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serg [7]
3 years ago
8

Lois, a single taxpayer, contributed $1,200 to her traditional IRA in 2019. If she received a $240 saver’s credit and was not an

active participant in an employer-sponsored retirement plan, how much of the contribution can she deduct?
Business
1 answer:
-Dominant- [34]3 years ago
6 0

Answer:

$960

Explanation:

Given the information from the question. We need to calculate the contribution can she deduct Since Lois paid $1200 to customary IRA and she received a $240 savers credit. Thus, she will get derivation commitment less savers credit .as a result to get contribution can she deduct is $1200-$240= $960. Therefore, the correct answer is $960.

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Suppose a firm wants to maintain a specific TIE ratio. It knows the amount of its debt, the interest rate on that debt, the appl
ra1l [238]

Answer:

a. True

Explanation:

TIE means times interest earned, whose formula is provided below:

Times interest earned=EBIT/interest expense

With the above formula, we can determine the EBIT (earnings before interest and tax)

Depending on the company's cost structure, when  the operating costs are added to EBIT, the result would be the company's sales revenue

EBIT=Sales revenue-operating costs

Sales revenue=EBIT+operating costs

3 0
3 years ago
What does it mean for a savings account to have a minimum balance?
Fittoniya [83]

Answer:

D

Explanation:

A savings account is an account owned by an individual at a bank. He keeps his money there, and earn interest at the end of the month for his savings.

A minimum balance is sometimes required by the banks for a savings account, customers are expected to keep such minimum balance always if not, the account will be closed down.

5 0
3 years ago
Amber arrives for her first interview with Overseas Ventures, Inc., fifteen minutes early, wearing a dress blouse and a business
Blababa [14]

Answer:

She should not have brought up salary.

Explanation:

From the question we are informed about Amber who arrives for her first interview with Overseas Ventures, Inc., fifteen minutes early, wearing a dress blouse and a business suit whose skirt hem hits her knees. During the interview, she mentions a successful cost-cutting measure she implemented on her current job. She expresses gratitude for the opportunity her current employer gave her. She mentions what her current salary is and says she hopes the prospective employer can better it. After the interview, she sends a thank-you note to the manager who interviewed her. In this case, What she did wrong was that should not have brought up salary.

An interview can be regarded as

a structured conversation between

interviewer as well as an interviewee, the interviewee could be a participant seeking for job. It is one-on-one conversation, during interview

information from a person can be obtained through oral responses of a participant. In case of the question, she should not have brought up salary.

Though she mentioned Cost reduction which was one of her strength and it's regarded as is the process engaged by companies in reducing their costs and also brings increase to their profits.

4 0
2 years ago
A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's: Select one: a. Cost of goods sold. b.
velikii [3]

Answer:

(B) Cost of goods purchased

Explanation:

While a merchandising company buys goods from its suppliers (goods purchased) and adds this to its opening inventory to determined the quantity of goods it has available for sale (goods available for sale), a manufacturing firm makes the goods to be sold (goods manufactured) and add to its opening inventory of finished goods to determine the same metric (quantity of goods available for sale).

This relationship can be seen when the trading account of both firms are compared.

8 0
3 years ago
At December​ 31, 20X1, Suiza Inc. had​ $1,250,000 in assets and​ $630,000 in liabilities. For the year ended December​ 31, 20X1,
Bingel [31]

Answer:

Option (A) is correct.

Explanation:

On January 1st,

Total assets = Total liabilities + share holders equity

                    = 640,000 + 580,000

                    = 1,220,000

On December 31st,

Total assets = Total liabilities + share holders equity

                    = 630,000 + 620,000

                    = 1,250,000

Retained earnings closing = share holders equity increases - common stock issued

                                            = (620,000-580,000) - 10,000

                                            = 40,000 - 10,000

                                            = 30,000

Retained earnings closing = Net income - Dividend declared

30,000 = $45,000 - Dividend declared

Dividend declared = $45,000 - $30,000

                               = $15,000

7 0
3 years ago
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