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lawyer [7]
2 years ago
7

During 2020, Sandeep had the following transactions: Salary $ 80,000 Interest income on City of Baltimore bonds 1,000 Damages fo

r personal injury (car accident) 100,000 Punitive damages (same car accident) 200,000 Cash dividends from Chevron Corporation stock 7,000 Sandeep's AGI is: a.$387,000. b.$285,000. c.$287,000. d.$187,000.
Business
1 answer:
Sergeu [11.5K]2 years ago
6 0

Answer: c.$287,000.

Explanation:

City of Baltimore bonds are Municipal so their interest are tax exempt and so are Damages for personal injury.

Sandeep's AGI is therefore;

= Salary + Punitive damages + Cash dividends from Chevron

= 80,000 + 200,000 + 7,000

= $287,000

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La Famiglia Pizzeria provided the following information for the month of October:
Dennis_Churaev [7]

Answer:

a

The cash receipts in October are as follows:

Cash Sales:

85% of $157,000

= 0.85 * $157,000

= $133,450

Payments on September credit sales:

$181,500 * 28% * (80 - 75)%

= $181,500 *0.28 * 15%

= $181,500 * 0.28 * 0.15

= $7,623

Payments on October credit sales** 16,485

$157,000 * 70% * (85 - 70)%

$157,000 * 0.7 * 15%

= $157,000 * 0.7 * 0.15

= $16,485

Total cash expected = $133,450 + $7,623 + $16,485 = $157,558

b.

Payments for food purchases is as follows:

September

($130,000 × 0.75) = $97,500

October

($116,000 × 0.25) = 29,000

Total cash needed for June = $97,500 + $29,000 = $126,500

c.

The inventory is as follows:

Beginning balance $2,147

Cash receipts $157,558

Cash available $159,705

The following items will be subtracted:

Food purchases $126,500

Shareholder's Dividend $6,000

Workers’ wages in September $730 ---- 10% of $7,300

Workers’ wages re: October $6,570 --- 90% of $7,300

Utilities $5,590

Insurance $1,200

Rent $4,100

Total disbursements $150,690

Ending balance

= $159,705 - $150,690

= $9,015

8 0
3 years ago
Work environment includes physical and social aspects of work. true or false.
sleet_krkn [62]

i ant good but my teacher is cool and told my the answer

8 0
3 years ago
According to the law of supply, assuming other factors are held constant a. as the price of milk increases, the quantity of milk
My name is Ann [436]

Answer:

C. as the supply for milk increases, the price of milk will also increase

8 0
3 years ago
Barlow owns the surface rights for Canyon Ranch, but does not own the subsurface rights. Dusty owns the subsurface rights. Canyo
yarga [219]

Answer:

A) Dusty.

Explanation:

Generally, when you are dealing with property rights and any damages that occur to real property, the individual that possesses the oldest structure can sue other individuals that damage his/her structure by building or developing a new one.

E.g. in many cities, buildings or even homes tend to be built right next to other homes or buildings (specially in down town areas). If you are building a house right next to an existing house and the walls are damaged because because you dug to build a basement, then you are responsible and liable for the damages even if you never invaded the other property.

6 0
2 years ago
If you cause a car accident, which type of insurance will require you to pay the least out of pocket
WARRIOR [948]
A low deductible plan is the type of insurance that will require the driver to pay less out of pocket. If a person has a high deductible plan, the out of pocket payment would be a lot higher. A low deductible plan has much higher premiums that must be paid. The high deductible insurance has much lower premiums. After a wreck that is caused by the driver, most insurances will raise the premiums paid. Unless you with an insurance company that accident forgiveness plans. The correct answer to this question is B. Low Deductible Plan. 
3 0
3 years ago
Read 2 more answers
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