Answers
The credit that can result in a refund, even if the individual had no income tax liability is the Earned Income Credit. Option C is correct.
The Earned Income Credit (EIC) is a refundable tax credit for low to moderate-income working individuals and couples, particularly those with children. This means that the credit can not only reduce the tax liability of an individual but also result in a refund, even if the individual had no income tax liability. The credit is calculated based on the earned income and number of qualifying children, and the amount of the credit decreases as the income and number of children increase.
On the other hand, the other credits mentioned in the question - Credit for prior year minimum tax (A), Elderly and permanently and totally disabled credit (B), and Child and dependent care credit (D) - are nonrefundable credits, meaning that they can reduce the tax liability of an individual but cannot result in a refund if the credit amount exceeds the tax liability. Hence Option C is correct.
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Related Questions
compare and contrast different types of source documents
Answers
Answer:
Bank Statements.
Payroll Reports.
Invoices.
Leases & Contracts.
Check Registers.
Purchase Orders.
Deposit Slips – not included on a bank statement.
Check Copies – not included on a bank statement
Explanation:
1 v
Next O
Workplace Legislation and Workplace Policy: Mastery Test Submit Test
Tools
elect the correct answer from each drop-down menu.
ourteen-year old Eric wants to work during his school vacation. What time limits would apply to Eric on normal days to take up any work?
Eric may only work between 7 a.m.
and 7pm.
during his school vacation.
THIS IS NOT A QUESTION THIS IS THE ANSWER TO INTRO TO ENTREPRENEURSHIP SEM 2
Answers
The time limits that will apply to Eric will be limited to only work between 7 a.m. and 7 p.m. during his school vacation.
What is a time limit in Workplace Legislation?This legislation outlines the appropriate and favorable time that employees is allowed to work at the employer's service.
Here, based on general practice, the time limits that will apply to Eric will be limited to only work between 7 a.m. and 7 p.m. during his school vacation.
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Antiques ‘R’ Us is a mature manufacturing firm. The company just paid a dividend of $11.60, but management expects to reduce the payout by 5.25 percent per year, indefinitely. If you require a return of 11 percent on this stock, what will you pay for a share today?
Answers
If you require a return of 11% on this stock, you would be willing to pay approximately $191.13 for a share of Antiques 'R' Us today.
To determine the current share price of Antiques 'R' Us, we can use the dividend discount model (DDM) which calculates the present value of future dividends.
Given:
Dividend just paid = $11.60
Dividend reduction rate = 5.25% per year
Required return = 11%
We need to find the present value of future dividends to calculate the current share price.
Step 1: Calculate the expected dividend in the next period:
Expected dividend in the next period = Dividend just paid × (1 - Dividend reduction rate)
Expected dividend in the next period = $11.60 × (1 - 0.0525) = $11.60 × 0.9475 = $11.007
Step 2: Calculate the present value of future dividends:
Present value of future dividends = Expected dividend in the next period / (Required return - Dividend reduction rate)
Present value of future dividends = $11.007 / (0.11 - 0.0525) = $11.007 / 0.0575 = $191.13
Step 3: Calculate the current share price:
Since the dividend reduction rate is applied indefinitely, the current share price is the present value of future dividends.
Current share price = $191.13
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Prompt What is the term for a potential customer who has shown interest in the company‘s product?
Answers
discuss five engagement-specific controls to be instituted by an audit firm to ensure quality control
Answers
Answer:
The quality control policies and procedures applicable to a firm's accounting and auditing practice should encompass the following elements:
Independence, Integrity, and Objectivity.
Personnel Management.
Acceptance and Continuance of Clients and Engagements.
Engagement Performance.
Monitoring.
Read the following paragraphs about four films and then identify the purpose of each paragraph.
Answers
According to the paragraph, (1) The paragraph of the conclusion made to evaluate. (2) To Summarize. (3) To Synthesize. (4) To Analyze.
What is the main purpose of each paragraph?Your paragraphs help to clarify, establish, and support your thesis statement or argument while also directing the reader through the document.
An successful paragraph should always have the following four components: unity, coherence, a topic sentence, and adequate development. One main topic or point should be covered in each paragraph.
Therefore, After reading the following paragraphs about four films and then identifying the purpose of each paragraph the conclusion made is:
To Evaluate.To Summarize.To Synthesize.To Analyze.To know more about the paragraph, visit:
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The complete question is attached:
What will produce more accurate results when giving a survey?
A. Using the word "frequently" in a question
B. Creating face-to-face interviews
C. Adding boxes to check for answers
D. Creating an open questions
Answers
Answer:
Option B; Creating face-to-face interviews
Explanation:
Research has shown that face-to-face interviews tend to produce more accurate results when giving a survey. So the correct answer is option B.
The ratio of current assets and current liabilities at BHP is equal to 3. Suppose current assets and current liabilities increase by the same dollar amount.
Consider the following statements:
(I) net working capital increases
(II) net working capital is unchanged
(III) current ratio increases
(IV) current ratio decreases
Which of the following statements is correct?
(I) and (III) are both true
(II) and (III) are both true
(II) and (IV) are both true
(I) and (IV) are both true
Answers
Net working capital is unchanged and current ratio decreases is correct. Hence, option C is correct.
What is net working capital?The difference between a company's short-term assets and its short-term debts and liabilities is known as net working capital (NWC). Positive net working capital is excellent since it shows that a company's financial obligations have been met and allows it to invest in other operational needs.
Working capital, which includes inventory, cash, accounts payable, accounts receivable, and short-term debt, reflects a company's ability to manage daily expenses. It serves as a gauge of both an organization's overall effectiveness and short-term financial position.
Thus, option C is correct.
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What stock should I buy
Answers
Simple interest is paid oniy on the
Answers
Answer:
Principal amount only
Explanation:
Simple interest is calculated based on the principal amount borrowed or the principal deposit. If the principal amount does not change, the simple interest earned will remain a constant figure through the loan or deposit life. Simple interest does not increase or decrease the principal amount.
Simple interest contrast with compound interest that adds interest earned to the principal amount at the end of a season.
Question 1: Topic - Bank Reconciliation
The 2020 June bank statement of Wheeler Ltd has just been received from its bankers. The owner, Ken
Wheeler, has been quietly monitoring internal controls over few months and has sufficient grounds to
believe that cash is being misappropriated in his business. He has approached an accounting consultant,
Tony, to verify his accounting records and confirm his worst fears. Tony is supplied with the
reconciliation statement at the end of last month together with the cash records and the most recent bank
statement of Wheeler Ltd.
Last Month’s Reconciliation statement is presented below:
Bank Reconciliation Statement as at 31 May 2020
($)
Balance as per Bank Statement 30 April 2020 4328.90 Cr
Add: Outstanding Deposit 1224.50
5553.40
Less: Unpresented Cheques 223.70
Balance per Cash at Bank Account at 31 May 2020 $5329.70 Dr
The total of the cash receipts journal for June is $64,776.30 and the total of the cash payments journal is
$63,265.60. The current bank statement shows that cheques presented and paid amount to $59,725.10,
and total deposits amount to $64,780.60. There are also additional debits on the statement for a
dishonored cheque for $210, and account fees for $20.
Additional information:
An examination of the records reveals that all reconciling items at 31 May 2020 appear in the bank
statement for June, unpresented cheques at 30 June total $7154.40, and the 30 June deposit of
$1950.40 has not been credited by the bank. Your check of the cash journals reveals that addition errors
have been made by the clerks responsible. Receipts should total $65,766.30 and payments should total
$63,185.60.
Required:
a) Prepare the Cash at Bank account of Wheeler Ltd showing the final balance at 30 June 2020.
(4 marks)
b) Prepare the bank reconciliation statement of Wheeler Ltd at 30 June 2020. (4 marks)
c) Advice the owner, Ken Wheeler, whether cash is being misappropriated by any amount, assuming
that the records maintained by the bank are accurate. (3 marks)
Answers
Answer:
Wheeler Ltd
Balance per Cash at Bank Account at 31 May 2020 $5,329.70 DR
Total cash receipts for June, 2020 $65,766.30
less Total cash payments for June, 2020 ($63,185.60)
Dishonored check ($210.00)
Bank charges ($20.00)
Adjusted balance per Cash at Bank $7,680.40 DR
Bank Reconciliation Statement at 30 June 2020
Adjusted balance per Cash at Bank $7,680.40
Add Unpresented cheques at 30 June total $7,154.40
Less Uncredited deposits = ($1,950.40)
Balance as per bank statement, 30 June, 2020 $12,884.40
c) Cash was misappropriated by $1,070 with the under-counting of cash receipts ($990) and overstatement of cash payments ($80).
Explanation:
a) Data and Calculations:
Total cash receipts = $64,776.30 $65,766.30 $990 error understated
Total cash payments = $63,265.60 $63,185.60 $80 error overstated
Checks presented and paid by bank = $59,725.10
Checks deposited in June = $64,780.60
Dishonored check $210
Bank charges $20
Additional information:
Unpresented cheques at 30 June total $7,154.40
Uncredited deposits = $1,950.40
Lin Land Ltd. (LLL) is considering investing in an apartment complex. The sale price is $450,000 and LLL expects to have positive after-tax cash flows from rents of $20,000 for the next three years. At the end of the third year, LLL anticipates selling the apartment complex for a net after-tax gain on sale of $500,000. If LLL's required return is 15%, should LLL go ahead and purchase the apartment complex?
Answers
Answer:
no
Explanation:
we need to determine the npv to know if it is suitable
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
cash flow in year 0 = -450,000
cash flow in year 1 and 2 = 20,000
cash flow in year 3 = 20,000 + 500,000
i = 15%
npv = -75,577.38
You’ve just read the article about Macy’s and Nordstrom’s. Why do you think companies like Macy's have to move to an Omnichannel strategy for selling their products?
Answers
The companies like Macy have to move to an Omnichannel strategy for selling their products because in Omnichannel strategy, products are sold through several distribution channels.
What is a distribution channels?Distribution channel serves as the means by which companies make their products to be available to final consumer.
This channels encompass retailers as well as wholesaler, and in In omni channel, all the distribution channels are linked to each other.
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What is the job outlook for a US postal worker?
The career is growing and will provide more opportunities over time.
The career is growing and will provide fewer opportunities over time,
O The career is shrinking and will provide more opportunities over time.
O The career is shrinking and will provide fewer opportunities over time.
Answers
Answer:
D: The career is shrinking and will provide fewer opportunities over time.
Explanation:
on edge2021! hope this helps!!~ (*~▽~)
The job outlook for a US postal worker is uncertain. While the postal service has been a long-standing and essential part of the United States infrastructure. Hence option D is correct
It has faced many challenges in recent years. The rise of digital communication and e-commerce has led to a decline in mail volume, and the postal worker has struggled to stay financially solvent. Additionally, there have been ongoing debates about the need for postal service , which could have a significant impact on the workforce.
That being said, the USPS still employs over 500,000 workers and is a vital part of many communities. While there may be some fluctuations in job availability,postal worker is unlikely that the career will disappear entirely postal service
As the postal service continues to adapt to changing technology and consumer needs, there may be opportunities for growth and innovation within the industry. Ultimately, the job outlook for a US postal worker will depend on a variety of factors and may vary from region to region.
Thus option D is correct .
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lack hshshahababahjjss
Answers
Answer:
wjwksjsbdjdhdhsjdns
Explanation:
Human resources development is important because it is an investment in one's employees that will ultimately result in a stronger and more effectiv
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paid rent of Rs.25000 by cheque. make journal entry
Answers
Answer:
see below
Explanation:
Rent is an expense to the business. An increase in expenses is debited.
rent was paid by cheque. The transaction will reduce money held at the bank( asset) by Rs. 25,000. A reduction in assets is credited.
The journal entry will be
Rent A/c Dr. Rs. 25,000
Bank A/c Cr. Rs. 25,000
analyse the impact of monitoring and evaluating quality processes on the motor industry
Answers
Effective monitoring and evaluation of quality processes can have a positive impact on the motor industry by improving product quality, customer satisfaction, and competitiveness. However, this requires a commitment to continuous improvement and a willingness to invest in quality management systems and processes.
Monitoring and evaluating quality processes have become increasingly important in the motor industry, especially as customers demand higher levels of quality, safety, and reliability in their vehicles. By implementing effective quality management systems, automakers can improve their manufacturing processes, reduce defects and recalls, and increase customer satisfaction and loyalty.
Effective monitoring and evaluation of quality processes can also help automakers identify and address potential issues before they become major problems, saving time and costs in the long run. This can also lead to a more efficient production process, reducing waste and improving overall productivity.
Also, monitoring and evaluating quality processes can also help automakers comply with industry regulations and standards, ensuring that their products meet the required safety and environmental requirements.
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Assignment I: Case 2
You have served three years as head of your state's
human services agency. In general, your relationship wit
the governor has been quite good, and your relationshi
with the legislature (which is dominated by the
governor's party) has been congenial as well. Recently,
however, there has been a move in the legislature to
reduce funding for a child-care program you think is
essential to finding and maintaining employment for
women on welfare. What would you do?
Answers
Since my relationship with the governor has been quite good, I will first talk to him about the issue and then also put it in writing to him. I will talk to him about me sending a proposal to the legislature on the reason why the reduction of funding for a child-care program should not be implemented and he should use his good office to influence the legislature so that when it is time to decide, all will be in favor of not cutting down on the funds.
I will also state the reason why it is good see and keep employment for women on welfare.
The act of getting or providing finance for a transaction or business is referred to as financing. Money supplied, particularly by a government or organization, for a specific purpose is referred to as funding.
Child Care Program refers to a single facility, a collection of facilities, or both that are run by a single owner or are under the supervision of a single organization.
Funding is to contribute funds in order to support a project, activity, or group: For example My journey to Canada will be paid for by the LIMA corporation. Any regulated structure that offers education and care to children from birth until the start of compulsory primary school is referred to as early childhood education and care.
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Under the FINRA Conduct Rules, a broker-dealer may charge a customer all of the following services except:_______.a. collection of dividends on margin securities.
b. safekeeping of securities.
c. appraisals of securities in a customer portfolio.
d. distributing proxies to holders of securities in margin account.
Answers
Answer:
distributing proxies to holders of securities in margin account
Explanation:
Proxies are voting materials on shares that are given by the issuer of the shares to the brokerage that is holding the shares.
Proxies are paid for by the issuer and not the customer.
A broker is allowed to charge for various services rendered. For trading and market related services the 5% rule holds, while for other clerical services such as collection of dividends, safe keeping appraisal of securities, and transfer of securites.
Charges must be fair and reasonable.
Three basic questions of economics are:
a. Why? How? What? b. What? How? For Whom?
c. What? Where? When? d. What? How? Where
Answers
After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel. To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest). In other words, he used _____ financing.
Answers
Answer:
Debt financing
Explanation:
Debt financing is defined as borrowing that a company undertakes to finance it's operations by selling of debt instruments to investors.
The debt instrument attracts interest payment.
Examples of debt financing includes bank loans, loans from friends and family, and government backed loans.
In the given scenario Joseph Tantillo decided to borrow money from his parents to start a retail Web site that specializes in personalized Greek apparel. This is debt financing
In contrast equity financing involves sale of shares to obtain capital
ALOT OF POINTS MARKING PEOPLE AS BRAINLIST
You've been watching a stock that currently trades at $85 per share. You'd buy it if it were less expensive, say $75 per share. You think that by year-end, the stock will go to $130 and then level off or decline. You place a limit order to buy 100 shares at $ 75 and a limit order to sell at $130. It turns out that you were right about the direction of the price move and it goes straight to $140. What is your position?
Answers
Answer:
Stock portfolio is weighted in $$ not shares.
weight = 100% * (position value) / (portfolio value)
Stock A
155 * $88 = $13,640
Stock B
130 * $98 = $12,740
if these are the only two positions in the portfolio then the total portfolio value is:
$13,640 + $12,740 = $26,380
weight A = 100% * $13,640 / $26,380
= 51.7%
then, since there's only two positions the weight of B is: 100% - 51.7% = 48.3%
Explanation:
Bali Inc. reported $605,800 net income before tax on this year’s financial statements prepared in accordance with GAAP. The corporation’s records reveal the following information.
• Depreciation expense per books was $53,000, and MACRS depreciation was $27,400.
• Bali sold business equipment for $100,000 cash. The original cost of the equipment was $125,000. Book accumulated depreciation through date of sale was $48,000, and MACRS accumulated depreciation through date of sale was $63,000.
• Bali sold investment land to Coroda, a corporation owned by the same person that owns Bali. The amount realized on sale was $115,000, and Bali’s basis in the land was $40,000.
• Bali sold marketable securities to its sole shareholder. The amount realized on sale was $51,450, and Bali’s basis in the securities was $75,000. Compute ZEJ’s taxable income.
Answers
Answer:
$669,950
Explanation:
Computation of taxable income
Bali’s net book income before tax$605,800 Excess of book over tax depreciation25,600
Book gain on equipment sale$(23,000)
(53,000-27,400)
Tax gain on equipment sale38,000 15,000
(23,000-38,000=15,000)
Nondeductible loss on sale to related party 23,550
(75,000-51,450)
Taxable income$669,950
(605,800+25,600+15,000+23,550)
Therefore the taxable income will be $669,950
Hector received three A’s and one b in his college course. What is his grade point average? Assume each course is three credits. A=4.0, b=3.0, c=2.0, d=1.0
Answers
Answer:
I think it is A id don't know
See Chapter 19, sections 19.9 and Cases. The project will be a continuation of how to improve the process you chose in Competency 1. Apply project management tools and a project management outline type of your choice to structure and plan the project by defining, planning, and controlling. Create a 10- to 12-slide PowerPoint presentation (supported by Excel and Word as needed), with detailed speaker notes, that includes the following: • Project description • Project Management Charts (Critical Path, Gantt Chart, etc.) • Meeting cadence/rhythm and timing • Metrics to measure the project's success • Financial and budgetary considerations • Description of the project reporting structure
Answers
I DON'T KNOW THE ANSWER I'm sorry
Which of the following is not a reason why brand loyalty is declining?
Answers
Customers that purchase from you have a sense of belonging to the brand's community, which includes other customers and business representatives. Active involvement is the best illustration of brand loyalty.
What are the three tiers of brand loyalty, ranked from the least to the most intense?Understanding the three stages of brand loyalty—brand recognition, brand preference, and brand insistence—will help you better grasp how consumers view brand loyalty.
Which industry-specific factors are most likely to result in surplus capacity?Overinvestment, suppressed demand, technical advancement, and external shocks—such as a financial crisis—among other elements, can all contribute to excess capacity. Incorrect market predictions or improper resource allocation can also result in excess capacity.
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Types of controls used to assess the effectiveness of marketing operations
Answers
Existing customer analysis
Testing research with a focus group
Customer opinions and feedback
Your welcome if this helps
The following information relating to a company's overhead costs is available.
Actual total variable overhead $74,000
Actual total fixed overhead $18,000
Budgeted variable overhead rate per machine hour $2.00
Budgeted total fixed overhead $16,000
Budgeted machine hours allowed for actual output 44,000
Based on this information, the total variable overhead variance is:
a. $2,000 favorable.
b. $6,000 favorable.
c. $2,000 unfavorable.
d. $6,000 unfavorable.
e. $1,000 favorable.
Answers
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $156,000. The machine's useful life is estimated to be 20 years, or 110,000 units of product, with a $1,000 salvage value. During its second year, the machine produces 4,400 units of product. Determine the machines' second-year depreciation under the straight-line method.
Multiple Choice
$7,800.
$6,240.
$6,200.
$7,850.
$7,750.
Answers
Answer:
Explanation:
Annual depreciation=(cost-salvage value)/useful life
Annual depreciation =(156,000-1000)/20
Annual depreciation =$7750/year
Hence Depreciation for second year=$7750.
Which is a commodity someone might invest in?
a) a mutual fund
b) natural resources
c) government bonds
d) a certificate of deposit
Answers
Answer:
b) natural resources
Explanation:
Natural resources refer to valuable materials found beneath, above, and on the earth's surface. They are naturally occurring, meaning no human effort is required in producing them. Natural resources make a good source of wealth. Examples of natural resources are land, mineral, oils and gas, forests, water, sunlight, wind, and many others.
Anyone with access to natural resources can invest to make them marketable products. Extraction of oil and refining is an example of investing in natural resources. Processing of trees to wood, use of solar to generate power are other examples.
Answer B) natural resources.
Explanation:
Hope this helps! :)