What is the amount of thomas charitable contribution

Assignment Help Accounting Basics
Reference no: EM132084004

Question - In March of 2015, Thomas makes a $5,000 cash contribution to a public university. In that month, he also donates $20,000 to an organization subject to the 30 percent limitation. Thomas has adjusted gross income for 2015 of $35,000. What is the amount of Thomas's 2015 charitable contribution deduction? (show work)

a. $5,000

b. $23,000

c. $10,500

d. $15,500

e. None of the above

Reference no: EM132084004

Questions Cloud

What is the most important risk in investing : Provide an example or evidence to support your position. What is the most important risk in investing in the financial futures market?
Solve for the minimal cost solution using graphical method : Solve for the minimal cost solution using the graphical method , and determine the associated costs.
What were the challenges and advantages to using outlines : Discuss your experience using outlines on past projects or at work. What were the challenges and advantages to using outlines?
Successful cyber security policy : What three to five actions are needed within an organization to ensure successful cyber security policy?
What is the amount of thomas charitable contribution : Thomas has adjusted gross income for 2015 of $35,000. What is the amount of Thomas's 2015 charitable contribution deduction
What is meant by term speciation : What is meant by term "Speciation"? What is the origin and how does it apply to technology business?
Process of implementing a new information system : What are examples of additional resources that will expedite the process of implementing a new information system.
What would be the impact on profits : Contreras Company has a capacity of 40,000 units per year and is currently selling 35,000 for $400 each. What would be the impact on profits
Prepare a report that you will share with your partner : Prepare a report that you will share with your partner and your board of directors.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Katie received a half-tuition scholarship that paid for

matt and carrie are married have two children and file a joint return. their daughter katie is 19 years old and was a

  Purchased land and a building from gretchen northway

Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $178,400 for 20 years at 6%, and there is accrued interest of $5,200 on the mortgage note at the time of the purchase.

  Explain the financial statement presentation of payables

Explain the financial statement presentation of payables. Your explanation should differentiate between accounts payable, notes payable, and accrued expenses

  Net income for the current fiscal year

What is the net income for the current fiscal year? Is it up or down from the prior year? Why would this information be important to investors?

  Calculate the cost of goods sold under the fifo

Assuming 900 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume a periodic inventory..

  Prepare schedules for 1 expected collections from customers

colter company prepares monthly cash budgets. relevant data from operating budgets for 2014

  How many units must the company sell next year

During the past year a company had total fixed costs of $70,000. Its product sold for $9 per unit. Variable costs during this time equaled $5 per unit.

  Briefly describe the history of the consolidation standards

Brief description of the history (development) of the consolidation standards (GAAP and IFRS). Brief description of the requirements of the latest consolidation standards (GAAP and IFRS).

  Prepare journal entries for the above transactions

Prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold

  Calculate the depreciation expense for albany corporation

The asset does not have a residual value, and is estimated to be in service for 8 years.

  Did john jones violate client confidentiality

Did John Jones violate client confidentiality? What is your opinion? Your well-written paper must be 2-3 pages, in addition to title and reference pages

  Prepare an analysis of hard drives and bad luck

1. A summary of the fact situation for the case 2. A description of the financial process or system procedures used, if necessary.

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