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Sergeu [11.5K]
3 years ago
6

Tax Savings. John and Cheryl just borrowed $30,000 on a home equity line of credit. The interest rate for the loan is 6.75% for

the entire year, and they took out the loan on May 1. John and Cheryl are in the 28% tax bracket. What will be their tax savings for the first year ending December 31st
Business
1 answer:
Sauron [17]3 years ago
6 0

Answer:

$378

Explanation:

Interest expenses in current year = Amount of borrowing*Interest rate*8 month/12 months

Interest expenses in current year = $30,000 * 6.75% * 8/12

Interest expenses in current year = $1,350

Tax saving on interest expenses = Interest expenses * Tax rate

Tax saving on interest expenses = $1,350 * 28%

Tax saving on interest expenses = $378

So, their tax savings for the first year ending December 31 will be $378.

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When Corey runs out of shampoo he buys whatever brand is on sale at his local CVS drugstore. What is his level of involvement in
hodyreva [135]

Answer: A. Extensive

Explanation: When Corey runs out of shampoo he buys whatever brand is on sale at his local CVS drugstore.

From the above question, Corey has an extensive decision making on toothpaste purchase as he does not have any brand loyalty. He buys whatever brand is available for him to buy and he is not particular about the name, the size or content of the product he is buying.

6 0
2 years ago
"A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition
hammer [34]

Answer:

Data mining

Explanation:

Here are the options to this question :

a. Data query b. Simulation c. Data mining d. Data dashboards

Data mining is used to extract useful data from a larger set of any raw data. It is used to find relationship among data.

The store owner found a relationship between A, B and C.

8 0
3 years ago
Is bussines studies hard? ​
alexdok [17]

Answer:

No

Explanation:

I took it last year

6 0
2 years ago
Read 2 more answers
You have just been promoted to manage a team of production specialists at work. You soon realize that many of the employees seem
Svetradugi [14.3K]

Answer:

Option (A) the ability of the group to stick together

Explanation:

The team is defined as the group of individual who work together to get a specified task done.

Here,

The workers seems to have withdrawn from the work and team that means, the group of members are not behaving as a team.

Therefore, it is needed for the manager of the team to make them stick together as a team so as to get the production better.

7 0
3 years ago
At the beginning of the year, the Dallas Company had the following accounts on its books: Accounts Receivable $264,000 Debit All
lukranit [14]

Answer:

<u>Explanation:</u>

Requirement :

Date Account title and Explanation      Debit                      Credit

Dec.31   Accounts receivable                $2,346,000  

           Sales revenue                                                $2,346,000

[To record credit sales for the year]      

Dec.31 Cash                                    $2,350,000  

          Accounts receivable                                    $2,350,000

[To record collections on account for the year]      

Feb.17 Allowance for doubtful account    $7,500  

           Accounts receivable-R.St. John               $7,500

[To write off R. St. John's account]      

May 28 Allowance for doubtful account   $4,800  

          Accounts receivable-G. Herberger               $4,800

[To write off G. Herberger's account]      

Oct 13 Accounts receivable-G. Herberger $1,200  

            Allowance for doubtful account                 $1,200

[To reinstate G. Herberger's account for partil recovery]      

Oct 13 Cash                                                  $1,200  

              Accounts receivable-G. Herberger           $1,200

[To record collection from G. Herberger]      

Dec 15 Allowance for doubtful account $5,000  

                Accounts receivable-R. Clancy                 $5,000

[To write-off R. Clancy's account]      

Dec 31 Bad debt expense [$2,346,000 x 0.8%] $18,768  

                Allowance for doubtful account                  $18,768

[To record allowance for doubtful accounts]  

<u>Requirement b: </u>

Accounts Receivable $242,700

Less: Allowance for Doubtful accounts $19,168

Accounts receivable net $223,532

<u>Calculations: </u>

T-Accounts

Accounts receivable              Allowance for doubtful account

$264,000 Beg.                                    $16,500 Beg.

$2,346,000          $2,350,000  $7,500             $1,200

$1,200                       $7,500      $4,800                 $18,768

                               $4,800  $5,000  

                                $1,200    

                                 $5,000    

                                   $242,700 End.                 $19,168 End.

4 0
3 years ago
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