Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $13,200 to the Roth IRA ($4,400 a year). The current value of the roth IRA is $18,350. In the current year, Sherry withdraws $16,000 of the account balance to purchase a car. Assuming Sherry is in a 25 percent marginal tax bracket, how much of the $16,000 withdrawal will she retain after taxes to fund her car purchase?Amount of withdrawal __________ ?Non-taxable amount __________ ?Amount subject to tax __________ ?tax rate ________ ?penalty rate __________ ?tax _________ ?penalty _________ ?after tax withdrawal retained ____________ ?
Answers
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Related Questions
Writing a check on an account with insufficient funds is allowed under certain conditions.
Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: Work-In-Process Inventory, April 30 $275 Direct material purchased during April 250 Work-In-Process Inventory, April 1 300 Direct labor costs incurred 400 Manufacturing overhead costs 350 Direct materials used in production 225
_____ occurs when a creditor obtains a court order that directs an employer to set aside a portion of an employee's wages to pay a debt owed to the creditor.
Consumption spending is:__________ A. spending by households, businesses, and government on all goods used up within one year. B. spending by individuals and households on both durable and nondurable goods. C. spending on goods and services by heads of households. D. spending by individuals and households on only nondurable goods, since they are used up quickly.
Answers
Answer:
C = 1.75Q + 4,990
variable 1.75
fixed component 4,990
Explanation:
High-Low method:
we subtract the highest level of activity with the lowest one:
24,398 units generates 42,696 cost
with this information we can solve for variable cost.
42,696 / 24,398 = 1.75
Now we calcualte the fixed cost:
TC = variable x Q + fixed cost
82,620 = 1.75 (44,360) + fixed cost
82,620 - 77630 = 4990
the formula will be:
C = 1.75Q + 4,990
Answer: variable 1.75
fixed component 4,990
Explanation: subtract the highest level of activity from the lowest one
44,360-19,962=24,398
82,620-39,924=42,696
then do 42,696 / 24,398 = 1.75
Now for fixed cost:
82,620 = 1.75 (44,360)
82,620 - 77630 = 4990
Activities not on the critical path cannot become critical after crashing.
Crashing shortens the project duration by assigning more resources to one or more of the critical tasks.
Crashing a project often reduces the time it takes for lengthy or complex, but noncritical activities.
Answers
Answer:
The correct answer is letter "A": Crashing is not possible unless there are multiple critical paths.
Explanation:
Project crashing is a technique used to reduce the duration of a project to the least amount of extra cost by decreasing one or more critical activities. All of this is usually arranged in multiple entry charts where each critical activity receives the name of "critical path". It is imperative to have several critical paths so the crashing can be the most effective possible.
Answers
Answer:
Part 1
under-applied overheads = $8,000
Part 2
Schedule of cost of goods manufactured for the year.
Opening Work in process $ 42,000
Add Direct Materials $393,000
Add Direct Labor $ 80,000
Add Applied Overheads $434,000
Less Ending Work In Process ( $ 72,000)
Cost of Goods Manufactured $877,000
Explanation:
The amount of underapplied or overapplied overhead cost for the year.
Applied Overheads = Predetermined overheads rate x Actual machine hours
= $20 x 21,700 machine-hours
= $434,000
Since,
actual manufacturing overhead costs = $ 426,000
and
applied manufacturing overhead = $434,000
then
under-applied overheads = $8,000 ($434,000 - $ 426,000)
Schedule of cost of goods manufactured for the year.
Opening Work in process $ 42,000
Add Direct Materials ($ 22 + $ 420 - $ 32 - $ 17) $393,000
Add Direct Labor $ 80,000
Add Applied Overheads $434,000
Less Ending Work In Process ( $ 72,000)
Cost of Goods Manufactured $877,000
Answers
Answer:
The number of shares that will be outstanding after the stock dividend is 424,000 shares.
Explanation:
This can be calculated as follows:
Number of shares outstanding before the stock dividend = 400,000
Percentage increase in the number of outstanding shares after stock dividend = 6%
Number of increase in the number of outstanding shares after stock dividend = Number of shares outstanding before the stock dividend * Percentage increase in the number of outstanding shares after stock dividend = 400,000 * 6% = 24,000
Therefore, we have:
Number of shares outstanding after the stock dividend = Number of shares outstanding before the stock dividend + Number of increase in the number of outstanding shares after stock dividend = 400,000 + 24,000 = 424,000
Therefore, the number of shares that will be outstanding after the stock dividend is 424,000 shares.
Final answer:
After a 6% stock dividend, CBA Inc will have 424,000 shares outstanding. A stock dividend increases the number of shares but doesn't change the overall worth of the company.
Explanation:
CBA Inc currently has 400,000 shares outstanding. When a company declares a stock dividend, it increases the number of shares outstanding. In this case, the company is declaring a dividend that will increase the total shares by 6%. Therefore, to find the total shares after the dividend you multiple the current shares by 1.06 (the 1 accounts for the original amount and the 0.06 for the increase).
So, 400,000 shares * 1.06 = 424,000 shares
A key point to remember is that a stock dividend does not change the overall worth of the company, it simply divides the total value over more shares. Therefore, while the number of shares has increased, the value per share would decrease assuming the total value of the company remains the same.
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b. Delia will lose because the second contract win writing.
c. Delta will win because he partially performed and he can demonstrate the agreement by writings.
d. Delia will becuse he's not merchant
Answers
Answer:
a. Della will lose because he did not sign a contract.
Explanation:
The UCC are a set of guidelines that is used for trade transactions to resolve disputes and ensure equity between the buyer and seller.
There are various criteria used to qualify a valid transaction. One of them is that for a non movable asset, it's sale must be under a written contract.
A verbal contract will not suffice and is not binding.
In this scenario where Joe verbally contracts with Delia to sell his farm to Delia, they did not sign a contract and makes a down payment. But Joe decides after several months to sell his farm to Eli.
Since there is no written contract if Delia objects to the second sale she will lose
Requirements
1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required.
2. Open the following four-column accounts including account numbers: Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Common Stock, 301; Dividends, 311; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531.
3. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal.
4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.
Answers
Answer:
1. Record each transaction in the journal. Explanations are not required.
April 1
Dr Cash 70,000
Cr Common stock 70,000
April 3
Dr Office supplies 1,100
Dr Furniture 1,300
Cr Accounts payable 2,400
April 4
Dr Cash 2,000
Cr Service revenue 2,000
April 7
Dr Land 30,000
Dr Building 150,000
Cr Cash 40,000
Cr Notes payable 140,000
April 11
Dr Accounts receivable 400
Cr Service revenue 400
April 15
Dr Salaries expense 1,200
Cr Cash 1,200
April 16
Dr Accounts payable 1,100
Cr Cash 1,100
April 18
Dr Cash 2,700
Cr Service revenue 2,700
April 19
Dr Accounts receivable 1,700
Cr Service revenue 1,700
April 25
Dr Utilities expense 650
Cr Accounts payable 650
April 28
Dr Cash 1,100
Cr Accounts receivable 1,100
April 29
Dr Prepaid insurance 3,600
Cr Cash 3,600
April 29
Dr Salaries expense 1,200
Cr Cash 1,200
April 30
Dr Rent expense 2,100
Cr Cash 2,100
April 30
Dr Dividends 3,200
Cr Cash 3,200
2. Open the following four-column accounts including account numbers:
3. Post the journal entries to four-column accounts in the ledger,
I used an excel spreadsheet to answer questions 2 and 3
4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.
In order to prepare a trial balance we must prepare an income statement first.
Service revenue $6,800
Salaries expense -$2,400
Rent expense -$2,100
Utilities expense -$650
Net income $1,650
retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550
Theodore McMahon, Attorney
Balance Sheet
For the Month Ended April 30, 2018
Assets:
Cash $23,400
Accounts receivable $1,000
Prepaid insurance $3,600
Office supplies $1,100
Furniture $1,300
Land $30,000
Building $150,000
Total assets: $210,400
Liabilities and Equity:
Accounts payable $1,950
Notes payable $140,000
Common stock $70,000
Retained earnings ($1,550)
Total liabilities and equity: $210,400
Final answer:
The process involves journalizing each transaction that occurred in April 2018, posting these journal entries into their corresponding accounts and then preparing a trial balance to check that total debits equal total credits. However, without specific transactional data, a step-by-step guide could not be provided.
Explanation:
The question pertains to the fundamentals of financial accounting, primarily dealing with the concepts of journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance. Due to the lack of specific transactional data provided within the question, an exact step-by-step guide cannot be provided. However, the process can be generally explained and understand in following steps:
- Journalizing Transactions: Here, each business transaction that occurred during April 2018 would be recorded. These entries involve pairs of debt and credit entries, corresponding to individual business operations.
- Posting Journal Entries: The journal entries would then be transferred or 'posted' to the corresponding four-column accounts. In this case sequentially to accounts: Cash, 101; Accounts Receivable, 111; and so on, following the provided list of accounts.
- Preparation of Trial Balance: The trial balance summarizes all of the ledger accounts, including its final balances. It is used to verify that total debits equal total credits, crucial for maintaining the balance in double-entry accounting.
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