Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences:
($ in thousands)
Situation
1 2 3 4
Taxable income $84 $216 $196 $260
Future deductible amounts 16 20 20
Future taxable amounts 16 16 28
Balance(s) at beginning of the year:
Deferred tax asset 2 9 4
Deferred tax liability 8 2
The enacted tax rate is 25%.
Required:
For each situation, determine the following:
Situation
1 2 3 4
a. Income tax payable
b. Deferred tax asset - balance
c. Deferred tax asset - change
d. Deferred tax liability - balance
e. Deferred tax liability - change
f. Income tax expense
Answers
Answer:
Please see attached detailed solution
Explanation:
a. Income tax payable
b. Deferred tax asset - balance
c. Deferred tax asset - change
d. Deferred tax liability - balance
e. Differed tax liability - change
f. Income tax expense
Please find attached detailed solution to the above questions.
Related Questions
A market has four individuals, each considering buying a grill. Assume that grills come in only one size and model. Martina considers herself a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willing to pay $200 for a grill. If the market price ofgrills increases from $300 to $320, given the scenario described:
a. Collin is the only consumer who would be affected in terms of surplus.
b. Daniel drops out of the market.
c. Collin drops out of the market.
d. Collin loses any surplus he had.
Answers
Answer: d. Kamal loses any surplus he had.
Explanation:
The Consumer Surplus is defined as the difference between what a customer is willing to pay for a good minus the price of the good/ the price they pay.
Kamal was willing to pay $320 and the price was initially $300 which meant that he had a surplus of $20. The price has now increased to $320 which is the amount he is willing to pay so there is no longer a surplus. Kamal loses any surplus he had.
Strategic Plan
2016 - 2018
Boutique Build Australia
Answers
Statement of Members' Equity, Admitting New Member The statement of members' equity for Bonanza, LLC, follows:
Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 20Y3 and 20Y4
Idaho Properties, LLC, Member Equity Silver Streams, LLC, Member Equity Thomas Dunn, Member Equity Total Members' Equity
Members' equity, January 1, 20Y3 $273,000 $307,000 $580,000
Net income 57,000 133,000 190,000
Members' equity, December 31, 20Y3 $330,000 $440,000 $770,000
Dunn contribution, January 1, 20Y4 3,000 7,000 $220,000 230,000
Net income 62,500 137,500 50,000 250,000
Member withdrawals (32,000) (48,000) (40,000) (120,000)
Members' equity, December 31, 20Y4 $363,500 $536,500 $230,000 $1,130,000
Required:
a. What was the income-sharing ratio in 2016?
b. What was the income-sharing ratio in 2017?
c. How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest?
d. Why do the member equity accounts of Idaho Properties, LLC, and Silver Streams, LLC, have positive entries for Thomas Dunn’s contribution?
e. What percentage interest of Bonanza did Thomas Dunn acquire?
f. Why are withdrawals less than net income?
Answers
Answer:
a. Idaho Properties, LLC = $57000/190000 = 0.3 = 30%
Silver Streams, LLC = $133000/$190000 = 0.7 = 70%
income-sharing ratio = 3:7
b. Idaho Properties, LLC = 62500/250,000 = 0.25 = 25.0%
Silver Streams, LLC = 137500/250,000= 0.55 = 55.0%
Thomas Dunn = 50000/250,000 = 0.20 = 20.0%
income-sharing ratio = 25:55:20
c. Thomas Dunn’s provided a $230,000 cash contribution to the business. The amount credited to his member equity account is this amount less a $10,000 bonus paid to the other two members
d. The positive entries is due to bonus paid by Thomas Dunn
e. Thomas Dunn contribution $230,000
Idaho Properties, LLC, member equity $330,000
SilverStreams, LLC, member equity $440,000
Total Equity $1,000,000
Dunn Contribution/Total member equity = $220,000/$1,000,000 = 0.22 = 22%
Cramer Corporation formats operating cash flows using the indirect method. E:How do accounts receivable affect Cramer's cash flows from operating activities for 2018?
A. They increase cash provided by operating activities,
B. They don't because accounts receivable result from investing activities
C. They don't because accounts receivable result from financing activities.
D. They decrease cash provided by operating activities
Cramer's Income Statement for 2018
Sales revenue 170,000
Gain on sale of equipment 10,000 180.000
Cost of goods sold 110000
Depreciation 7500
Other operating expenses 27000 144500
Nel income 35500
The book value of equipment sold during 2018 was $22.000. 110,000 7.500 27.000 Done kerating activities for 2018? 1 Data Table Cash Accounts receivable
Cramer's Comparative Balance Sheets
December 31, 2018 and 2017
2018 2017
Cash 3,500 $ 2,000
Accounts payable 6,000 11,000
Accrued liabilities 8,000 7,000
Common stock 89,000 71,000
Retained earnings $ 106,500 $ 91,000
2018 2017
Accounts payable 7,000 $ 8,000
Accounts liabilities 9,000 1,000
Common stock 20,000 10000
Retained earnings 70500 72000
106,500 91,000
Answers
Answer: A. They increase cash provided by operating activities,
Explanation:
There is an error in the question. The Accounts Receivable are listed as Accounts Payable. Accounts receivable figures are $6,000 for 2018 and $11,000 for 2017.
The Accounts Receivable has therefore reduced in value from 2017 to 2018 by;
= 11,000 - 6,000
= $5,000
Seeing as Receivables have decreased, this means that some of those owing the business have paid their debt and so are no longer Accounts Receivable.
This payment of debt will increase the cash provided by operating activities.
How can you enable your sales team to perform better?
A. by enforcing stringent rules
B. by providing them with training and other supporting material
C. by permitting them the freedom to do whatever they think is right
D. by increasing their pay more often than the rest of the workforce
Answers
Answer: i think its B because it makes the most sense out of them all
Explanation:
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process inventory, March 1 22,000 Work in process inventory, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Selling and administrative expenses 79,000
Prepare a schedule of cost of goods manufactured. Enter all amounts as positive numbers. Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31
Answers
Answer:
Explanation:
The preparation of the cost of goods manufactured is presented below:
Zoe Corporation
Statement of Cost of Goods Manufactured
For Month Ended March 31, 20XX
Work in process inventory March 1 $22,000
Direct materials :
Materials inventory, March 1 $6,000
Add: Purchases $92,000
Cost of materials for use $98,000
Less - materials inventory, March 31 -$8,000
cost of materials placed in production $90,000
Add:
Direct labor $25,000
Factory overhead $37.000
Total manufacturing costs added $152,000
Total manufacturing costs $174,000
Less- work in process inventory, March 31 $23,500
Cost of goods manufactured $150,500
Lipscomb Corporation is estimating its WACC. Its target capital structure is 20 percent debt, 20 percent preferred stock, and 60 percent common equity. Its bonds have a 12 percent coupon, paid semiannually, a current maturity of 20 years, and sell for 1,000 USD. The firm could sell, at par, 100 USD preferred stock which pays a 12 percent annual dividend, but flotation costs of 5 percent would be incurred. Libscomb is a constant-growth firm which just paid a dividend of $2.00, sells for 27.00 USD per share, and has a growth rate of 8 percent. The firm's marginal tax rate is 40.
Required:
a. What is Rollins' cost of common stock using the bond-yield-plus-risk-premium approach?
b. What is Rollins' WACC?
Answers
Answer:
a. 16%
b. 13.566%
Explanation:
The weighted average cost of capital is the rate that a company is expected to pay on average to all its security holders to finance its assets. The WACC is commonly referred to as the firm's cost of capital.
DATA
P is price = 27
G is growth = 8%
Tax rate = 40%
Requirement a.
When the market rate of bond is equal to par value then yield is equal to the coupon rate
Tax rate = 12(1-0.4) = 7.2%
Cost of preferred stock = dividend/price
There will be a 5% floatation cost so net proceeds is 95
Cost of preferred stock = 12/95 = 12.63%
Cost of equity = D1/P + g
Where D1 is dividend for year 1 = 2+8% = 2.16
Cost of equity = 2.16/27 + 0.08
Cost of equity = 16%
Requirement b
Wacc = 7.2×20% + 12.63×20% + 16×60%
Wacc = 13.566%
Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?
a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.
Nell's basis for the stock is _______$ X
Kirby's basis in the house is ______$ X
b. Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.
The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.
c. Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.
$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered(child support, property settlement) and is (nontaxable, taxable) to Nell.
Answers
Answer:
Explanation:
CHECK THE COMPLETE QUESTION BELOW;
The transfers of the stock and residence pursuant to the divorce are nontaxable to Nell
and Kirby. Nell assumes Kirby's basis in the stock of $150,000, and Kirby's basis in the house is $300,000. However, the $50,000 cash paid by Kirby will be alimony
unless the agreement specifies that the payment is "not alimony."
Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?
A) In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.
a) The transfer of the property is a _____event.
b) Nell's basis for the stock is $
c) Kirby's basis in the house is $
B). Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.
The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.
C) Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.
$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered(child support, property settlement) and is (nontaxable, taxable) to Nell.
ANSWER AND EXPLANATION:
A). In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.
ANSWER:
a) The transfer of the property is a __non negotiatiable___event.
b) Nell's basis for the stock is $150,000
c) Kirby's basis in the house is $300,000
Hints;
✓ From the question, it was stated at the onset of their agreement that ""Nell and Kirby are in the process of negotiating their divorce agreement". Hence it is a non negotiatiable event.
✓ from the question as well, Nell assumes ""Kirby's basis in the stock of $150,000, and Kirby's basis in
the house is $300,000." Hence, the basis for Nell and Kirby are $150,000 and $300,000 respectively.
B). Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.
The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.
ANSWER: The payments "Do NOT QUALIFY""as alimony and are "EXCLUDED FROM""Nell's gross income as they are received.
HINTS: As the payment is been received, it cannot be recorded as the Nell's gross profit ,and cannot be counted as alimony, reason behind this is that even if Nell should die,the payment continues.
Note that, alimony can be regarded as the payment that are to be paid from one of the couple to the other after divorce as part of finance support, usually ordered by court of law.
C). Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.
$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered(child support, property settlement) and is (nontaxable, taxable) to Nell.
ANSWER: "$300 per month" is alimony that is" INCLUDED IN"" Nell's gross income, and the remaining $900 per month is considered "CHILD SUPPORT"child and is "NON TAXABLE to Nell.
HINTS:it was stated that Nell should receive $1200 monthly for Bobby's child support as well as alimony, out of this $900 goes for child support and $300 for alimony, provided that all the stated Condition stated in the question is followed duely.
The McMahon Construction Company builds bridges. In September and October 20XX, the company worked on a bridge covering the Kleinfeld River in Northern Montana. The McMahon Company has two departments, the Precast Department and the Construction Department. The Precast Department is responsible for building structural elements of bridges in temporary locations (plants) located near the construction sites. The Construction Department operates at the bridge site and they are responsible for assembling the precast structural elements. The estimated costs for Kleinfeld River Bridge for the Precast Department were $ 1,750,000 for direct materials, $ 240,000 for direct labor, and $300,000 for overhead. The estimated costs for the Construction Department regarding the Kleinfeld River Bridge were $ 400,000 for direct materials, $ 180,000 for direct labor, and $ 260,000 for overhead. Overhead is applied on the last day of the month. The Overhead application rate for the Precast Department is $ 30 per direct labor hour. The Overhead application for the Construction Department is 150 percent of direct labor cost.
Transactions for September
Sept 1- Purchased $ 1,170,000 of material on account for the Precast Department to start the building of structural elements. All of the material was issued to production, of the issuance amount, $ 720,000 is considered direct material.
Sept 4- Installed utilities at bridge site at a total cost of $30,000. The amount will be paid later in the month. (Transaction applies to Construction Department)
Sept 6-Paid rent for the temporary construction site housing the Precast Department, $ 7,200.
Sept 15- Completed the bridge support pillars by the Precast Department and transfer everything to the construction site.
Sept 19- Paid machine rental expense of $ 65,000 incurred by the Construction Department for clearing the bridge site and digging the foundations for bridge supports.
Sept 23- Purchased additional materials costing $1,510,000 on account.
Sept 30-The company paid the bills for the Precast Department: utilities, $ 7,200; direct labor, $50,000; insurance, $ 6,700, indirect labor, $ 8,200. Departmental depreciation was recorded, $21,500.
Sept 30-The company paid the bills for the Construction Department: utilities, $ 2,600; direct labor, $19,500; indirect labor, $6,100; and insurance, $ 2,500. Department depreciation was recorded on equipment, $ 9,450. Sept 30- Issued a check to pay for the material purchased on Sept 1 and Sept 23. Sept 30-Applied overhead to production in each department; 6,400 machine hours were worked in the Precast Department for September. Note: Direct Labor Costs for the Construction Department were $19,500.
Transactions for October
Oct 1- Transferred additional structural elements from the Precast Department to the construction site. The construction department incurred an expense of $ 7,000 to rent a crane.
Oct 4- Issued $1,010,000 of material to the Precast Department. Of this amount, $860,000 was considered direct.
Oct 7- Paid rent of cash of $ 7,500 in cash for the temporary site that is occupied by the Precast Department.
Oct 12-Issued $ 390,000 of material to the Construction Department. Of this amount, $ 220,000 was considered direct.
Oct 15-Transferred additional structural elements from the Precast Department to the construction site.
Oct 25-Transferred the final batch of structural elements from the Precast Department to the construction site.
Oct 29-Completed the bridge.
Oct 31-Paid the final bills for the month in the Precast Department: utilities, $ 14,000; direct labor, $120,000; insurance, $10,200; indirect labor, $18,300. Department depreciation was recorded, $21,500.
Oct 31-Paid the final bills for the month in the Construction Department: utilities, $ 5,300; direct labor, $144,500; indirect labor, $19,200; and insurance, $ 7,400. Depreciation was recorded on equipment was $9,450.
Oct 31-Applied overhead in each department. The precast department recorded 4,120 machine hours in October.
Oct 31-Billed the state of Montana for the completed bridge at the contract price of $3,850,000.
Oct 31-Please record the cost of the completed jobs to Finished Goods Inventory.
Required:
Journalize the entries for the preceding transactions. For purposes of this case study it is not necessary to transfer direct material and direct labor from one department to another.
Answers
Answer:
The McMahon Construction Company
Journal Entries:
Sept. 1:
Debit Precast Direct Materials Inventory $1,170,000
Credit Accounts Payable $1,170,000
To record the purchase of materials on account for Precast.
Debit Work in Process-Precast $720,000
Debit Manufacturing Overhead (Precast Dept.) $450,000
Credit Precast Direct Materials Inventory $1,170,000
Sept. 4:
Debit Manufacturing Overhead (Construction Dept.):
Utilities Expense $30,000
Credit Utilities Payable $30,000
To recorde utilities installed at bridge site.
Sept 6:
Debit Manufacturing Overhead (Precast Dept.):
Rent Expense $7,200
Credit Cash Account $7,200
To record the payment of rent for the temporary construction site.
Sept. 15:
No journal entries.
Sept 19:
Debit Manufacturing Overhead (Construction Dept.):
Machine Rental Expense $65,000
Credit Cash Account $65,000
To record the payment of machine rental expense
Sept. 23:
Debit Direct Materials Inventory $1,510,000
Credit Accounts Payable $1,510,000
To record the purchase of additional materials on account.
Sept. 30:
Debit:
Utilities Payable-Precast Dept $7,200
Direct labor -Precast Dept. $50,000
Debit Manufacturing Overhead (Precast Dept.):
Insurance Expense- Precast $6,700
Indirect labor $8,200
Credit Cash Account $72,100
Debit Manufacturing Overhead (Precast Dept.):
Depreciation Expense$21,500
Credit Accumulated Depreciation - Precast Dept $21,500
To record the depreciation expense for the month.
Sept. 30:
Debit Work in Process: Direct labor $19,500
Debit Manufacturing Overhead (Construction Dept.):
Utilities Expense t $2,600
Indirect labor $6,100
Insurance Expense $2,500
Credit Cash Account $30,700
Debit Manufacturing Overhead (Construction Dept.):
Depreciation Expense $9,450
Credit Accumulated Depreciation - Construction Dept $9,450
To record the depreciation expense for the month.
Debit Accounts Payable $2,680,000
Credit Cash Account $2,689,000
To record the payment on account by a check issued.
Debit Work in Process (Precast) $192,000
Credit Manufacturing Overhead (Precast) $192,000
To apply overhead to production in Precast Dept.
Debit Work in Process (Construction Dept.) $29,250
Credit Manufacturing Overhead (Construction Dept.) $9,250
To apply overhead to production in the construction department.
October:
Oct. 1:
Debit Manufacturing Overhead (Construction Dept.) $7,000
Credit Cash Account $7,000
To record the cost of rental a crane.
Oct. 4:
Debit Raw Materials Inventory (Precast) $860,000
Debit Manufacturing Overhead (Precast) $150,000
Credit Raw Materials Inventory.
Oct. 7:
Debit Manufacturing Overhead (Precast Dept.):
Rent Expense $7,500
Credit Cash Account $7,500
To record the payment of rent for cash.
Oct. 12:
Debit Work in Process (Construction Dept.) $220,000
Debit Manufacturing overhead-170,000
Credit Raw Materials $390,000
To record the issue of materials to the construction dept.
Oct. 15:
No Journal Entries required
Oct. 25:
No Journal Entries required
Oct. 29:
No. Journal Required
Oct. 31:
Debit:
Work in Process (Direct labor) $120,000
Manufacturing Overhead (Precast):
Utilities $14,000
Insurance $10,200
Indirect labor $18,300
Credit Cash Account $162,500
Oct. 31:
Debit Manufacturing Overhead (Precast Dept.):
Depreciation Expense$21,500
Credit Accumulated Depreciation - Precast Dept $21,500
To record the depreciation expense for the month.
Oct 31:
Debit Work in Process: Direct labor $144,500
Debit Manufacturing (Construction Dept.):
Utilities Expense t $5,300
Indirect labor $19,200
Insurance Expense $7,400
Credit Cash Account $176,400
To record the payment of cash for the expense
Debit Manufacturing Overhead (Construction Dept.):
Depreciation Expense $9,450
Credit Accumulated Depreciation - Construction Dept $9,450
To record the depreciation expense for the month.
Debit Work in Process (Precast) $123,600
Credit Manufacturing Overhead (Precast) $123,600
To apply overhead to production in Precast Dept.
Debit Work in Process (Construction Dept.) $216,750
Credit Manufacturing Overhead (Construction Dept.) $216,750
To apply overhead to production in the construction department.
Debit Accounts Receivable (State of Montana) $3,850,000
Credit Service Revenue $3,850,000
To record the billing of the state for the completed bridge.
Debit Finished Goods Inventory $1,835,600
Credit Work in Process $1,835,600
To record the cost of the completed jobs.
Explanation:
a) Data:
Estimated costs for Kleinfeld River Bridge
Precast Construction
Department Department
Direct materials $ 1,750,000 $ 400,000
Direct labor 240,000 180,000
Overhead 300,000 260,000
Overhead application $30 per DMH 150% DL
Machine hours worked 6,400 MH $19,500
Work in Process:
Materials $720,000
Direct labor (precast) 50,000
Direct labor (construction) 19,500
Overhead applied 192,000
Overhead applied 29,250
Materials 220,000
Direct labor 120,000
Direct labor 144,500
Overhead applied 123,600
Overhead applied 216,750
Total cost $1,835,600
Simple Random Sampling: The EAI data has information on the annual
incomes of managers and whether they have attended the training
program or not. This data comprise all the 2500 managers that work for
this organization. Using this information, address the following
questions: Select a simple random sample of 150 managers and another
of 250 managers and calculate the point estimates for the population
mean, standard deviation, and proportion. How do the results you
obtained for n = 150 and n = 250 compare to the population
information? Can you make any conclusion out of this? Why and why not?
Please work on excel, show all work including formulas and explain your answers
Answers
Answer:
Hello
Explanation:
make me as brain liest
Ayayai Inc. wishes to accumulate $1,066,000 by December 31, 2030, to retire bonds outstanding. The company deposits $164,000 on December 31, 2020, which will earn interest at 8% compounded quarterly, to help in the retirement of this debt. In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,066,000 is available at the end of 2030.
Answers
Answer:
Quarterly deposit= $11,653.28
Explanation:
Future Value= $1,066,000
Number of periods= 10*4= 40 quarters
Interest rate= 0.08/4= 0.02
First, we need to calculate the future value of the initial investment. Then, determine the difference required to reach the objective.
FV= PV*(1+i)^n
FV= 164,000*(1.02^40)
FV= $362,118.50
Difference= 1,066,000 - 362,118.5= $703,881.5
To calculate the quarterly deposit, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= quarterly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (703,881.5*0.02) / [(1.02^40) - 1]
A= $11,653.28
I WILL GIVE BRAINLIEST
What type of manufacturing employee is usually in charge of creating work schedules?
O Operator
O Operations manager
O Assembly line worker
O Quality manager
Answers
Answer:
OB
Explanation:
O Operations manager
HELP HELP ILL MASK BRAINLIEST
why do we have different minimum wages ?
Answers
Answer:
Higher minimum wages are most common in states with higher costs of living.
Explanation:
If you live in a smaller town the minimum wage is lower. If you live in a big city it'll more than likely be higher.
Answer:The US has tended to change the national minimum wage infrequently, with changes depending largely on the political balance of power at the federal level. ... But US states and even cities have the power to set minimum wages that are higher than the national rate.
Explanation:
Which of the following best defines "Isolationist.?
a. The concept that a whole can derive more value than the combination of the individual parts. A common expression in defining synergy is 1+1 = 3, or each piece derives more value that it would on its own.
b. Two or more systems that depend or support one another, often achieving mutual benefit.
c. The process of international integrating arising from the interchange of world views, products, ideas, and other aspects of culture.
d. The notion that we have certain rights and responsibilities towards each other by the mere fact of being human on Earth.
e. Pertaining to a national (or group) policy of non-interaction with other nations (or groups).
Answers
Answer:
e. Pertaining to a national (or group) policy of non-interaction with other nations (or groups).
Explanation:
Isolationist is a strategic approach pertaining to a national (or group) policy of non-interaction with other nations (or groups). This ultimately implies that, an isolationist refers to a country that has a diplomatic policy of non-interaction or avoiding to have any form of alliance with other countries.
Generally, countries choose to practice isolationism because they want to avoid foreign economic commitments, preserve her identity and culture, protect its territory, etc. Between 1641 to 1853, The Tokugawa shogunate of Japan adopted isolationism known as "Kaikin" which made it avoid contact or alliance with other countries. Also, in 1930 China was isolationist by banning all maritime shipping activities.
Read the overview below and complete the activities that follow. In addition to trade accounts payable, many companies have other types of current liabilities. These include amounts withheld from employees' pay, sales and other taxes payable, deposits, and other accrued liabilities.
CONCEPT REVIEW:
Companies have many different types of current liabilities. These can include various taxes payable (income tax, sales tax, payroll tax), accrued amounts for salary, vacation or other benefits, and estimates such as accrued utilities and warranty. To adhere to the concept of the matching principle, companies must estimate the amount of their other liabilities.
1. Federal anid state governments do not specily the exact______to be maint, but do specify the amounts to be withheld.
2. Income taxes withheld from employees but not yet submitted to the govenment are considered to be a(n)______.
3. When testing customer deposits, auditors typically review a(n)______of the individual deposits.
4. When testing other accrued liabilities. auditors may independently calculate the amount and______ it to management's estimate.
5. Property tax payments are typically______in number.
Answers
Answer:
1. Federal and state governments do not specify the exact__number of accounts____to be maintained, but do specify the amounts to be withheld.
2. Income taxes withheld from employees but not yet submitted to the government are considered to be a(n)_liability_____.
3. When testing customer deposits, auditors typically review a(n)_sample_____of the individual deposits.
4. When testing other accrued liabilities. auditors may independently calculate the amount and__compare____ it to management's estimate.
5. Property tax payments are typically_numerous_____in number.
Explanation:
Even Federal and State governments and business organizations apply the matching principle of the generally accepted accounting principles. The principle requires that revenues are matched to the expenses that are incurred in generating them and vice versa. The purpose is to present a balance view of financial performance and position of the reporting entity. For this reason, who expenses may not be actually paid for and they are recognized while some that have been paid for are not. The same rule applies to the revenue side.
According to the article, companies that have successfully used the discrimination and fairness paradigm to increase their demographic diversity.
a. are usually run by leaders who value due process and equal treatment of all employees
b. are usually run by leaders who have top-down directives
c. to enforce initiatives often have entrenched, easily observable cultures operate in a business environment where there is increased diversity among customers, clients, or the labor pool
Answers
Hi, your question is incomplete. I believe you are referring to the Havard Business Review online Article.
Answer:
a, b, and c.
Explanation:
It is worth remembering that the article stated that their research shows that a leader's desire to use the discrimination and fairness paradigm, often reflects how much value the leader places on following due process and equal treatment of his or her employees.
The article also points to their findings suggested that such organizations are run by leaders who have top-down directives .
For Coppertone products, evaluations in the postpurchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are
Answers
Answer:
dry skin and acne
Explanation:
Coppertone is an American brand name of a sunscreen. This brand is headquartered in Whippany, New Jersey. Coppertone the Coppertone girl logo and a different kind of fragrance.
For Coppertone products, evaluations in the post purchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are dry skin and acne.
Describe the steps in the process of human resource planning. Explain the relationships between the steps.
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Explanation:
The human resources planning process is the set of strategic actions that a company will develop to use organizational human capital in an improved and effective way, that is, they are the necessary actions for attracting and retaining qualified and motivated employees to assist employees. organizational goals and objectives.
There are four main stages of HR planning, they are:
1. Analysis of the offer:
In the first stage, the company's human capital and characteristics are analyzed, that is, everything that concerns the company's workers, how many employees, what position they occupy, what benefits the company offers, etc.
2. Demand forecast:
At this stage, an analysis is made of how the company will deal with the future needs of its employees, such as promotions, layoffs, etc.
After the first stage of identifying the workforce, the HR area needs to deal with the future of human capital in the company, as people will have growth needs in the company and others.
3. Balance supply and demand:
In the third stage, HR seeks to analyze how the company's future demands seen in the second stage will influence the needs of the positions in the organization. Like the possibility of hiring more managers, the need to develop training and development programs, etc.
4. implementation:
Each previous stage of human resource planning will lead the department to identify best practices in this fourth and final stage of HR planning.
In this phase, policies, measures and actions necessary to implement the HR plan are developed so that the company can manage its human capital in the best possible way for its success, protecting the rights and duties of employees supported by development, training actions and solving your needs.
The adjusted trial balance of Windsor, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $908,100; Freight-Out $13,400; Sales Returns and Allowances $19,800; and Sales Discounts $14,500.
Required:
Prepare the sales section of the income statement.
Answers
Answer
Windsor, Inc
Income Statement (Partial)
For the year October 31, 2022
Revenue
Sales $908,100
Less: Sales return and allowance $19,800
Sales Discount $14,500
$34,300
Net Sales $837,800
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. They are also able to claim $2,900 in recovery rebate credit ($2,400 for Marc and Michelle and $500 for Matthew). Assume they did not receive the recovery rebate in advance. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules).
A. What is Marc and Michelle’s gross income?
B. What is Marc and Michelle’s adjusted gross income?
C. What is the total amount of Marc and Michelle’s deductions from AGI?
D. What is Marc and Michelle’s taxable income?
E. What is Marc and Michelle’s taxes payable or refund due for the year?
Answers
Answer:
I will use the 2020 tax schedule since recovery rebate credit applies to 2020:
Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $64,000 + $12,000 + $500 = $76,500
they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)
contribution to IRA = ($2,500)
alimony payment = ($1,500) the divorce agreement was settled on 2005
Marc and Michelle's taxable income = $48,100
Marc and Michelle's tax liability = $1,975 + [12% x ($48,100 - $19,750)] = $5,377
Interests on municipal bonds is not taxable.
The amount of taxes that they owe = $5,377 - $3,500 (federal tax withholdings) = $1,877
Refundable tax credits:
$2,000 in child tax credit
$2,900 in recovery rebate credit
total = $4,900
taxes payable or refund = tax liability - refundable tax credits = $1,877 - $4,900 = -$3,023.
Marc and Michelle should get a refund for $3,023
Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance:
Inventory, January 1 $40,000 Purchases returns $3,500
Selling expenses 35,000 Interest expense 4,000
Purchases 110,000 Sales discounts taken 2,000
Sales 280,000 Gain on sale of property (pretax) 7,000
General and administrative expenses 22,000 Freight-in 5,000
Additional data:
1. A physical count reveals an ending-inventory of $22,500 on December 31.
2. Twenty-five thousand shares of common stock have been outstanding the entire year.
3. The income tax rate is 30% on all items of income.
Required:
a. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuch's cost of goods sold.
b. Prepare a 2013 multiple-step income statement.
c. Prepare a 2013 single-step income statement.
Answers
Answer:
Schuch Company
a) Schedule of Cost of Goods Sold
Inventory, January 1 $40,000
Purchases 110,000
Purchases returns -3,500
Freight-in 5,000
Cost of goods available for sale $151,500
less Inventory, December 31 22,500
Cost of goods sold $129,000
b) Multi-step Income Statement
For the year ended December 31, 2013:
Net Sales Revenue $278,000
Cost of Goods Sold 129,000
Gross profit $149,000
Expenses:
Selling expenses 35,000
General & admin exp. 22,000 57,000
Operating profit $92,000
Interest expense 4,000
Income after interest expense $88,000
Gain on sale of property (pretax) 7,000
Comprehensive income before tax $95,000
Income Tax (30%) 28,500
Net income $66,500
EPS = $2.66
c) Single-step Income Statement
For the year ended December 31, 2013:
Net Sales Revenue $278,000
Gain on sale of property (pretax) 7,000
Total revenue and gains $285,000
Cost of Goods Sold 129,000
Selling expenses 35,000
General & admin exp. 22,000
Interest expense 4,000
Total expenses $190,000
Income before taxes $95,000
Income Taxes (30%) 28,500
Net income $66,500
EPS = $2.66
Explanation:
a) Data and Calculations:
December 31 adjusted trial balance:
Inventory, January 1 $40,000
Purchases returns $3,500
Selling expenses 35,000
Interest expense 4,000
Purchases 110,000
Sales discounts taken 2,000
Sales 280,000
Gain on sale of property (pretax) 7,000
General and administrative expenses 22,000
Freight-in 5,000
Additional data:
Ending Inventory $22,500
Common Stock outstanding = 25,000
Income tax rate = 30%
Sales $ 280,000
Sales discounts taken 2,000
Net Sales Revenue $278,000
Which of the following is not a true statement about filing bankruptcy? a. Bankruptcy erases all of your debt. b. It is possible to rebuild your credit after filing bankruptcy. There are exemptions that alloW you to keep essentials. d. Bankruptcy stops aggressive action by creditors
Answers
The statement that is not true about bankruptcy is that Bankruptcy erases all of your debt. Option A is correct.
What is bankruptcy?Bankruptcy is a legal process or procedure that involves a person or business that is unable to repay its outstanding debts.
The bankruptcy methodology starts with a requisition or petition that is pointed by the debtor, which is most expected, or on behalf of creditors, and which is less common.
After filing bankruptcy, it is possible to rebuild credit after filing bankruptcy of a debtor, and there are certain waivers that allow maintaining the requirements.
Bankruptcy prevents assertive action by creditors, and it does not mean that it erases all of your debt.
Therefore, option A is correct.
Learn more about bankruptcy, refer to:
https://brainly.com/question/1142634
Answer:
A
Explanation:
Which of the following is not a true statement about filing bankruptcy?
a.
Bankruptcy erases all of your debt.
b.
It is possible to rebuild your credit after filing bankruptcy.
c.
There are exemptions that allow you to keep essentials.
d.
Bankruptcy stops aggressive action by creditors.
A
I WILL GIVE BRAIN
After seviewing the technical skills required to perform tasks in the manufacturing industry, do you think these skills are
more or less important than the interpersonal skills we discussed in previous units?
Answers
Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
3 Paid $390 cash for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $13,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
21 After negotiations, received from Frist a $400 allowance toward the $13,100 owed on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.
Answers
Answer:
Apr. 2
Merchandise $6,900 (debit)
Accounts Payable : Lyon Company $6,900 (credit)
Purchased Merchandise from Lyon Company on credit
April 3.
Accounts Payable : Lyon Company $390 (debit)
Cash $390 (credit)
Payment of Freight Charges Include in Invoice (FOB)
April 4.
Accounts Payable : Lyon Company $500 (debit)
Merchandise $500 (credit)
Returned Merchandise to Lyon Company
April 17.
Accounts Payable : Lyon Company $6,010 (debit)
Discount Received $120 (credit)
Cash $5,890 (credit)
Payment of amount due to Lyon Company and discount received
April 18.
Merchandise $13,100 (debit)
Accounts Payable: Frist Corp $13,100 (credit)
Purchased Merchandise on credit from Frist Corp
April 2.
Accounts Payable: Frist Corp $400 (debit)
Purchase allowance $400 (credit)
Received and allowance from Frist Corp
April 28.
Accounts Payable: Frist Corp $12,700 (debit)
Discount Received $127 (credit)
Cash $12,573 (credit)
Payment of amount due to Frist Corp and discount received
Explanation:
See the journals and their narrations prepared above.
Deferral adjustments are needed when the business:
a. Pays cash after the expense has been incurred.
b. Unanswered pays cash before the expense has been incurred.
c. Unanswered receives cash after the revenue has been generated.
d. Unanswered receives cash before the revenue has been generated.
Answers
Answer:
The correct answers are the options B and D: Pays cash before the expense has been incurred. And receives cash before the revenue has been generated.
Explanation:
To begin with, in the accounting field the term of "Deferral Adjustments" refers to those that the accountant does when they postpone the report of it in the income statement until a later period, so that means that when an event happens they might decide to postpone the report of that particular transaction doing what it is called "defer". Moreover, the two most common cases when the accountants use this technique are the ones choosen from the options, the cases B and D.
A firm that has extra cash Multiple Choice Should always invest it in U.S. equities. should invest it in the safest projects available. should always reinvest it in new equipment. should pay it out to shareholders unless the firm can earn a higher rate of return on the cash than the shareholders can earn by investing in the capital market.
Answers
Answer:
should pay it out to shareholders unless the firm can earn a higher rate of return on the cash than the shareholders can earn by investing in the capital market.
Explanation:
enter a question here
Answers
In a large open economy , an investment tax credit raises the real interest rate, __________ the trade balance, and __________ net capital inflow.
Answers
Answer:
The correct approach will be "decreases, decreases."
Explanation:
The investment tax incentive helps corporations to exclude a portion of the expense including its investment towards taxes. This raises disposable income unintentionally. This increase in household inflation rate is contributing to something like an increase in the rate of trade.As either the significance of the domestic country's currency, export industries decreasing trend as well as imports rise, resulting throughout a decline throughout the terms of payment. The capital flows grow and indeed the outflow declines even as actual interest rates go up, the decline in net investment output.You have just been hired as a financial analyst for Barrington Industries. Unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. So, your first job will be to recreate the firm's cash flow statement for the year just ended. The firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. It earned $5 million in net income during the year but paid $750,000 in dividends to common shareholders. Throughout the year, the firm purchased $5.4 million of machinery that was needed for a new project. You have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. Finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 5% interest rate. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.
What was the firm's end-of-year cash balance? Recreate the firm's cash flow statement to arrive at your answer. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest dollar, if necessary.
Answers
Answer:
200,000
Explanation:
A cash flow statement is a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company. The cash flow statement measures how well a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses.
Cash flow from operating activities
Net Income 5,000,000
Less Depreciation (450,000)
Cashflow from operations 5,450,000
Cash flow from investing activities
Purchase of Fixed assets 5,400,,000
Cash flow from investing activities
Issue of long term debt 1,000,000
Dividend paid (750,000)
Cash generated from investing activities 250,000
Change in cash 300,000
Beginning balance 100,000
Closing balance 200,000
You have a tax basis of ​$ and a useful life of five years and no salvage value. Provide a depreciation schedule ​(dk for k1​5) for ​% declining balance with switchover to straight line. Specify the year to switchover. Determine the depreciation amounts using the ​% declining balance and​ straight-line methods and BV amounts for each year
Answers
Answer:
the numbers are missing, so I will use another question as an example:
the asset's cost is $100,000useful life is 5 yearsno salvage value150% declining balancestraight line depreciation = $100,000 / 5 = $20,000
150% declining balance depreciation year 1 = 1.5 x $100,000 x 1/5 = $30,000, since it is higher than straight line we will use declining balance
book value at end of year 1 = $100,000 - $30,000 = $70,000
straight line deprecation = $70,000 / 4 = $17,500
150% declining balance depreciation year 2 = 1.5 x $70,000 x 1/5 = $28,000, since it is higher than straight line we will use declining balance
book value at end of year 2 = $70,000 - $28,000 = $42,000
straight line depreciation = $42,000 / 3 = $14,000, since it is higher than declining balance we will use straight line ⇒ switchover year
150% declining balance depreciation year 3 = 1.5 x $42,000 x 1/5 = $12,600
book value at end of year 3 = $42,000 - $14,000 = $28,000
depreciation year 4 = $14,000 (straight line)
book value at end of year 4 = $28,000 - $14,000 = $14,000
depreciation year 5 = $14,000 (straight line)
book value at end of year 5 = $14,000 - $14,000 = $0