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3 years ago

Entry for Issuing Materials

Business

1 answer:

Maslowich3 years ago

7 0

Answer:

<em>Journal entry to record the issuance of materials</em>

Date Accounts & explanation Debit Credit

Work in process $61,600

(2,800+24,000+3,200+31,600)

Factory overhead $1,620

Material $63,220

(To record the issuance of material)

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marguerite is an active participant in an employer-sponsored retirement plan, but her husband, frank, is not. their combined adj

kompoz [17]

The correct statement regarding the deductibility of the IRA contributions by Marguerite and Frank is D) Both Frank and Marguerite may deduct their IRA contributions.

<h3>What are IRA deductible contributions?</h3>

If you are an active participant in an employer-sponsored retirement (and your spouse is not covered by an employer retirement plan), the traditional IRA contributions are tax-deductible up to a maximum of <u>$6,000</u>.

If both joint filers are not covered by the employer retirement plan, their traditional IRA contributions are fully tax-deductible.

Adjusted Gross Income for 2022 = $230,000

IRA contribution = $6,000 each

Total IRA contributions = $12,000

Thus, the correct statement regarding the deductibility of the IRA contributions by Marguerite and Frank is <u>Option D</u>. Both may deduct their IRA contributions.

Learn more about IRA deductible contributions at brainly.com/question/9969005

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<h3>Question Completion with Answer Options:</h3>

A) Marguerite and Frank should open a Roth IRA instead.

B) Frank may deduct his IRA contribution, but Marguerite may not deduct hers.

C) Neither Marguerite nor Frank may deduct an IRA contribution.

D) Both Frank and Marguerite may deduct their IRA contributions.

5 0

2 years ago

At the end of the year, Breyer Associates had a credit balance in its allowance for uncollectible accounts of $12,000 before adj

snow_lady [41]

Answer:

December 31, 202x, adjustment to allowance for doubtful accounts

Dr Bad debt expense 48,000

Cr Allowance for doubtful accounts 48,000

Explanation:

total estimated bad debt = $600,000 x 10% = $60,000

allowance for doubtful accounts balance = $12,000

this account must be increased by $60,000 - $12,000 = $48,000

Allowance for doubtful accounts is a contra asset account that decreases the net balance of accounts receivable. In this case, the net balance of accounts receivable after the adjustment = $600,000 - $60,000 = $540,000

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3 years ago

Nestor's has net income of $315,000, total sales of $3.52 million, total assets of $4.4 million, and total equity of $1.98 milli

Evgesh-ka [11]

Answer:

15.91%

Explanation:

The computation of the return on equity is shown below:

= (Net income - interest expense) ÷ (total equity)

= ($315,000 - $0) ÷ ($1,980,000)

= ($315,000) ÷ ($1,980,000)

= 15.91%

We simply divide the net income by the total equity so that the return on equity could be calculated

It is always expresses in percentage form.

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3 years ago

Why my people choose to rent my home or rather buy one

Kay [80]

Many people think it is better to rent a home rather than buying it because renting may offer flexibility and better lifestyle. People are less responsive for taxes and insurance.

<u>Explanation</u>:

Home is a place of living where one can learn, live, laugh and enjoy his life. It is necessary for every individual to choose the right place of living. Home is one of the basic necessities of human life. People can rent or buy a house according to their wish.

But many people prefer to rent the house. Renting offers many benefits to the tenants. The place of living can be changed near to their workplace, so that they can avoid traveling long distance and save travelling expense. The person need not stick to the property for long-term. They need not spend on repair charges.

The person need not invest huge amount for living in the house. The person can save some amount from paying taxes and insurance.

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3 years ago

For its inspecting cost pool, Ellsworth, Inc. expected overhead cost of $520000 and 4000 inspections. The actual overhead cost f

zubka84 [21]

Answer:

$130 per inspection

Explanation:

Activity-based overhead rate used = Expected overhead cost ÷ Number of expected inspections = $520,000 ÷ 4000 = $130 per inspection

Therefore, the activity-based overhead rate used to assign the costs of the inspecting cost pool to products is $130 per inspection.

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3 years ago