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stepladder [879]
3 years ago
13

During 2018, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 12%. Jill'

s salary was $90,000 for the year. Jill elects to make the maximum contribution. What is Jill's maximum tax-deferred contribution to the plan for the year
Business
1 answer:
maks197457 [2]3 years ago
5 0

Answer:

The correct answer is $10,800.

Explanation:

According to the scenario, the given data are as follows:

Jill's salary = $90,000

Jill's maximum contribution = 12%

So, we can calculate Jill's maximum tax-deferred contribution by using following formula:

Maximum tax-deferred contribution = Jill's salary × Maximum contribution percentage.

= $90,000 × 12%

= $90,000 × 0.12

= $10,800

Hence, Jill's maximum tax-deferred contribution to the plan for the year is $10,800.

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All of the following statements regarding retained earnings are true exceptA. retained earnings represents a claim on cash.B. a
-BARSIC- [3]

Answer:

A) retained earnings represents a claim on cash.

Explanation:

Retained earnings are the accumulated profits that a company keeps that are left after dividends are paid. Retained earnings are the equivalent of a savings account for an individual. Retained earnings are shown in the balance sheet as part of owners' equity.

For example, corporation A had a net profit of $10 million during last year, and it paid dividends for a total of $4 million, its retained earnings for last year are $6 million.

Companies use retained earnings as money available for financing new or existing projects.

8 0
3 years ago
Buyers of a good bear the larger share of the tax burden when the (i) supply is more elastic than the demand for the product. (i
mario62 [17]

Answer:

A. (i) only

Explanation:

4 0
3 years ago
On September 1, a company established a petty cash fund of $230. On September 10, the petty cash fund was replenished when there
storchak [24]

Answer:

September 1, petty cash fund is established

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    Cr Cash 230

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September 15, petty cash fund in increased

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3 0
3 years ago
Based on the given information, what will be the working capital of the company?
Romashka-Z-Leto [24]

Answer:

$37,000

Explanation:

Working capital indicates the difference between a company's current assets and its current liabilities.

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in this case,

Current assets include

Inventory    $50,000

Cash at Bank    $ 5,000

prepaid rent    <u>  $5,000</u>

Total current assets <u>$60,000</u>

current liabilities

Notes Payable   $20,000

tax payable       <u>   $3,000</u>

Total current liabilities  <u>   $23,000</u>

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= $37,000

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3 years ago
What is business office ? why is it established . Give 8 reason​
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Answer:

Hope it helps

Mark my answer brainliest

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3 years ago
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