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4 years ago

Increasing your 401k deduction will your take-home pay and __ your federal taxes in the current year.

1 answer:

8 0

I believe the answer is reduce; reduce
401k is a specific amount of money that will be deducted from your initial pay so it could be allocated to your pension account.
When 401k deduction increased, it will take a bigger chunk on your salary, so your take-home pay will be reduced. The amount of 401k deduction is considered as pre-tax, so it would not be counted in federal tax.

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Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $720,000. Th

Yuki888 [10]

Answer:

Journal

Date Account Titles and Explanation Debit Credit

Allowance for uncollectible accounts $30,500

Accounts Receivables $30,500

(To write off uncollectibles during the year)

Journal

Date Account Titles and Explanation Debit Credit

Account receivables $3,100

Allowance for uncollectible accounts $3,100

(To reinstate receivables written off earlier)

Journal

Date Account Titles and Explanation Debit Credit

Cash $3,100

Account receivables $3,100

(To record the recovery of bad debts)

Journal

Date Account Titles and Explanation Debit Credit

Bad debt expenses $48,000

Allowance for uncollectible accounts $48,000

(To record bad debts expenses)

<u>Workings</u>

Closing allowance = Opening allowance - Receivables written off + Receivables reinstated = $51,000 - $30,500 + $3,100 = $23,600

Expenses Bad debt = Receivables at the end of 2016 * Estimated percentage = $720,000 * 10% = $72,000

Allowance to be created = Estimated bad debts - Balance of Allowance at year end = $72,000 - $23,600 = $48,400

4 0

3 years ago

If you were announcing your newest top executive targeted to the Wall Street Journal, you'd more likely provide a ________ than

ch4aika [34]

Answer:

The correct words for the blank spaces are: straight bio; narrative bio.

Explanation:

Straight biographies relate objective, factual events of an individual. Using this approach the relevant information of that person over a certain topic is provided moreover when there is an intention of remarking a special prize or responsibility that person was given. On the other hand, narrative bio implements subjective opinions about one individual including memories of that person to make the audience have an idea of why the author of the article thinks in such a way of that person.

Then, <em>when announcing an individual who has recently been assigned an important managerial charge, it is more suitable to use the straight bio rather than the narrative bio to show the person earned that position by merit and not preference.</em>

7 0

4 years ago

An investor buys a 10-year, 7% coupon bond for $1,050, holds it for 1 year, and then sells it for $1,040. What was the investor'

kirza4 [7]

Answer:

The answer is 5.71%

Explanation:

Solution

Given that

Coupon rate = 7%

Bond = $1050

Sale of the bond = $1040

n = 10 years, n = 1 year

Now we find the investor's rate of return

Thus

Coupon payment = 7%* 1000

=70

1050 = 70/(1+r) + $1,040/(1+r)

r= 5.71%

Therefore the rate of return of the investor is 5.71%

Rate of return = (P1-P0+ Interest ) /P0

= (1040 -1050 + 70 )/1050

= .0571 or 5.71%

6 0

4 years ago

Grace is waiting in her office to meet Joseph, the new sales representative for Powerslam shoe company. Joseph arrives promptly

liraira [26]

Answer : Building rappport

Explanation:

4 0

3 years ago

When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken

Alenkinab [10]

Answer:

a. The cost of inventory at the time of the theft is $89,400.

b. Potts uses the periodic inventory method.

Explanation:

a. Using the gross profit method, estimate the cost of inventory at the time of the theft.

The cost of inventory at the time of the theft can be estimated using gross profit method as follows:

Inventory cost on January 1 = $50,000

Net sales = $70,000

Net purchases = $80,000

Gross profit = Net sales * 42% = $70,000 * 42% = $29,400

Cost of goods sold = Net sales - Gross profit = $70,000 - $29,400 = $40,600

Inventory cost on January 28 = Inventory cost on January 1 + Net purchases - Cost of goods sold = $50,000 + $80,000 - $40,600 = $89,400

Inventory cost on January 28 is the same as the cost of inventory at the time of the theft; therefore, the cost of inventory at the time of the theft is $89,400.

b. Doe Potts use the periodic inventory method or does she account for inventory using the perpetual method?

Periodic inventory method refers to an accounting stock valuation practice in which updates to inventory are made at specified intervals such as weekly, monthly, or annually.

Perpetual inventory method refers to an accounting stock valuation practice in which updates to inventory are made continuously and automatically as inventory is received or sold.

From the question, the fact that the only available accounting records showed that Potts had inventory costing $50,000 on January 1 without any other record January 28, this implies that Potts uses the periodic inventory method which could be monthly or annually.

8 0

3 years ago

Increasing your 401k deduction will ________ your take-home pay and __________ your federal taxes in the current year.

Increasing your 401k deduction will your take-home pay and __ your federal taxes in the current year.