it helps to you I guess
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Talese would like to claim her granddaughter, Natalia, as her qualifying child so she can claim the Earned Income Tax Credit (EITC). However, Natalia's mother, Taye, is also eligible to claim Natalia as her qualifying child for EITC purposes. As Talese's tax preparer, what information would you share with Talese
Explanation:
Taye holds a higher right and may claim EITC based on Natalia because Taye is natalia parent
Because Taye is Natalia's parent, Taye has a larger claim and may make an EITC ( Earned Income Tax Credit) claim based on Natalia.
What is Earned Income Tax Credit?Low- to moderate-income employees and their families can benefit from tax breaks thanks to the Earned Income Tax Credit (EITC). If you are eligible, you can use the credit to lower your tax liability and perhaps boost your refund. For working low- to moderate-income people and couples, especially those with children, the federal earned income tax credit (EITC or EIC) is a refundable tax benefit.
The number of children and the recipient's income is factors that affect the EITC benefit amount. Adults with low incomes who are not parents are eligible. An individual or couple must meet conditions including relationship, age, and shared domicile in order to claim one or more people as their qualifying kids. EITC develops gradually and reaches a medium-length plateau.
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Select the correct answer. Read this excerpt from a policy document that informs employees about payroll procedures: A) Each employee will submit a completed time sheet that shows the number of hours worked, sick time, and any vacation time taken. B) Managers must review each time sheet for accuracy and then sign it. The project director will then approve and sign each time sheet. C) If the company can’t directly deposit pay into employees’ bank accounts, the company will distribute payroll checks by 5 p.m. on the first Monday after the two-week pay period has ended. (D) The company will deduct taxes and benefits from pay. In which scenario would the company need to refer to the policy document?
The scenario where a policy document will be referred to will be D. The company will deduct taxes and benefits from pay.
A policy document simply means a formal document that is a legally binding document. It contains the instructions that determine how things are done in a organization.
Since the policy document informs employees about payroll procedures, it'll be applicable when the company will deduct taxes and benefits from pay.
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On the last day of its current tax year, Buy Rite LLC received $390,000 when it sold a machine it had purchased for $270,000 three years ago to use in its business. At the time of the sale, the basis in the equipment had been reduced to $230,000 due to tax depreciation taken. How much did the members’ self-employment earnings from Buy Rite increase when the equipment was sold? [Hint: See IRC §1402(a)(3).]
Answer:
1,402
Explanation:
Sunland Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method prior to 2021. In 2021, it changed to the percentage-of-completion method. The company decided to use the same for income tax purposes. The tax rate enacted is 40%. Income before taxes under both the methods for the past three years appears below.
2019 2020 2021
Completed contract $480000 $318000 $156000
Percentage-of-completion 780000 399000 300000
Which of the following will be included in the journal entry made by Sunland to record the income effect?
a. A debit to Retained Earnings for $239400.
b. A credit to Retained Earnings for $228600.
c. A credit to Retained Earnings for $158400.
d. A debit to Retained Earnings for $158400.
From the computation done, there'll be a debit to retained earnings for 239400.
The retained earnings will be:
= percentage of completion (1 - Tax rate)
Based on the values we've, this will be:
Retained Earnings = 399000 (1 - 40%)
Retained Earnings = = 399000 × 0.6
Retained Earnings = 239400
Therefore, there'll be a debit to retained earnings for 239400.
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Eduardo wants to purchase stock in a company that is headquartered in Australia. Eduardo
Multiple Choice
A. can buy the shares from a broker on a U.S. exchange.
B. cannot legally own the stock of an Australian corporation.
C. will have to place her order through the Sydney Stock Exchange.
D. must obtain an investor visa to complete the purchase.
Bobby decides to sell lemonade on a hot summer day. If Bobby sells 25 glasses of lemonade for $3.00 per cup, and his average total cost is $2.60, what are Bobby's economic profits for the day
Answer:
$0.60
Hope this helps!!
Please tell me if I have made an error, I enjoy learning from my mistakes
The economic profit that is earned by Bobby on the selling lemonade glasses is $10.
What is sales revenue?Sales revenue is the income being obtained by an entity when they sold the goods to customers.
Given values:
Total revenue: $75 (25 glasses X $3)
Average total cost: $65 ( 25 glasses X $2.60)
Computation of the total economic profit:
[tex]\rm\ Economic \rm\ profit=\rm\ Total \rm\ revenue-\rm\ Average \rm\ total \rm\ cost\\\rm\ Economic \rm\ profit=\$75-\$65\\\rm\ Economic \rm\ profit=\$10[/tex]
Therefore, the amount of economic profit is $10 received to Bobby after making sale.
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One of the benefits to lenders from the secondary mortgage markets is that they tend to raise the interest rate charged to borrowers. Group of answer choices True False
Answer:
true
Explanation:
the mortgage is riskier for the lender as the first mortgage takes priority and getting paid off in a foreclosure
Rich and Lucy were married for 52 years. Rich died on May 9, 2020. Lucy has no dependents, and she did not remarry. The correct and most favorable filing status for Lucy's 2020 return is: Married filing jointly. Married filing separately. Single. Qualifying widow.
Based on the year that Rich died and the year that Lucy is filing her taxes, the most favorable filing status is Married filing jointly.
Current tax laws are such that if a person loses a spouse in a certain year and does not remarry in that year, they can file in a joint manner with their now late spouse.
Rich died in 2020 and Lucy did not remarry. Lucy's 2020 returns can therefore be filed as a joint filing with Rich even though he is no longer alive.
In conclusion, the correct answer is option A.
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The Bruin's Den Outdoor Gear is considering a new 7-year project to produce a new tent line. The equipment necessary would cost $179 million and be depreciated using straight-line depreciation to a book value of
zero. At the end of the project, the equipment can be sold for 15 percent of its initial cost. The company believes that it can sell 28,500 tents per year at a price of $74 and variable costs of 33 per tent. The fixed costs
will be 5495,000 per year. The project will require an initial investment in net working capital of $233,000 that will be recovered at the end of the project. The required rate of return is 117 percent and the tax rate is 40
percent. What is the NPV?
add 5495,000 and 233,ooo I hope this helped
According to this question, the NPV is $519,084.61 of this project calculating through Net Present Value formula.
What is Net Present Value?Net Present value is a tool of capital budgeting which is used for financial analysis and the profitability of a project or investment.
Net Present Value is calculated by taking the difference between the present value of cash inflows and present value of cash outflows over a period of time.
For every organisation, it is an important factor to calculate this it may help to take decisions regarding the expansion of business and investment very wisely.
Therefore,
Net Present Value = Rt / (1+i) t
where,
Rt = net cash flow
i = discount rate
t = time of cash flow
So, NPV is $ 519,084.61
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One autumn day, a woman and man appear at Carrie Franklin’s door. They introduce themselves as chimney sweeps who would like to clean her chimney before she begins to use her fireplace. The man says it will be inexpensive and make her home safer, reducing the chances of a chimney fire. Carrie sees the name “Chim Chim Chimney Sweeps” on their truck. What can Carrie do to protect herself from scam?
The things which Carrie Franklin can do to protect herself from possible scam include:
Calling the telephone operator to verify if the Chimney Sweeps actually exist. Next thing would be to enquire if the office sent anybody to her home.Next thing would be to ask for their ID cards.Based on the given question, we can see that Carrie Franklin received some visitors who claimed to be chimney sweepers from a company and she would have to pay them for cleaning her chimney.
It is important that she verifies that they are a legitimate company then look them up in the telephone listing and if she has any additional suspicions she can call the police just to be safe.
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IRAC Briefing
CATE v. DOVER
What did the warranty section of the contract provide?
What type of warranty was involved in this case?
What is the issue in the case?
In whose favor did the court rule?
no se la verdad porque no se inglés si supiera inglés te hubiera ayudado
Stargel Inc. common stock was $119.70 on December 31, 2014.
Stargel Inc.
Comparative Retained Earnings Statement
For the Years Ended December 31, 2014 and 2013
2014 2013
Retained earnings, January 1 . . . . . . . . . . . . . .$5,375,000 $4,545,000
Add net income for year . . . . . . . . . . . . . . . . . . . 900,000 925,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$6,275,000 $5,470,000
Deduct dividends:
On preferred stock . . . . . . . . . . . . . . . . . . . . . . $ 45,000 $ 45,000
On common stock. . . . . . . . . . . . . . . . . . . . . . . . .50,000 50,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95,000 $ 95,000
Retained earnings, December 31 . . . . . . . . . . .$6,180,000 $5,375,000
Stargel Inc.
Comparative Income Statement
For the Years Ended December 31, 2014 and 2013
2014 2013
Sales (all on account) . . . . . . . . . . . . . . . . . . . $10,050,000 $9,450,000
Sales returns and allowances . . . . . . . . . . . . . . .50,000 50,000
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,000,000 $9,400,000
Cost of goods sold. . . . . . . . . . . . . . . . . . . . . . 5,350,000 4,950,000
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,650,000 $4,450,000
Selling expenses . . . . . . . . . . . . . . . . . . . . . . .$ 2,000,000 $1,880,000
Administrative expenses . . . . . . . . . . . . . . . . . 1,500,000 1,410,000
Total operating expenses . . . . . . . . . . . . . . . . $ 3,500,000 $3,290,000
Income from operations . . . . . . . . . . . . . . . . . $ 1,150,000 $1,160,000
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . .150,000 140,000
$ 1,300,000 $1,300,000
Other expense (interest) . . . . . . . . . . . . . . . . . . 170,000 150,000
Income before income tax . . . . . . . . . . . . . . . $ 1,130,000 $1,150,000
Income tax expense . . . . . . . . . . . . . . . . . . . . . .230,000 225,000
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 900,000 $ 925,000
Stargel Inc.
Comparative Balance Sheet
December 31, 20Y2 and 20Y1.
20Y2 20Y1
Assets
Current assets:
Cash $500,000 $400,000
Marketable securities 1,010,000 1,000,000
Accounts receivable (net) 740,000 510,000
Inventories 1,190,000 950,000
Prepaid expenses 250,000 229,000
Total current assets $3,690,000 $3,089,000
Long-term investments 2,350,000 2,300,000
Property, plant, and equipment (net) 3,740,000 3,366,000
Total assets $9,780,000 $8,755,000
Liabilities
Current liabilities $900,000 $880,000
Long-term liabilities:
Mortgage note payable, 10% $200,000 $0
Bonds payable, 10% 1,500,000 1,500,000
Total long-term liabilities $1,700,000 $1,500,000
Total liabilities $2,600,000 $2,380,000
Required:
Determine the following measures for 20Y2, rounding to one decimal place, except dollar amounts which should be rounded to the nearest cent. Assume 365 days a year.
Return on total assets %
Return on stockholders’ equity %
Return on common stockholders’ equity %
benefits of public corporations in kenya
briefly explain how undertaking of agricultural modernisation is reducing open - urban employment
O False
QUESTION 2
Management is the process of coordinating people and other resources.
O True
O False
QUESTION 2
Answer:
True
Explanation:
Managing is to look over and control people or things to be sure everyone/everything works as intended.
The process of coordinating the individuals and the related resources is to be considered as management.
Option A is correct.
What is coordination?Coordination is the act of harmonizing and maintains a healthy synchronization between the activities and the workforce performing them.
The management is the method of synchronize and administer the working roles assigned to the team members or the workforce. This could be done by making a good hierarchy where it directs the work force to whom they are going to report.
Therefore, the provided statement is true.
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20) Tudor's Deli and Catering could have sold their delivery van on December 31, 2010 for $16,000. If they
could sell the same van on December 31, 2011, for $13,000, then the economic depreciation in 2011 for this
van
Answer:
13000-16000=3000
The property depreciated for 18.75 percent
In the month of March the Chester Corporation received and delivered orders of 182,000 units at a price of $15.00 for revenue of $2.730mil for their product Cedar. Chester uses the accrual method of accounting and offers 30 day credit terms. By the end of May Chester had collected payments of $2.730mil for the March deliveries. How much of the collected $2.730mil should Chester show on the March 31st income statement and how much on the May 31st income statement?
The fastest-growing economy in the world in 2017 was ________. Group of answer choices Sierra Leone Afghanistan Macau China Libya
The world's fastest-growing economy in 2017 was China.
The People's Republic of China is a country located in East Asia that stands out for being one of the world powers and has experienced great economic growth in recent years.
China is characterized by having a mixed economic system in which it combines aspects of capitalism and the free market with aspects of socialism. During the revolution, China had a socialist political and economic system.
When their leader Mao died, political leaders began to modify aspects of the socialist economy by creating a mixed economy model that caused its rapid growth. A sample of this is that between 2001 and 2010 its growth was 10.5% and in 2017 it was 6.5%.
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- identify changes and trends as a source of new enterprise ideas
Changes and trends are sources of new enterprise ideas. An example can be found in the advent of technology. The advent of internet-enabled devices has led to the growth of internet service providers. The use of headphones, Bluetooth devices, and other accessories has been borne because of new technologies that were not available some fifty years ago.
Changes in trends can lead to the birth of new businesses. Changes in weather condition that pose the risk of skin damage has led to the popularization of sunblocks.
Internet-enabled devices have also led to the introduction of enterprises that deal with gadgets accesories.
These examples show that changes and trends are sources of new enterprise ideas.
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Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit Beginning 10,000 Purchases 45,000 Available for use 55,000 Direct materials used 46,500 Ending 8,500 Work in Process Inventory Debit Credit Beginning 14,000 Direct materials used 46,500 Direct labor 27,500 Overhead 55,000 143,000 Cost of goods manufactured 131,000 Ending 12,000 Finished Goods Inventory Debit Credit Beginning 16,000 Cost of goods manufactured 131,000 Available for sale 147,000 Cost of goods sold 129,000 Ending 18,000 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year.
Cost of goods manufactured is $131,000 and Cost of goods sold is $129,000.
Cost of goods manufactured
Particulars Amount
Direct Material:
Beginning Inventory of Raw Material $10000
Add: Purchase of raw material $45000
Raw material available for use $55000
Less: Ending inventory of Raw material ($8500)
Direct Material used $46500
Direct labor $27500
Factory Overhead $55000
Total manufacturing Cost $129000
Add: Beginning inventory of WIP $14000
Total cost of WIP $143000
Less: Ending Inventory of WIP ($12000)
Cost of goods Manufactured $131000
Cost of goods sold for the year:
Particulars Amount
Beginning stock of finished goods $16000
Cost of goods manufactured $131000
Goods available for sale $147000
Ending stock of Finished goods ($18000)
Cost of goods sold $129000
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Help me please
With one worker, total production is 100. When a second worker is added, total product
increases to 300. The marginal product of the second worker is ….???
100.
200.
400.
300.
Total production is 100
let the product of second worker be x
then 100+x = 300
x = 200
The marginal product of the second worker is 200
Everfi
You have to match the boxes with the section
Answer:
Needs : Frappuccino before work each day and winter coat
Wants: monthly loan payment and paying extra on the principal loan amount
Saving: rent on your apartment
Answer:
Explanation:
.
Crane Company estimates that unit sales will be 8,000 in quarter 1, 11,200 in quarter 2, 12,000 in quarter 3, and 14,400 in quarter 4. Using a unit selling price of $68 per unit. Prepare the sales budget by quarters for the year ending December 31, 2022.
The total sales of the quarter is $2.918,400.
Sales Budget (Quarter)
1 2 3 4
Expected unit sales 8,000 11,200 12,000 14,400
Unit selling price $68 $68 $68 $68
Total sales $512,000 $716,800 $768,000 $921,600
Hence, the total sales of the quarter is $2.918,400
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Why are developing countries experiensing rapid population growth while developed countries are growing slowly or not at all?
Answer:
Population growth in developing countries will be greater due to lack of education for girls and women, and the lack of information and access to birth control.
Carry learning!
Study hard!
Brainliest please!
Thank you
Owing to his impulsive buying habits, Ronnie's unpaid credit card balances pile up to $9,000. As Ronnie does not have enough money to clear his bills, he is in a deep financial crisis. In this scenario, the first step that Ronnie should take is to:
In case of financial crisis where Ronnie is under debt is advised to avoid further usage of his credit card.
What is financial crisis?Financial crisis for an individual is when he is under huge debt and lacks money to clear his dues towards the creditors. In the above case, Ronnie is under financial crisis due to a credit card bill of $9000.
Ronnie lacks money to repay the amount of debt, and thus he is advised to stop using his credit card so that his debts do not pile up more. Also, he is advised to take financial help from a friend, so he can pay the bill, and avoid reducing his credit rating.
Hence, the steps to be taken by Ronnie during the condition of financial crisis are as aforementioned.
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At a new client meeting, the outside CPA learns the following:
1. The recently fired bookkeeper has been discovered as embezzling over $100,000, but the full amount is not yet quantified. The tax preparer was related to the bookkeeper.
2. There is a foreign entity (China) company and the books and records are not translated. It is unclear as to whether it is owned by the owner or the corporation.
3. The staffing is light and the human resources person is doing the billing and the payroll. There are no management concerns with this person.
4. There is a $1 million line of credit for the company with a major bank.
5. The company uses an add-on to QuickBooks for the time and billing (services company) and QuickBooks for the general ledger.
6. The reimbursement policy is nonconforming to the IRS rules.
7. There are three unrelated owners that are all engineers by training.
As an Outside CPA/Auditor:
I. As the outside CPA, what ethical obligations to you have to the professional for taking an assignment like this? Specifically, what type of work is possible?
II. What threats are posed to the outside CPA?
III. What safeguards can be applied at the outside CPA level?
IV. How should the China business be dealt with?
V. What obligations do you have for the potential tax issues? How would you document or discuss these issues?
As the newly hired CPA/controller for the same company above:
I. If you work to work for the company as the CPA controller, what threats do you see on the onset?
II. What safeguards can you put in place?
III. How would you handle the remaining staff?
IV. If the human resources staff has been working well at the job, then what is the harm of letting the payroll remain with HR?
V. What would you insist be in your employment agreement?
Answer:
I am a teacher at Ohio college and when I looked at the question I looked like the answer would be 60
Explanation:
I would explain But I want to see if you can figure out why 60 is the answer
1. Cedric enters into a contract with Claudia to buy her house for $150,000. Claudia decides later not to sell
because she is so emotionally attached to the house. Cedric insists that he is entitled to the house. Cedric can
successfully sue for specific performance.
Answer:
True
Explanation:
Trust me
Identify the type of social responsibility discussed in the case with regard to
responsibility towards the environment. Explain with reason.
Corporate social responsibility (CSR) is the idea that a business has a responsibility to the society that exists around it, according to the online course Sustainable Business Strategy. Firms that embrace corporate social responsibility are typically organized in a manner that empowers them to be and act in a socially responsible way. It’s a form of self-regulation that can be expressed in initiatives or strategies, depending on an organization’s goals. Exactly what “socially responsible” means varies from organization to organization. Firms are often guided by a concept known as the triple bottom line, which dictates that a business should be committed to measuring its social and environmental impact, along with its profits. The adage “profit, people, planet” is often used to summarize the driving force behind the triple bottom line.
Jessie's car broke down, and she needs to borrow money to pay for repairs. She wants to use her car as collateral for a short-term loan. This type of loan is called a ____.
A. title loan
B. line of credit
C. mortgage
D. payday loan
Jessie wants to use her car as collateral for a short-term loan. This type of loan is called a title loan.
What is title loan?Title loan is the loan in which assets are required for the collateral, this loan is very popular because it takes very short span of time to get approvals from the financial institute and credit rating is not considered at the time of giving loan.
Thus, option A is correct.
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Rachel's Recordings reported net income of $240,000. Beginning balances in Accounts Receivable and Accounts Payable were $19,000 and $22,000 respectively. Ending balances in these accounts were $8,500 and $28,000, respectively. Assuming that all relevant information has been presented, Rachel's net cash flows from operating activities would be: ____________
a. $240,000.
b. $250,500.
c. $256,500.
d. $223,500.
Based on Rachel's Recording net income and Account Receivables and Payables, the net cash from operating activities must be c. $256,000
When calculating net cash from operating activities:
Increases (decreases) in Accounts Receivables are deducted (added) from the net income Decreases (increases) in Accounts Payable are deducted (added) from net incomeThe net cash from operating activities will therefore be:
= 240,000 + (19,000 - 8,500) + (28,000 - 22,000)
= 240,000 + 10,500 + 6,000
= $256,500
In conclusion, the net cash from operations is $256,000
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