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tangare [24]
3 years ago
10

Kelly is 28 years old and lives in California. This year 2019 tax year, Kelly bought a new auto for $20,000 plus 1,650 in state

and local sales taxes. Besides this sales tax, Kelly also paid $8,260 in state income taxes mortgage interest of $5,500 (400,000 acquisition indebtedness on her residence). If Kelly files single with AGI of $56,000, what amount of itemized deductions will she be eligible to claim
Business
1 answer:
Trava [24]3 years ago
7 0

$8260 + $5500= 13,760 State income taxes, but not sales taxes,

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nco purchased a computer for $200,000 and this machine is expected to generate annual cash flows of $48,271 over the next 5 year
Anika [276]

Answer:

The expected rate of return on this investment is:

21%

Explanation:

Cost of computer = $200,000

Annual cash flows for 5 years = $48,271

Total cash flows = $241,355 ($48,271 x 5)

Returns = $41,355 ($241,355 - $200,000)

The expected rate of return = Returns/Costs * 100

or the average of returns and the average of investments (they yield the same results)

Using the total returns and investment:

= $41,355/$200,000 * 100

= 21%

Using the average returns and investment:

= $8,271/$40,000 * 100

= 21%

4 0
3 years ago
Wiley Company purchased new equipment for $60,000. Wiley paid cash for the equipment. Other costs associated with the equipment
user100 [1]

Answer:

The cost recorded for the equipment=$66,500

Explanation:

When dealing with the total cost of an equipment we take the purchase cost and other additional associated costs that come with the equipment. This can be expressed as;

T=P+A

where;

T=total cost

P=purchase cost

A=additional costs(transportation cost+sales tax+installation cost)

In our case;

T=unknown

P=$60,000

A=(1,000+3,000+2,500)=$6,500

replacing;

T=60,000+6,500=66,500

The total cost=$66,500

The cost recorded for the equipment=$66,500

4 0
3 years ago
If assets equal $95,000 and liabilities equal $40,000, then owners’equity equals _____.
Fudgin [204]
45 000 долл, это равенство владельцев.
5 0
3 years ago
What characteristic is somewhat shared by perfect competition and
kakasveta [241]

Answer:

Ease of entering

Explanation:

The main difference between perfect competition and monopolistic competition is that firms sell a similar product in perfect competition. In monopolistic competition, firms sell differentiated products.

In both market structures, their many seller and buyers. There is the ease of entry and exit for suppliers. In both markets, there are no dominant suppliers.

8 0
3 years ago
The problem of _________________ arises when an antique dealer knows more about the quality of an item than the potential buyer,
vlada-n [284]

Answer:

Option (D) is correct.

Explanation:

Imperfect information refers to a situation in which both the parties (i.e buyer and seller) have different information. For example; In a market of second hand car industry, the buyer have less information about the car as compared to the seller. In this type of industry, the seller have more information about the condition and quality of used car.

In our case, the seller of antique have more information about the product, so this will lead to give a disadvantage to a potential buyer of antique.

8 0
3 years ago
Read 2 more answers
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