Kim paid her nanny $20,000 during 2021 to watch her three children, Finn (3). Rachel (5) and Caltlyn (7) If Kim's AGI is $126,000, what amount of the dependent care credit would she be able to claim? O a $7,840 O b. $9,800 c. $16,000 O d. $20,000
Q: Turk Company had net income of $1,792,000 for the year ended December 31, 2020. The Company has…
A: EARNING PER SHARE EPS is the monetary value of earning per outstanding Share of Common stock for…
Q: a. 2. Prepare an estimated income statement, comparing operating results if 40,000 and 50,000 units…
A: Variable costing method :— Under this method of costing, product cost per unit is calculated by…
Q: Prepare September's direct materials purchases budget for Your Pie Inc. YOUR PIE INC. Direct…
A: Introduction:- The direct materials purchase budget measures direct materials should be purchased in…
Q: Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc.…
A: As per the absorption costing method, the product cost includes fixed and variable manufacturing…
Q: n 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…
A: FICA Social Security Tax Withheld A payroll tax is required to be deducted from employees' paychecks…
Q: small air conditioning repair and parts supply company employ 25 workmen who perform services tasks…
A: The observed risks in the scenario are as following: 1.Harold Jones staggering his vacations so…
Q: Accounting Garry is a partner in an accounting firm in Sydney. Garry is currently looking at his…
A: Answer: Garry is most likely to provide audit services to which of the above clients? Garry is most…
Q: Hunter's November bank statement shows the following: Balance Add: Deposits Debit cheques: Other…
A: A bank reconciliation statement is a summary of banking and business activities that checks that the…
Q: am not confident my EPS numbers are working, we need this to calculate the next questions, am I on…
A: As per the Honor code of Bartleby we are bound to given the answer of first three sub part only,…
Q: Can you answer problem 2 as well? Thank you.
A: Break even sales is the point of sale where is no profit no loss situation. It means at break even…
Q: Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies…
A: Weighted Average Cost Method The COGS and inventory amounts are determined using a weighted average…
Q: The Hubbard Corporation is a distributor of hair care products and is ready to start the third…
A: The question is asked about the cash budget, cash receipts, and loan repayment capability. Cash…
Q: Investors require a 6% rate of return on Mather Company's stock (i.e., rs = 6%). What is its value…
A: According to Gordon Model, Current market value of company is calculated using the below formula :—…
Q: 1: Neil Mitchell earns $11/hour. During the most recent week, he receives a discretionary bonus of…
A: If an employee works more than 40 hours in a week, then he must be paid overtime 1.5 times of the…
Q: Fit-for-Life Foods reports the following income statement accounts for the year ended December 31…
A: A multi-step income statement is a written record of a company's revenue, expenses, and costs for a…
Q: ash. accounts Receivable. supplies.. repaid Insurance. Office Equipment.. Accounts Payable..…
A: Trial balance refers to the financial document which reflects the end balances of all the ledger…
Q: Problem 9-6 (IFRS) Purple Company has correctly classified the packaging operation as a disposal…
A: Lets understand the basics. As per IFRS 5 "Non current asset held for sale", discontinued operation…
Q: Which of the following is not a vendor transaction? Multiple Choice Order products Pay bills Make…
A: Vendor are the the one which does the Sales of Products and/or provide the services to another…
Q: what is the present value of the capital allowance tax benefits (to the nearest £1,000)
A: Given in the question: Machine Cost £8,00,000 Residual Value £25,000 Total Life in…
Q: 1 Which of the following investors of a segregated funds contract will NOT benefit from the…
A: In segregated funds, investors have been given guarantee of 75% or 100%(in some contracts) of…
Q: Ries, Bax, and Thomas invested $28,000, $44,000, and $52,000, respectively, in a partnership. During…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: Freight-in Purchase returns At cost
A:
Q: Presented below are the 2016 income statement and comparative balance sheets for Santana Industries.…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Fair value of the copiers at January 1, 2018: $24 million. What is the outstanding balance of the…
A: Lease Liability The responsibility to make lease payments is represented by the lease liability,…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…
Q: Gall Schneewels is a nurse at Central City Hospital. She is paid $32.87 per hour and has a 40-hour…
A: Gross pay of the employee includes the normal pay and overtime pay. Overtime pay is the extra…
Q: 18) Marie acquired a 100% shareholding in Luke for $500,000 when Luke's fair value of net assets was…
A: Impairment happens when the fair market value of a business asset falls below the asset's book value…
Q: Some of J and B Electronics' merchandise is gathering dust. It is now December 31, 2024, and the…
A: We should Debit cost of goods sold and credit merchandise inventory at $14,000, in order to write…
Q: What is the term used for information that should be collected from a source which can be verified,…
A: Bank accounts, management accounts, payrolls, bank statements, invoices, and receipts are some…
Q: The following accounts appear in the led $1,500 1,800 2,000 3,200 1,200 Accounts Payable Accounts…
A: The balance sheet is one of the financial statements of the business. The balance sheet represents…
Q: Swifty Merchandise planned to produce 47,000 fleece jackets in its Metairie, Louisiana, factory.…
A:
Q: Hercula Cycles started January with 12 bicycles that cost $42 each. On January 16, Hercula purchased…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried…
A: Income tax refers to the tax which the government or the tax authorities imposes on the generated…
Q: $35,770. What liability should Fins report on its balance sheet as of December 31, 2021?
A: Liability that Fins should report on its balance sheet as on December 31,2021
Q: New Hope reported the following income statement for the year ended December 31, 2025: (Click the…
A: INTRODUCTION: The inventory turnover ratio, also known as the stock turnover ratio, is an efficiency…
Q: Accounting True or False/ Why: Companies that sell on open-account to reputable customers can…
A: Account Receivables: It refers to the account of the customers that are unpaid. In simple words it…
Q: Costs to be capitalized in the inventory account include which of the following? a. Cost of the…
A: Introduction:-. Inventory account shown on the balance sheet under current assets section.…
Q: if you can earn 2.5% per year on your investment how long will it take to double your money
A: According to the given question, we are required to compute how long the time period will take to…
Q: NoDelay Delivery Corporation included the following disclosure note in an annual report: Stock-Based…
A: Employee Stock Option Plan: An employee stock option plan, often known as an employee stock…
Q: PSb 4-6 Populate a Payroll Register Complete the remaining columns of the payroll register for the…
A: The payroll register includes the payment details of each employee working in an organization along…
Q: he quality of Walmart’s financial information helps its users to correct their prior expectations on…
A: 1)understandability 2)consistency 3)faithful representation
Q: Bristo Corporation has sales of 1,500 units at $50 per unit. Variable expenses are 40% of the…
A: Degree of operating leverage measure the change in net income due to change in the sales revenue.
Q: Moyas Corporation sells a single product for $20 per unit. Last year, the company's sales revenue…
A: Break even point represents the situation where the company does not earn profit nor it incur the…
Q: Solve 29-day billing cycle 4/17 Billing date Previous Balance $1,100 4/27…
A: The average daily balance is a common accounting method that calculates interest charges by…
Q: American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton…
A: Solution 1: Journal Entries - American food service Date Particulars Debit Credit…
Q: Prepare the necessary journal entries for the following dates for Rodney Inc.
A: Lets understand the basics. When notes payable received contain lessor interest rate than market…
Q: a. The owner's initial investment consists of $36,570 cash and $46,080 in land in exchange for its…
A: In the given question, we need to prepare a Statement of cash flows under direct method( as the…
Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man…
A: Use the third column (Married filing separately) for our computation :- Total income= $143,000.…
Q: Year 2014 2015 2016 2017 2018 Totals Actual Sales in Gallons Weight 2016 2017 2018 424,000 425,000…
A: Every company has some goals, vision, and mission. There are some risks and uncertainties in…
Q: Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car.…
A: Requirement:-a-1 Strictly considering tax factors, should Nitai work or repair his car if the $400…
Step by step
Solved in 3 steps with 2 images
- Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amountVirginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?
- Susan and Derick finalized an adoption in 2020. Their adoption fees totaled $10,000. They have AGI of $238,520 for 2020. What is their adoption credit? a. $4,000 b. $10,000 c. $7,263 d. $14,300John and Joan pay $16,500 of qualified adoption expenses in 2022 to finalize the adoption of a qualified child. Their AGI is $199,000 for 2022. What is their adoption credit for 2022? a. $0 b. $16,500 c. $14,890 d. $14,300Julie paid $3,300 to the day care center and her AGI is $401,200. What amount of child and dependent care credit can Julie claim in 2021?
- Waylon and Jonah adopted a child with special needs in a domestic adoption. They had $10,400 in adoption expenses in2022, and the adoption was finalized on December 18, 2022. Their MAGI is $101,550. What is the maximum adoption creditthey can claim in 2022?$10,400$14,890$15,400$15,950Waylon and Jonah adopted a child with special needs in a domestic adoption. They had $10,400 in adoption expenses in 2022, and the adoption was finalized on December 18, 2022. Their MAGI is $101,550. What is the maximum adoption credit they can claim in 2022? $10,400 O$14,890 O $15,400 O $15,950 Mark for follow upMr. Babu Kamil is a married person and have a net income of $85,000 in 2021. His spouse has a net income of $4500 and she has no mental or physical infirmity. Calculate the spousal amount to be claimed in Line 30300 $13808 – 4500 = $9,308 Calculate the spousal credit (how much credit Mr. Babu gets from this amount). $9308*15% = $1396.20
- In 2021, Denise has two children who are qualifying persons for the Child and Dependent Care Credit, Ethan and Jeffrey. Ethan has $9,000 in dependent care expenses, and Jeffrey has none. Assuming all other tests are met, what amount of expenses is the credit based on? $3,000 $6,000 $8,000 $9,000Kevin and Shuang have two children, ages 8 and 14. In 2021 they spend $16,200 on eligible employment related expenses for the care of their children after school. Kevin earned a salary of $15,200 and Shuang earned a salary of $68,000. What is the amount of the couple's credit for child and dependent care expenses for 2021? $4,000 $7,600 $8,000 $8,1006. Adrianna wants to provide retirement income for her dependent parents for 23 years should she die. Adriana earns $67,500 and feels that her parents could live on 70% of that amount. If the insurance funds could be invested at 5.5%, how much life insurance does Adrianna purchase using the desired income method? O $714,666.67 $618,666.67 $859,090.91 $1,546,667.84