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Morgarella [4.7K]
3 years ago
13

On December 30, you decide to make a $2,500 charitable donation. (Assume you itemize your deductions.) (a) If you are in the 24

percent tax bracket and you expect to itemize your deductions, how much will you save in taxes for the current year
Business
1 answer:
Crank3 years ago
7 0

Answer:

$600

Explanation:

Calculation to determine how much will you save in taxes for the current year

Using this formula

Tax savings = Tax rate × Tax deduction

Let plug in the formula

Tax savings= 0.24 × $2500

Tax savings =$600

Therefore how much will you save in taxes for the current year is $600

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Ajay borrowed $6000 cash from his friend Tim, *
ad-work [718]

Answer:

Ajay account will be credited with $6000. While Tim account will be debited by $6000

6 0
2 years ago
During the year ended December 31, 2018, Kelly’s Camera Shop had sales revenue of $180,000, of which $90,000 was on credit. At t
storchak [24]

Answer:

(a) On December 10, a customer balance of $1,400 from a prior year was determined to be uncollectible

Dr Sales Returns and Allowances $ 1,400  

Cr Accounts Receivable   $ 1,400

(b) On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.

Dr Bad Debt Expense $ 752  

Cr Allowance for Uncollectible Accounts  $ 752

Explanation:

Initial Balance  

Dr Accounts Receivable   $ 12,000

Cr Allowance for Uncollectible Accounts  $ 500

Kelly’s Camera Shop had sales revenue, of which $60,000 was on credit  

Dr Accounts Receivable  $ 60,000  

Cr Sales  $ 60,000

Collections of accounts receivable during 2018 amounted to $58,000.  

Dr Cash $ 58,000  

Cr Accounts Receivable   $ 58,000

(a) On December 10, a customer balance of $1,400 from a prior year was

determined to be uncollectible, so it was written off.  

Dr Allowance for Uncollectible Accounts $ 1,400  

Cr Accounts Receivable   $ 1,400

(b) On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.  

Dr Bad Debt Expense $ 752  

Cr Allowance for Uncollectible Accounts  $ 752

6 0
3 years ago
Companies have the opportunity to use varying amounts of different sources of financing, including internal and external sources
Mrrafil [7]

Answer:

A) Company A is the one that is financially leveraged.

Where there is the presence of debt in the capital structure of a firm, that firm is said to be Financially leveraged.

B) A is true.

A company's return on equity or expected returns increases because the use of leverage increases stock volatility. Volatility increases its level of risk which in turn increases returns. This happens only if the company is operating an ideal level of financial leverage.

On the other hand, however, but excessive debt can increase the risk of default and can lead to low returns or even bankruptcy.

Cheers!

5 0
2 years ago
A chemical reactor gives a fractional conversion of only 10% of the expensive limiting reactant in the feed stream. Assuming not
slavikrds [6]

Answer:

Explanation:

A) install a SEPARATION unit on the output from the reactor and feed the unreacted reagents back to the reactor feed in a RECYCLE stream.

B) Even if one had a perfect separation unit, the 65% or reactant which went to undesirable side reaction is wasted. Recycle is not effective to help poor selectivity of the reactor.

7 0
3 years ago
An experienced employee who supervises, coaches, and guides lower-level employees by introducing them to the right people and ge
torisob [31]

Answer:

Mentor

Explanation:

The mentor is the person who has knowledge, experience, skills and he or she is able to guide, motivate, gives the training, supervise the lower skill employees so that they can perfect in their work.

But for motivating, guiding the employees we need to appoint the right people who belong from organizational sponsor so that the lower level employees could able to accomplish their tasks so that the overall objective of the company could be accomplished.

3 0
3 years ago
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