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jarptica [38.1K]
3 years ago
6

Jennifer's income is too high to qualify for the credit on Form 8880, Credit for Qualified Retirement Savings Contributions.A. T

rueB. False
Business
1 answer:
a_sh-v [17]3 years ago
3 0

Answer:

given statement is true

Explanation:

solution

the given statement is true because  

by encouraging, people of the lower income is contributing to their retirement savings account.  

and IRS offers a tax credit for contributions to them for claim the retirement savings credit

so  Jennifer must use IRS form 8880

and credit percentage decreases as the as AGI increases

so we can say given statement is true

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Check my work Check My Work button is now enabled3Item 5Item 5 10 points Social Media, Inc. (SMI) has two services for users. To
Nimfa-mama [501]

Answer:

a. Predetermined administration costs - $ 54 per engineering hours

b. Profit per Toot  - $ 648,075

   Profit per Tix       $ 326,450

Explanation:

Computation for predetermined overhead rate for admin costs

Estimated administration costs                                              $ 629,100

Engineering hours - Toot -  6,825

Engineering hours - Tix    -  <u>4,825</u>

Total engineering hours                                                              11,650

Predetermined rate for administration costs

$ 629,100/ 11,650 hours                                                       $ 54 per hour

Computation of total profit for each service

Administration costs - Toot = 6,825 hours * $ 54 per hour = $ 368,550

Administration costs - Tix =   4,825 hours * $ 54 per hour = $  260,550

                                                              Toot                Tix

                                                                 $                    $

Revenues                                            <u>1,350,000</u>       <u>1,040,000</u>

Engineering costs                                 333,375           453,000

Allocation of admin costs                     <u>368,550 </u>         <u>260,550</u>

Total costs                                              <u>701,925 </u>          <u>713,550</u>

Profit per service                                    648,075          326,450                          

5 0
3 years ago
Honeycutt Co. is comparing two different capital structures. Plan I would result in 12,700 shares of stock and $109,250 in debt.
Ulleksa [173]

Answer:

Check the following calculations

Explanation:

All-Equity Plan:

Number of shares = 15,000

Plan I:

Number of shares = 12,700

Value of debt = $109,250

Price per share = Value of debt / (Number of shares under All-Equity Plan - Number of shares under Plan I)

Price per share = $109,250 / (15,000 - 12,700)

Price per share = $109,250 / 2,300

Price per share = $47.50

Plan II:

Number of shares = 9,800

Value of debt = $247,000

Price per share = Value of debt / (Number of shares under All-Equity Plan - Number of shares under Plan II)

Price per share = $247,000 / (15,000 - 9,800)

Price per share = $247,000 / 5,200

Price per share = $47.50

5 0
3 years ago
On January 1, Year 2, Grande Company had a $69,600 balance in the Accounts Receivable account and a $2,600 balance in the Allowa
Katarina [22]

The amount of uncollectible accounts expense recognized on the Year 2 income statement is  $1,830.

Explanation:

  • On January 1, Year 2, Grande Company had balance = $69,600 in the Accounts Receivable account
  • Grande provided services = $183,000
  • The Allowance for Doubtful Accounts account = $2,600
  • The company collected  cash from accounts receivable = $215,500
  • Uncollectible accounts are estimated to be =  1% of sales on account
  • Thus, following calculation gives the desired result,
  • Multiply amount of Grande services with 1% sales on account.
  • i.e : $183,000 sales on account × 1% = $1,830
  • So, the amount of uncollectible accounts expense is $1,830 as the income statement for the 2nd year.
  • The reserves are recorded when, the uncollectible accounts expense are debited and credit the allowance for the uncollectible accounts.
  • There are many reasons for the uncollectible accounts such as,
  • the debtor's bankruptcy,
  • the inability to get the debtor,
  • fraud, etc

5 0
3 years ago
The Jones family has a disposable income of $80,000 annually. Assume that their marginal propensity to consume is 0.8 (the Jones
makvit [3.9K]

Answer:

Option (1) is correct.

Explanation:

Given that,

Annual disposable income = $80,000

Marginal propensity to consume, MPC = 0.8

Autonomous consumption spending = $10,000

Therefore,

annual consumer spending:

C = a + bY

Where,

a = Autonomous consumption spending

b = Marginal propensity to consume

Y = Annual disposable income

C = $10,000 + (0.8 × $80,000)

   = $10,000 + $64,000

   = $74,000  

3 0
3 years ago
Eric is a film editor who oversees cutting different takes together and coordinating background music into scenes. Eric works in
aksik [14]

Answer:

That statement is false.

Explanation:

A work in printing technology will resulted in a form of art that has a concrete physical form. (Such as magazine cover, poster, Creative handbooks, etc).

The work result from People who works as a film editor. (especially those who focused in coordinating music) do not have such concrete physical form. All of their works will be given in a file format.

6 0
3 years ago
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