Determine the amount of the standard deduction allowed for 2020 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. Amount of the Standard Deduction a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars.$fill in the blank 1 b. Mattie, age 18, has income as follows: $600 cash dividends from a stock investment and $4,700 from handling a paper route.$fill in the blank 2 c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $800 for painting a neighbor's fence.$fill in the blank 3 d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets.$fill in the blank 4 e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.$fill in the blank 5

Answer:

see below

Explanation:

Opportunity cost is the sacrificed benefit by choosing a preferred option over others. The value of opportunity cost is the foregone benefit from the best alternative.

In this situation, the person had to choose between buying gas for the car or using that money to purchase food. Since the person opted to buy gas, they sacrificed having a meal for the rest of the day.  The pleasure derived from eating is the opportunity cost for this person.  

Answer:

thanks for points

Explanation:

Answer:

Entries disclosed in the summary of significant accounting policies note as the term implies, have to do with the accounting method a company uses to calculate certain metrics.

Entries that are not shown in the financial statements but are however important to know, will be put in a separate disclosure note.

1. A related-party transaction. B

Important but cannot be put into the financial statements so will go to a separate disclosure note.

2. Depreciation method. - A

Has to do with an accounting method used so will go to the significant accounting policies notes.

3. Allowance for uncollectible accounts. - C

Goes to balance sheet to reduce Accounts Receivables.  

4. Composition of investments. - B

Another important information that does not go into financial statement so will go to separate disclosure.  

5. Composition of long-term debt. - B

Important but not in financial statement. Separate disclosure.  

6. Inventory costing method. - A

Shows accounting method used so will go to significant policies notes.  

7. Number of shares of common stock authorized, issued, and outstanding. - C

Equity section of Balance sheet.  

8. Employee benefit plans. - B

Important but not in financial statement. Separate disclosure.

Answer:

N = 36 years

Explanation:

Solution:

According to the 72 rule, present sum doubles in value, if the product of interest rate in percent and number of compounding period is 72.

So, We can say for every 9 years at 8 percent = 72 = present sum will be doubled.

Similarly, it will be doubled at 18 years., then 27 years, then 36 years and so on.

SO,

We need to find the P/F ratio, for the end of 0 years first.

Formula = (P/F, i, n) = [tex](1 + i)^{-n}[/tex]

here,

i = 8%

n = 0 years.

P/F =  [tex](1 + 0.08)^{-0}[/tex] (Anything power zero = 1)

So, similarly, calculate this P/F ratio for every 9 years till present equivalent of benefits becomes less than 6.25% of that future benefit.

find the P/F ratio, for the end of 9 years:

Formula = (P/F, i, n) = [tex](1 + i)^{-n}[/tex]

here,

i = 8%

n = 9 years.

P/F =  [tex](1 + 0.08)^{-9}[/tex]

P/F =   0.50

Amount = 2x

find the P/F ratio, for the end of 18 years:

Formula = (P/F, i, n) = [tex](1 + i)^{-n}[/tex]

here,

i = 8%

n = 18 years.

P/F =  [tex](1 + 0.08)^{-18}[/tex]

P/F =   0.25

Amount = 4x

find the P/F ratio, for the end of 27 years:

Formula = (P/F, i, n) = [tex](1 + i)^{-n}[/tex]

here,

i = 8%

n = 27 years.

P/F =  [tex](1 + 0.08)^{-27}[/tex]

P/F =   0.13

Amount = 8x

find the P/F ratio, for the end of 36 years:

Formula = (P/F, i, n) = [tex](1 + i)^{-n}[/tex]

here,

i = 8%

n = 36 years.

P/F =  [tex](1 + 0.08)^{-36}[/tex]

P/F =   0.06 = P/F ratio percentage = 6%

Amount = 16x

Hence, N = 36 years because it is the value nearest to 6.25% required

find the P/F ratio, for the end of 45 years:

Formula = (P/F, i, n) = [tex](1 + i)^{-n}[/tex]

here,

i = 8%

n = 45 years.

P/F =  [tex](1 + 0.08)^{-45}[/tex]

P/F =   0.03

Amount = 32x

Answer and Explanation:

The journal entry is given below:

Oct 1

Cash Dr $31,770

   To Common stock $31,770

(Being exchange for the common stock is recorded)

Here cash is debited as it increased the asset and credited the common stock as it also increased the equity

Oct 2

No journal entry is required

Oct 3

Office furniture Dr $3,740

    To Account payable $3,740

(Being office furniture purchased on an account)

Here office furniture is debited as it increased the asset and credited the account payable as it also increased the liabilities

Answer:

Alternative 1:

Debit Revenue $5,000,000

Credit Equipment $5,000,000

Alternative 2:

Debit Revenue $5,000,000

Credit Deferred revenue $5,000,000

Explanation:

Preparation of the correcting journal entries required under the two alternative accounting treatments allowed under IFRS

Based on the information given if in the October 2021, the company received the amount of $5 million as government grant in which we were told that the grant represents 20% of the total cost of equipment which means that the correct journal entries required under the two alternative accounting treatments allowed under IFRS will be :

Alternative 1:

Debit Revenue $5,000,000

Credit Equipment $5,000,000

Alternative 2:

Debit Revenue $5,000,000

Credit Deferred revenue $5,000,000

Answer:

the net income that should be reported on the income statement is $31,000

Explanation:

The computation of amount of net income is shown below:

Revenue $90,000

Less Operating Expenses -$40,000

Profit Before Tax -$50,000

Less Taxes -$19,000

Net Income $31,000

Hence, the net income that should be reported on the income statement is $31,000

Answer:

$1,280,000

Explanation:

The net realizable value of accounts receivable after the net adjustment is computed as

= Ending balance in Accounts receivables - Uncollectible ageing accounts receivables

Given that;

Ending balance in Accounts receivables = $1,400,000

Uncollectible ageing accounts receivables = $120,000

Net realizable value of the accounts receivables after the net adjustment = $1400,000 - $120,000

= $1,280,000

Answer:

a) functional planning

Explanation:

The functional planning is the planning that need to be done for each type of department so that the goals and the objectives of the company could be accomplish in a efficient and effective manner

Since in the question it is mentioned that the marketing manager have set a goal to rise the sales by 12% over the next three years so this represent that the manager is engaged in the functional planning

Answer:

The expected rate of return on the market portfolio is 14%.

Explanation:

The expected rate of return on the market portfolio can be calculated using the following capital asset pricing model (CAPM) formula:

Er = Rf + B[E(Rm) - Rf] ...................... (1)

Where:

Er = Expected rate of return on the market portfolio = ?

Rf = Risk-free rate = 5%

B = Beta = 1

E(Rm) = Market expected rate of return = 14%

Substituting the values into equation (1), we have:

Er = 5 + 1[14 - 5]

Er = 5 + 1[9]

Er = 5 + 9

Er = 14%

Therefore, the expected rate of return on the market portfolio is 14%.

Answer:

The classification of the query is characterized throughout the explanation segment below as well.

Explanation:

As even the Fed needs to improve this same exchange money supply at $0.008, and once again the exchange rate would be $0.007, amortization throughout the stock exchange would be needed to reduce the monetary value to $0.008.

Complete data:

Year___AirplaneWeather __ Machine

0 _______–90 _________ –900

1 _______500 ___________550

2 _______600 ____ ______600

3 _____________________685

Answer:

Weather machine, because it has a higher equivalent annual cash flow.

Explanation:

Discount rate :

New airplane = 9% = 0.09

Weather machine = 39% = 0.39

Calculate the Equivalent annual cashflow of each :

Using the relation :

New airplane :

(-900+500/1.09) + (600/1.09^2) * 0.09 / (1-1/1.09^2)

(−900+500÷1.09+600÷1.09^2)×9%÷(1−1÷1.09^2)

= 36.2249

Equivalent Annual cashflow of Weather Machine=(−900+550÷1.39+600÷1.39^2+685÷1.39^3)×0.39÷(1−1÷1.39^3)

= 38.0828

Based on the result of the equivalent annual cashflow, the company should opt for investing in weather machine.

Answer:

we are not given any options, so I will show you the adjusting journal entry:

Dr Investment in bonds 75,000

    Cr Unrealized holding gains 75,000

Northern actually made a profit by simply holding these bonds since they appreciated from $600,000 to $675,000, but it cannot record the gains immediately until they are sold. That is why unrealized holding gains is credited.

Answer:

Question 7: Partnership

Explanation:

You and your friend are working together, so you're partnering up.

Answer:

Attached below is the required flowchart

Explanation:

Process used in placing an order

Process for filing the Order

process for receiving payment

Answer:

See below

Explanation:

The above is an incomplete question. However, the below is a similar question to complement it.

Balance July 1, $55,678

Deposits $179,500

Checks processed ($192,610)

Service charges ($30)

NSF checks ($1,200)

Monthly loan repayment deducted directly by the banks from account includes ($320) in interest. ($3,320)

With regards to the above, the corrected cash balance is computer as;

Balance per books

$7,300

Less:

Error in recording receipts ($53 - $35)

($18)

Less;

NSF charges

($1,200)

Less:

Automatic monthly loan payment

($3,320)

Less:

Service charge

($30)

Corrected cash balance

$2,732

Answer:

A. Dr Land $220,000.00

Dr Discount on Notes Payable $126,174.00

Cr Notes Payable $346,174.00

Dr Cash $287,796.06

Dr Discount on Note Payable $122,203.94

Cr Note Payable $410,000

B. December 31, 2017

Dr Interest expense $26,400

Cr Discount on Notes Payable $26,400

December 31, 2017

Dr Interest expense $34,535.5

Cr Cash $24,600

Cr Discount on Notes Payable $9,935.5

Explanation:

(a) Preparation to Record the two journal entries that should be recorded by Sheffield Company for the two purchases on January 1, 2020.

Dr Land $220,000.00

Dr Discount on Notes Payable $126,174.00

($346,174.00-$220,000.00)

Cr Notes Payable $346,174.00

Dr Cash $287,796.06

Dr Discount on Note Payable $122,203.94

Cr Note Payable $410,000

Calculation for the PV of note using Financial calculator

N=8

I/Y% = 12%

Interest payment – $410,000 x .06 = $24,600

FV = $410,000

PV of note = $287,796.06

Calculation for Discount on note

Discount on note = $410,000 –$287,796.06

Discount on note= $122,203.94

(b) Preparation of the journal entry to Record the interest at the end of the first year on both notes using the effective-interest method.

December 31, 2017

Dr Interest expense $26,400

($220,000 x .12)

Cr Discount on Notes Payable $26,400

December 31, 2017

Dr Interest expense $34,535.5

($287,796.06*.12)

Cr Cash $24,600

($410,000 x .06)

Cr Discount on Notes Payable $9,935.5

($34,535.5-$24,600)

Answer:

Costs of Goods sold = $65,200

Explanation:

Since the entire Finished Goods Inventory was sold, thhis implies that there is no accumulated ending cost.

The Costs of Goods sold can be calculated as follows:

Accumulated beginning cost = $37,800

Direct materials were used = $9,000

Direct labor = Number of direct labor hours * Labor cost per hour = 300 * $40 = $12,000

Manufacturing Overhead = Number of machine hours * Cost per machine hour = 160 * $40 = $6,400

Therefore, we have:

Costs of Goods sold = Accumulated beginning cost + Direct materials were used + Direct labor + Manufacturing Overhead = $37,800 + $9,000 + $12,000 + $6,400 = $65,200

Answer:

$5,920.98

Explanation:

The computation of the annual scholarship payment would be shown below:

Future value = Donated amount × (1 + rate of interest)^number of years

= $100,000 × (1 + 0.04)^10

= $148,024.43

Now the annual scholarship payment would be

= $148,024.43 × 0.04

= $5,920.98

Hence, the annual scholarship payment is $5,920.98

Answer:

The correct answer is "$820".

Explanation:

Whenever she delays compensation by 10 days a month (even though she receives monthly invoices), she will indeed earn interest for something like a combined amount of 120 days (10 days x 12 months) again for full year of 365 days.

The interest earned will be:

⇒ [tex]50000\times 5 \ percent\times \frac{120}{365}[/tex]

⇒ [tex]50000\times 0.05\times 0.328[/tex]

⇒ [tex]820[/tex] ($)

Answer: 20097

Explanation:

Based on the information provided, the value of the annuity this family collects every year will be calculated as:

Present value of annuity will be:

= Annual cash flow × Interest rate

= 401,935 × 5%

= 401935 × 5/100

= 401935 × 0.05

= 20096.75

= 20097

The annuity collected every year will be 20097.

Answer:

$252,000

Explanation:

Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.

First step is to calculate the Net Purchase

Purchases 259,000

Less Purchase discounts (7,900)

Less Purchase returns (11,900)

Add Freight-in 20,800

Net purchase 260,000

Now let calculate the cost of goods sold

Inventory, 7/1/2020 33,900

Add 260,000

Less inventory balance ($41,900)

Cost of goods sold $252,000

Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000

Answer:

accounts recievable record

Explanation:

Accounts receivable record shows the amount of money customers owe a business. It arises when a company sells goods or services to customers on credit. Accounts receivable is a financial record, as it records commercial transactions between a firm and its customers.

Accounts receivables are treated as assets in the financial records of a business.

Answer:

1. The similarities between commercial and social entrepreneurship are:

a. Value Creation: Commercial and social entrepreneurship try to create value.  While the commercial entrepreneur creates value for society by increasing economic returns, the social entrepreneur tries to reduce the needs of society by creating social returns.

b. Innovativeness: Both the commercial and social entrepreneurs are innovative, always coming with ideas to improve and meet societal needs for goods and services.

c. Resourcefulness: Both kinds of entrepreneurship deploy entrepreneurial resourcefulness to achieve efficiency and effectiveness in their activities.

d. Perseverance: Commercial and social entrepreneurs do not easily give up on their ideas.  They endeavor to execute their visions and missions to the fullest, notwithstanding the accompanying risks.

2. Their similarities are mainly conceptual.  Their differences lie in the goals they set out to achieve.

3. Yes.  Social entrepreneurship is one of the subfields of entrepreneurship, depending on a variety of research traditions, perspectives, and methods.

Explanation:

Social entrepreneurship creates social value for the public good.  Commercial entrepreneurship creates profitable operations (or economic value) for private gain.  Generally, entrepreneurship is the process of creating value (social or economic) through the assumption of risks.

Both of them seem to have the capacity to see opportunities and have a substantial effect on society. Commercial entrepreneurs strive to satisfy people's wants, whereas social entrepreneurs strive to alleviate those needs.

Yes, entrepreneurship education should be regarded an entrepreneurship subfield.

Individuals, organizations, or businesses take this technique to create, fund, and discover approach to various, cultural, and environmental challenges.

Although the goal is different, the process is the same.

Find more information about 'Commercial and social entrepreneurship'.

https://brainly.com/question/22856129?referrer=searchResults

Answer:

The explanation of the statement is summarized mostly in the explanation section following.

Explanation:

Then again the market price has indeed been increased significantly, so organizations are attempting to represent individuals with a reasonable profit.

Explanation:

Companies are entities that can cause potential damage to the environment, by using scarce natural resources and by the way of production, which can release pollutants into the atmosphere, etc.

Organizational sustainability, therefore, means joining the organization's efforts to reduce its negative environmental impacts and protect the location in which the company operates.

A good option for companies that want to implement sustainability in their processes is to look for environmental certifications that provide specific requirements and policies for companies to reduce their impacts and generate continuous improvement, such as the implementation of an Environmental Management System.

Corporate sustainability can mean long - term strategic and competitive advantages such as reducing waste, increasing the company 's value and reliability, attracting investors, satisfying stakeholders, etc.  

Answer:

It helps consumers tell producers when prices are too high.

Explanation:

The law of demand affirms that an increase in price results in reduced demand. It means that when prices increase, consumers will buy fewer quantities of a product or service. The law of demand shows the relationship between price and the quantity of a product consumers are willing to buy in the market.

Consumers can communicate with producers through the volume of products purchased. When the quantity purchased is low, producers will know the set prices are high.

Answer:

no hablo tacka tacka

Explanation:

tacka tacka gracias

Answer:

When Your Lender Calculates Your Debt To Income Ratio, He Determines That Your Maximum Monthly Payment Can Be No More Than $3,200.