Answer:
If you are single, head of household or married filing separately, your contribution limit of $5,500 begins to phase out when your modified AGI reaches $61,000 and is zero beginning at $71,000. If you are married, filing jointly, or a qualified widow or widower, your contribution limit of $5,500 begins to phase out when your modified AGI reaches $98000 and is zero beginning at $118,000. So since they dont have an income limitation and are not covered by another pension plan, they both should be able to contribute $5,500 for a combined result of $11,000 to a Roth IRA
Answer:
Vehicle registration
Explanation:
Vehicle registration reoccurs annually, the other costs are one time.
Answer:
Explanation:
Expected return of the portfolio is weighted average of the return of the components.
E(R) = w1 * R1 + w2 * R2
E(R) = 65% * 18% + 35% * 6%
E(R) = 11.70% + 2.10%
Expected Return, E(R) = 13.80%
Standard deviation of portfolio is mathematically represented as:
where
w1 = the proportion of the portfolio invested in Asset 1
w2 = the proportion of the portfolio invested in Asset 2
σ1 = Asset 1 standard deviation of return
σ2 = Asset 2 standard deviation of return
For risk free money market fund, standard deviation = 0 and its correlation with risky portfolio = 0
Standard deviation = 19.50%
Answer:
1.
Dr. Net Sales ¥ 1,888,622
Cr. Income Summary ¥ 1,888,622
2.
Dr. Income Summary ¥1,770,833
Cr. Cost of sales ¥ 1,254,981
Cr. Advertising expense ¥ 118,308
Cr. Other expense ¥ 397,544
Explanation:
Closing Entries are passed to close the temporary accounts of a business for the year. These accounts are closed and their balances are transferred to income summary account.
First we will close the the revenue / income accounts and then expenses or cost accounts.
Answer:
1. Accounts receivable due = Accounts receivable + Allowances
2008
= 760,100 + 26,259
= $786,359
2009
= 840,810 + 23,936
= $864,746
2. Amount of receivable written off = Beginning balance for Allowance for doubtful accounts + Bad debt - Closing balance for allowance for doubtful accounts
= 9,200 + 3,400 - 9,148
= $3,452
3. Gross sales = Net Sales + Sales returns
Sales Returns = Closing balance for reserve for product returns + goods returned - Opening balance for reserve for product returns
= 14,788 + 3,440 - 17,059
= $1,169
Gross sales in 2009 = 6,244,800 + 1,169
= $6,245,969
4. Cash collected = Credit Sales - Goods returned - Bad debts written off - Ending receivables balance + Beginning receivables balance
= 6,245,969 - 3,440 - 3,452 - 864,746 + 786,359
= $6,160,690
