hat is the amount of itemized deductions Evan may claim?
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
I asked two questions (Problem 10-36 & 10-38) from separate messages, but both ansewers were incorrect.
Then, I sent below message again.
However, I only received problem 10-36 answer for the following the message.
“Since you have asked multiple questions, we will solve the first question for you. If you want any specific question to be solved then please specify the question number or post only that question.”
Please review Problem 10-38 again and send me the correct answer for proble10-38.
Problem 10-38 (LO. 2, 3, 4, 5, 6, 7)
Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following:
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After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim? Do not round intermediate calculations. Round medical deduction and final answer to the nearest dollar.
Evan's total itemized deduction is $fill in the blank 1
Evan's total itemized deduction is $36,500.
It is computed as follows:
| Particulars | Amount |
| Medical expense (standard deduction for single tax payer) | $12,200 |
| Interest on home mortgage | $8,700 |
| State income tax | $9,500 |
| Real estate taxes | $3,600 |
| Charitable contribution | $2,500 |
| Total Itemized Deduction | $36,500 |
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I sent below two questions separate emails and received the answers yesterday. (Problem 10-36 & Problem 10-38)
However, both answers were wrong. (the system only shows correct or incorrect.)
Would you please review these questions and send me both correct answes?
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