The amount of Doug's taxable income is <u>$27,700</u>.
<u>Explanation</u>:
<u><em>GIVEN</em></u>:
AGI = $35,000
State income taxes = $2300
Local property taxes = $3000
Medical expense = $800
Charitable contribution = $2000
Total deduction amount= State income taxes+Local property taxes+Charitable contribution
= 2300+3000+2000
= $ 7300
Total deduction amount= $7300
Taxable income= $35000- $7300
= $27,700
The amount of Doug's taxable income is <u>$27,700</u>.
Answer:
Option (C) is correct.
Explanation:
Given that,
Price of an item charged by the Rhine company = $280
Rhine company sets price = Cost + 40% of cost
Let the cost of an item to Rhine be x,
Hence,
Price = x + 40%(x)
$280 = x + 0.4x
$280 = 1.4x
x = $280 ÷ 1.4
= $200
Profit for Rhine = Price - cost
= $280 - $200
= $80
Therefore, the cost of the item to Rhine is $200.
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</span>
Answer:
d. $33,000
Explanation:
The computation of the operating cash flow is shown below:
= EBIT + Depreciation - Income tax expense
where,
EBIT = Sales - cost of good sold - depreciation expense
= $110,000 - $70,000 - $20,000
= $20,000
The depreciation expense would be
= (Original cost - residual value) ÷ useful life
= ($80,000 - $0) ÷ 4
= $20,000
And the income tax expense equal to
= EBIT × tax rate
= $20,000 × 35%
= $7,000
Now put these values to the above formula
So, the value would equal to
= $20,000 + $20,000- $7,000
= $33,000
