During the current year, Paul, a single taxpayer, reported the following items:Salary$75,000Revenue from hobby5,000Interest expense on original loan incurred to purchase home14,000Taxes on home4,300Expenses of hobby8,500Compute Paul's taxable income for the year.
What will be an ideal response?
| Salary | $75,000 |
| Revenue from hobby | 5,000 |
| AGI | $80,000 |
| Interest on home acquisition | 14,000 |
| Taxes on home | 4,300 |
| Total itemized deductions | 18,300 |
| Taxable income | $61,700 |
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Answer the following statements true (T) or false (F)
1. The operating cycle is measured based on the time it takes to convert an investment in cash into inventory and then back into an invoiced sale to customers. 2. The purpose of the income statement is to describe how much revenue was generated and what the associated level of expenses was. 3. Cost of goods sold (COGS) includes marketing and advertising costs. 4. Operating expenses (OPEX) includes electricity bills tied to manufacturing facilities.
Franklin Manufacturing uses a job order costing system that charges overhead to jobs on the basis of direct labor cost. Franklin used the following cost predictions: overhead costs $1,285,750, and direct labor costs of $695,000. At year-end, the company's records show that actual overhead costs for the year are $1,278,800, and actual direct labor costs are $692,000.a. Determine the predetermined overhead rate for the year.b. Compute the amount of overapplied or underapplied overhead.c. Prepare the adjusting entry for over- or underapplied overhead, assuming the amount is immaterial.
What will be an ideal response?
Which of the following describes overall performance at a level of "Does Not Meet Expectations?"
a. The employee has violated several policies and is expected to change his/her behavior or face termination b. The employee is a leader of their team and regularly suggests ways to improve the job c. The employee performs all job-related tasks at the expected level d. The employee completes tasks without supervision
Which statement is true concerning privacy in the U.S.?
A) a great deal of legislation that purports to offer some privacy protection B) there are not laws concerning legal rights to privacy C) a government agency is allowed to gather information for one purpose and use it for another purpose D) the federal protection of private healthcare information is not a concern of the government because of the need to learn more about the effectiveness of pharmaceuticals