Problem 7-45.mason phillips, age 45, and his wife, ruth, live at 230 wood lane, salt lake city, ut 84101. mason’s social security number is 111-11-. ruth’s social security number is 123-45-6789. mason and ruth are cash basis taxpayers and had the following items for 2017: salary of $140,000.bad debt of $30,000 from uncollected rent. collection of unpaid rent from a prior year of $6,000.sale of § 1244 stock resulting in a loss of $105,000. the stock was acquired eight months ago. rental income of $60,000.rental expenses of $33,000.casualty loss on rental property of $10,000.personal casualty loss (from one event) of $20,000.theft loss of $5,000 on a computer used 100% associated with their jobs. theft loss of $8,000 on a painting held for investment. other itemized deductions of $18,000.federal income tax withheld of $3,000.compute mason and ruth’s 2017 federal income tax payable (or refund due)

Which of the following best describes the purpose of raising and lowering the required reserve ratio? a. to make sure that government spending does not result in either a surplus or deficit. b. to stimulate economic growth by making it less expensive for producers to get loans. c. to manage the economy by increasing or decreasing the amount of loans being made. d. to regulate the activity of private banks to assure an equitable distribution of wealth. 2b2t

Which of the following is a problem for the production of public goods?

Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.