Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Budgeted Sales:
January $ 237,400
February 251,400
March 336,600
Nieto’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible.
Cash collection March:
Cash sales= 336,600*0.3= 100,980
Credit Sales March= (336,600*0.7*0.1)= 23,562
From February= (251,400*0.7*0.5)= 87,990
From January= (237,400*0.7*0.36)= 59,824.8
Total= 272,356.8
Answer:
Mark-up = 101.9%
Explanation:
<em>Mark up is the percentage of the product cost that is made as profit. It is profit expressed as a percentage of the product cost.</em>
Mark-up = profit/product cost × 100
Mark-up = $55/54 × 100 =101.85%
Mark-up = 101.9%
Answer:
$62,000
Explanation:
The partnership had a total ordinary income of $200,000. Then guaranteed payments were made to its three partners Molly, Amber and Pat of $20,000 each $20,000 x 3 = $60,000.
$200,000 - 60000
= $140,000
So the partnership adjusted income is reduced to $140,000, out of that amount, 30% belongs to Molly.
30/100 × 140,000
= $42,000
Molly's share of the partnership adjusted income is $42,000.
Molly's total earnings from the partnership are $62,000
= $20,000 + $42,000
= $62,000
Answer:
so savings = $2200
bonds = $4400
and mutual fund = $3400
Explanation:
given data
received bonus = $10,000
savings account paying = 4.5% per year
bonds paying = 5%
mutual fund that returned = 4%
income from these investments = $455
to find out
How much did the worker place in the government bonds
solution
we consider amount invested for 4.5 % is = x
and hen his investment in bonds is = 2x for 5%
and rest is 10000- x - 2x
that is = (10000- 3x ) for 4%
so
interest equation will be here
0.045 x + 0.05 (2x) + 0.04 (10000-3x) = 455
solve we get
x = 2200
so savings = $2200
bonds = $4400
and mutual fund = $3400
Answer:
a. The withdrawal is fully taxable.
Explanation:
When withdrawing from annuity before the age of 59.5, the amount is taxable as income. There will also be a 10% tax penalty, and there may be a surrender charge by the insurance company.
Lorraine was 53 when the withdrawal was made, so she will be affected by these charges.
It is advisable to not make withdrawals till after the accumulation phase and above 59.5 years old. Then these penalties will not apply, onlybthe income tax on the withdrawal.
