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3 years ago

Why financial literacy should be taught in schools

1 answer:

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Financial literacy classes teach students the basics of money management: budgeting, saving, debt, investing, giving and more. That knowledge lays a foundation for students to build strong money habits early on and avoid many of the mistakes that lead to lifelong money struggles.

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Skymont Company wants an ending inventory each month equal to 30% of that month's cost of goods sold. Cost of goods sold for Feb

Law Incorporation [45]

Answer:

Purchases for February would be: $46,500

Explanation:

Prepare a Purchases Budget to find the Purchases for February.

<u>Purchases Budget for February</u>

Budgeted Cost of Sales $45,000

Add Budgeted Closing Inventory ($45,000 × 30%) $13,500

$58,500

Less Budgeted Opening Inventory ($12,000)

Budgeted Purchases $46,500

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3 years ago

Marc and michelle are married and earned salaries this year of $70,400 and $14,400, respectively. In addition to their salaries,

Fiesta28 [93]

Answer:

Since we are not given any specific year, I will use the 2020 tax schedule:

Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $70,400 + $14,400 + $1,300 = $86,100

they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)

<u>contribution to IRA = ($3,300)</u>

Marc and Michelle's taxable income = $58,400

Marc and Michelle's tax liability = $1,975 + [12% x ($58,400 - $19,750)] = $6,613

Alimony payments are not longer tax deductible and interests on municipal bonds is not taxable.

Since their income tax withholdings exceed their tax liability, they should get a refund for $6,665 - $6,613 = $52

Also, since they are allowed a $2,000 child tax credit, but they do not owe any more taxes, they are entitled to a $1,400 refund.

Total refund for 2020 = $1,452.

5 0

3 years ago

brainly Stuart Manufacturing Company was started on January 1, year 1, when it acquired $89,000 cash by issuing common stock. St

HACTEHA [7]

Answer:

Stuart Manufacturing Company

Assets = $107,200

Explanation:

a) Data and Calculations:

Cash Account

Common stock $89,000

Furniture (32,000)

Equipment (40,000)

Salaries (12,000)

Wages (21,000)

Raw materials (26,000)

Sales 72,000

Cash balance $30,000

Inventory:

Cost = $26,000

Units produced = 10,000 units

Cost per unit = $2.60 ($26,000/10,000)

Cost of goods sold = 8,000 * $2.60 = $20,800

Ending inventory = 2,000 * $2.60 = $5,200

Sales Revenue = 8,000 * $9 = $72,000

Assets:

Cash $30,000

Ending inventory 5,200

Furniture 32,000

Equipment 40,000

Total $107,200

b) An asset is something that brings in future cash flows to the business entity. It is made up of Cash and Cash Equivalents, Inventories, Property, Plant, Equipment, and other business investments. Assets are funded from finance provided by creditors and the equity owners, and they generate economic values.

5 0

3 years ago

Suppose that, in a competitive market without government regulations, the equilibrium price of donuts is $1.00 each. Indicate wh

vodomira [7]

Answer:

1. Price ceiling, Binding

2. Price ceiling, Binding

3. Price floor, binding

Explanation:

Price ceiling is a government or group control limit on how high a product, commodity or service can be charged.

Price floor is a government or group limit on how low a product, commodity or service can be charged.

Binding simply means you are legally bound to something while non-binding means you are not legally bound to it.

8 0

3 years ago

"At Artistic Floral Creations, the non-managerial employees all receive the same pay increase every year. Usually this increase

vladimir1956 [14]

Answer:

Artistic Floral Creations has a entitlement philosophy of compensation.

Explanation:

A compensation philosophy is simply refers to a formal statement which documents a company's position about the compensation of its employees.

It is an explanation of the reason for employee payment and it creates a framework for consistency. Employers use their compensation philosophy to attract, retain and motivate employees

Entitlement philosophy of compensation therefore assumes that the employees who have worked for another year in a company are entitled to pay increases, regardless of their performance differences. This action is often geared towards a higher job performance, and job satisfaction.

5 0

4 years ago

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