Answer:
Barry cannot contribute any amount to Roth IRA
Explanation:
For a single/ unmarried individual to be able to contribute to Roth IRA plan, his Adjustable Gross Income (AGI) should range between $117,000 and $132,000. Since Barry's annual income is $190,000, which is higher than the maximum AGI required for a single to be able to contribute to Roth IRA, he cannot contribute to Roth IRA.
Answer:
Easton Co.'s adjusted book balance June 30 = $72,724
Explanation:
Bank balance June 30: $68,349 Book balance June 30: $72,709
Deposit in transit: $7,550 Interest earned: $55
<u>Outstanding checks: ($3,175) </u> <u>Check printing fees: ($40) </u>
Adjusted bank balance: $72,724 Adjusted book balance: $72,724
Using the high-low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense. (Omit the "£" sign in your response.)
<span>Shipping Expense: </span>
<span>(86,200 - 45,900) / (5,100 - 2,000) = £13 variable cost per unit </span>
<span>86,200 - (13 x 5,100) = £19,900 fixed cost </span>
<span>£ Y = £19,900 + £13 X </span>
<span>Salaries and Commissions </span>
<span>(238,400 - 114,400) / (5,100 - 2,000) = £40 variable cost per unit </span>
<span>238,400 - (40 x 5,100) = £34,400 fixed cost </span>
<span>£ Y = £34,400 + £40 X </span>
<span>3. </span>
<span>Redo the company’s income statement at the 5,100-unit level of activity using the contribution format. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "£" sign in your response.) </span>
<span>Frankel Ltd. </span>
<span>Income Statement </span>
<span>For the Month Ended June 30 </span>
<span>Sales revenue 912900 </span>
<span>Variable expenses: </span>
<span>Cost of goods sold 346800 </span>
<span>Shipping expenses 5,100 x 13 = 66,300 </span>
<span>Commissions 5,100 x 40 = 204,000 </span>
<span>Contribution margin 295,800 </span>
<span>Fixed expenses: </span>
<span>Fixed shipping 19,900 </span>
<span>Insurance expenses 9000 </span>
<span>Depreciation expenses 42700 </span>
<span>Sales salaries 34,400 </span>
<span>Advertising expenses 69200 </span>
<span>Net operating Income 120600</span>
Answer:
Market : Gasoline
b. Standardized good
c. Full information
e. Participants are price takers.
Market : Barbershop haircuts
a. Large number of buyers
c. Full information
Market : Bicycles
a. Large number of buyers
b. Standardized good
c. Full information
d. No transaction cost
Explanation:
The three markets will have different characteristics which will cause the competition. The Gasoline market has standardized product and the customers are price takers. Usually the prices are fixed for the products and there is no bargaining.
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