Question 5 - Chapter 14 Homework - Connect part 2
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Explanation
a.
$6,000 child credit ($2,000 × 3 children under age 17)
b.
AGI
$ 465,700
AGI threshold
(400,000)
Excess AGI
$ 65,700
$65,700 excess AGI ÷ $1,000 (rounded up)
66
Maximum total credit
$ 6,000
Phaseout ($50 × 66)
(3,300)
Child credit
$ 2,700
c.
$6,500 child credit [$2,000 × 3 children under age 17 plus one non-child dependent ($500)]
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Submitted
Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2022.
Required:
a.
Compute their child credit if AGI on their joint return is $91,300.
b.
Compute their child credit if AGI on their joint return is $465,700.
c.
Compute their child credit if AGI on their joint return is $197,000 and assume that they also have one non-child dependent who
meets the requirements for the child credit.
Required A
Required C
Complete this question by entering your answers in the tabs below.
Compute their child credit if AGI on their joint return is $465,700.
Note: Round your intermediate calculations to the nearest whole number.
Required A
Required B
Required C
$
Child Credit
2,700
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On July 1, 2024, a company loans one of its employees $20,000 and accepts a nine-month, 8% note receivable.
Required:
Calculate the amount of interest revenue the company will recognize in 2024 and 2025. (Do not round intermediate calculations.)
Amount of interest revenue
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QUESTION
1
4
8
You get a personal loan of $5,000 with 12% simple interest too be paid over 30 months. What is your monthly payment?
O $150.00
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be
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4 Instruction: Develop and amortization table for the payment of a loan on a house.
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5
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Interest is 5.3% annual.
8
PV formula
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Payment:
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Number
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Sophie Sue Breeders has the following voluntary withholdings to remit:
AFLAC payable: $600.00
401(k) payable: $1,320.00
-WKCTC_....txt A
Garnishments payable: $439.00
United Way contributions payable: $280.00
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Required:
Create the General Journal entry on June 11, 2021, for the remittance of these withheld amounts. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
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DETAILS
MY NOTES
You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year.
DETAILS
MY NOTES
Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.)
$
DETAILS
MY NOTES
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Your grandfather has agreed to deposit a certain amount of money each year into an account paying 7.90 percent annually to help you
go to graduate school. Starting next year, and for the following four years, he plans to deposit $2,350, $8,600, $7,200, $6,600, and
$12,150 into the account. How much will you have at the end of the five years? (Round answer to 2 decimal places, e.g. 15.25.)
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Calculator
Example 4-12
GROSSING-UP. Cotter Company wants to award a $4,000 bonus to Donna D'Amico. In addition, it wants the net bonus payment to equal $4,000. Assuming D'Amico is still under the OASDI/FICA limit, the calculation would be:
A.
$4,000
1 – 0.22 (supplemental W/H rate) – 0.062 (OASDI) – 0.0145 (HI)
B.
$4,000
= $5,685.86 grossed-up bonus
0.7035
C.
Gross bonus amount
$5,685.85*
Federal Income Tax withheld
1,250.89
OASDI tax withheld
352.52
HI tax withheld
82.44
Take-home bonus check
$4,000.00
If state or local taxes apply, they must also be included in the formula.
*Need to subtract $0.01 from $5,685.86 in order to arrive at $4,000.00 (due to rounding).
Mattola Company is giving each of its employees a holiday bonus of $100 on December 13, 20-- (a nonpayday). The company wants each employee's check to be $100. The supplemental tax percent is used.
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What is the account balance at the end of the 14 years? Round your answer to the nearest cent.
How much of the money in the account at the end of the 14 years is your personal investment, meaning that the money came directly from you?
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Which functions denotes the value of a car loan that accrues 18% annual simple interest for t years?
Of (t) = 10000 + 120t
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On the first day of the fiscal year, a company issues an $8,000,000, 11%, five-year bond that pays semiannual interest of $440,000 ($8,000,000 x 11% x
V=), receiving cash of $8,308,869.
Journalize the first interest payment and the amortization of the related bond premium. Round to the nyarest dollar. If an amount box does not require an
entry, leave it blank.
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Premium on Bonds Payable /
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Use the following information to answer questions #1-4
Mrs. Smith has a monthly payment of $230 for health insurance, a $500 deductible, an 80%/20% co-
insurance and co-payments of $15 for prescriptions and $45 for office visits.
1.
What is Mrs. Smith's premium?
a.
$45
b. $230
C.
$500
d. $1,000
2.
What amount will Mrs. Smith have to pay for medical services before the policy begins to pay?
a.
$45
b.
$230
C.
$500
d. $1,000
r for a small nrocedure costing $1,000 what percentage of the me
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Principal
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685
Interest rate
4%
Time
years
Simple interest
137
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