which deduction should a person take?
Q: Knowledge Check Crane Works' uses a periodic inventory system. Its accounting records show the…
A: The cost of goods sold refers to the cost of units that are sold during the period. It is an expense…
Q: Jones Corp. had 120,000 shares outstanding all of year 8. During year 8, Jones paid dividends of…
A: Diluted Earnings per share =
Q: Paxton Comany can produce a component of its product that ineurs the following costs per unite…
A: Make or buy is the decision making analysis that helps the entity to decide if it should make the…
Q: Several years ago Brant, Inc., sold $960,000 in bonds to the public. Annual cash interest of 9…
A: The journal entry is a way of entering the business transactions in the books of account. The…
Q: If 70 $1000 bonds with a carrying value of $84000 are redeemed for $79000, the journal entry to…
A: The bonds are issued at the premium when market rate is lower than the coupon rate of bonds payable.…
Q: Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: Compute the amount of monthly payment that must be made to pay off the loan and interest. Example of…
A: EMI is a fixed payment made by the borrower to the lender after every fixed interval of time, till…
Q: Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for…
A: Under U.S. Generally Accepted Accounting Principles (GAAP), the allocation or division of profits…
Q: 7 :00 ! Required information [The following information applies to the questions displayed below.]…
A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…
Q: The estimated capitalized cost is $ 201673626.70
A: The capitalized cost is the present value of all future costs associated with an asset. To calculate…
Q: Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common…
A: Consolidated Financial Statements are usually prepared when there is a parent company and two or…
Q: Cost objects may be: Multiple Choice O O products. services. departments. All of these answers are…
A: Cost allocation is used in analyzing or identifying the process to assign the cost to people, and…
Q: EB 15. LO 12.5 An employee and employer cost-share 401(k) plan contributions, health insurance…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: The accounting records of LeClaire Delivery Services show the following assets and liabilities as of…
A: Balance sheet : Financial statement that provides a snapshot of an organization's financial position…
Q: On January 1, 2023 Chin Corporation issued $3.500.000, 13% 5-year bondh The bond interest in payable…
A: Lets understand the basics.Premium or discount on amortization of bond can be made using,(1)…
Q: Lydex Company’s financial statements for the last two years are as follows: Lydex Company…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Destin Company uses the weighted average method in its process costing system. The first processing…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: Exposure to systematic or market risk can be reduced by? A. adding low or…
A: The objective of the question is to identify the correct method(s) to reduce exposure to systematic…
Q: margin of safety (to the nearest €)?
A: The margin of safety is the difference between the actual sales and break-even sales. Margin of…
Q: Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job…
A: Percentage of Completion Method (POCM) is used to calculate the amount of revenue to be recognized…
Q: What would be the return on common stockholders' equity, earnings per share, payout ratio, and debt…
A: Ratio analysis: The ratio measures the company's financial performance and progress over time. It…
Q: The following events relate to Habitat for Humanity International's activities. If appropriate,…
A: The concept of time value of money is that the present value of money is higher when compared with…
Q: The following actual and standard cost data for direct material and direct labor relate to the…
A: Labor Rate Variance is the difference between what the actual labor rate per hour and the standard…
Q: Cincinnati Food Supply Co. is a major supplier to Kraft Foods. On January 1 of the current year they…
A: It is the amount of reduction in the value of a tangible fixed asset due to tear and wear,…
Q: Darby Company, operating at full capacity, sold 131,600 units at a price of $126 per unit during the…
A: Variable cost Depends upon the production of goods or services that is increment of sales increases…
Q: Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased…
A: Cost of goods Sold is the cost incurred by the company to selling the goods to the customers. It is…
Q: Exercise 2-19 (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction of…
A: The revenue derived from a business or trade is referred to by the Internal Revenue Service (IRS) as…
Q: eBook Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for…
A: Process CostingProcess costing is a sort of operation costing which is employed to determine the…
Q: Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold…
A: Revenue and spending variance is the difference between actual results and flexible budget data.…
Q: Sarasota SA has issued 116,000 shares of €5 par value ordinary shares. It authorized 580,000 shares.…
A: The stockholders’ equity is a part of the financial statement. It reflects the change in the owners’…
Q: A company has the following budgeted sales: Sales in Units 3,490 3,880 4,560 4,180 3,960 Finished…
A: Production budget :— This budget is prepared to estimate the number of units to be produced for…
Q: Mace Company acquired equipment that cost $39,200, which will be depreciated on the assumption that…
A: The depreciation is provided to allocate the cost of an asset over the useful life. Depreciation is…
Q: Production in units Total labor hours Total variable overhead Total fixed overhead Total overhead…
A: Variance analysis is the difference between the standard performance and the actual performance,…
Q: Organization costs Purchased trademarks Development phase activities (meet all six development phase…
A: Intangible asset refers to the asset which has no physical form or which does not exist physically…
Q: create a income statement and please show work and formula
A: An income statement of profit and loss account is one of the financial statements of a company which…
Q: Determine the present value of the following single Note: Use tables, Excel, or a financial…
A: In accounting and finance, present value is a term that represents the current value of a sum of…
Q: On September 30, 2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $200…
A: Bonds payable is a type of instrument where by an amount is borrowed for a fixed period with fixed…
Q: ..............….... Portions of the financial statements for Peach Computer are provided below. Net…
A: CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…
Q: Enter the balances at July 1 in the receivable accounts and post the entries to all of the…
A: Receivables, sometimes known as accounts receivable, are sums of money that clients owe a business…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: Direct material variance is the difference between standard direct material cost for actual…
Q: You have just been appointed an Accountant of an engineering firm. The Managing Director supplied…
A: Adjusting entries are those journal entries which are passed at the end of accounting period. The…
Q: During 2024, Marx Financial Corporation had the following trading investment transactions: Purchased…
A: The four financial statements prepared on the basis of these accounting records are Income…
Q: Explain the differences between Criminal Fraud versus Civil Fraud and provide an example of each…
A: The objective of this question is to understand the differences between Criminal Fraud and Civil…
Q: J A company must decide between scrapping or reworking units that do not pass inspection. The…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: or Year Ended December 31 ales (480,000 units) ariable costs Direct materials Direct labor Variable…
A: Special orders can be profitable, if the revenue from the order exceeds the incremental cost of…
Q: Required information [The following information applies to the questions displayed below] Luke sold…
A: A.Adjusted basis in building = Original basis- Accumulated Depreciation = $200,000 -…
Q: Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses…
A: The amount that the Internal Revenue Service (IRS) uses to calculate your annual income tax…
Q: Wildhorse Company expects to have a cash balance of $47,000 on January 1, 2022. Relevant monthly…
A: The cash budget is prepared to record the cash receipts and cash disbursements during the period.…
Q: Complete the table below using the exponential decay formula. Original Decay Rate per Amount Year…
A: N(t)= N(0) x e^-ktwhereN(t) = Final amount after decayN(0) = Original Amountk= Decay Ratet= Time…
If 15,000 miles were used in 2022 for business travel and the expenses in 2022 for business-related travel were $8,456, which deduction should a person take? (Use the standard deduction mileage reimbursement rate of 62.5 cents for the 2022 calculation). The standard deduction of $8,625. The actual expense (itemized) deduction of $8,456. The actual expense deduction of $8,625. The standard deduction of $9,375.
Step by step
Solved in 3 steps with 1 images
- Suppose that in the past year your only deductible expenses were $2000 in mortgage interest and $5000 in charitable contributions. If you are entitled to a standard deduction of $6100, then the maximum total deduction you can claim is how much? Choose the correct answer below. O A. $6100, because that is the sum of the deductible expenses O B. $6100, because that is the standard deduction OC. $7000, because that is the sum of the deductible expenses O D. $13,100, because that is the sum of the deductible expenses and the standard deduction O E. S7000, because that is the product of the deductible expenses O F. $13,100, because that is the product of the deductible expenses and the standard deductionK Ltd. paid an employee a tax-free travel allowance of $5,300 based on 9,000 kilometres of out-of-town driving in 2022. What amount can K deduct for tax purposes?. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:
- Which one of the following amounts represents the maximum amount that you may deduct for moving expenses on your 2020 personal income tax return? A) $ 8,800. B) $ 9,700. C) $10,200. D) $11,250.Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues. Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $116 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. Answer is complete but not entirely correct. Deferred tax amounts ($ in millions) Classification Net noncurrent deferred tax asset ✔ $ Net noncurrent deferred tax liability X $ 2025 $980 800 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million,…Consider the following data for 2019 from an after tax cash flow analysis.What is the after tax cash flow for 2019? Before-Tax-and-Loan = $23,000Loan Principal Payment = $3,203 Loan Interest Payment = $3,878. Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658. a. $20,744 b. $14,262 c. $3,430 d. $1,175.
- Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $ 940 796 $ 144 $ 104 2025 $ 1,032 852 a. Expenses each year include $58 million from a two-year casualty insurance policy purchased in 2024 for $116 million. The cost is tax deductible in 2024. $ 180 $ 214 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $59 million and $75 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $53 million ($36 million collected in 2023 but not recognized as revenue until 2024) and $59 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $42 million unrealized loss from…For the year ended December 31, 2023, Bonita Ltd. reported income before income taxes of $100,000. In 2023, Bonita Ltd. paid $66,000 for rent; of this amount, $22,000 was expensed in 2023. The remaining $44,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $66,000 was deductible for tax purposes in 2023. The company paid $76,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bonita Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $43,000, of which $27,000 was actual repairs for 2023 and the remaining $16,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $21,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $170,000. Capital Cost Allowance (CCA) claimed for the year was $200,000. Bonita was subject to a 20% income tax…Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $ 116 2025 $ 980 800 $ 180 $ 200 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million, respectively. (Hint: View this as two temporary differences-one reversing in 2024; one originating in 2024.) d. 2024 expenses included a $14 million unrealized loss from…
- For the year ended December 31, 2023, Bramble Ltd. reported income before income taxes of $90,000. In 2023, Bramble Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $72,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bramble Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $34,000, of which $26,000 was actual repairs for 2023 and the remaining $8,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $22,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $230,000. Capital Cost Allowance (CCA) claimed for the year was $252,000. Bramble was subject to a 20% income tax…How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2025 $ 1,020 840 $180 $ 214 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $928 784 $144 $ 116 a. Expenses each year include $46 million from a two-year casualty insurance policy purchased in 2024 for $92 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $47 million and $63 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $41 million ($24 million collected in 2023 but not recognized as revenue until 2024) and $47 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $30 million unrealized loss from…