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babunello [35]
3 years ago
10

James, age 35, did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross inco

me of $41,000, what is his individual shared responsibility payment? The 2018 MEC flat annual dollar amount is $695 per adult and $347.50 per child limited to $2,085 per household. The standard deduction for filing single is $12,000.
Business
1 answer:
aalyn [17]3 years ago
7 0

Answer:

$725

Explanation:

Obamacare (or Affordable Care Act) stated that starting in 2014, everyone must have either minimum essential coverage, a coverage exemption or they have to pay a shared responsibility payment.

The shared responsibility payment for 2018 was $695 for each adult and $347.50 for each child, with a family maximum of $2,085, or 2.5% of taxable income, whichever is higher.

(gross income - standard deduction ) x 2.5% = ($41,000 - $12,000) x 2.5% = $725

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On April 1, Moloney Musical Instruments sold merchandise on account to Fronke's Flutes for $7,000 on Invoice 1001, terms 2/10, n
Eduardwww [97]

Answer:

The question is <em>"Record the transactions on April 1 and April 10. View transaction list Journal entry worksheet Record the sale on April 1."</em>

Date     Account Title and Explanation       Debit         Credit

April 1    Account receivables                      $7,000

                  Sales revenue                                               $7,000

April 10.  Cash  ($7,000*98%)                       $6,860

                     Sales discount ($7,000*2%)                        $140

                     Account receivables                                     $7,000

3 0
3 years ago
Apple Valley Corporation uses a job cost system and has two production departments, A and B. Budgeted manufacturing costs for th
Ksenya-84 [330]

Answer:

For Department A, the manufacturing overhead allocation rate is : 300%

For Department B, the manufacturing overhead allocation rate is : 50%

Manufacturing overhead costs allocated to Job #432 : $30,000.

Explanation:

Apple Valley Corporation uses job cost system and it allocates overhead cost to job on basis of manufacturing labor cost.

1. To identify the manufacturing overhead allocation rate for department A:

(Manufacturing Overhead department A / Direct Manufacturing Labor Department A) * 100

= ($600,000 / $200,000) * 100

= 300%  

2. To identify the manufacturing overhead allocation rate for department B:

(Manufacturing Overhead department B / Direct Manufacturing Labor department B) * 100

= ($400,000 / $800,000) * 100

= 50%

3. To calculate the manufacturing overhead costs allocated to Job #432:

[(Department A direct labor * Manufacturing Overhead department A) / Direct Manufacturing Labor of department A ] + [(Department B direct labor * Manufacturing Overhead department B) / Direct Manufacturing Labor of department B ]

= [( $8,000 * $600,000) / $200,000] + [( $12,000 * $400,000) / $800,000]

= $30,000.

4 0
3 years ago
The total factory overhead for Rowland Company is budgeted for the year at $652,000 and divided into two departments: Fabricatio
vlabodo [156]

Answer:

$86

Explanation:

The total overhead for Rowland Co. = $652,000 per annum (p/a). broken down across two departments as follows:

Department/Item                     (Treadmill)      ||     (Weight Machine)

                                                    (Direct labor hours in production)      Total

Fabrication = $460,000 p/a            3              ||                 2

Assembly = $192,000 p/a                1              ||                 5

Nos of Units for production            4000          ||              4000

To produce 4000 Weight Machines, would require 8000 fabrication hours and 20,000 assembly hours. while, 4000 treadmills will require 12,000 fabrication hours and 4,000 assembly hours.

Total number of Fabrication hours for the year is 12,000 + 8,000 = 20,000.

Total number of assembly hours for the year is 20,000 + 4,000 = 24,000

Unit cost per hour of fabrication (uF) = $460,000/20,000 = $23

Unit cost per hour of assembly (uA) = $192,000/24,000 = $8

Therefore, the allocated overhead per unit for each weight machine

= (2 * $23) + (5 * $8) = $46 + $40 = $86

3 0
3 years ago
Which of the following is an example of a market segment?
Hatshy [7]

Answer: The answer is "b. A group of individuals with different product requirements".

Explanation: The definition of a market segment refers to a homogeneous and large group of consumers that can be recognized within a market, who have similar desires, buying habits, and who will react similarly to the power of marketing.

4 0
3 years ago
Global market has decided to increase its market share by hiring a marketing rep to visit businesses in the area and invite thei
Doss [256]

In the condition given above where the global market intends to increase its market share by hiring representative for such purpose, the global market is said to be using communication strategy.

<h3>What is communication strategy?</h3>

A strategy, which is used by an organization for the purpose of interaction with the target audience of such organization, it is known as a communication strategy.

Hence, the significance of communication strategy is aforementioned.

Learn more about communication strategy here:

brainly.com/question/13363001

#SPJ1

3 0
1 year ago
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