Assume that interest payments were initially required

Assignment Help Financial Accounting

Reference no: EM131292159

Evan graduated from college, and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below.

Cost of moving his possessions to the city (125 miles away) $ 1,200

Interest paid on accumulated student loans 2,800

Cost of purchasing a delivery uniform 1,400

Contribution to State University deliveryman program 1,300

Calculate Evan's AGI and taxable income if he files single with one personal exemption.

Assume that interest payments were initially required on Evan’s student loans this year.

Evan's AGI?

Taxable Income?

Reference no: EM131292159

Questions Cloud

The work in process inventory account : The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $3,200 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cos..

Prepare the operating activities of statement of cash flow : Is there a general framework I can use to answer this question? A general method? "Prepare the operating activities of the statement of cash flows for year ended [I'm leaving out the date]"

Prepare journal entry for each of the eight transactions : Zelda Manufacturing organized in June and recorded the following transactions during June, its first month of operations: Purchased materials costing $800,000. Used direct materials in production costing $485,000. Applied direct labor costs of $500,0..

Classified as direct labor-direct materials or selling : Identify whether each of the following costs of Granite Construction, Inc., would be classified as direct labor, direct materials, manufacturing overhead, or as selling, general, and administrative costs.

Assume that interest payments were initially required : Evan graduated from college, and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Calculate Evan's AGI and taxable income if he files single with one p..

American foods undercut the locals on the price : Activists for cultural identity around the world claim that American foods are "crowding out" local foods because multinational corporations can undercut local producers on price. Cite at least one example, with a source.

Indicate problems with potential inventory obsolescence : Why it is important for the auditor to use risk analysis to develop expectations about client performance? What ratios would best indicate problems with potential inventory obsolescence or collectibility of receivables? How are those ratios calculate..

Uses the installment-sales method : Fryman Furniture uses the installment-sales method. No further collections could be made on an account with a balance of $36,000. It was estimated that the repossessed furniture could be sold as is for $10,800, or for $12,600 if $600 were spent recon..

Cost exceeded its market value : During its second and third quarters of fiscal 2014, Raspberry, Inc. wrote down its BB10 smartphone inventory by approximately $1,702,000,000 because its cost exceeded its market value. Complete the table below, indicating the account, amount, and di..

User Account

All Pages