What is the amount of the charitable contribution

Assignment Help Accounting Basics
Reference no: EM132509829

Question - For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed $6,000 to her church and an additional $3,000 to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church. The church intends to display the religious artwork in the church foyer. What is the amount of the charitable contribution carry forward beyond the current year for Gina Hestopolis?

a) $20,000.

b) $10,000.

c) $0.

d) $30,000.

Reference no: EM132509829

Questions Cloud

Compute stefanis total standard cost per unit : Compute Stefani's total standard cost per unit. average waste and spoilage per unit produced under normal conditions is 1.00 pounds. Materials cost $1 per pound
Sales for a new seven-octave voice emulation : Aria Acoustics, Inc. (AAI), projects unit sales for a new seven-octave voice emulation implant as follows:
Compute ending inventory at cost : Sunland Inc. had beginning inventory of $11,700 at cost and $20,700 at retail. Compute ending inventory at cost using the conventional retail method
What are the mirrs for the oyy company : What are the MIRRs for the OYY company, discounting approach, reinvestment approach, combination approach? R=10% year CF 0 -100 1 120 2 150 3 -50.
What is the amount of the charitable contribution : For the current year, Gina Hestopolis had adjusted gross income of $100,000. What is the amount of the charitable contribution
Computing the firm weighted average cost of capital : What weight should be assigned to the common stock when computing the firm's weighted average cost of capital?
Determine the product costs for eongroup and eonmart : Explain to Thompson's CEO why the product costs are so different after using the ABC method and the reasons for products/services being over-
Entrepreneur and intrapreneur. : Describe the role of an entrepreneur and an intrapreneur. Identify the skills and traits that are needed to start a new business.
What is the wacc for pierce firm : East firm has 30,000 shares of stock outstanding that are currently valued at $48 a share and provide a 13 percent rate of return.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd