Rogers Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on
sales of 2,000 kits was prepared for the year. Fixed operating expenses account for 80% of total operating expenses at this level of sales.Sales Revenue $ 100,000 Cost of goods sold (all variable) 60,000 Gross margin 40,000 Operating expenses 35,000 Operating income $ 5,000 Prepare a flexible budget based on sales of 1,400, 2,500, and 3,500 units
1 answer:
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Answer:
Given that,
Taxable income = $75,000
Interest from an investment = $10,000
Using the U.S tax rate schedule in 2017
(a) Federal tax will he owe = $5,226.25 + 25% × ($75,000 - $37,950)
= $5,226.25 + $9262.5
= $14,488.75
(b)
= 19.32%.
(c)
= 17.05%
(d) Chuck is currently in the 25 percent tax rate bracket.
His marginal tax rate on increases in income up to $16,900 and deductions from income up to $37,050 is 25 percent.
Answer:
13.73%
Explanation:
Effective annual rate = (1 + APR / m ) ^m - 1
M = number of compounding = 365
= 0.1373 = 13.73%