The Sweet Candy Shop buys 600 pounds of chocolate covered strawberries at 5.59 per pound. If a 10 spoilage rate is anticipated, at what price per pound should the strawberries be sold in order to achieve a 60 markup based on cost? (Round to the nearest cent)
Q. 2James and Becky Harris are filing a joint tax return. Their adjusted gross income for the last year was 85,940. Itemized deductions are 12,200, and they claim 4 exemptions. Together they had 1,155 tax withheld each month from their pay checks. a. What is their tax liability? (Use Exhibit 18-3 or 18-4 from your text) b. Are they entitled to a refund or do they owe additional taxes? How much?
Q. 3Beacon Electronics advertised a portable TV set on sale for 272.49 after a 35 markdown from the original price. What was the original price of the TV set? (Round to the nearest cent)
Q. 4Red Goode had taxable income last year of 108,700. If he files as single, what is the amount of his tax liability?
Q. 5At the end of the summer season, gas grills that originally sold for 129.98 were marked down 60 to make room for new merchandise. What was the sale price of the gas grills? (Round to the nearest cent)
Q. 6Grant Davis and his wife are filing a joint income tax return and had an adjusted gross income of 81,820, itemized deductions of 8,650, and claimed 3 exemptions. a. What is the amount of taxable income? b. What is their tax liability? (Use Exhibit 18-3 or 18-4 from your text)
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