Answer:
The American Opportunity Tax Credit (AOTC) that can be claimed is $2,500.
Explanation:
As of 2018, no changes have been made to the AOTC. By law, with a modified adjusted gross income (MAGI) of $80,000 or less for single individuals and $160,000 or less for married filing jointly, the individuals can claim the full credit amount. It is a credit paid for an eligible student to cover education expenses, if in the first four years of postsecondary education. A maximum annual amount of $2,500 is given and an additional 40% of remaining amount (up to $1,000) if the tax owed falls to zero.
Answer:
Correct answer is letter B, $2,200
Explanation:
Using accrual basis method, revenue and expenses will be recognized when incurred.
The $4,800 is a 24 months policy, therefore we must compute the insurance expense applicable for the year covering from February 1 to December 31 (11 months)
An adjusting entry to recognize the expire portion of the insurance must be done at the year end in the amount of $2,200.
($4,800 / 24 months = $200 x 11 months = $2,200)
Answer: See explanation
Explanation:
1. Determine the authorized shares.
The authorized share simply refers to the maximum number of shares that can be issued by a particular company. In this case, the authorised share is 212000.
2. Determine the issued shares.
The issued share simply means the shares sold. In this case, the answer is 145000 shares.
3. Determine the outstanding shares.
The outstanding shares will be:
= 145000 - 15000
= 130000
Answer:
B. Mary will win the case as she had already won at the U.S. Court of Appeals.
Explanation:
When 8 judges review Mary's case and is split 4-4 she will win the case as she has won it in the lower court. However the case will not set a precedent for future cases.
This is a rare occurrence as there are usually 9 justices presiding in supreme court reviews.
Answer:
The total amount that is refinanced on a long term basis can be excluded from current liabilities on the financial statements.
Explanation:
Short term liabilities can be excluded from current liabilities if the company is able to refinance them on a long term basis. Even if the company has not finished the refinancing procedures, they can still exclude them from the current liabilities as long as they can prove that they are going to be able con consummate the refinancing.
