,400   $4,640       $3,680

Explanation:

a) The average cost per unit under Average Method =

Average cost per unit =$4.38 (5,960/1,360)

Ending Inventory, 440 x $4.38 = $1,927.20

b) Ending Inventory under FIFO: 440 units

Cost of 180 units = $1,260

Cost of 260 units =  1,300 (260 x $5)

Total cost = $2,560

c) Ending Inventory under LIFO: 440 units

Cost of 440 units from beginning inventory = 440 x $3 = $1,320

d) Ending Inventory under Specific Identification: 440 units

Remaining opening inventory 140 units at $3 = $420

Remaining Jan 12, 120 units at $5 = $600

Remaining Jan 26, 180 units at $7 = $1,260

Total cost of ending inventory = $2,280

e) These are various inventory costing methods which present different results in their cost of goods sold and the ending inventory.

6 0
3 years ago
When resource overloads are extreme, project managers may need to consider the acquisition of additional resources, reductions i
Elanso [62]

Answer:

The statement is: True.

Explanation:

Project managers are the executives on the charge of coming up with a plan to handle a business, implementing it, and monitoring its progress. They are in charge of evaluating if the resources allocated for the project are enough to finish it.

Besides, <em>in case there is a surplus of materials, the manager must limit the orders to what is necessary according to what was projected. In case of shortages, the executive must find a way of working with more suppliers to have the materials necessary for the operations.</em>

4 0
3 years ago
shelly is 3 years older than Michele. four years ago the sum of their age was 67. find the age of each person now.
mash [69]
This was 4 years ago - 32 Michele - 35 Shelly
Now - Michele is 36, Shelly is 39

7 0
3 years ago
Wansley Lumber is considering the purchase of a paper company. Purchasing the company would require an initial investment of $30
Deffense [45]

Answer:

a. NO

Explanation:

In this question we have to find out the net preset value which is shown below:

= Present value of all annual cash inflows after implementation of discount factor - initial investment  

where,  

The Initial investment is $300 million

All yearly cash flows would be

= Annual net cash flows × PVIFA for 20 years at 13%  

= $40 million  × 7.0248

= $280.992 million

Refer to the PVIFA table

So, the net present value would be

= $280.992 million - $300 million

= -$19.008 million

Since the net present value comes in negative, so the wansley should not purchase the paper company

4 0
3 years ago
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