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3 years ago

Does managing your money well mean you cannot have fun with your money

1 answer:

4 0

Managing your money well does not mean you can not have fun with your money. Managing your money well means making careful plans for your spending. It involves deciding ahead of time what you will use your money for and what you will not attempt spending your money on. Doing this gives you an effective hold on your finances and helps you to save money instead of spending it impulsively on things that are not your needs.
You can have fun with your money by spending it on things that you enjoy, but deciding ahead of time the exact amount you are ready to spend on those things will makes a better money manager.

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Which organization sets monetary policy for the United States?

Romashka-Z-Leto [24]

Federal Open Market Committee

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3 years ago

Read 2 more answers

Duc has been employed by Longbow Corporation for 25 years. During that time, he bought an annuity at a cost of $50 per month ($1

Arte-miy333 [17]

Answer:

a. How much gross income does Duc have from the contract in the current year?

According to the IRS, Duc's life expectancy is 90 years and 8 months, or 310 more months. This means that Duc can discount from his monthly income $15,000 / 310 = $48.39 (which we must round down to $48).

Duc received 8 x $200 = $1,600

deductions = 8 x $48 = $384

taxable income = $1,216

b. Assume that Duc dies on April 2, 2025. How does Annika account for the contract in 2025?

Annika should account for the contract in the same way as Duc did, and will also be able to discount $48 per month form her gross income. Since Annika will still file her taxes as married during 2025, she will report net income from this contract = ($200 - $48) x 12 months = $1,824

c. Assume the same facts as in part b and that Annika dies on August 4, 2032. How does the executor of Annika's estate account for the contract in the year of her death?

Both Duc and Annika received [(2032 - 2019) x 12] + 4 = 160 payments in total, so her estate is entitled to a tax deduction = (310 - 160) x $48 = $7,200

Since she died on August, her estate must also report income = ($200 - $48) x 8 = $1,216

3 0

3 years ago

DS Unlimited has the following transactions during August.

m_a_m_a [10]

Answer:

See the journal entries below.

Explanation:

The journal entry will look as follows:

Date Account and explanation Debit ($) Credit ($)

Aug 6 Inventory (50 * $100) 5,000

Account payable 5,000

(To record inventory purchased on account.)

Aug 7 Inventory 300

Cash 300

(To record payment of freight charges associated with the August 6 purchase.)

Aug 10 Account payable (5 * $100) 500

Inventory 500

(To record the returns of defective five game devices to GameGirl.)

Aug 14 Account payable (w.1) 4,500

Cash (balancing figure) 4,455

Inventory (w.2) 45

(To record the payment of the full amount due to GameGirl.)

Aug 23 Account receivable (30 * $120) 3,600

Sales revenue 3,600

Cost of goods sold 3,170

Inventory 3170

(To record the Sales and cost of 30 game devices purchased on August 6.)

Workings:

w.1. Account payable = Purchases on account on August 6 - Defective inventory returned on August 10 = $5,000 - $500 = $4,500

w.2. Inventory = Discount received on account payable for paying within 10 days = w.1 * 1% = $4,500 * 1% =$45

7 0

2 years ago

Refer to the following selected financial information from Shakley's Incorporated. Compute the company's profit margin for Year

nekit [7.7K]

Answer:

Profit margin = 9.74%

Explanation:

We know,

Profit Margin = (Net income after tax/Net sales) x 100

Profit margin is a profitability ratio that measures the company's overall performance. It also show how company performs financially.

Given,

Year 2,

Net Sales = $484,000

Net income after tax = $47,150

Therefore,

Profit Margin = $\frac{47,150}{484,000}$

Profit Margin = 9.74%

Hence, company is performing financially well.

4 0

3 years ago

What is a major plan that organizes several other plans?

Eva8 [605]

I think it’s D I’m not sure

5 0

2 years ago