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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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Brian invests $11,500, at 6% interest, compounded semiannually for 2 years. Manually calculate the compound amount (in $) for hi
Katena32 [7]

Answer:

The important thing to remember here is that the interest is compounded semi annually, which means twice a year. When the 1st interest is compounded, the second interest is calculated on that new amount.

(11,500 + (11,500×6%)) = $ 12,190

(12,190 + (12190×6%)) = $ 12921.40

Explanation:

4 0
2 years ago
The U.S. corporation Fun Toys, Inc. sets up a firm in China. The parent company remains in the United States and retains complet
rosijanka [135]

Answer:

(A) A wholly owned Subsidiary

Explanation:

A wholly owned subsidiary is a company that is completely owned by another company called the Parent/Holding Company. The parent company will hold all (100%) of the subsidiary's common stock.

A wholly owned subsidiary allows the parent company to diversify, manage, and possibly reduce its risk.

Some of the disadvantages of a wholly owned subsidiary include the possibility of multiple taxation, lack of business focus, and conflicting interest between subsidiaries and the parent company if not properly managed.

7 0
3 years ago
"Only one firm produces and sells soccer balls in the country of Wiknam, and as the story begins, international trade in soccer
sweet-ann [11.9K]

Answer:

Explanation:

a) since MR=MC, then 15-2Q=3+Q. So, the monopolist produce Q=4

price P=15-Q=10-4=6

profit=6*3-TC=18-(3+4+0.5*4^2)=3

b)since the P=6=6, domestic production will stay the same. The domestic consumption will stay the same. For Wilknam, it will import soccer balls.

c)yes, it holds that Wiknam will be an importer. Because the price for domestic production is 6 which is same as the world price 6.

d)Since the price within country is the same with price out of country, and also, MC=3+Q=7>6, Wiknam will import soccer balls. The monopolist market will become a competitive market.Even though the price won't change,the product will be of high quality and so on. The market will become more equilibrium.

7 0
3 years ago
What was this product's net operating income (loss) last year? last year minden company introduced a new product and sold 15,000
mafiozo [28]

Answer:

1. What was the product's operating income(loss) last year = $90,000 loss

2. What is the product's Break even point in unit sales and dollars

• Break even sales in units 18,000

• Break even i n sale dollars $1,260,000

3. Maximum annual profit given an increment of 5,000 units and reduction of sales price per unit by $2.

• Net profit of $20,000

4. What would be the break even point in unit sales and dollars using the selling price that you determined in requirement 3.

• Break even sales units 19,285.7

• Break even in sales dollars $1,311,427.6

Explanation:

Please see attached detailed solution to the above questions and answers.

3 0
3 years ago
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater
Delvig [45]

Answer:

Zoe Company

a) Statement of Cost of Goods Manufactured:

Direct materials cost                 $90,000

Direct labor                                  25,000

Factory overhead                        37,000

Work in process, March 1           22,000

Work in process, March 31        (23,500)

Cost of goods manufactured $150,500

b) Income Statement for the month ended March 31:

Sales                                                                    $257,000

Finished goods inventory, March 1    $21,000

Cost of goods manufactured             150,500

Finished goods inventory, March 31  (30,000)

Cost of goods sold                                              $141,500

Gross profit                                                          $115,500

Sales and administrative expenses                      79,000

Net Income                                                          $36,500

c) Inventory Section of the Balance Sheet as of March 31:

Current Assets:

Inventory:

Materials inventory, March 31              $8,000

Work in process, March 31                   23,500

Finished goods inventory, March 31   30,000

Total inventory                                    $61,500

Explanation:

a) Data and Calculations:

Purchases     $92,000

Materials inventory, March 1 6,000

Materials inventory, March 31 8,000

Direct labor 25,000

Factory overhead 37,000

Work in process, March 1 22,000

Work in process, March 31 23,500

Finished goods inventory, March 1 21,000

Finished goods inventory, March 31 30,000

Sales 257,000

Sales and administrative expenses 79,000

b) Materials inventory, March 1   $6,000

Purchases                                    92,000

Materials inventory, March 31       8,000

Direct materials cost                 $90,000

4 0
3 years ago
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