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2 years ago

To whom should your family talk about enrolling in a 529 plan or a Coverdell Education Savings Account?

Business

2 answers:

strojnjashka [21]2 years ago

6 0

Financial planner will be able to go over the benefits and restrictions of a 529

maxonik [38]2 years ago

4 0

The correct answer is financial planner.

Financial planner will educate a person on the restrictions and benefits of both coverdell savings and 529 plan.

Financial planning will cover the investment planning, tax planning and cash flow management.

Financial planner will manage, create, and plan for capital accumulation which will generate cash flow and future capital for spending and investment.

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When a company issues 39,000 shares of $3 par value common stock for $30 per share, the journal entry for this issuance would in

geniusboy [140]

The journal entry for this issuance would include is $ 10,53,000.00.

A magazine entry consists of the acquisition of machinery with the aid of the country wherein the equipment account could be debited, and the coins account may be credited.

A magazine access is a report of the enterprise transactions inside the accounting books of a enterprise. A well documented magazine entry consists of the best date, amounts to be debited and credited, description of the transaction and a completely unique reference wide variety. A magazine access is the first step within the accounting cycle.

Debit Credit

Number of shares = $ 39,000

cost of per shares = $3

total cash of shares = $ 117000 117000

Common stock ( 39000 * 3 ) 117000.00

Paid in capital ( 39000 shares * 27) 10,53,000.00

(To record the issuance of shares at a premium of $ 27)

Learn more about journal entry here:- brainly.com/question/14279491

#SPJ4

5 0

1 year ago

You and a group of friends are planning to visit a theme park, which charges $60 for admission, $100 for a two-day pass, and $13

enyata [817]

Answer:

Part 1.

Average cost per day of a three-day pass = $53.33/day per person

Marginal cost of adding the third day = $190 - $160 = $30 per person

Part 2.

Group's marginal cost of switching from the two-day pass to the three-day pass = $180

Explanation:

The total cost is the admission charge ($60) plust the cost of the pass ($100 or $130).

For a two-day pass that is: $60 + $100 = $160, per person

For a three-day pass that is: $60 + $130 = $190, per person

Part 1. The average cost per day of a three-day pass per person. 

The average cost is the total cost divided by the number of days.

Average cost = $160/3days = $53.33/day per person

The marginal cost of adding the third day per person is found by subtracting the total cost for two days from the total cost for three days:

Marginal cost of adding the third day = $190 - $160 = $30 per person

This says that althoud the average cost for the three days is $53.33 the cost of adding the third day is $30, which is much lower; thus, it is a good deal to buy a three-days pass, as they are interested in spending a lot of time there.

Part 2. The group's marginal cost of switching from the two-day pass to the three-day pass

Since the marginal cost of switching from the two-day pass to the three-day pass is $30 per person, the marginal cost for the 6-person group is 6 times $30:

6 persons × $30/person = $180.

8 0

3 years ago

Using the estimated sales and production of 140,000 boxes of Chap-Off, the Accounting Department has developed the following man

Alchen [17]

Answer:

Silven Industries

If Silven buys its tubes from the outside supplier, it will be able to avoid $1.10 of its own Chap-Off manufacturing costs per box

Explanation:

a) Data and Calculations:

Estimated Production and Sales Units of Chap-Off = 140,000 boxes

Manufacturing cost per box: Avoidable costs

Direct material $ 3.70 $0.74 ($3.70 * 20%)

Direct labor 2.00 0.20 ($2.00 * 10%)

Manufacturing overhead 1.60 0.16 ($1.60 * 10%)

Total cost $ 7.30 $1.10

Outside supplier's price for tubes = $1.20 per box

b) Unless there an alternative use for the machine used in making the tubes internally exists, it may not be cost-effective for Silven to buy from the outside supplier. Alternatively, it should renegotiate a price per box that is less than $1.10 in order to stop making the tubes internally.

8 0

2 years ago

Silky Inc., which sells custom silk ties designed by famous people, faces a demand curve of Q = 150 – 0.2P, where Q is measured

CaHeK987 [17]

Answer:

The production level that maximizes Silky's profit is $5000$ ties.

Explanation:

First of all, as we have $Q(P)=150-0.2P$ , we need to transcript it as price in function of the quantity so

$P(Q)=\frac{150-Q}{0.2}=750-5Q$

Then we need to find income function that is $I(Q)=Q*P(Q)=750Q-5Q^{2}$ . After derivate it $I'(Q)=750-10Q$ .

The optimum level is when we have $MC=I'(Q)$ , therefore,

$5Q=750-10Q$ , as we clear it for $Q$ we find that

$Q=\frac{750}{15}=50$ , finally as we have that $Q$ is measured in hundreds of ties, the production level that maximizes Silky's profit is $5000$ ties.

4 0

3 years ago

Exercise 8-3

7nadin3 [17]

Answer:

(a) Prepare the entries to record sales and collections during the period.

It had net credit sales of $800,000

Dr Accounts receivable $ 800,000

Cr Sales $ 800,000

Collections of $763,000.

Dr CASH $ 763,000

Cr Accounts receivable $ 763,000

(b) Prepare the entry to record the write-off of uncollectible accounts during the period.

It wrote off as uncollectible accounts receivable of $7,300

Dr Allowance for Uncollectible Accounts $ 7,300

Cr Accounts receivable $ 7,300

However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period.

Dr Accounts receivable $ 3,100

Cr Allowance for Uncollectible Accounts $ 3,100

(d) Prepare the entry to record bad debt expense for the period.

Uncollectible accounts are estimated to total $25,000 at the end of the period.

Dr Bad Debt Expense $ 20,200

Cr Allowance for Uncollectible Accounts $ 20,200

Explanation:

If the company applies the allowance method, it means that the account Allowance for Uncollectible Accounts must show as balance the estimated value of $25,000

Because the company already has a CREDIT balance in the Allowance for Doubtful Accounts it's necessary to register an entry that complement the existing value and reflect the estimated value, $ 20,200

Bad accounts are those credits granted by the company and there is no possibility of being charged.

When customers buy products on credits but the company cannot collect the debt, then it's necessary to cancel the unpaid invoice as uncollectible.

One way is to directly cancel bad debts at the time it was decided that the credit is bad, the total amount reported as bad debt expenses negatively affect the income statement and the accounts receivable are reduced by the same amount, less assets

The other way is to determine a percentage of the total amount of accounts receivable as bad debts, there are many ways to analyze accounts receivable and calculate the value of bad debts.

When the company has the percentage of uncollectible accounts, the required journal entry is Bad Expenses (debit) with Reserve for Bad Accounts (credit)

At the time of cancellation, since the expenses were recognized before, we only use the Allowance for Uncollectible Accounts (Debit) with accounts receivable (credit), with this we are recognizing the bad credit of the company.

7 0

3 years ago