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Tema [17]
3 years ago
14

Over the years, Monica contributed $15,000 to a Roth IRA opened 10 years ago. The IRA has a current value of $37,500. She is 54

years old and takes a distribution of $25,000. How much of the distribution will be taxable to Monica?
A.$10,000B.$0C.$37,500D.$15,000E.$25,000
Business
1 answer:
oksano4ka [1.4K]3 years ago
3 0

Answer: Option (a) is correct.

Explanation:

For Roth IRA which was opened 10 years ago,

Monica contributed = $15,000

Current value of IRA = $37,500

Distribution = $25,000

There will no extra charged on withdrawal because its been more than 5 years.

If she was more than 59.5 years old then the entire withdrawal become tax free.

∴ The taxable distribution = Distribution - Monica contribution

= 25000 - 15000

= $10000

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Franklin Co. had 10 units of an inventory item on hand at the beginning of the current year, each of which had a per-unit cost o
faltersainse [42]

Answer:

$55 and $100

Explanation:

The computation of the ending inventory is shown below:

Under the LIFO method

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where,

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So, the ending inventory is

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Under the Average cost method

The average cost per unit is

= (Beginning inventory units × price per unit + purchase inventory units × price per unit) ÷ (Beginning inventory units + purchase inventory units)

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= ($100 + $500) ÷ (30 units)

= ($600) ÷ (30 units)

= $20 per unit

The ending inventory units is

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So, the ending inventory is

= 5 units × $20

= $100

4 0
3 years ago
Lesson1 : Why Do I Need a Job?
valentina_108 [34]

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6 0
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Answer:

The correct answer is B

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8 0
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nikitadnepr [17]

Answer:

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6 0
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