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LUCKY_DIMON [66]
3 years ago
11

Jim and Carolyn, who are married, establish a Coverdell Education Savings Account to pay for the future college expenses of thei

r infant son. They file jointly and have a modified AGI of $100,000. What is the maximum contribution they can make to a CESA in the current year?
Business
1 answer:
nasty-shy [4]3 years ago
5 0

Answer:

$2000

Explanation:

CESA is a tax deferred account founded by the USA government  to support educational expenses for children that are not more than 18 years of age .

CESA , an acronym for coverdell education savings accounts allows a couple who filed jointly with a modified adjusted income that is not more than $220,000 to contribute not more than $2000 per student for each year.

The contribution is tax free assuming it is less than the account holder's annual adjusted qualifies expenses

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carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from Current Period Direct materia
erica [24]

Answer:i dont answer

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6 0
3 years ago
A ________ limits the quantity of imported merchandise, thus minimizing competition faced by domestic products.
sertanlavr [38]

Answer: Import  Quota

Explanation:

A quota is  defined as a  government-imposed limit that is placed on  trade whether import or export so as to control goods and services that  enter or leave the country. we have different typos of quota  but we will talk about the

Import Quotas --- To reduce competition faced by local products, government places import quotas on import goods so as to prevent the flood of foreign goods in the market which most times are cheaper than local goods as they are mostly produced with cheaper labor than the domestic products .

7 0
3 years ago
Consider a portfolio of stocks X, Y, Z whose returns in various economic conditions are set forth below.
jeka57 [31]

Answer:

The expected return is 10.95%

Explanation:

CALCULATE THE EXPECTED RETURN OF X

State _____Probability __X_____Expected return

Boom ____ 0.25 ______22%  ___5.50%

Normal ___ 0.60 ______15%  ___ 9.00%

Recession _0.15 _______5% ___ <u>0.75%  </u>

Total ______________________<u>15.25%</u>

CALCULATE THE EXPECTED RETURN OF Y

State _____Probability __Y_____Expected return

Boom ____ 0.25 ______10%  ___ 2.50%

Normal ___ 0.60 ______9%  ____5.40%

Recession _0.15 _______8% ___ <u>1.20%  </u>

Total ______________________<u>9.10%</u>

Now calculate the weighted average return based on investment in each portfolio

Expected return = ( Expected return of Assets X x Weight of Asset X ) + ( Expected return of Assets Y x Weight of Asset Y )  

Expected return = ( 15.25% x $3000/$10000 ) + ( 9.10% x $7000/$10000 )  

Expected return = 4.575% + 6.370%

Expected return = 10.945%

Expected return = 10.95%

5 0
3 years ago
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:
Elza [17]

Answer:

Amount of underapplied or overapplied overhead cost for the year

$97000 - Underapplied

Schedule of cost of goods manufactured for the year

Direct Material                                3885000

Direct Labor                                      60000

Overheads                                       376000

Total Manufacturing Costs             4321000

Add Opening Inventory WIP           400000

Less Closing Inventory WIP            (700000)

Cost of Goods Manufactured         4021000

Explanation:

Amount of underapplied or overapplied overhead cost for the year

Underapplied or Overapplied overhead cost =Actual Overhead - Applied Overhead

$473000-$376000= $ 97000

Schedule of cost of goods manufactured for the year

<em>Direct Materials  Calculation  </em>                                  

Opening                                                      200000

Add Purchases                                         4000000

Available                                                    4200000

Less Closing Material                                 300000

Materials Consumed                                  3900000

Less Indirect Materials                                 15000

Direct Materials Consumed                       3885000

8 0
3 years ago
Read 2 more answers
Riverbed Corp has 8,400 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholde
Paha777 [63]

Answer:

Date       Account Titles and Explanation        Debit           Credit

1-Nov     Cash Dividends                             $42,000

              (8,400 shares x $5)

             Dividends Payable                                                   $42,000

             (To record dividends payable)  

1-Dec      No entry on this date

31-Dec     Dividends Payable                     $42,000  

                Cash                                                                        $42,000

            (To record payment of cash dividend)  

4 0
3 years ago
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