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Rashid [163]
3 years ago
12

Mr. and Mrs. Kim, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage

that qualifies as acquisition debt, and both mortgages were incurred before December 15, 2017. This year, the mortgage holders provided the following information: Mortgage Interest Paid $ 45,000 26,300 Average Balance of Mortgage $ 969,800 361,000 Principal residence Vacation home
Compute Mr. and Mrs. Kim's qualified residence interest. (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
Qualified residence interest________
Business
1 answer:
Evgen [1.6K]3 years ago
3 0

Answer:

$53,577

Explanation:

Computation for Mr. and Mrs. Kim's qualified residence interest

Using this formula

Qualified residence interest=(Acquisition debt ÷ Total debt) ×Total interest

Where,

Total Acquisition=$ 969,800+ 361,000

Total Acquisition=$1,330,800

Total debt =$ 45,000 +26,300

Total debt=$71,300

Let plug in the formula

Qualified residence interest=(1,000,000÷$1,330,800)×$71,300

Qualified residence interest=$53,577

Therefore the Qualified residence interest is $53,577

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The time for the current iteration is up and one of the features isn't complete. What do you do?
VARVARA [1.3K]

Answer:

Stop working and add the incomplete feature back into the backlog.

Explanation:

In case a task could not be completed in the current iteration, it is best to add it to the backlog, so that in subsequent iterations it will be completed (giving it priority, of course).  

Of course, it is not convenient to extend the iteration time just to finish the incomplete task. Also, we should not add it directly to the next iteration because we would be altering its structure. So the most appropriate thing to do, is to leave it marked as a priority to be included in the next iterations.

5 0
3 years ago
Flint Corporation issues $440,000 of 9% bonds, due in 9 years, with interest payable semiannually. At the time of issue, the mar
aleksklad [387]

Answer:

$414,282.91

Explanation:

The issue price of the bonds is also known as the Present Value (PV) or current price of the Bonds and is calculated as :

FV = $440,000

PMT = ($440,000 x 9%) ÷ 2 = $19,800

P/yr = 2

N = 9 x 2 = 18

I/yr = 10%

PV = ?

Using a Financial calculator to input the values as above, the PV or issue price will be $414,282.91

4 0
3 years ago
Cullumber Company incurred the following costs while manufacturing its product.
kati45 [8]

Answer:

$328,400

Explanation:

Cost of Goods Manufactured is calculated in Manufacturing Account as follows :

<em>Cost of Goods Manufactured = Beginning Work In Process Inventory + Total Manufacturing Costs - Ending Work In Process Inventory</em>

therefore,

Cost of Goods Manufactured = $13,000 + ($121,000 + $61,000 + $15,000 + $111,000 + $24,000) - $16,600

                                                 = $328,400

5 0
3 years ago
Which of the following sentences use apostrophes correctly? 1. We used to back up our account files weekly and save them onto CD
cupoosta [38]

Answer:

2. The financial planner’s e-mail address was listed on his website.

4. Making certain that all the timecards were submitted on time was Lorice’s responsibility.

Explanation:

The apostrophe (') is a punctuation mark used in English language to form possessive nouns, mark the omission of one or more letters and to indicate the plurals of letters in lowercases.

For example, forming a possessive noun; add an Apostrophe (') with the letter "s" i.e ('s) to nouns that don't end with "s" sound. Also, you can add only an Apostrophe (') without the letter "s" to nouns that ends with "s" sound.

For instance, the financial planner’s e-mail address was listed on his website, the writer's pen, the cat's eyeballs etc.

To indicate the omission of a letter (contraction), such as isn't, don't they're, I've, you're, doesn't, you've, they'd etc.

7 0
3 years ago
Valley spa purchased $7,800 in plumbing components from tubman co. valley spa signed a 60-day, 10% promissory note for $7,800. i
lapo4ka [179]

Answer:

The journal entry is given as follows;

Explanation:

Accounts Receivable-Valley Spa           Dr.$7,930

Interest Revenue         (7,800*10%*2/12) Cr.$130

Notes Receivable                                    Cr.$7,800

8 0
3 years ago
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