Answer:
$8,000
Explanation:
Jahwana earns $40,000:
her 401k contributions = 15% x $40,000 = $6,000
Jahwana's employer contributes $1 per $1 that she contributes but only up to 5%, so her employee's 401k contribution = 5% x $40,000 = $2,000
total annual contribution = $6,000 + $2,000 = $8,000
Answer:
Yes
Explanation:
In this question, we have to compare the total income based on credit extended The computation is shown below:
If credit is not extended, then the total income would be
= Service revenue + income from operations
= $48,000 + $19,000
= $67,000
If credit is extended, then the total income would be
= Service revenue + income from operations - additional expenses for wages and bad debts
= $87,000 + $19,000 - $34,000
= $72,000
Yes the company extend credit as the total income is increased by $5,000
Answer:
a. is a list of accounts with their balances at a given time.
Explanation:
There are two columns in the trial balance, namely debit columns and columns of credit. The total amount of columns of debit and credit should always match and equaled.
The debit columns reflect assets and expenses side while earnings, stockholder equity, and liability side are listed in the credit column. It is prepared for the given period of time.
Answer:
Aug 6. Dr cash $14,000
Cr Sales $14,000
Aug,6 Dr Cost of goods sold $8,400
Cr Merchandise inventory $8,400
August 12
Dr Sales returns $1,560
Cr Cash $1,560
August 12
Dr Merchandise inventory $936
Cr Cost of goods sold $936
Explanation:
In the first place,the goods sold for cash of $14,000 means that cash account is debited and sales is credited with $14,000
However,with respect to cost of goods sold,there would a debit of $8,400 and credit of the same amount to merchandise inventory.
The goods returned returned would necessitate debit of sales return with $1,560 and credit to cash of the same amount.
The cost of goods returned is $936 ($1,560*$8400/$14,000) should debited to merchandise inventory and a credit to costs of good sold
Answer:
Lifo in inflationary- condition Income tax shows minimum amount, when there is inflation in the economy.
Fifo In inflationary condition, income tax shows a higher amount.
Lifo .in deflation .In case of deflation, larger amount of income tax is shown. Fifo in deflation .Reduced income tax will be shown in deflationary conditions
Explanation:
Lifo in inflationary- condition Income tax shows minimum amount, when there is inflation in the economy.
Fifo In inflationary condition, income tax shows a higher amount.
Lifo .in deflation .In case of deflation, larger amount of income tax is shown. Fifo in deflation .Reduced income tax will be shown in deflationary conditions.
