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stira [4]
3 years ago
14

Over the past 4 years, Cardi, age 28, has contributed a total of $20,000 to a Roth IRA. The current balance is $25,000. She was

tired of renting, so this year she took a distribution of $15,000 for a down payment on a home. What amount of the distribution should she include in her gross income this year
Business
1 answer:
Juliette [100K]3 years ago
4 0

Answer:

$0

Explanation:

According to the scenario, computation of the given data are as follow:-

Contributed amount = $20,000

Distribution amount = $15,000

As we know,

Taxable amount = Distribution amount - contribution amount

= $15,000 - $20,000

= - $5,000

The contribution amount is $20,000 more than the distribution amount $15,000. So distribution amount is not taxable.

She included $0 amount in her gross income this year.  

 

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Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the
polet [3.4K]

Answer:

D. Accounts ReceivableStanton, debit $20,000; Sales, credit $20,000, and Delivery Expense, debit $500; Cash, credit $500

Explanation:

The Sale transaction must be ;

Trade Receivable -  Stanton Company  $20,000 (debit)

Revenue $20,000 (credit)

<em>Recognise the Revenue and Asset -  Stanton Company</em>

Shipping Cost  $500 (debit)

Bank $500  (credit)

<em>Recognise the shipping cost and de-recognise the cash asset</em>

3 0
3 years ago
Describe the challenges and opportunities of globalization in a ""flattened"" world.
Ksju [112]

Answer:

The meaning of a 'flattened' world is that ,globalization, which can be described as inventions and various developments in the technology world , has created a level playing ground, where countries considered as small or minors are now competing with the super-power ones.

Explanation:

The major challenge of this is that , the rate competition has increased between countries that have great impacts on the resource area of businesses.

And the opportunities are that, new jobs are created or available especially in the information systems and other jobs or occupations involving services.

 Finding better suppliers and at a better price has also been considered as a big benefit because now there were more places to choose from globally.

4 0
3 years ago
Read 2 more answers
_____ is a marketing research technique that involves introducing a new product in a specific area and then measuring its degree
padilas [110]
Test marketing, the consumers don’t even know it’s being tested
8 0
2 years ago
We assume that when a firm hires additional workers, the marginal physical product of labor will:
oee [108]
WE assume that when a firm hires additional workers, the marginal physical product of labor will decrease. Why? Because more people will be added in a certain firm. Thus the resources will be divided to more people now and the money will also be divided to them
3 0
3 years ago
For the following, mark a "D" if the following account normally has a debit balance and mark a "C" if the following account norm
otez555 [7]

1.Notes Payable  D

2. Mortgage Payable D

3. Drawing D

4.Accounts Receivable C

5. Capital C

6. Rent Revenue C

7. Unearned Revenue C

8. Utility Expense D

9. Automobiles

Explanation:

1.Notes Payable  D

2. Mortgage Payable D

3. Drawing D

4.Accounts Receivable C

5. Capital C

6. Rent Revenue C

7. Unearned Revenue C

8. Utility Expense D

9. Automobiles

  • A debit is an accounting entry that may either increases an asset or expense account,
  • It also decreases a liability or equity account.
  • A credit is an accounting entry that may either increases a liability or equity account,
  • It also decreases an asset or expense account.
7 0
3 years ago
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