All categories

3 years ago

Which is the penultimate step in the planning process?

1 answer:

Studentka2010 [4]3 years ago

8 0

Hello, The first step of financial planning process is to define specific goals. Since this is the first step I figured it is the most important.
Hope this helps..

You might be interested in

What percentage of full-time undergraduate students receive some type of financial aid?

BlackZzzverrR [31]

Answer:

It depends upon the Law prevailing in your country/state

Explanation:

7 0

3 years ago

Suppose the tax rate on the first $10,000 income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,00

olasank [31]

Family A: marginal rate 20%, average rate 10%

Family B: marginal rate 40%, average rate 23% 

The marginal tax rate is the rate paid on the last dollar of income; this would be whatever tax bracket the family is in. The average price is the total tax divided by the total revenue. 

Family A: 

total income $40,000: this includes $10,000 at 0%, $20,000 at 10% (tax of $2,000), and $10,000 at 20% (tax of $2,000). The last rate paid is 20% so that is the marginal rate; the total tax paid is $4,000, divide that by $40,000 total income, that is the average rate. 

Family B: 

total income $100,000: this includes $10,000 at 0%, $20,000 at 10% (tax of $2,000), $20,000 at 20% (tax of $4,000), $30,000 at 30% (tax of $9,000), and $20,000 at 40% (tax of $8,000). The last rate paid is 40% so that is the marginal rate; the total tax paid is $23,000, divide that by $100,000 total income, that is the average rate.

5 0

3 years ago

Carla Vista Co. issued $590,000, 10-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on Januar

34kurt

Answer:

cash 595,900 debit

bonds payable 590,000 credit

premium on bonds 5,900 credit

Explanation:

We have to record the issuance of the bonds:

cash proceeds:

face value x quote:

590,000 x 101/100 = 595,900

face value (590,000)

premium 5,900

There is a premium as we are receiving more than we are going to pay at maturity.

We will debit the cash proceeds form the bond

and credit the bonds and premium

6 0

3 years ago

During its first year of operations, mack's plumbing supply co. had sales of $630,000, wrote off $10,100 of accounts as uncollec

Reil [10]

The answer is 516,250 by first calculating expenses (6,500,000-40,000-expenses=590,000), net income = revenue-expenses.

3 0

3 years ago

Vijay Inc. purchased a three-acre tract of land for a building site for $260,000. On the land was a building with an appraised v

puteri [66]

Answer:

$273,840

Explanation:

The Cost of of an item of Property, Plant and Equipment according to IAS 16 include the purchase price and any directly related costs incurred in bringing the asset in the condition and location for operation as intended by management.

Calculation of the Cost of Land

Purchase Price $260,000

Cost after proceeds to demolish old building($11,300 - $1,670) $9,630

Insurance $830

Legal Fees $420

Property taxes ( $3,300 - $170) $3,130

Capitalized Cost $273,840

3 0

3 years ago