Dakari must pay self-employment tax on $20,000 as it is the gross income.
What is gross income?Before any deductions or taxes are taken into account, gross income is the sum of all wages, earnings, interest payments, rent, and other types of income received by families and individuals. It stands in contrast to net income, which is determined by taking gross income and subtracting any applicable taxes and other deductions. The amount of a business's gross income that is left over after overhead, payroll, tax, and interest costs have been deducted from the cost of producing a good or providing a service. Although they have different meanings, gross margin and gross profit are frequently used synonymously. If you want to talk about a cash number, you should say "gross profit," and if you want to talk about a percentage or ratio, you should say "gross margin."
Amount on which tax is to be paid=26,000-6000=$20,000
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Windborn Company has 15,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of $30 par common stock.
The following amounts were distributed as dividends:
20Y1 $30,000
20Y2 12,000
20Y3 45,000
Common Stock
(dividends per share)
I cannot figure out Y1 or Y3
The dividends per share for the common stock in year 1 (Y1) is $0.60 per share, and in year 3 (Y3) is $0.90 per share.
To calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3), we need to determine the total dividends distributed and divide them by the number of common shares outstanding.
Given information:
Cumulative preferred stock: 15,000 shares, 1% dividend
Common stock: 50,000 shares, $30 par value
Dividends distributed:
Y1: $30,000
Y2: $12,000
Y3: $45,000
First, let's calculate the dividends per share for the cumulative preferred stock in each year.
Dividends per share for cumulative preferred stock = (Par value * Dividend rate) / Number of preferred shares
Dividends per share for cumulative preferred stock = ($100 * 1%) / 15,000 shares
Dividends per share for cumulative preferred stock = $1 / 15,000
Dividends per share for cumulative preferred stock = $0.000067 per share
Now, let's calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3).
For Y1:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $30,000 - ($0.000067 * 15,000)
Total dividends for common stock = $30,000 - $1.005
Total dividends for common stock = $29,998.995
Dividends per share for common stock in Y1 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y1 = $29,998.995 / 50,000 shares
Dividends per share for common stock in Y1 = $0.5999799 per share (rounded to $0.60 per share)
For Y3:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $45,000 - ($0.000067 * 15,000)
Total dividends for common stock = $45,000 - $1.005
Total dividends for common stock = $44,998.995
Dividends per share for common stock in Y3 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y3 = $44,998.995 / 50,000 shares
Dividends per share for common stock in Y3 = $0.8999799 per share (rounded to $0.90 per share)
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Which is not true of strategic alliances?
Question Completion with Options:
a. Strategic alliances refer to cooperative agreements between potential or actual competitors.
b. A firm that enters long-term alliances is expanding its strategic flexibility by committing to its alliance partners.
c. Strategic alliances bring together complementary skills and assets from each partner.
d. Joint venture is not a type of strategic alliances.
Answer:
d. Joint venture is not a type of strategic alliances.
Explanation:
A Joint venture is one of the strategic alliances that companies can form. Other forms of strategic alliances include equity and nonequity strategic alliances. In the first place, a strategic alliance is a corporate arrangement that enables two or more companies to undertake some mutually beneficial projects. With the alliance, each company still retains its independence, knowledge and resources are shared, and new products and markets are developed.
2.- Regarding Money Laundering issues:
a) A cross-border intra-firm loan should be considered as a placement stage step
b) The transfer from a bank account for the buy-to-rent of a building, with the intention
to steadily report the income obtained, should be considered as a placement stage
c) Mixing unreported income from illegal sources with the legal profits of a business is
an example of the integration stage
d) All the previous options are TRUE
e) All the previous options are FALSE
As regards money laundering issues, d) All the previous options are TRUE
What is money laundering ?Money laundering refers to the process of disguising the proceeds of illegal activity as legitimate funds. It involves three stages: placement, layering, and integration.
A cross-border intra-firm loan should be considered as a placement stage step: Placement refers to the initial introduction of illicit funds into the financial system. In this stage, the launderer seeks to find a way to get the illicit funds into the financial system without attracting attention. A cross-border intra-firm loan, in which a company loans money to itself or to a related company in another country, could be used as a way to place illicit funds into the financial system without attracting attention.
The transfer from a bank account for the buy-to-rent of a building, with the intention to steadily report the income obtained, should be considered as a placement stage. Therefore, all the options are correct.
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Which career is likely to earn the highest salary
These are the professions that receive high salaries in our country, in Turkey.
Monroe Minerals Company purchased a copper mine for $122,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 6,400 tons of copper. The copper was sold for $4,900 per ton. Assume that the company incurred $8,540,000 in operating expenses during Year 1. Based on this information, how much net income would Monroe report in Year 1?
Answer:
Your answer is given below:
Explanation:
Depletion cost per ton
= 122,000,000/50,000 tons = 2,440 per ton
Cost of copper sold = 6,400 tons*2,440 = 15,616,000
Sales = 6,400 tons*4,900 = 31,360,000
Net income = Sales - Cost of copper sold - Operating expenses
= 31,360,000 - 15,616,000 - 8,540,000
= $7,204,000
You should consider a person's a. Grade in the class b. Personality before asking them to join your study group. C. All of these d. None of these
All of these
Hope it will helps you!
Pappy’s Potato has come up with a new product, the Potato Pet (they are freeze-dried to last longer). Pappy’s paid $120,000 for a marketing survey to determine the viability of the product. It is felt that Potato Pet will generate sales of $835,000 per year. The fixed costs associated with this will be $204,000 per year, and variable costs will amount to 20 percent of sales. The equipment necessary for production of the Potato Pet will cost $865,000 and will be depreciated in a straight-line manner for the 4 years of the product life (as with all fads, it is felt the sales will end quickly). This is the only initial cost for the production. Pappy’s has a tax rate of 23 percent and a required return of 13 percent. Calculate the payback period, NPV, and IRR. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter your IRR answer as a percent.)
Answer:
NPV: $84,659.21
Payback Period: less than 1 year
IRR: 32.17%
Explanation:
To calculate the payback period, we need to find out how long it will take to recover the initial investment of $120,000. We will do this by calculating the annual cash flows until the initial investment is fully recovered.
First, let's calculate the annual cash flows for each year:
Year 0:
-Initial investment: -$120,000
Year 1:
-Sales: $835,000
-Variable costs: $167,000 (20% of sales)
-Fixed costs: $204,000
-Depreciation: $216,250 ($865,000 / 4 years)
-EBT (Earnings before taxes): $247,750 ($835,000 - $167,000 - $204,000 - $216,250)
-Taxes: $56,972 (23% of $247,750)
-Net Income: $190,778 ($247,750 - $56,972)
-Annual Cash Flow: $311,028 ($190,778 + $120,000)
Year 2:
-Sales: $835,000
-Variable costs: $167,000
-Fixed costs: $204,000
-Depreciation: $216,250
-EBT: $247,750
-Taxes: $56,972
-Net Income: $190,778
-Annual Cash Flow: $311,028
Year 3:
-Sales: $835,000
-Variable costs: $167,000
-Fixed costs: $204,000
-Depreciation: $216,250
-EBT: $247,750
-Taxes: $56,972
-Net Income: $190,778
-Annual Cash Flow: $311,028
Year 4:
-Sales: $835,000
-Variable costs: $167,000
-Fixed costs: $204,000
-Depreciation: $216,250
-EBT: $247,750
-Taxes: $56,972
-Net Income: $190,778
-Annual Cash Flow: $311,028
The total cash inflow for the four years is $1,244,112 ($311,028 x 4 years). The payback period is the time it takes to recover the initial investment, which in this case is less than one year (around 0.39 years). Therefore, the payback period for this project is less than one year.
To calculate the NPV, we need to discount the annual cash flows to their present value using the required rate of return of 13%. The formula for NPV is:
NPV = -Initial Investment + (CF1 / (1+r)^1) + (CF2 / (1+r)^2) + ... + (CFn / (1+r)^n)
where CF is the annual cash flow, r is the required rate of return, and n is the number of years.
Substituting the values, we get:
NPV = -$120,000 + ($311,028 / 1.13^1) + ($311,028 / 1.13^2) + ($311,028 / 1.13^3) + ($311,028 / 1.13^4)
NPV = $84,659.21
Therefore, the NPV of the project is $84,659.21.
To calculate the IRR, we need to find the discount rate that makes the NPV equal to zero. We can do this using trial and error or by using the IRR function in Excel. Using Excel, we can calculate the IRR as 32.17%.
With an NPV of $304,883.82 and an IRR of around 19.47%, the Potato Pet project has a payback period of roughly 2.75 years. These findings imply that Pappy's Potato should take the project into consideration as it is anticipated to provide a profit.
What is the payback method and payback period?The payback method calculates the amount of time needed to "payback" or repay the initial expenditure. The time it takes for an investment to create enough cash revenues to cover its associated financial outflow(s), usually expressed in years, is known as the payback period.
To calculate the payback period, we need to determine how long it will take for the project to generate enough cash inflows to recover the initial investment of $985,000 ($120,000 + $865,000).
we need to calculate the annual cash inflows:
Annual sales revenue = $835,000
Variable costs = 20% of sales = $167,000
Fixed costs = $204,000
Operating income before depreciation and taxes = $464,000 ($835,000 - $167,000 - $204,000)
Depreciation = $865,000 / 4 = $216,250
Taxable income = $247,750 ($464,000 - $216,250)
Taxes = $56,983 ($247,750 x 0.23)
Net income = $190,767 ($247,750 - $56,983)
Annual cash inflows = Net income + Depreciation = $407,017 ($190,767 + $216,250)
Now, we can calculate the payback period:
Year 1 cash inflows = $407,017
Cumulative cash inflows after Year 1 = $407,017
Year 2 cash inflows = $407,017
Cumulative cash inflows after Year 2 = $814,154
Year 3 cash inflows = $407,017
Cumulative cash inflows after Year 3 = $1,221,231
Year 4 cash inflows = $407,017
Cumulative cash inflows after Year 4 = $1,628,308
The payback period is between Year 3 and Year 4, as the cumulative cash inflows exceed the initial investment of $985,000 in Year 3 and total $1,221,231. The payback period is approximately 2.75 years (or 2 years and 9 months).
To calculate the NPV, we need to discount the annual cash inflows at the required rate of return of 13%.
Year 1 PV factor = 1 / (1 + 0.13)^1 = 0.885
Year 2 PV factor = 1 / (1 + 0.13)^2 = 0.783
Year 3 PV factor = 1 / (1 + 0.13)^3 = 0.693
Year 4 PV factor = 1 / (1 + 0.13)^4 = 0.613
NPV = ($407,017 x 0.885) + ($407,017 x 0.783) + ($407,017 x 0.693) + ($407,017 x 0.613) - $985,000
NPV = $304,883.82
The NPV is positive, which indicates that the project is expected to generate a return that exceeds the required return of 13%.
To calculate the IRR, we need to find the discount rate that results in an NPV of zero. We can use a financial calculator or Excel to do this. The IRR for this project is approximately 19.47%.
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Can someone sign up for temu for me with a link
Answer:
i don't y'all
Explanation:
ddddd
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2020. On July 1, 2021, XYZ issued an additional 44,000 shares for cash. On January 1, 2021, XYZ issued 16,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 6% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2021, XYZ paid the regular annual dividend on the preferred and common stock. Net income for the year was $270,000. Required: Calculate XYZ's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)
The XYZ Company's basic earnings per share are $0.71, while the diluted earnings per share are $0.72.
Data and Calculations:
Outstanding Common stock shares on Dec. 31, 2020 = 200,000 shares
July 1, 2021, Issuance of 44,000 shares
Total outstanding common stock
January 1, 2021, Issuance of 16,000 convertible preferred stock
Par value of preferred stock = $100 per share
The Dividend rate of preferred stock = 6%
Convertibility of preferred stock = 8 common shares
Net income = $270,000
Preferred dividend = $96,000 ($1,600,000 x 6%)
Earnings for common stockholders = $174,000 ($270,000 - $96,000)
Basic earnings per share = (Net income - Preferred Dividend)/244,000
= ($174,000)/244,000
= $0.71
Convertible Preferred into Common stock = 128,000 (16,000 x 8) shares
Total shares = 372,000 (244,000 + 128,000)
Diluted earnings per share = $270,000/372,000
= $0.73
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Dribbling in field hockey is when you.
Answer:
Dribbling is a technique used in field hockey to move the ball forward using small touches with a hockey stick.
A country currently exports 1 million tons of lumber to the rest of the world. If the government’s were to impose an export subsidy, what would be the expected result
The expected result of providing an export subsidy is the subsidy will increase exports of lumber because it will effectively lower lumber prices for consumers and raise them for producers.
What does a subsidy on exports do?Export subsidies, such as the EU export refunds and the US Export Enhancement Program, are payments made to traders to make up the price differential between domestic market prices and international market prices. An export subsidy increases producer excess in the export market while decreasing it in the market of the importing country. When a big country introduces an export subsidy, national well-being suffers.
If the government implemented an export subsidy, the exporter market's production surplus would increase and consumer surplus would decrease. As a result, the economy will experience losses in consumption and deadweight production. Export subsidies benefit the domestic companies that receive them and frequently also result in a reduction in the price that domestic consumers pay.
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Answer:. The subsidy will increase exports of lumber because it will effectively lower lumber prices for consumers and raise them for producers.
Explanation:
Jaimie wants to get an A on the end of semester course project but one team member is not doing the assigned work which may result in a significant amount of points being deducted. This presents a(n) ________ for Jaimie.
People do things due to different reasons. This present scenario pose a problem for Jaimie.
What is a problem?Decision-making is known to have some problems that does result in the act of relying too much on mental shortcuts that have been used in the past.
A problem is regarded as that issue that needs to be handled or solved An example of a problem is an Math's equation. Jamie have to find solution to doing the work if he wants to get an A.
see full options below
Multiple Choice
ethical dilemma
desired outcome
systematic approach
goal
problem
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explain 5 ways in which business studies is a living subject
Five ways in which business studies is a living subject:
Evolving technologiesEconomic shiftsChanging consumer preferencesSustainability and ethical issuesGlobalizationHow is business studies a living object ?Business studies is an ever-evolving subject that continuously updates itself to reflect the latest developments and trends in the contemporary business environment. The dynamic global economy, characterized by recessions, inflation, and changing trade policies, can have significant consequences on businesses. It compels them to adapt quickly in order to remain profitable.
Furthermore, as society shows a growing inclination towards sustainability and ethical concerns, businesses must incorporate these principles into their practices. This highlights the importance of keeping up-to-date with these changes for students studying in business studies so they can gain success in today's innovative business world.
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Higher levels of inventory investment and transportation costs can be incurred to reduce the cost of lost sales
True
False
Answer:
The given statement is true.
Explanation:
This statement is true that a high level of inventory investment and transportation costs helps reduce lost sales costs. The expenditure incurred on inventory investment provides more information about their inventory, allowing managers to control lost goods.
The cost of transportation becomes easier to control, the cost incurred on transportation costs ensures that the goods are minimally damaged during transportation, thus reducing the cost of lost sales.
Sandhill Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $ 216,600 and the following divisional results.
Division
I II III IV
Sales $250,000 $198,000 $499,000 $447,000
Cost of goods sold 195,000 195,000 298,000 250,000
Selling and administrative expenses 70,400 63,000 57,000 49,000
Income (loss) from operations ($15,400) ($60,000) $144,000 $148,000
Analysis reveals the following percentages of variable costs in each division.
I II III IV
Cost of goods sold 74% 92% 78% 73%
Selling and administrative expenses 37 57 51 59
Discontinuance of any division would save 50% of the fixed costs and expenses for that division. Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the divisions should be discontinued.
Required:
Prepare a columnar condensed income statement for Sandhill Company, assuming Division II is eliminated. Division II’s unavoidable fixed costs are allocated equally to the continuing divisions.
Income Statement for Sandhill Company with Division II eliminated:
Division I III IV
Sales $250,000 $499,000 $447,000
Variable costs:
Cost of goods sold 144,300 232,440 182,500
Selling and administrative
expenses 26,048 29,070 28,910
Total variable costs $170,348 $261,510 $211,410
Fixed costs:
Cost of goods sold 53,300 68,160 70,100
Selling and administrative
expenses 48,867 32,445 24,605
Total fixed costs $102,167 $100,605 $94,705
Total costs $272,515 $362,115 $306,115
Income (loss) from operations ($22,515) $136,885 $140,885
Data and Calculations:
Division I II III IV
Sales $250,000 $198,000 $499,000 $447,000
Variable costs:
Cost of goods sold 144,300 179,400 232,440 182,500
Selling and administrative
expenses 26,048 35,910 29,070 28,910
Total variable costs $170,348 $215,310 $261,510 $211,410
Fixed costs:
Cost of goods sold 50,700 15,600 65,560 67,500
Selling and administrative
expenses 44,352 27,090 27,930 20,090
Total $95,052 $42,690 $93,490 $87,590
Total costs $265,400 $258,000 $355,000 $299,000
Income (loss) from operations ($15,400) ($60,000) $144,000 $148,000
50% of Division II's fixed costs = $21,345 ($42,690 x 50%)
Allocation of 50% of Division II's unavoidable fixed costs = $7,115 ($21,345/3)
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Jeff needs car insurance. He is debating between purchasing liability insurance or a comprehensive policy. What is one TRUE statement about these options that can help him make an informed decision?
a) Liability insurance offers coverage when there is a theft.
b) Liability insurance offers to replace the car if it is destroyed in an accident.
c) A comprehensive policy usually requires a lower premium than liability coverage. d) A comprehensive policy is generally required if a bank helps you purchase a vehicle.
A comprehensive policy is generally required if a bank helps you purchase a vehicle.
Before, buying a car insurance policy, Jeff must take into consideration that a comprehensive policy is generally required if a bank helps an individual to purchase a vehicle. Therefore, the option D holds true.
What is the significance of a car insurance policy?There are a number of car insurance policies, such as a comprehensive car insurance that ensures reimbursement of the damages caused due to an accident for which the policy has been made. A comprehensive insurance policy is also the most commonly taken car insurance policy.
A liability insurance policy, on the other hand, is a policy that ensures the reimbursement of the claim of damages caused to another person's property due to the car being involved in such accident.
Therefore, the option D holds true regarding the significance of a car insurance policy.
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analyze product, price and cost in relationship in the market
Answer:
ok
Explanation:
wjeres the picthere is no picyure attached
Value stream mapping is used to identify all of the value-adding as well as non-value-adding processes that materials are subjected to within a plant.
a. true
b. false
A plank 4.7 m long and weighing 118 N has its left end resting on a block and the other end supported by a rope. The plank is in the horizontal position. If the greatest tension the rope can withstand is 435 N, how far from the block can a 51.0 kg girl walk out on the plank before the rope breaks?
Distance walked by the girl before the rope breaks is : 3.53 m
Given data
Length of plank = 4.7 m
Mass of plank = 118 N
Greatest tension the rope can withstand = 435 N
mass of girl = 51.0 kg
Determine distance walked by the girl before the rope breaksFirst step : balance the torque to determine the distance x
mg * x + 118 * 2.35 = 435 * 4.7 ----- ( 1 )
where ; x = distance of the girl from point A , Also 118 N willact on the center of mass of the plank hence ( length of plank / 2 = 2.35 m )
Back to equation ( 1 )
( 51 * 9.81 ) x = 2044.5 - 277.3
therefore : x = 3.53 m
Hence we can conclude that Distance walked by the girl before the rope breaks is : 3.53 m
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Antiques ‘R’ Us is a mature manufacturing firm. The company just paid a dividend of $11.60, but management expects to reduce the payout by 5.25 percent per year, indefinitely. If you require a return of 11 percent on this stock, what will you pay for a share today?
If you require a return of 11% on this stock, you would be willing to pay approximately $191.13 for a share of Antiques 'R' Us today.
To determine the current share price of Antiques 'R' Us, we can use the dividend discount model (DDM) which calculates the present value of future dividends.
Given:
Dividend just paid = $11.60
Dividend reduction rate = 5.25% per year
Required return = 11%
We need to find the present value of future dividends to calculate the current share price.
Step 1: Calculate the expected dividend in the next period:
Expected dividend in the next period = Dividend just paid × (1 - Dividend reduction rate)
Expected dividend in the next period = $11.60 × (1 - 0.0525) = $11.60 × 0.9475 = $11.007
Step 2: Calculate the present value of future dividends:
Present value of future dividends = Expected dividend in the next period / (Required return - Dividend reduction rate)
Present value of future dividends = $11.007 / (0.11 - 0.0525) = $11.007 / 0.0575 = $191.13
Step 3: Calculate the current share price:
Since the dividend reduction rate is applied indefinitely, the current share price is the present value of future dividends.
Current share price = $191.13
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If the demand equation is
Q + 4 P = 60
fi nd a general expression for the price elasticity of demand in terms of P . For what value
of P is demand unit elastic?
We begin by defining price elasticity of demand as follows in order to determine the generic expression for this quantity in terms of P:
Elasticity is defined as (% change in the quantity demanded / % change in the price).
This can be rewritten as follows by applying the midpoint formula:
Elasticity is calculated as [(Q2 - Q1) / (Q1 + Q2 / 2)] / [(P2 - P1) / ((P1 + P2) / 2)]
Streamlining the expression results in:
Elasticity is equal to [(Q1 + Q2) - Q2]. / [(P2 - P1) / (P1 + P2)]
In order to obtain: we can now substitute the demand equation into the expression.
Elasticity is equal to [(a - bP) / (a + bP)]. / [(P2 - P1) / (P1 + P2)]
Further simplification provides:
Elasticity is defined as [(P1 + P2) / (P2 - P1)] * (bP / (a - bP))
We set the absolute value of the elasticity to 1 in order to get the value of P at which demand is unit elastic:
elastic factor = 1
Thus, we get:
1 = [(P1 + P2) / (P2 - P1)] * [(bP / (a - bP)]
Calculating P results in:
P equals (2b) = (a + P1b + P2b)
The average of P1 and P2 plus a constant term given by the demand equation's parameters represents the value of P at which demand is unit elastically elastic.
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Crane uses the periodic inventory system. For the current month, the beginning inventory consisted of 7100 units that cost $12.00 each. During the month, the company made two purchases: 2800 units at $13.00 each and 12000 units at $13.50 each. Crane also sold 12700 units during the month. Using the LIFO method, what is the ending inventory? $119140. $112500. $124200. $110400.
Answer:
Ending inventor cost= $124,200
Explanation:
Giving the following information:
Beginning inventory= 7,100 units that cost $12.00 each.
Purchases:
2,800 units at $13.00 each
12,000 units at $13.50 each
Units sold= 12,700
To calculate the ending inventory under the FIFO (first-in, first-out) method, we need to use the cost of the lasts units incorporated into inventory:
Ending inventory in units= 9,200
Ending inventor cost= 9,200*13.5
Ending inventor cost= $124,200
Which Airlines lounges are the best ?
Answer:
Air France La Première Lounge, Paris is the first best Airline lounge in the World.
Explanation:
The Air France La Première Lounge gives its customer one of the fashionable flying experiences in the world, as it includes freshening up the cozy cocktail bar to be brighter and more inviting, adding semi-private relaxation areas and installing new pieces of art.
In addition to having one of the best first class inflight experiences available, Air France also provides an outstanding ground experience in Paris. Best food is also offered at the restaurant there.
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Solutions Company - Unadjusted Trial Balance as of December 31.
Account Titles
Unadjusted Trial Balance Dr. Unadjusted Trial Balance Cr.
100: Cash 20,000
110: Accounts Receivable 0
120: Supplies 7,600
160: Machinery 50,000
161: Accumulated Depreciation 20,000
200: Accounts Payable 0
205: Interest Payable 0
210: Wages Payable 0
230: Unearned Rental Fees 7,200
240: Note Payable 30,000
300: Common Stock 10,000
310: Dividends 9,500
320: Retained Earnings 14,200
400: Rental Fees 32,450
600: Wage Expense 24,500
610: Interest Expense 2,250
620: Supplies Expense 0
630: Depreciation Expense 0
113,850 113,850
Totals
Requirement:
Prepare year-end adjusting journal entries for each of these separate situations.
As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4 at which time $1,200 in wages will be paid.
The cost of supplies still available at December 31 is $3,450.
The notes payable requires an interest payment to be made every three months. The next payment occurs after the new year begins. The amount of unrecorded accrued interest at December 31 is $800.
Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31.
In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fee that will be collected on January 31 of next year.
Depreciation expense for the year is $3,800.
The Preparing Adjusted Trial Balance with the help of Worksheet: is given below:
The Adjusted Trial BalanceSolutions Company
Worksheet
December 31
Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash $20,000 $20,000
Accounts Receivable 0 $2,450 2,450
Supplies 7,600 $4,150 3,450
Machinery 50,000 50,000
Accumulated Depreciation $20,000 3,800 $23,800
Accounts Payable 0 0
Interest Payable 0 800 800
Salaries Payable 0 400 400
Unearned Rental Fees 7,200 4,000 3,200
Note Payable 30,000 30,000
Common Stock 10,000 10,000
Dividends 9,500 9,500
Retained Earnings 14,200 14,200
Rental Fees 32,450 6,450 38,900
Salaries Expense 24,500 400 24,900
Interest Expense 2,250 800 3,050
Supplies Expense 0 4,150 4,150
Depreciation Expense 0 3,800 3,800
Totals $113,850 $113,850 $15,600 $15,600 $121,300 $121,300
Preparing Income Statement:-
Solutions Company
Income Statement
For the Year Ended December 31
Accounts Amount Amount
Revenue:-
Rental Fees $38,900
Total Revenue $38,900
Expenses:-
Salaries Expense $24,900
Interest Expense 3,050
Supplies Expense 4,150
Depreciation Expense 3,800
Total Expenses ($35,900)
Net Income $3,000
Preparing Statement of Retained Earnings:-
Solutions Company
Statement of Retained Earnings
For the Year Ended December 31
Accounts Amount
Retained Earnings 14,200
Net Income 3,000
$17,200
Dividends (9,500)
Retained Earnings, Ending $7,700
Preparing Balance Sheet:-
Solutions Company
Balance Sheet
December 31
Accounts Amount Amount
Assets:-
Cash $20,000
Accounts Receivable 2,450
Supplies 3,450
Machinery 50,000
Accumulated Depreciation (23,800)
Total Assets $52,100
Liabilities:-
Accounts Payable $0
Interest Payable 800
Salaries Payable 400
Unearned Rental Fees 3,200
Note Payable 30,000
Total Liabilities $34,400
Stockholders Equity:-
Common Stock $10,000
Retained Earnings, Ending 7,700
Total Stockholders Equity $17,700
Total Liabilities and Stockholders Equity $52,100
Preparing Closing Entries:-
Solutions Company
General Journal
December 31
Date Accounts Title and Explanation Debit Credit
December 31 Rental Fees $38,900
Income Summary $38,900
(To close Revenue Account)
December 31 Income Summary $35,900
Salaries Expense $24,900
Interest Expense $3,050
Supplies Expense $4,150
Depreciation Expense $3,800
(To close Expenses Accounts)
December 31 Income Summary $3,000
Retained Earnings $3,000
(To close Income Summary)
December 31 Retained Earnings $9,500
Dividends $9,500
(To close Dividends Account)
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PLEASE HURRY 90 POINTS AND BRAINLIEST TO WHOEVER ANSWERS
Trade School vs. College - How to Decide?
The choice to go to college or choose a trade school is a huge decision you may need to make in the near future. There are a lot of factors to consider when making this choice, so it is a good idea to start reading about the advantages and disadvantages of college and trade schools. Each path can lead to success depending on what you want to do with your life.
After reading the article, make your own list of pros and cons for both trade school and college. Highlight the most important details that will help you make your decision.
Next, develop a basic career and education plan. Your plan should briefly outline the following:
Any long and short-term goals for your education and career future
What high school and college programs might help you reach your goals
This plan can be created in any word processing program.
Once you have completed your list of pros and cons and developed your career and educational plan, answer the following questions:
The article states, “In the past, there may have been some stigma about trade schools not being a viable option to pursue well-paying, long-term careers. However, times have changed! Now more than ever students are looking for alternative education options that allow them to complete school on a faster timeframe with less financial investment.” A stigma is defined as a mark of disgrace associated with a situation or person. What does the author mean by saying that in the past there may have been some stigma about trade schools? Why do you think this stigma existed?
Why do you think this article was written? Does it seem that the author favors trade school and college as equally enriching experiences? Why?
How did the author organize the information? Did the structure of the article help you see the clear pros and cons of trade schools and colleges? Why?
What is the author’s point of view? Analyze and discuss how they distinguish their point of view from others.
What are two (or more) central ideas in this text? How are these ideas developed over the course of the article?
If you had to choose a path right now—college or trade school—which would you choose? Include details from the article that helped sway your decision.
How College Loans Exploit Students for Profit
Explain the issue Samuel discusses that has 40 million Americans in debt.
Samuel mentions three truths that you can’t ignore—briefly explain at least one of the following truths:
What is Income-Based Tuition? Discuss the three advantages to Income-Based Tuition.
4 Pillars of College Success in Science
Why did Hrabowski join the Children’s Crusade in Birmingham? What was the most important lesson that he learned?
Hrabowski states, “…most people don’t realize that it’s not just minorities who don’t do well in science and engineering.” Please explain this statement and give a brief summary regarding how Hrabowski supports this statement.
Why do students who attend the most prestigious universities in our country begin in pre-med or pre-engineering and engineering but end up changing their majors?
Explain the four things that Hrabowski’s university did to help minority students that are now helping all students?
The author of the article on trade schools versus college is encouraging students to weigh their options and make a decision based on what they want to do with their lives.
In the past, trade schools had a stigma attached to them as not being viable options for well-paying, long-term careers. However, now more than ever, students are looking for alternative education options that allow them to complete school in a faster timeframe with less financial investment.
The author wrote this article to provide information for students to make an informed decision. The author is not biased towards either college or trade schools but presents both as enriching experiences. The article is structured in a way that organizes the information in a clear and concise way, allowing the reader to see the pros and cons of both trade schools and colleges.
The author's point of view is that students should choose the path that best aligns with their goals and aspirations. They make it clear that college and trade schools can lead to success, depending on what the student wants to do with their life.
Two central ideas in the article are that both college and trade schools can lead to success, and students should choose the path that best aligns with their goals. These ideas are developed over the course of the article by providing pros and cons for both paths and discussing the importance of making a decision based on one's aspirations.
If I had to choose a path right now, I would choose college. This is because I am interested in pursuing a career in medicine, which requires a college degree. The article helped sway my decision by providing information on the advantages of college, such as the wide range of career options and opportunities for networking.
In "How College Loans Exploit Students for Profit," Samuel discusses the issue of student debt, which has left 40 million Americans in debt. One of the truths that Samuel mentions is that the student loan industry is a $100 billion industry that is making profits off of students.
Income-Based Tuition is a tuition payment option where the amount a student pays for tuition is based on their income. The three advantages of Income-Based Tuition are that it reduces the financial burden on students, it encourages students to pursue higher education, and it makes education more accessible to low-income families.
Hrabowski joined the Children's Crusade in Birmingham to protest against racial segregation and discrimination. The most important lesson he learned was the power of unity and how students can make a difference when they work together.
Hrabowski's statement means that there is a misconception that only minorities struggle in science and engineering when in reality, it is a problem that affects everyone. Hrabowski supports this statement by discussing the initiatives that his university has taken to help all students succeed in science and engineering.
Students who attend prestigious universities often begin in pre-med or pre-engineering because of societal pressure or the perceived status of these fields. However, they often end up changing their majors because they realize that their true passions lie elsewhere.
The four things that Hrabowski's University did to help minority students that are now helping all students are creating a supportive and inclusive community, providing mentorship opportunities, offering resources and support services, and promoting the importance of education.
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Dennis 51 purchased a $10000 13 week treasury bill as a short term investment. He paid $9960.00 for the security, which was issued on June 17th 2021 , when the bill matured on sept. 16,2021 Dennis received $10000.00 how is the $40.00 is interest reported on his tax return form 6251?
The interest of Dennis's treasury bill is not reported on his tax return form 6251, but Form 1099-INT.
How does AMT tax work?Certain taxpayers who make a significant amount of money are subject to the Alternative Minimum Tax (AMT), even though they can use deductions and credits to keep the majority, if not all, of their income from being taxed. It increases the amount of income that is taxed by adding items that are not typically taxed and by excluding many deductions under the regular tax system.
The AMT is a parallel tax system that runs in the background of the regular tax system. Treasury bills, notes, and bond interest income are taxed federally but not state or locally. However, this income is not taxed on the interest received. Treasury bills, notes, and bond interest income are taxed federally but not state or locally. However, this revenue is not taxed on the interest received.
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yall have anything to cure depression? lmk pls ._.
Answer:
Anti-depressants :))))))))
they make u HIGH on happiness :DDDDDDDDDDDDDDDDDD
Answer:
Morningggggggg
Explanation:
why do many essential products that we use (e .g water) have relatively low prices, while other less essential products (e.g diamonds) command higher prices? Explain this paradox using marginal utility approach
In a market economy, the cost of many necessities for human life is significantly lower than the cost of less necessary necessities.
What do you call necessities?
Anything you need in order to function correctly or complete an action is referred to as a need. Life cannot exist without water. Alternative Words: essential, need, need, necessary More necessary synonyms Countable noun You must use your revenue to purchase necessities, which are goods or services. Basic necessities include things like food, clothing, heat, shelter, and medical attention. something which is essential. For the beach, sunscreen is a must-have. food, clothing, and other essentials. It's important to get enough of sleep. Living close to work is essential for those without cars.
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1. True or False? Current ratio is sometimes referred to as the liquidity ratio s pointe
and calculated by dividing current assets by current liabilities,
True
False
Answer:
I think it's true
Explanation:
I hope this can help
successfulness of the competition policy in South Africa