The key elements of a business plan can include ____

A 401(k) plan and the nonprofit equivalent, called a 403(b) plan, are______ reduction plans that reduce your salary by the amoun

castortr0y [4]

A 401(k) plan and the nonprofit equivalent, called a 403(b) plan, are salary reduction plans that reduce your salary by the number of your contributions and result in a lower current tax liability. This is further explained below.

<h3>What is tax liability?</h3>

Generally, Both a 401(k) plan and its counterpart for nonprofit organizations, known as a 403(b) plan, are types of salary reduction plans. These programs cut your pay by an amount equal to the number of contributions you make and result in a reduced tax burden for the current year.

In conclusion, Your financial obligation to the government in the form of taxes is referred to as your tax liability. It is the entire amount of money that you are required to pay to the government as part of your obligation to pay income tax on profits such as salary, business, interest on income from investments, capital gains, and prizes from lottery tickets.

Read more about tax liability.

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3 0

2 years ago

Nov. 5 Purchased 850 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November

pickupchik [31]

Answer: Please see explanation column for answer

Explanation: A perpetual inventory system maintains inventory balances ensuring that records are continually made immediately when purchases or sale are made together with any returns which are recorded in inventory accounts.

To record purchase of merchandise

Date Account Debit Credit

Nov 5 Merchandise Inventory $8500

Accounts payable $8,500

To record return of merchandise purchased

Nov 7 Accounts payable $300

Merchandise Inventory $300

To record payment of inventory

Nov 15 Accounts payable $8,200

Cash $7,954

Merchandise Inventory $246

Calculation =

Nov 5 - Cost of merchandise purchased = No of units x unit price = 850 x 10 =$8500

Nov 7 - Cost of merchandise returned = No of units returned x unt price = 30 x 10 = $300

discount received = Balance from accounts payable x discount rate = (8,500- 300) x 3%= 8200 x 0.03= $246

Cash = Accounts payable - Merchandise Inventory = $8200 - 246 =$7984.

4 0

3 years ago

Mayan company had net income of $33,480. the weighted-average common shares outstanding were 9,300. the company has no preferred

Dvinal [7]

Answer:

Earnings Per Share = $3.6

Explanation:

Given

Net Income Average = $33,480

Weighted-average common shares outstanding = 9,300

Shares sold = 4,300

Required

Calculate the company's earnings per share.

Earning per share is calculated as thus;

Let N represent the Net Income; P represent the Preferred Dividend and W represent the Weighted-average common shares outstanding

$Earnings Per Share = \frac{N - P}{W}$

The question says there was no preferred stock;

So, P= 0

Substitute $33,480 for N and 9,300 for W.

The formula becomes;

$Earnings Per Share = \frac{33,480 - 0}{9300}$

$Earnings Per Share = \frac{33,480}{9300}$

$Earnings Per Share = 3.6$

Hence, the calculated Earnings per share of Mayan company is $3.6

3 0

3 years ago

Pharoah Company had checks outstanding totaling $42200 on its May bank reconciliation. In June, Pharoah Company issued checks to

notka56 [123]

Answer:

$109,700

Explanation:

Pharoah Company Outstanding checks on bank reconciliation:

Formula for Outstanding checks on bank reconciliation will be:

Outstanding checks on bank reconciliation = Total checks outstanding+Checks issued during month -checks cleared during the month

Hence,

= $42,200+$263,900-$196,400

= $109,700

Therefore the amount of outstanding checks on Pharoah Company's bank reconciliation should be $109,700

5 0

3 years ago

Which of these types of products usually involves the customer

kiruha [24]

Answer:

Shopping products

Explanation:

Shopping products usually involves the customer doing comparison shopping as customer like to compare price, quality, offers, discounts etc. There are several websites which help the customer in comparing the products available of various brands and then buying the product. It is helpful in making smart purchase and buying the products which are worth for the money spent. It give complete analysis of product quality and price.

8 0

3 years ago

The key elements of a business plan can include _____.