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larisa86 [58]
3 years ago
5

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 3,600 Salaries expense 1,300

Accounts payable 1,600 Retained earnings 4,700 Utilities expense 1,100 Supplies 12,000 Service revenue 7,500 Common stock 4,200 Required: Use only the appropriate accounts to prepare an income statement.
Business
1 answer:
luda_lava [24]3 years ago
5 0

Answer:

Income Statement  

Sales  $7.500  

Salaries expense -$1.300  

Utilities expense -$1.100  

Net Income  5.100  

Explanation:

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In companies using a fixed-order quantity model, a consistent inventory level is used as a trigger to order more product. This i
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Answer:

Reorder point

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3 years ago
Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if,
yulyashka [42]

Answer:

The question is not complete.

Here is the complete question:

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule)

Required:

a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?

b. What is his marginal rate if, instead, he had $40,000 of additional deductions?

Here are the answers:

a. 24%

b. 12%

Explanation:

Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).

                                Chuck Marginal Tax Rate

a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:

= $75,000 + $40,000

= $115,000

Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.

b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:

= $75,000 - $40,000

= $35,000

The marginal tax rate for taxable income of $35,000 is 12% according IRS tax rate schedule.

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It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.

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