Tonya is a cash basis taxpayer. in 2017, she paid state income taxes of $8,000. in early 2018, she filed her 2017 state income tax return and received a $900 refund. a. if tonya itemized her deductions in 2017 on her federal income tax return, she should amend her 2017 return and reduce her itemized deductions by $900.b. if tonya itemized her deductions in 2017 on her federal income tax return and her itemized deductions exceeded the standard deduction by at least $900, the refund will not affect her 2018 tax return. c. if tonya itemized her deductions in 2017 on her federal income tax return, she must amend her 2017 federal income tax return and use the standard deduction. d. if tonya itemized her deductions in 2017 on her federal income tax return and her itemized deductions exceeded the standard deduction by more than $900, she must recognize $900 income in 2018 under the tax benefit rule. e. none of these.

Joshua is a millionaire, and he manages several successful companies. he usually interacts with people of similar status. given this information, joshua and the people he interacts with are part of a

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

Bakery has bought 250 pounds of muffin dough. they want to make waffles or muffins in half-dozen packs out of it. half a dozen of muffins requires 1 lb of dough and a pack of waffles uses 3/4 lb of dough. it take bakers 6 minutes to make a half-dozen of waffles and 3 minutes to make a half-dozen of muffins. their profit will be $1.50 on each pack of waffles and $2.00 on each pack of muffins. how many of each should they make to maximize profit, if they have just 20 hours to do everything?