Marilyn, Age 38, Is Employed as an Architect Peter and Esther Would Qualify as Marilyn's Dependents Except That

question 93

Essay

Marilyn, age 38, is employed as an architect.For calendar year 2019, she had AGI of $204,000 and paid the following medical expenses: $$\begin{array} { l r } \text { Medical insurance premiums } & \$ 7,800 \\\text { Doctor bills for Peter and Esther (Marilyn's parents) } & 7,300 \\\text { Doctor and dentist bills for Marilyn } & 11,100 \\\text { Prescription medicines for Marilyn } & 750 \\\text { Nonprescription insulin for Marilyn } & 950\end{array}$$ Peter and Esther would qualify as Marilyn's dependents except that they file a joint return.Marilyn's medical insurance policy does not cover them.Marilyn filed a claim for reimbursement of $6,000 of her own expenses with her insurance company in December 2019 and received the reimbursement in January 2020.What is Marilyn's maximum allowable medical expense deduction for 2019?

Identify and categorize accounts as asset, liability, or equity and their normal balances.

Analyze transactions involving sales tax and determine the correct journal entries.

Distinguish between a discount period and a credit period and their impact on cash flow and sales revenue.

Evaluate the impact of merchandise returns on financial statements.

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Definitions:

Round Robin

A method often used in meetings for collecting ideas or making decisions, where participants contribute one at a time in a circulation order.

PDCA Cycle

An iterative four-step management method used in business for the control and continuous improvement of processes and products, standing for Plan-Do-Check-Act.

Convergent Thinking

A problem-solving approach that focuses on finding a single, best solution to a problem by converging on a solution based on logic and facts.

Collaborative Decision Making

A process where two or more individuals work together to make a decision.