Answer:
Phil = $6,000
Linda = $6,000
Explanation:
In the year 2019, and in the year 2020, the maximum contribution allowed = $6,000, also in case the age = 50 or more than that the maximum contribution allowed = $7,000.
Thus, on a general note here it is assumed that both Linda and Phil are less than the age of 50.
Further, in case joint return is filed then there is different formula to calculate the deductible contribution amount.
Here it shall be $6,000 each for both of them.
Answer:
Truman has a higher inventory turnover ratio and Stapleton has a higher gross profit ratio ( D )
Explanation:
Truman sell a large number of common household items ( assuming 100 unit )
while Stapleton sells a small number of expensive items ( assuming 20 units )
lets assume : Truman sells at $5 per unit and Stapleton sells at $50 per unit
with the above assumptions
Truman gross profit ratio = $5 * 100 units = $500
Stapleton gross profit ratio = $50 * 20 units = $1000
from the above assumptions you can deduce that the gross profit made by Stapleton is higher although he sells a smaller amount of goods while Truman has a higher Turnover because of its higher number of sold units
Answer:
$180 decrease
Explanation:
Note that the question is the net change in cash provided by investments, thus, since purchasing goods on credit and paying credit purchases do not qualify as investments, only the equity issued to pay for the purchase of the new facility should be considered.
Therefore, cash decreased by $180.
Answer:
Charge for perpetual care service will be $1500
So option (a) will be the correct option
Explanation:
We have given the estimated cost to maintain a gravesites is $120 per year
Interest rate = 8 % = 0.08
We have to find the fee which owner charged for the perpetual care service
The perpetual charge is given by
Charge for perpetual care service will be $1500
So option (a) will be the correct option
Answer:
$ 7,994
Explanation:
Fair Value of lease 60,000
Less Present value of garanteed residual value$ 2,368
($4000*1/1.06^9)
Amount to be recovered through periodic payment $ 57,632
PVAD (9 years ,6%) 7.20979
Minimum Lease at the beginning of each year (C/D) $ 7,994
Therefore the amount of the annual rental payments Kingbird demands of MTBA, assuming each payment will be made at the beginning of each year and Kingbird wishes to earn a rate of return on the lease of 6 $7,994