Answers
Answer:
Option a is the answer i.e $0
Explanation:
Basically, Mr Carl who has a salary of $91,500 and interest income of $11,000.
From the US system, one is not allowed or simply put it is not mandatory on you to have a contribution towards your educational savings, IT IS NOT. such action is dependent on individuals volition, it is the individual who has a better plan will think of having a savings for education by way of attending college.
Moroever, in the US, students are enttled to financial aid to support their education while in college. If financial aid is available for students, then there wont be any need for them to have a savings towards their education.
Llike I said, having an educaional savings account is depenedent on the individual and his plans towards college. Hence, Mr Carl has no rule or law that says he must have a maximum or minimum in his educational savings account and as such the answer is 0$.
Related Questions
3. If the average price of an airline ticket on a certain route rises from $200 to $250, the number of tickets sold drop from 800 to 600. Calculate the price elasticity of demand. Is the demand elastic or inelastic?
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 5,700 $ 1,800 b. 2,600 2,700 c. 123,300 9,200 rev: 05_16_2019_QC_CS-168714 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.)
Universal containers has included its orders as an external data object into Salesforce. You want to create a relationship between Accounts and the Orders object (one-to-many relationship) leveraging a key field for account which is on both external object and Account. Which relationship do you create?
1. Calculate the sales commission per unit sold. If required, round your answers to the nearest dollar. Use rounded answers in subsequent computations.
interest interest balance balance
1/1/2021 $207,020
6/30/2021 $7,000 $6,211 $789 206,230
12/31/2021 7,000 6,187 813 205,417
6/30/2022 7,000 6,163 837 204,580
12/31/2022 7,000 6,137 863 203,717
6/30/2023 7,000 6,112 888 202,829
12/31/2023 7,000 6,085 915 201,913
6/30/2024 7,000 6,057 943 200,971
12/31/2024 7,000 6,029 971 200,000
What is the annual stated interest rate on the bonds?
a. 3.5%
b. 6%
c. 7%
d. none of the above
Answers
Answer:
c. 7%
Explanation:
According to the given scenario, the computation of the annual stated interest rate on the bonds is shown below:-
Sated interest Rate = Cash interest ÷ Face Value of the bond × 2
= $7,000÷ $200,000 × 2
= 7%
Therefore for computing the annual stated interest rate on the bonds we simply applied the above formula. hence the correct option is c
2. Made a choice that was not optimal
3 Correctly ignored a sunk cost
Answers
Answer:
3. Correctly ignored a sunk cost
Explanation:
Sunk costs refer to those costs which have been incurred in the past, which are non recoverable and which have no current or future benefits.
Sunk costs are considered as irrelevant for decision making process as they do not relate to current period and have no future implications. For example, research and development expenditure incurred in the past represents a sunk cost.
In the given case, the ticket for opera was already purchased for $100 which can now neither be recovered nor transferred. Thus this cost is irrelevant for decision making as expenditure has already been made. When Shen decided to go for a party instead of the concert, Shen has correctly ignored a sunk cost.
Answers
Answer: A. Google Docs
Explanation:
Google Docs will be the best solution in this case because it is a cloud computing tool that enables people to work on a document simultaneously across the world. As others are working on the documents, the saves that they make are instantly saved on the document and reflected across all users who have access to the document at the time.
Answers
Answer:
Quality Control Policies and Procedures and the Elements of Quality (SQCS 8):
1. Assign management responsibilities in such a manner that commercial considerations do not override the quality of work performed.
d. Human resources
2. Establish policies and procedures for resolving differences of opinion among firm personnel that arise during professional engagements.
a. Leadership responsibilities for quality within the firm (the tone at the top)
3. Develop policies and procedures to ensure that professionals are provided appropriate professional development opportunities.
d. Human resources
4. Review engagement documentation, reports, and the client’s financial statements.
f. Monitoring
5. Develop effective performance evaluation, compensation, and advancement procedures. Identify circumstances and relationships that create threats to independence and take appropriate action to eliminate those threats or reduce them to an acceptable level.
b. Relevant ethical requirements
6. Identify whether the firm possesses the competency, capability, and resources to appropriately serve a specific client.
c. Acceptance and continuance of client relationships and specific engagements
7. Devote sufficient resources to develop, communicate, and support the firm’s quality control procedures.
d. Human resources
8. Retain engagement documentation for a sufficient period of time to satisfy the needs of the firm, professional standards, laws, and regulations.
e. Engagement performance
Explanation:
According to SQCS 8, the firm must establish and maintain a system of quality control. The six elements of the system of quality control are:
a. Leadership responsibilities for quality within the firm (the tone at the top)
b. Relevant ethical requirements
c. Acceptance and continuance of client relationships and specific engagements
d. Human resources
e. Engagement performance
f. Monitoring
Final answer:
The quality control policies and procedures in public accounting firms are categorized into six elements identified by SQCS 8. Reviewing engagement documentation and the client's financial statements is under the element of monitoring.
Explanation:
Review engagement documentation, reports, and the client's financial statements falls under the element of monitoring in the quality control policies and procedures. This involves performing internal reviews to ensure the accuracy of the work and compliance with professional standards. Developing performance evaluation and compensation procedures falls under the human resources element. Identifying threats to independence and addressing them is part of the independence and ethical requirements element.
Develop effective performance evaluation, compensation, and advancement procedures is related to the element of human resources. This includes establishing fair and objective processes for evaluating staff performance and providing appropriate rewards.
Identifying circumstances and relationships that create threats to independence and taking appropriate action is part of the element of independence and ethical requirements. This involves assessing potential conflicts of interest and ensuring that professional judgment is not compromised.
Learn more about Quality Control Policies and Procedures here:
#SPJ3
Answers
Answer:
$60,000 increase
Explanation:
The company's additional earnings before interest and taxes (EBIT) are subjected to a 40% tax rate. The company's EBIT is:
The change in income is determined as the EBIT minus taxes and interest expense:
Therefore, Garfield Industries experienced a $60,000 increase in its income as a result of the expansion.
Final answer:
The net income will increase by $100,000 as a result of the expansion.
Explanation:
To calculate the net income increase or decrease, you need to subtract the increased costs of goods sold, depreciation expenses, and interest expense from the increased sales. The tax rate of 40 percent should be applied to the resulting amount to calculate the net income. So, the net income increase or decrease can be calculated as follows:
- Increased sales: $1,000,000
- Increased costs of goods sold: $700,000
- Depreciation expenses increase: $50,000
- Interest expense increase: $150,000
Net income increase or decrease = (Increased sales - Increased costs of goods sold - Depreciation expenses increase - Interest expense increase) * Tax rate
= ($1,000,000 - $700,000 - $50,000 - $150,000) * 0.40
= $100,000
Therefore, the net income will increase by $100,000 as a result of the expansion.
Answers
Answer: True i think
Explanation: