In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Leave no answer blank. Enter zero if applicable.)a. She received $7,000 from a part-time job. This was her only source of income. She is 16 years old at year-end.
b. She received $7,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 16 years old at year-end.
c. She received $7,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student. (Do not round intermediate calculations.)
d. She received $7,000 of qualified dividend income. This is her only source of income. She is 16 years old at year-end

Answers

Answer 1
Answer:

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  


Related Questions

Donkey-Kong Corporation manufactured 30,000 ice chests during August. The overhead cost-allocation base was $12 per machine-hour. The following variable overhead data pertain to September: Budgeted Actual Production 30,000 units 24,000 units Machine-hours 15,000 hours 10,800 hours Variable overhead cost per machine-hour: $12.00 $11.25What is the variable overhead efficiency variance? a. 51890 favorable b. $34,830 unfavorable c. $36.720 unfavorable e. 512.240 unfavorable
A sudden fall in the market demand in a competitive industry leads to a. A short run market equilibrium price lower than the original equilibrium b. A market equilibrium price higher than the short run price c. Some firms exiting the market d. All of the above
E9-14 Computing and Interpreting the Fixed Asset Turnover Ratio from a Financial Analysts Perspective [LO 9-7] The following data were included in a recent Papaya Inc. annual report (in millions): 2013 2014 2015 2016 Net revenue $ 82,225 $ 120,119 $ 163,500 $ 167,910 Net property, plant, and equipment 4,960 9,380 15,620 17,000 Required: Compute Papaya's fixed asset turnover ratio for 2014, 2015, and 2016. (Do not round intermediate calculations. Round your answers to 1 decimal place.)
Faux Trees Company produces artificial Christmas trees. A local shopping mall recently made a special order offer; the shopping mall would like to purchase 230 extra-large white trees. Faux Trees Company is currently producing and selling 20,000 trees; the company has the excess capacity to handle this special order. The shopping mall has offered to pay $160 for each tree. An accountant at Faux Trees Company provides an estimate of the unit product cost as follows This special order would require an investment of $5000 for the molds required for the extra-large trees. These molds would have no other purpose and would have no salvage value. The special order trees would also have an additional variable cost of $6.03 per unit associated with having a white tree. This special order would not have any effect on the company's other sales. If the special order is accepted, the company's operating income would increase (decrease) by
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Austin, Texas is host to a popular festival, South by Southwest (SXSW) which recently celebrated its 30th anniversary. It has released dates for the new year and invites participants for the unique music, film, and interactive events or sessions from March 10th through 19th. Which category of nontraditional marketing would best characterize the marketing activities to attract attendees for the multi-day festival? (A) ​event
(B) ​cause
(C) ​place
(D) organization

Answers

Answer:

The correct answer is (A) ​event

Explanation:

Event marketing is a strategy that consists of giving memorable experiences to the consumers of a brand, in order to last in their memory. This type of activity aims to identify the brand and connect with it.

Thanks to these events, the company increases its brand recognition, improves the image, establishes strong relationships with customers, employees and suppliers.

Gourd Supermarkets has an extensive training program for all new employees and then has all employees spend a day in customer service and workplace safety training each year.Required:
What contract is it:
a. old social
b. new social?

Answers

Answer:

Old social contract

Explanation:

Old social contract is a type of contract that emphasises the long term commitment between the employer and the employee and stable conditions are defined for both parties.

New social contract on the other hand is one that is short term, and there is little commitment to the contract from both parties.

In the given scenario Gourd Supermarkets provides extensive training program for all new employees. They then spend a day in customer service and workplace safety training each year.

This shows a long term commitment, so it is a form of old social contract.

Answer: a. Old social contract

Explanation: this is an old social contract which is defined as one between an employee and the employer (organisation, business, company or firm) where the employee contributes his/her ability, education, loyalty, and commitment to the organization, and expect wages and benefits, work, advancement, and training in return. Thus, the old social contract emphasizes on long-term commitments with stable conditions between employers and employees. The old social contract is in direct contrast with the new social contract which exists between an employee and an organization wherein the employee takes personal responsibility for employability and the employer gives challenging assignments, lateral career moves, and creative development opportunities.

During January, Luxury Cruise Lines incurs employee salaries of $2.9 million. Withholdings in January are $221,850 for the employee portion of FICA, $435,000 for federal income tax, $181,250 for state income tax, and $29,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $179,800 for federal and state unemployment tax and $87,000 for the employer portion of health insurance.Required:
A) Record the employee salary expense, withholdings, and salaries payable.
B) Record the employer-provided fringe benefits.
C) Record the employer payroll taxes.

Answers

Explanation:

The journal entries are shown below:

a. Salaries expense $2,900,000

             To Income tax payable $616,250  ($435,000 + $181,250)

             To FICA tax payable  $221,850

             To Account payable $29,000

             To Salaries payable $2,032,900

(Being the employee salary expense, withholdings, and salaries payable is recorded)

b. Salaries expense $87,000

                 To Account payable $87,000

(Being the employer-provided fringe benefits is recorded)

c. Payroll tax expense $179,800

   FICA tax expense $221,850

              To Unemployment tax payable $401,650

(being the employer payroll taxes is recorded)

An income statement for Sam's Bookstore for the first quarter of the year is presented below:Sam's BookstoreIncome StatementFor Quarter Ended March 31Sales $ 910,000Cost of goods sold 560,000Gross margin 350,000Selling and administrative expensesSelling $ 119,000Administration 142,000 261,000Net operating income $ 89,000On average, a book sells for $65. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed.The contribution margin for Sam's Bookstore for the first quarter is:____________

Answers

Answer:

$252,000

Explanation:

The question is to determine the contribution of Sam's Bookstore for the first quarter

Contribution Margin represents the profit an organisation can generate from the sale of a product. in order to calculate, the variable costs are deducted from the revenue from sale.

The formula for Contribution margin = Sales- the cost of goods sold - variable selling expense.

Selling Price = $65

Reported ales = $910,000

First, we determine the number of books sold in the first quarter

= $910 000/ $65 = 14 000 books

Second, since the store sold 14,000 books in the first quarter, the total variable selling cost for the books sold

=  total books sold x the variable selling expense per book

= 14,000 x $4 = $56,000= total  variable selling expense

Third, since the store sold 14,000 books in the first quarter, the total variable administrative cost for the books sold

=  total books sold x the variable administrative expense per book

= 14,000 x $3 = $42,000= total  variable Administrative expense

Four, determine the contribution margin as follows:

Sales - cost of goods sold - variable selling expense - variable administrative expense

= $910,000-$560,000- $56,000-$42,000= $252,000

At December 31, 2019, Swifty Corporation reported the following as plant assets.Land $3,980,000
Buildings $28,210,000
Less: Accumulated depreciation-buildings 13,200,000 15,010,000
Equipment 48,670,000
Less: Accumulated depreciation-equipment 4,980,000 43,690,000
Total plant assets $62,680,000
During 2020, the following selected cash transaction occurred.

April 1 Purchased land for $2,200,000
May 1 Sold equipment that cost $840,000 when purchased on January 1, 2016. The equipment was sold for $504,000
June 1 Sold land purchased on June 1, 2010 for $1,450,000. The land cost $399,000
July 1 Purchased equipment for $2,480,000
Dec. 31 Retired equipment that cost $491,000 when purchased on December 31,2010. The company received no proceeds related to salvage.
-Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.

-Record adjusting entries for depreciation for 2020. Credit account titles are automatically indented when the amount presented in the problem. If no entry is required, select "No Entry for the account titles and enter 0.

Answers

Answer:

April 01 2020

Land                                                            Debit          $ 2,200,000

Cash                                                           Credit                             $2,200,000

To record purchase of land

May 01 2020

Cash                                                            Debit         $ 504,000

Allowance for depreciation equipment    Debit         $ 363,720

Equipment                                                   Credit                              $ 840,000

Gain on sale of equipment                         Credit                              $   27,720

To record sale of equipment and to recognise gain on sale

June 01 2020

Cash                                                              Debit      $ 1,450,000

Land                                                              Credit                            $ 399,000

Gain in sale of land                                      Credit                            $1,051,000

To record sale of land and gain on the sale

July 01 2020

Equipment                                                     Debit    $ 2,480,000

Cash                                                              Credit                         $ 2,480,000

To record purchase of equipment

December 31 2020

Allowance for depreciation                          Debit    $ 491,000

Equipment                                                      Credit                        $ 491,000

To record retirement of equipment

The adjusting entry for depreciation is as follows:

December 31 2020

Depreciation expense - Equipment             Debit  $ 4,985,000

Depreciation expense - Buildings                Debit  $   578,200

Allowance for depreciation - Equipment     Credit                     $ 4,985,000

Allowance for depreciation - Buildings        Credit                     $    578,200

Explanation:

Computation for Depreciation expense for the year

Equipment Jan 01 2020                        $ 48,670,000  for 4 months @ 10 %

Sales - May 01 2020                              $(     840,000)

Adjusted balance May 01 2020            $ 47,830,000 for 2 months @ 10 %

Purchases July 01 2020                        $   2,480,000

Adjusted balance July 01 2020            $  50,310,000 for 6 months @ 10 %

Depreciation expense for 4 months = $ 48,670,000*10 % *4/12 = $1,622,333

Depreciation expense for 2 months = $ 47,830,000*10 % *2/12 = $   797,167

Depreciation expense for 6 months = $ 51,310,000*10 % *6/12 =$ 2,565,500          

Total depreciation equipment                                                      $ 4,985,000

Depreciation on buildings     $ 28,910,000 * 2 %                       $     578,200

Depreciation has to be recorded for full year on assets retired on December 31 2020

Computation of gain and loss on sale of equipment

Cost of equipment  purchased on January 1 2016                       $ 840,000

Depreciation rate                                          10 %

Equipment sold on May 01 2020

Depreciation charged for 4 years and 3 months @ 10 %

$ 840,000 * 4.33 *10 %                                                                   $  363,720

Net book value of equipment disposed on May 01 2020            $ 476,280

Sale value of equipment                                                                  $ 504,000

Gain on sale of equipment                                                             $ (27,720 )                                  

The gain on sale of land is the difference between the cost and sales proceeds since land is not depreciated

Sale proceeds - Cost = $ 1,450,000 - $ 399,000 =                      $ 1,051,000

The assets that was retired on Dec 31 2020 was purchased on December 31 2010 and was considered for depreciation for 10 years and was fully depreciated and had ni book value on the date of retirement

Maria, the landlord, refuses to fix a small leak in the roof that was there prior to the current tenant. Juan, the current tenant, has just discovered the leak after a heavy rain. The consequence is that black mold has been forming in the attic for quite some time. Juan still has significant time remaining on his lease. Juan has notified Maria in writing of the mold and leak issue but has received no response. He is concerned about the premises becoming unsafe to live in. It has been 14 days since he emailed her his notification. What are all of Juan’s options if Maria declines to do the repairs? Please discuss all remedies Juan may seek. Please remember to reference the contract and text to support your analysis.

Answers

Answer:

Please see answers below

Explanation:

Joan may as well put a call through to Maria in addition to his previous mail. Several remedial options are available to Juan and each has its own merits and demerits. It is proper for the tenant to consider each options carefully and seek legal opinion where necessary. However, if Maria declines to do the repairs, Juan may seek the following remedies

• Repair and deduct remedy . In this type of remedy, a tenant may deduct money that is equivalent of a month's rent to cover the cost of the repair or defect. Rental unit 156 covers a condition whether faulty or substandard rented unit could affect the tenant's health and safety. Since the landlord has refused to do the repair, she is guilty of implied warranty of habitability which includes leak in the roof, gas leak, no running water etc. Also, the tenant may not have to file a lawsuit against the landlord since this type of remedy has legal aid. Other conditions attached in addition to the above are ; the repairs cannot cost more than a month's rent, the tenant cannot use the repair and deduct remedy more that twice in any 12 month period, tenant must have informed the landlord in writing and through calls of the faulty area that requires repair. His family or pets must not be the cause of the faulty area that needed to be repaired etc.

• The abandonment remedy . Here, the tenant could move out of the faulty unit or defective rental unit due to its substandard condition which could affect his health and safety. Where the tenant uses the abandonment remedy judiciously, he is not liable to pay any other rent once he has abandoned or moved out of the defective rental unit. The conditions attached are that; the defects must be serious and directly related to the tenant's health and safety, the tenant or his family must not be the cause of the faulty space that requires repair. Moreover, the tenant must have informed the landlord whether in writing or orally telephone calls of the defects that requires repair.

• The rent withholding remedy. Legally, a tenant could withhold house rent if the landlord fails to take care of serious defects that negates the implied warranty of habitability. Conditions attached to this type of remedy are; the defects to be repaired must have threatened the tenant's safety and wellbeing. Again, the faulty or defective unit must be such that it becomes uninhabitable for the tenant . The tenant, his family or pets must not be the cause of the defects that requires repairs. The tenant must have also notified the landlord either through phone calls on in writing, amongst others.

• The tenant could also file a lawsuit against the landlord to recover the cost expended to fixing the faulty repairs where the landlord was not willing to do so. Conditions that must be met before this option could stand in the court of law are; the rental unit has serious defect that is not safe for living. A housing inspector has inspected the house and found to be short of minimum requirements for habitable place etc. A tenant may seek this type of redress where the option for out of court settlement has failed with the landlord.

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