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nikklg [1K]
2 years ago
6

Cheryl is single, has one child (age six), and files as head of household during 2020. Her salary for the year is $19,500. She q

ualifies for an earned income credit of the following amount. a.$3,584. b.$3,557. c.$3,530. d.$0.
Business
1 answer:
gogolik [260]2 years ago
5 0

Answer: $3,557

Explanation:

Maximum amount of credit for 2020 is $3,584.

The income credit is calculated by:

= Maximum amount - (Earnings for the year - Minimum phase out range for single person with one child) * phase out percentage.

= 3,584 - (19,500 - 19,330) * 15.98%

= $3,557

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Acel Co. uses the allowance method to account for bad debts. In January, Acel determined that it could not collect $400 from CTR
Evgesh-ka [11]

Based on the fact that CTR, Inc sent a check to Acel Co, there will be a debit to b. Accounts receivable is debited to reinstate the CTR account.

<h3>Which account will be debited?</h3>

The Accounts Receivable account will be debited by the Allowance for Doubtful Accounts to bring back the written off debt.

The Account Receivable account will then be credited to cash to account for the cash being received.

In conclusion, option B is correct.

Find out more on bad debts at brainly.com/question/26036981

3 0
2 years ago
Suppose that the average growth rate of the economy has been 3​%. Given a forecast of 2​% growth this​ year, if rational expecta
Rudik [331]

Answer and Explanation:

Forecast error is a difference between Estimated data and real data, here Estimated data is referred to as forecast data.

According to rational expectations principles, expected forecast error's average always near to be zero.

Expected forecast error may be forecast or predict in future.

So, Expected forecast error will be zero (0%)

4 0
3 years ago
You sell hockey goals for $200 each. weekly sales are 60 units. you estimate that for every $10 you increase the price, sales dr
wariber [46]
If for every $10 increase sales drop by 3 units when you increase to $300 you will lose 30 units. 

($10)(10) = 100
(10)(3) = 30

60 units - 30 units = 30 units. 
($300)(30) = $9,000 is your weekly revenue at a price of $300 per unit.
4 0
3 years ago
Kelsey and Cody have been making payments on this furniture for 18 months, but Cody gets laid off from his job, and their income
ycow [4]

Most contracts like this will not change based on the borrowers financial situation. In this case, Kelsey and Cody will still be responsible for paying the debt they owe. Several things will happen if they do not pay:

1. the debt will be sent to a collections agency

2. This will cause a derogatory mark on their credit history.

4 0
3 years ago
Assume that IBM leased equipment that was carried at a cost of $120,000 to Swander Company. The term of the lease is 6 years beg
expeople1 [14]

Answer:

Date           Account titles and Explanation     Debit          Credit

Dec 31, 19   Lease receivables                        $150,001

                   Cost of goods sold                       $120,000

                            Sales                                                           $150,001

                             Equipment                                                 $120,000

                    (To record the lease)

Dec 31, 19   Cash                                                $30,044

                              Lease receivables                                     $30,044

                   (To record the receipt of lease installment)

3 0
3 years ago
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