1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Question Mode Fill in the Blank Question Fill in the blank question. The ABC Company had its highest level of production in May
Strike441 [17]

Answer:

Results are below.

Explanation:

<u>To calculate the fixed cost under the high-low method, we need to use the following formulas:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (110,000 - 87,500) / (4,000 - 2,500)

Variable cost per unit= $15

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 110,000 - (15*4,000)

Fixed costs= $50,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 87,500 - (2,500*15)

Fixed costs= $50,000

7 0
3 years ago
A real estate office handles a 80-unit apartment complex. When the rent is $550 per month, all units are occupied. For each $25
lukranit [14]

Answer:

The real estate should charge $1,300 to obtain maximum profit.

Explanation:

We can make K to represent the number of unit apartment occupied.

This means that the total rent the real estate office is getting can be denoted by;

{(550 + 25(80 - K)} K - 50K

Maximizing the above equation, we have;

y = 550K + 2,000K - 25K^2 - 50K

Collect like terms

= 2,500K - 25K^2

y' = (2,500K - 25K^2)' = 2,500 - 50K

y = 0

2,500 - 50K = 0

2,500 = 50K

K= 50

Rent is therefore;

Rent = 550 + (80 - K)25, where K is 50

= 550 + (80 - 50)25

= 550 + (30)25

= 550 + 750

= $1,300

6 0
3 years ago
During its first year of operations, Forrest Company paid $28,810 for direct materials and $49,900 in wages for production worke
Usimov [2.4K]

Answer:

18,900 units were produced during the period

Explanation:

General, selling, and administrative expenses does not make part of the Manufacturing Overhead Costs so the calculation of the units is as follow:

(Direct materials +  Wages for production workers +  Lease payments, utility costs, and depreciation on factory equipment) / the average cost to produce one unit

( $28,810 + $49,900 + $13,900) / $4.90 =  $92.610,00  /  $4.90 = 18,900

7 0
3 years ago
How much must be deposited today into the following account in order to have 35000
almond37 [142]

Answer:

$21,691.43

Explanation:

We are to determine the present value of 35,000

the formula for determining present value is :

PV = FV (1 + r)^-nm

FV = Future value  

P = Present value  

R = interest rate = 8%/ 12  

N = number of years

m = number of compounding = 12

35,000( 1 + 0.00667)^-72 = $21,691.43

8 0
4 years ago
A stock is expected to pay a dividend of $0.75 at the end of the year. The required rate of return is r s
taurus [48]

The stock's current price is $18.29.

<h3>What is Stock Valuation?</h3>

The price of the stock is determined by demand and supply. The price of the stock is also linked with the fundamentals of the company. To determine its intrinsic value the future cash difference is discounted.

Solution-

Stock's current price = <u>                       Dividend                       </u>

                                      Required rate of return -Growth rate

Stock's current price = <u>        </u><u>$0.75          </u>

                                         10.5 % - 6.4%

Stock's current price = <u>      </u><u>$0.75     </u>

                                              4.1%

Stock's current price  = <u>    $0.75    </u>

                                            0.041

Stock's current price  =   $18.29

Your question is incomplete, but most probably your full question was:

A stock is expected to pay a dividend of $0.75 at the end of the year. The required rate of return is Rs = 10.5%, and the expected constant growth rate is g = 6.4%.

Required: What is the stock's current price?

Learn more about Stock's Current Price on:

brainly.com/question/17159463

#SPJ4

6 0
1 year ago
Other questions:
  • What term is sometimes used to refer to factors of production?
    6·1 answer
  • When Chen decided that it was time for him to buy a new dishwasher, his primary concern was that the machine should fit into the
    5·1 answer
  • Mia is asked to quit her job as a salesgirl at a clothing store as she is unable to cooperate with other employees. She is intol
    10·1 answer
  • At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $28 million under a 10% note due December 31, 2023. Interest
    5·1 answer
  • from an ethical standpoint, of various alternatives are available to report a transaction, what are some of the questions an acc
    7·1 answer
  • Lisa lives next to a vacant plot that belongs to Carol. Carol has never visited the plot in the last 20 years during which perio
    13·1 answer
  • Innovation takes dedicated effort and resources, and organizations that are successful at it tend to be set up in ways that natu
    14·1 answer
  • Even though Firm A's current ratio exceeds that of Firm B, Firm B's quick ratio might exceed that of A. However, if A's quick ra
    14·1 answer
  • A social media ad costs $2 per person reached and 60% purchase. A traditional media ad costs $0.10 per person
    10·1 answer
  • The envelope system is especially helpful for expenses like:.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!