Exam early childhood education

kakasveta [241]

Answer:

d. All of these answer choices are correct.

Explanation:

There are two sections namely debit sections and credit sections. The total of debit and credit sections is always be matched and equaled

The debit sections reports assets and expenses side

whereas, the credit sections reports revenue, stockholder equity, and the liability side.

Moreover, the balances are used to prepare the financial statement i.e income statement, balance sheet, etc

The trail balance is prepared three times i.e non adjusted, adjusted and the post-closing trail balance

8 0

2 years ago

Brooklyn has been contributing to a traditional IRA for seven years (all deductible contributions) and has a total of $30,000 in

Zolol [24]

Answer: $13,200

Explanation:

Given that,

Contributing to a traditional IRA = 7 years

Total in account = $30,000

Withdrawal from IRA to help pay for the car = $20,000

marginal tax bracket = 24 percent

Therefore,

After tax withdrawal:

= Withdraws - 10% penalty as per IRS for early withdrawal - 24% tax on $20,000

= $20,000 - 0.1 × 20,000 - 0.24 × 20,000

= $20,000 - 2,000 - 4,800

= $13,200

6 0

3 years ago

Read 2 more answers

Short Corp. reported net income of $63,000 for the year and had a tax rate of 30%. Net sales were $300,000 and Operating expense

Mekhanik [1.2K]

Answer:

Cost of goods sold : $ 120.000

Explanation:

income before taxes : 63000 / 0.7 = 90000

(+) expenses 90.000

Total 180.000

(-) net sales 300.000

= cost of goods 120.000

7 0

3 years ago

David is shopping for work supplies; he purchases 3 binders, 5 pens, and 2 reams of paper. The binders cost $3.50 each; the pens

AVprozaik [17]

Answer:

Im not 100% sure but the answer is C

Explanation:

7 0

3 years ago

Max's Kennels spent $220,000 to refurbish its current facility. The firm borrowed 60 percent of the refurbishment cost at 5.95 p

Jlenok [28]

Answer:

The monthly payment is $2184.52

Explanation:

Given

$Total\ Amount\ Spent\ = $220,000$

$Amount\ Borrowed = 60\%$

$Rate = 5.95\%$

$Duration = 6\ years$

Required

$Monthly\ Payment$

Firstly, the loan amount has to be calculated

The Question says; of the total amount spent, only 60% was borrowed;

So;

$Loan = 60\%\ of\ 220,000$

$Loan = 132,000$

The monthly payment can then be calculated using the following formula

$Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}$

Where P = Loan Amount = 132,000

r = rate of payment = 5.95% = 0.0595

n = duration (in month)

n = 6 years

n = 6 * 12 months

n = 72 months;

Substitute the above parameters in the formula;

$Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}$ becomes

$Amount = 132,000 * \frac{0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(\frac{12.0595}{12})^{72}}{(\frac{12.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(1.0049583)^{72}}{(1.0049583)^{72} - 1}$

$Amount = 654.5 * \frac{1.42777239524}{1.42777239524 - 1}$

$Amount = 654.5 * \frac{1.42777239524}{0.42777239524}$

$Amount = 2184.51925155$

$Amount = 2184.52\ (Approximated)$

<em>Hence, the monthly payment is $2184.52</em>

3 0

3 years ago