Au. s. citizen accrued $120,000 of creditable foreign taxes last year. the citizen's foreign tax credit limitation for last year is $90,000 (only a single limitation need be calculated). the excess foreign tax credit limitation for the year preceding the year in which the excess foreign taxes were incurred is $2,000. a similar $2,000 excess foreign tax credit limitation position is expected in each of the next 10 years.

what portion of the excess foreign taxes can be expected to be noncreditable because of the foreign tax credit limitation?
a) $0
b) $2,000
c) $8,000
d) none of the above

Which of the following best describes the economic effect that results when the government increases interest rates and restricts the lending of money? a. borrowing money becomes more expensive and there is less investment in production. b. the economy grows as investments result in larger profits. c. government spending drives up prices because of greater competition for goods and services. d. consumers save more money and spend less buying goods and services.

Quantitative problem: you need $20,000 to purchase a used car. your wealthy uncle is willing to lend you the money as an amortized loan. he would like you to make annual payments for 4 years, with the first payment to be made one year from today. he requires a 8% annual return. what will be your annual loan payments? round your answer to the nearest cent. do not round intermediate calculations. $ how much of your first payment will be applied to interest and to principal repayment? round your answer to the nearest cent. do not round intermediate calculations. interest: $ principal repayment

The winston company estimates that the factory overhead for the following year will be $1,250,000. the company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. the total machine hours for the year were 54,300. the actual factory overhead for the year were $1,375,000. determine the over- or underapplied amount for the year.