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laila [671]
4 years ago
9

During year 2018, Rebekah, a 20-year-old full-time student, earned $3,400 during the year and was not eligible to participate in

an employer-sponsored retirement plan. The general limit for deductible contributions during 2018 is $5,500. How much of a tax-deductible contribution can she make to an IRA?
$0 (Full-time students are not allowed to participate in IRAs)
$3,400
$5,500
$8,900
Business
1 answer:
WINSTONCH [101]4 years ago
6 0

Answer:

The answer is: $3,400

Explanation:

Rebekah can contribute the full $3,400 she made during 2018 to her individual retirement account (IRA). Tax deductible contributions are limited to $5,500 or less per year, or in cases like Rebekah's, if the total amount of earned income is below $5,500 it can be fully contributed to her account.

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Jacobi Supply Company recently ran into certain financial difficulties that have resulted in the initiation of voluntary settlem
Mashcka [7]

Answer: Composition

Explanation:

The company owes $150,000 and would pay $0.50 on every dollar immediately.

The cash payment required of the company would therefore be:

= Amount of debt in $ - Amount to be paid per dollar.

= 150,000 * 0.5

= $75,000

Timing of payment is immediately.

A composition refers to an agreement between a debt and its creditors that would allow it to pay off part of its debt in lieu of the total value. This is usually done when the debt risks being insolvent or bankrupt but can still pay off part of its debt.

The agreement would enable it pay off some of the debt and the entire debt would be written off. The benefit to the debtor is that they avoid bankruptcy and the benefit to the creditor is that they get more than they would have gotten had bankruptcy been declared.

A composition is what happened here as a part of debt was paid to satisfy the full thing.

5 0
3 years ago
The formula for profit is:
viktelen [127]

Answer:

B Revenues - Expenses

Explanation:

Profit can be found by subtracting revenues from expenses. This is because revenue is the total money made, and expenses are the costs associated with making that revenue. By subtracting the expenses from the revenue, you get the difference of what you actually made.

3 0
3 years ago
Arnold was employed during the first six months of the year and earned a $90,000 salary. During the next 6 months he collected $
Setler [38]

Answer:

$147,260

Explanation:

Salary$ 90,000

Unemployment compensation $7,200

Interest income $60

Retirement benefit $50,000

Adjusted gross income $147,260

Therefore Arnold’s adjusted gross income for the year is $147,260 although the

interest-free loan does not result in gross income to Arnold due to the $10,000 exception.

4 0
3 years ago
Computing and Interpreting Financial Statement Ratios.
statuscvo [17]

Answer:

a. Yes, the company was profitable as it is evidence by the positive net profit margin.

b. Yes, increase in asset turnover increases shows that the operating assets generate higher amount of sales than the last year.

Explanation:

a. Net Profit margin is the percentage (%) of the revenue remaining after all the expenses are subtracted from the sales. It states the amount of profit which a business could extract from the aggregate sales.

Yes, the company is profitable in the year 2015 as the business has positive net profit margin and it is also evidenced.

b. Assets turnover ratio is the one which measures the efficiency of the company or the business and its ability to generate the sales from the assets through comparing the net sales with the average aggregate assets.

Yes, the increase (last year it was 1.29, but now it increases from 1.29 to 1.42) states that the operating assets will generate higher amount of sales from the last year.

4 0
4 years ago
The author argues that advertising often appeals to sentiments. How is this connected to vicarious consumption
AnnyKZ [126]

Answer:

Vicarious consumption refers to showing a family's (or individual) social status through the things that they purchase, i.e. keeping up with the Joneses.

Advertising links the desire to be socially recognized and accepted with the possession of material goods. This is exactly what vicarious consumption is all about. E.g. if most of your classmates use expensive Nike shoes, you will feel different if you wear cheap shoes. If you add this feeling of being different plus Nike ads reinforcing that feeling, then you will at least consider buying Nike shoes, or whichever brand is popular among your friends.

The same thing applies to your parents, e.g. if your parents' friends all buy large SUVs, then your parents will feel different if they buy a sedan even if they would be happy with it. Again, advertisement plays an important role here because it shows SUVs as the appropriate cars for successful families (and the larger the SUV, the more successful you are).  

5 0
3 years ago
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