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3 years ago

If your monthly net (after-tax) income is $1,500, what should be your maximum amount spent on credit payments? $200

2 answers:

7 0

Rule of thumb is you never want more than 20% of your income to go to credit card payments. If your monthly net income is $1,500 to find the amount spent on credit card payments take 20% of $1,500 = $300. $300 is the max amount you should spend on credit payments.

mihalych1998 [28]3 years ago

6 0

20% of $1,500 = $300

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Chaco Company’s trial was in balance at the end of the period and showed the following accounts: Accounts Payable 25,200 Cash 40

Alecsey [184]

Answer:

$92,400

Explanation:

Balance of the credit column on Chaco’s trial balance.

The Total credit column balance will be:

Accounts payable $25,200

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We are going to add them up

Hence:

Total credit balance =

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3 years ago

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Paha777 [63]

Answer:

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3 years ago

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Ratling [72]

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3 years ago

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nignag [31]

Percentage analysis, ratios, turnovers, and other measures of financial position and operating results are useful analytical measures.
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3 years ago

Sanders, a 62-year-old single individual, sold his principal residence for the net amount of $500,000 after all selling expenses

grin007 [14]

Answer:

$50,000

Explanation:

Recognized gain can be calculated by deducting the exclusion available from the realized gain. To qualify for exclusion from the realized gain Sanders has met all the requirements of exclusion.

NOTE: Requirments for exclusion are given at the end of solution

DATA

Sale proceeds = $500,000

Cost basis = $200,000

exclusion available for single person = $250,000

Gain =?

Calculation

Realized gain on sale of home = Sale proceeds – Cost basis

Realized gain on sale of home = $500,000 - $200,000

Realized gain on sale of home = $300,000

Recognized gain = Realized gain - exclusion available

Recognized gain = $300,000 - $250,000

Recognized gain = $50,000

Requirements for exclusion

1. You've owned the home for two of the last five years.

2. You used the home as your principal residence for two of the last five years.

3. You haven't used the exclusion on another property sale within the last two years.

5 0

3 years ago