The financial statement called the Statement of Financial Position is also known as the Balance Sheet.
The three accounting elements that are included on this statement are the Assets, Liabilities and Owner’s Equity.
Answer:
C. $5
Explanation:
Marginal utility is the benefit gained from consuming an additional unit of a product or service.
According to the question, Michael is maximizing utility when Marginal Utility / Price of colas is equal to Marginal Utility / Price of hotdogs. Marginal utility can thus be found by solving the following equation for X (the price of hot dog)
MU/P of Colas = MU/P of hot dogs
300/3 = 500/X
3/300 = X/500
X = (3/300) x 500
X = 0.01 x 500
X = 5
Hence, the price of each hot dog is $5.
Gross monthly income:$1,125
Monthly Federal income tax (11.6%): $130.50
Monthly Social security (FICA) (6.2%): $69.75
Monthly Medicare (1.45%): $16.3125
Monthly State Tax (4%): $45
Monthly Local Tax (0.1%): $1.125
Total Monthly deductions $262.6875
Trey’s NMI $862.3125
Explanation:
Calculation for What is his monthly taxes
First step is to calculate the Gross monthly income
Using this formula
Gross monthly income=Annual salary/Numbers of months in a year
Let plug in the formula
Gross monthly income=$13,500/12 months
Gross monthly income=$1,125
Therefore the Gross monthly income is :$1,125
Monthly Federal income tax (11.6%): $130.50
($1,125*11.6%)
Monthly Social security (FICA) (6.2%): $69.75
($1,125*6.2%)
Monthly Medicare (1.45%): $16.3125
($1,125*1.45%)
Monthly State Tax (4%): $45
($1,125*4%)
Monthly Local Tax (0.1%): $1.125
($1,125*0.1%)
Total Monthly deductions $262.6875
($130.50+$69.75+$16.3125+$45+$1.125)
Trey’s NMI $862.3125
Trey’s NMI=Gross monthly income-Total Monthly deductions
Trey’s NMI=$1,125-$262.6875
Trey’s NMI=$862.3125
Therefore his monthly taxes are:
Gross monthly income:$1,125
Monthly Federal income tax (11.6%): $130.50
Monthly Social security (FICA) (6.2%): $69.75
Monthly Medicare (1.45%): $16.3125
Monthly State Tax (4%): $45
Monthly Local Tax (0.1%): $1.125
Total Monthly deductions $262.6875
Trey’s NMI $862.3125
Dddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd
Kenya invests in stocks, bonds, and mutual funds.