In Rick's PPI, he notes the description, location, cost, and time of purchase. What is he missing?

This year Riley files single and reports modified AGI of $76,000. Riley paid $1,200 of interest on a qualified education loan. W

sleet_krkn [62]

<u>Solution and Explanation:</u>

As per the income tax, if the income of a single taxpayer lies in the range of $65000 and $80000, the taxpayer is elgibile for a prtial deduction on his/her education on loan interest.

The partial interest deduction amount is calculated as follows:

Partial interest deduction allowed = $\text { Interest expense } *(\$ 80000-\mathrm{AGI} / \$ 80000-\$ 65000)$

$=\$ 1200 *(\$ 80000-\mathrm{AGI} / \$ 80000-\$ 65000)$

$=\$ 1200 * \{(580000-\$ 76000 / \$ 80000-\$ 65000)}$

$=\$ 1200 * \$ 4000 / \$ 15000$

= $320

Therefore, the allowed interest deduction in this case is $320.

4 0

2 years ago

Jersey Corporation has a process costing system in which it uses the weighted-average method. The equivalent units for conversio

solmaris [256]

Answer:

Units started=35,000 units

Explanation:

First we will have to calculate the number of units transferred out:

Equivalent units for month=47,500

Ending work in process inventory=10,000*0.75=7,500 units

Formula:

Equivalent units =Units transferred out+ Ending work in process inventory

Units transferred out=Equivalent units - Ending work in process inventory

Units transferred out=47,500=7,500

Units transferred out=40,000 units

Formula for calculating units in the start:

Units transferred out=Units in beginning inventory+Units Started-Units in Ending Inventory

40,000=15,000+Units started-10,000

Units Started=40,000-15,000+10,000

Units started=35,000 units

6 0

2 years ago

Bensen Co. paid a dividend of $5.25 on its common stock yesterday. The company's dividends are expected to grow at a constant ra

emmainna [20.7K]

Answer:

I would purchase the share as he actual value is more than its current market price

Explanation:

expected dividend in perpetuity =present dividend *growth rate

present dividend is $5.25

growth rate is 8.5%

expected dividend =$5.25*(1+8.5%)

expected dividend=$5.70

in determining the actual value of the stock we the stock price formula below:

price=expected dividend/(expected return-growth rate)

price=$5.70/(15.5%-8.5%)

price=$81.43

In actual terms the stock should be selling for $81.43, hence a buy decision at $78.50 would be a welcoming as the stock is selling beyond its real worth.

3 0

2 years ago

Which of the following tabs on the ribbon contains the command to record macro

just olya [345]

Answer: insert

Explanation:

Because that’s where you use videos and pictures as well as audio recordings

7 0

1 year ago

Ed is a 30 year old veterinary technician. Physical exam reveals a height of 5 foot 9 inches, and a weight of 210 pounds. Accord

lianna [129]

Answer:

BMI = 31.18 kg/m²

According to BMI, this patient is diagnosed as Obese.

Explanation:

BMI known as body mass index is taken from a person height and weight. BMI is a person's weight in kilograms divided by the square of height in meters. BMI is usually expressed in kg/m².

Mathematically ,

BMI = weight(kg)/height(m²)

we have to convert the weight and the height to the required units.

converting pounds to kg

2.2 pounds = 1 kilogram

210 pounds = ?

cross multiply

210/2.2 = 95.50 kilograms

converting foot to inches and to meter.

1 foot = 12 inches

5 foot = ?

12 × 5 = 60 inches

60 inches + 9 inches = 69 inches

1 inches = 0.0254 meters

69 inches = ?

69 × 0.0254 = 1.7526 meters

using the formula

BMI = weight(kg)/height(m²)

BMI = 95.50/(1.75)²

BMI = 95.50/3.0625 kg/m²

BMI = 31.1836734694 kg/m²

BMI = 31.18 kg/m²

6 0

1 year ago