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melomori [17]
3 years ago
10

Kathy is 48 years of age and self-employed. During 2018 she reported $538,000 of revenues and $107,600 of expenses relating to h

er self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?
Business
1 answer:
Fynjy0 [20]3 years ago
6 0

Answer:

Contribute to individual 401(k) = $61,000

Explanation:

Given:

Revenue = $538,000

Expenses = $107,600

Find:

Contribute to individual 401(k)

Computation:

Contribute to individual 401(k) = $55,000

Kathy is younger then 50 years so, She have t pay $6,000 more:

So,

Contribute to individual 401(k) = $55,000 + $6,000

Contribute to individual 401(k) = $61,000

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Troyanec [42]

Answer: A

Explanation

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2 years ago
John Joos is the owner and operator of Way to Go LLC, a motivational consulting business. At the end of its accounting period, D
ivolga24 [154]

Answer:

a) December 31, 2013 Owner's equity = 508,000

b) December 31, 2014 Owner's equity = 420,000

Explanation:

Accounting Equation Formula: Owner's Equity = Assets - Liabilities  

A) Way to Go LLC December 31, 2013

Owner's Equity = Assets – Liabilities

Owner's Equity = 669,000 – 161,000

Owner's Equity = 508,000

B) Way to Go LLC  December 31, 2014

Owner's Equity = Assets – Liabilities

Owner's Equity = (669,000-127,000) – (161,000-39,000)

Owner's Equity = 420,000

6 0
2 years ago
How were the experiences of the urban unemployed and the rural poor similar?
Luba_88 [7]
Both feared a terrible plight, both had debt so bad they lost their houses, farms, etc
8 0
3 years ago
Thomas Engel contributed equipment, inventory, and $45,000 cash to a partnership. The equipment had a book value of $25,000 and
Troyanec [42]

Answer:

Thomas capital

Equipment                $30,000

Inventory                   25,000

Cash                         <u> 45,000</u>

Total                       <u>  100,000</u>

Explanation:

Equipment : thebook value is $25,000 while the market value is $30,000.  the market value of the equipment will be used.

Inventory : the book value is $50,000 while the market value is $25,000. As a result of obsolescence, the inventory will be value at lower of cost and net realizable value(IAS2). therefore, $25,000 will be recognized for the inventory in the determination of Thomas capital

Cash: there is no changes in cash contributed.

5 0
2 years ago
Read 2 more answers
Consider the following information about production in quarter 1 of 2019. Firm T produces 600 tires at a cost of $28 each, and s
bekas [8.4K]

Answer:

$3,860

Explanation:

<u>Value of stock at the end of Firm T:</u>

Firm T has stock of 20 tires at the end of the year

The cost price is $28 per tire

Value = Closing stock * Cost price of each tIres

Value = 20 * $28

Value = $560

<u />

<u>Value of stock at the end of Firm B:</u>

Firm B has stock of 10 bicycles at the end of the year

The cost price is $330 each

Value = Closing stock * Cost price of each bicycle

Value = 10 * $330

Value = $3,300

Value of the inventory investment = Value of stock at the end of Firm T + Value of stock at the end of Firm B

Value of the inventory investment = $560 + $3,300

Value of the inventory investment = $3,860

8 0
2 years ago
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