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lord [1]
3 years ago
7

Presented below is information related to Cheyenne Corp., which sells merchandise with terms 2/10, net 60. Cheyenne Corp. record

s its sales and receivables net. July 1 Cheyenne Corp. sold to Warren Harding Co. merchandise having a sales price of $17,000. 5 Accounts receivable of $14,800 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 8%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $14,800 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,300 at a finance charge of 7% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Dec. 29 Warren Harding Co. notifies Cheyenne that it is bankrupt and will pay only 20% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.)

Business
1 answer:
Anastasy [175]3 years ago
8 0

Answer:

Detailed solution is given in the tabular form below:

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This year, Paula and Simon (married filing jointly) estimate that their tax liability will be $218,000. Last year, their total t
romanna [79]

Answer:

1. Yes

2. $7,400

Explanation:

Basic Rules For Estimated Tax For Individuals

Any individual who has estimated tax for the year of $1,000 or more and  whose withholding does not equal or exceed the “required annual payment” must make quarterly payments. Otherwise, a penalty may be assessed. The required annual payment is the smaller of the following amounts:  

1.Ninety percent of the tax shown on the current year's return.  

2.One hundred percent of the tax shown on the preceding year's return (the return must cover the full 12 months of the preceding year). If the AGI on the preceding year's return exceeds $150,000 ($75,000 if married filing separately), the 100% requirement is increased to 110%.

Are Paula and Simon required to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty?

Following the basic rules above, yes, Paula and Simon have to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty.

If so, how much?

Amount of income tax liability = $218,000

In general, taxpayers must pay at least 90 percent of their tax bill during the year to avoid an underpayment penalty when they file.

Therefore Minimum estimated payments-90% : $218,000 * 0.9 = $196,200

110% of the preceding year's tax: $182,000 * 1.10 = $200,200

According to the basic rules the required annual payment is the smaller which is $196,200.

Tax withholding from their employers = $188,800

Estimated tax payments required = $196,200 - $188,800 = $7,400

5 0
3 years ago
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NNADVOKAT [17]

Answer:

$75 per case

Explanation:

Required: Selling Price per case

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Sales = 800000 case x Selling Price (SP)

Variable cost = (800000 case x $40) + (800000 x SP x 25%)

Putting into equation:

Sales – Variable cost – Fixed cost = Target desired profit

(800000 x SP) – [(800000 x 40) + (800000 x SP x 25%)] - $8000000 = $ 5000000

>800000SP – (32000000 + 200000SP) – 8000000 = 5000000

>800000SP – 32000000 – 200000SP – 8000000 = 5000000

>800000SP – 200000SP = 5000000 + 8000000 + 32000000

>600000SP = 45000000

>SP = 45000000 / 600000

>SP = $ 75

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3 years ago
Read 2 more answers
The offeror may _____ the offer at any time prior to acceptance.
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Answer:

The offeror may retract the offer at any time prior to acceptance.

Most likely the offeror was able to get a better deal somewhere else, which allows the offeror to retract the offer. However, if they had already made a deal, the offeror would have broken the deal, which may result in action.

~

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3 years ago
The most important information in a press release should be ________.
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Umnica [9.8K]

Answer:

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