A ________ is used to accumulate the costs of a job.

Tyson (48 years old) owns a traditional IRA with a current balance of $50,000. The balance consists of $30,000 of deductible con

kvasek [131]

Answer:

$12,500 income tax; $1,250 penalty

Explanation:

The distribution from the traditional IRA is fully taxable since he Tyson receives a distribution of the entire $50,000 balance of his traditional IRA

($50,000 x 25%) = $12,500.

Therefore Tyson must pay a 10% penalty on the portion of the distribution that he did not contribute to a Roth IRA despite Tyson receives a distribution of the entire $50,000 balance of his traditional IRA in which he retains $12,500 to pay tax on the distribution

($12,500 x 10%) =$1,250

Therefore $12,500 will be his income tax amount and $1,250 will be his penalty amount

8 0

3 years ago

Splendid Occasions received $2,970 for services to be performed for the next 8 months on March 31 and recorded this transaction

Kay [80]

Answer:

If Splendid Occasions had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?

Ans: $2,970

The ''other method'' in question is the Cash method which recognizes revenue when cash is paid unlike the Accrual method that recognizes it when earned.

Using the Cash method the Service Revenue would be $2,970 because the cash has been received for it.

If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May?

= Cash revenues - Cash expense

= Received cash for meals served to customers - Prepaid rent for three months - Received and paid electricity bill

= 2,530 - 2400 - 60

= $70

If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May?

= Revenue - Expense

= Served a banquet on account + Received cash for meals served to customers - Rent - Electricity - Accrued salary expense - depreciation

= 2,810 + 2,530 - (2,400/3) - 60 - 2,670 - 380

= $1,430

<em>Cash spent on Equipment is not expense but capital expenditure. </em>

4 0

3 years ago

Indra is using counterfactual thinking to discover alternatives for a past unexpected outcome. What is the next step she should

Olenka [21]

Indra is using counterfactual thinking to discover alternatives for a past unexpected outcome the next step for her is to identify other factors that may serve as hindrance and need to be overcome.

<h3>What is counterfactual thinking?</h3>

Counterfactual thinking is done when an individual needs alternative methods or way to do a thing that has been done.

The initial method may not be as productive as the individual expected.

This will make an individual think of all the factors that may have hindered the desired result.

Therefore, Indra is using counterfactual thinking to discover alternatives for a past unexpected outcome the next step for her is to identify other factors that may serve as hindrance and need to be overcome.

Learn more on Counterfactual thinking below

brainly.com/question/13844623

#SPJ1

7 0

2 years ago

Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,900 units (solar panels) in July a

Wewaii [24]

Answer:

Overhead budget:

Variable overhead= 274,400

Fixed overhead= 180,000

Total overhead= $454,400

Explanation:

Giving the following information:

Production= 4,900 units

Each unit requires 5 hours of direct labor at a rate of $16 per hour.

Variable factory overhead is budgeted to be 70% of direct labor cost

Fixed factory overhead is $180,000 per month.

First, we need to determine the direct labor cost:

Direct labor cost= (4,900*5)*16= $392,000

Now, we can calculate the overhead budget:

Overhead budget:

Variable overhead= (0.7*392,000)= 274,400

Fixed overhead= 180,000

Total overhead= $454,400

7 0

3 years ago

Costs associated with the manufacture of miniature high-sensitivity piezoresistive pressure transducers is, $73,000 per year. A

Ilia_Sergeevich [38]

Answer:

$58,149

Explanation:

Calculation to determine the present worth of the savings

First step is to calculate for Present worth before

Present worth before= 73,000(P/A,10%,5)

Present worth before= 73,000(3.7908)

Present worth before= $276,728

Second step is to calculate for Present worth after

Present worth after= 16,000 + 58,000(P/F,10%,1) + 52,000(P/A,10%,4)(P/F,10%,1)

Present worth after= 16,000 + 58,000(0.9091) + 52,000(3.1699)(0.9091)

Present worth after=16,000+52,728+149,851

Present worth after= $218,579

Last step is to calculate for Present worth of savings using this formula

Present worth of savings=Present worth before-Present worth after

Let plug in the formula

Present worth of savings = 276,728–218,579

Present worth of savings= $58,149

Therefore the present worth of the savings will be $58,149

3 0

3 years ago