Answer:
total payment will be $21,000.
Explanation:
The Payment at maturity will include, the Principle amount (amount borrowed) and the Interest that accrued over the period of the note payable.
<u>Total Payment Calculation :</u>
Principle amount = $20,000
Interest ($20,000 × 5%) = $1,000
Total Payment = $21,000
Answer:
$55,000
Explanation:
A Simplified Employee Pension (SEP) Plan is used in the United States by employers or self-employed persons to provide retirement benefits for themselves and their employees
As stated by the Internal Revenue Service (IRS), the contributions that can be made to each employee’s SEP-IRA each year is which one is lower between 25% of compensation and the maximum of $55,000 for 2018.
We can then calculate as follow:
1. Jerry's contribution calculation = 25% × $187,600 = 46,900.
2. Maximum allowable = $55,000.
Since a defined contribution plan states that Jerry will contribute the maximum amount allowable and the maximum for 2018 is $55,000, Jerry's contribution will therefore be $55,000.
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Answer:
$1.3
Explanation:
The computation of diluted earnings per share is shown below:-
a. Statement showing adjusted net profit
Net income $2,000
Interest expenses $800
($20,000 × 4%)
Less: Tax relating to interest expense $200
($800 × 25%)
Adjusted Net profit $2,600
b. Statement showing weighted average number of common stock shares
Shares of common stock 1,000
Debentures converted into
common stock shares 1,000
Total number of weighted
shares 2,000
Therefore,
Diluted earning per share = Adjusted net profit ÷ Number of weighted average shares
= $2,600 ÷ 2,000
= $1.3
Therefore for computing the diluted earning per share we simply applied the above formula.
