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garik1379 [7]
2 years ago
7

Mike Hansen has adjusted gross income of $82,000. During the year, Mike decided he needed a larger home. He purchased a home on

a golf course in the same town as his first home. Mike incurred $6,000 in moving expenses. How much of this can he include as an itemized deduction
Business
1 answer:
viktelen [127]2 years ago
6 0

Answer: $0

Explanation: The total amount of an individual's Gross income which is taxed is called the taxable income. An individual's Adjustable Gross Income may include expenses such as charitable contribution, mortgage interest, medical and some other eligible expenditure which are are deducted in other to lessen the taxable income of such individual. Such deductions are called the Itemized deductions.

However, personal expenses DO NOT CONTRIBUTE to an individual's Itemized deduction and as such, MIKE HANSEN'S ITEMIZED DEDUCTION IS ZERO.

The $6000 incurred is classed under personal expenditure and is not deductible.

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Carroll Corporation has two products, Q and P. During June, the company's net operating income was $25,000, and the common fixed
Firlakuza [10]

Answer:

Option (d) is correct.

Explanation:

Total Segment Margin = Net Operating Income + common fixed expenses

                                       = $ 25,000 + $ 37,000

                                       = $ 62,000

Total Segment Margin = Segment Margin of Q + Segment Margin of P

$ 62,000 = $ 21,000 + Segment Margin of P

or Segment Margin of P = $ 62,000 - $ 21,000

                                         = $ 41,000

4 0
2 years ago
Carrie enjoyed observing wildlife in natural habitats. She wanted to be able to hide at a distance but observe wildlife close up
jek_recluse [69]

Answer: 1. The core benefit

2. Expected product

Explanation:

Product Levels model indicates the degree to which certain products and services meet the expectations of customers. There are basically five product levels models which include; Core benefit, Generic product, Expected product, Augmented product, and Potential product.

The two product levels model Carrie experienced in her purchase of the Nikon 7576, and Monarch 5 are;

a. The core benefit: A product meets the core benefit when it meets the needs of the customer. The two products purchased by Carrie satisfy her basic need of binoculars that would enable her to observe wildlife from a distance.

b. Expected Product: This is factored when the product features meets the expectation of the customer. In Carrie's case, she liked the feel and features of these devices and this implies that they met her expectations.

6 0
1 year ago
Show the change in the market for electric cars that is consistent with the following statement: "When the price of electric car
irga5000 [103]

Price expectations about the future is another determinant of demand.

Explanation:

For example, An increase in the expected future price of electric cars may increase current demand for electric cars.

Individuals would naturally want to stock up more of electric cars in anticipation of an increase in their prices.

4 0
2 years ago
Colgate reported Diluted EPS of $2.38 in accordance with GAAP. How much higher would EPS be if Colgate ignored the impact of res
Lisa [10]

Answer:

EPS will be higher than $2.38

Explanation:

The Earnings per share is the value available to stockholders of the company after the deduction of all the expense and taxes. Restructuring expense are one time expense and they are reported as other operating expenses in the Income Statement. The inclusion of restructuring and other one-time charges in the Income Statement results in lower Earnings before Tax and ultimately reduced net profit. If these cost are excluded the Earning will rise which will give rise to EPS of the company.

7 0
1 year ago
Inkglot Technologies, a medium-sized corporation, is allowed to have only 35 stockholders at any point of time. However, all sto
rewona [7]

Answer: (D) Statutory close corporation

Explanation:

The statutory close operation is one of the type of corporation in which the the organization are basically based on the various statutory formalities.

This corporation mainly allow the Article of an organization that operate various types broad of director in the corporation.

The main advantage of the statutory close corporation is that it include the liability limitations where the shareholder in an organization does not face any problem regarding the debts.

Therefore, Option (D) is correct.  

4 0
2 years ago
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