Answer:
The average sales commission per unit at a sales volume of 39,000 units would be $19.8
Explanation:
In order to calculate the average sales commission per unit we would have to calculate the following formula:
average sales commission per unit= Total sales commission/sales volume
According to given data:
Total sales commission=$752,400
sales volume=38,000 units
Therefore, average sales commission per unit=$752,400/38,000 units
average sales commission per unit=$19.8
The average sales commission per unit at a sales volume of 39,000 units would be $19.8
The nation of Cranolia used to prohibit international trade, but now trade is allowed, and Cranolia is exporting furniture. Relative to the previous no-trade situation, buyers of furniture in Cranolia are now better off.
a. True
b. False
Answer:
if im correct its true but please check or make sure from someone else but im positive its true
Explanation:
Effect of Errors in Physical Inventory
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2016, Fonda Motorcycle Shop incorrectly counted its inventory as $337,500 instead of the correct amount of $328,850.
Enter all amounts as positive numbers.
a. State the effect of the error on the December 31, 2016, balance sheet of Fonda Motorcycle Shop.
Balance Sheet Items Understated / Overstated Amount
Merchandise Inventory Overstated $
Current Assets Overstated $
Total Assets Overstated $
Owner's Equity Overstated $
b. State the effect of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 2016.
Income Statement Items Understated / Overstated Amount
Cost of Merchandise Sold Understated $
Gross Profit Overstated $
Net Income Overstated $
c. If uncorrected, what would be the effect of the error on the 2017 income statement?
Income Statement Items Understated / Overstated Amount
Cost of Merchandise Sold Overstated $
Gross Profit Understated $
Net Income Understated $
Answer:
answer is in explanation
Explanation:
Effect of Errors in Physical Inventory
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2016, Fonda Motorcycle Shop incorrectly counted its inventory as $337,500 instead of the correct amount of $328,850.
Enter all amounts as positive numbers.
a. State the effect of the error on the December 31, 2016, balance sheet of Fonda Motorcycle Shop.
Balance Sheet Items Understated / Overstated Amount
Merchandise Inventory Overstated $
Current Assets Overstated $
Total Assets Overstated $
Owner's Equity Overstated $
b. State the effect of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 2016.
Income Statement Items Understated / Overstated Amount
Cost of Merchandise Sold Understated $
Gross Profit Overstated $
Net Income Overstated $
c. If uncorrected, what would be the effect of the error on the 2017 income statement?
Income Statement Items Understated / Overstated Amount
Cost of Merchandise Sold Overstated $
Gross Profit Understated $
Net Income Understated $
Expert Answer
100% (9 ratings)
State the effect of the error on the December 31, 2016, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Understated / Overstated Amount Merchandise I
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GoPro makes point-and-shoot cameras and handycams for amateur photographers and hobbyists. It also has a separate line of cameras dedicated to professional photographers. Additionally, it designs separate offers for each segment. Which of the following marketing strategies does GoPro most likely use in this instance?
a. Mass Marketing
b. Differentiated Marketing
c. Individual Marketing
d. Local Marketing
e. Direct Marketing
Answer:
The correct answer is the option B: Differentiated Marketing.
Explanation:
To begin with, the name of "Differentiated Marketing" refers to a type of strategy that it can be choosen and used in the field of business' marketing when it comes to developing the main strategy for the sales of the company. Moreover, this type of strategy is focus on at least one or two segments or target groups who will be the ones in the center of the campaign and the goal will be to get the message to them and make them want the product so they will buy it. That is why, that the type of strategy that GoPro uses is a differentiated marketing strategy due to the focus that it has on the audience.
A stock is expected to pay a dividend of $.075 at the end of the year. The required rate of return is rs=10.5% and the expected constant growth rate is g=8.2%. What is the stock's current price?
Answer:
$3.26
Explanation:
The computation of the stock current price is shown below:
As we know that
The Current stock price is
= Expected dividend paid ÷ (required rate of return - growth rate)
where,
Expected dividend paid is $0.075
The Required rate of return is 10.5%
And, the growth rate is 8.2%
Now placing these values to the above formulas
So, stock current price is
= $0.075 ÷ (0.105 - 0.082)
= $3.26
On August 31,the balance sheet of La Brava Veterinary Clinic showed cash $9,000,Account receivable$1700,supplies $600,equipments $6000,account payable $3600,common stock $13,00 and retained earings $700. During september,the following transaction occur
1. paid $2900 cash for accounts payable
2. collected $1,300 of accounts receivable
3. purchased additional equipments for $2100,paying $800 in cash and the balance on account
4. recognized revenue of $7300 of which $1500 is collected in cash and balance due in october
5. declared and paid $400 cash dividend
6. paid salaries $1700 rent for september $900,and advertising expense $200
7. Incurred utilities expense for month on account $170
8. Received $10,000 from capital bank on 6 month note payable
a. prepare a tabular analysis of september transactions begin with august 31 balances.column headings: cash,account receivable,supplies,equipments,account payable,common stock,retain earnings with separate column for revenues,expenses,dividends.Including margin explanation changes in retain earnings. Revenue is called Service Revenueb. prepare an income statements for september,a retained earnings statements for september,and a balance sheet at september 30.
Answer:
Brava Veterinary Clinic
a) Tabular Analysis of September Transactions:
see attached.
b1) Income Statement for September:
Service Revenue $7,300
Expenses:
Salaries $1,700
Rent 900
Advertising 200
Utilities 170 ($2,970)
Net Income $4,330
b2) Retained Earnings Statements for September
Net Income $4,330
Beginning Retained Earnings $700
Dividends ($400)
Ending Retained Earnings $4,630
b3) Balance Sheet at September 30:
Assets:
Cash $14,900
Accounts Receivable 6,200
Supplies 600
Equipment 8,100
Total Assets $29,800
Liabilities + Equity:
Accounts Payable $12,170
Common Stock 13,000
Retained Earnings 4,630
Total Liabilities + Equity $29,800
Explanation:
Financial Statements (Income Statement and Balance Sheet) are prepared at the end of a period to show the financial performance (Net Income) and the financial position (Assets = Liabilities + Equity) of a business entity.
A tabular statement of transactions illustrates the changes that have taken place during the period as a result of transactions. Transactions affect the Assets and Liabilities and Equity equally. The excess of revenue over expenses gives a net income.
Answer:
For a better visualization of the answer the first point was attached as an image.
Income Statement
Sales Revenues 7300
Salaries expense (1700)
Rent Expense (900)
Advertising Expense (200)
Utilities expense (170)
Net Income 4,330
Retained Earnings
Beginning 700
Income 4,330
Dividends (400)
Ending 4,630
Balance Sheet
Cash 14,900
Account Receivables 6,200
Supplies 600
Current 21,700
Equipment 8,100
Total Assets 29,800
Liablities
Account Payable 2,170
Note Payable 10,000
Total Liabilities 12,170
Equity
Common Stock 13,000
Retained Earnings 4,630
Total Equity 17,630
Total Liabilities + Equity 29,800
Explanation:
The dividends paid are not considered an expense.
We consider revenues and expense using the accrual basis rather than cash basis so we also recognize accrued expense (utilities ) and accrued revenues (sales which weren't paid right away)
For the Balance sheet the equipment is considered long.temr asset as their usefil life exceed a year.
The note payable while it is different from account payable is also a current liaiblity as it is due within the one-uyear window.
Betsy Rose owns a small department store in a metropolitan area. For twenty years, the accountant has applied overhead to the various departments—Women's Apparel, Men's Apparel, Cosmetics, Housewares, Shoes, and Electronics—based on the basis of employee hours worked. Betsy Rose's daughter, who is an accounting student at a local university, has suggested her mother should consider using activity-based costing (ABC). In an attempt to implement ABC, Betsy Rose and her daughter have identified the following activities.
Required:
Determine a cost driver for each of the activities listed below.
a. Placing orders
b. Stocking merchandise
c. Waiting on customers
d. Janitorial and Maintenance
Answer:
Activity Cost Driver
a. Placing orders Number of Orders
b. Stocking merchandise Number of Orders
c. Waiting on customers Number of Customers
d. Janitorial and Maintenance Area/ Square feet occupied
Explanation:
Betsy Rose
(ABC). Activity Based Costing
Activity Cost Driver
a. Placing orders Number of Orders
b. Stocking merchandise Number of Orders
c. Waiting on customers Number of Customers
d. Janitorial and Maintenance Area/ Square feet occupied
In selecting a cost driver for an activity it must be kept in mind that the activity must be
1) directly linked with the cost driver
2) it should not have indirect expenses
3) should be specific for that activity.
For example the number of orders would not affect Janitorial and Maintenance services but the number of orders would affect placing orders or stocking merchandise.
The Troy Co. has the following information available: Total fixed costs $400,000 Expected sales (units) 100,000 Selling price per unit $10.00 Contribution margin per unit $7.50 Tax rate 30% What is the after-tax net income
Answer:
Net operating income= 245,000
Explanation:
Giving the following information:
Total fixed costs $400,000 Expected sales (units) 100,000 Selling price per unit $10.00 Contribution margin per unit $7.50 Tax rate 30%
We need to determine the after tax income:
Contribution margin= 100,000*7.5= 750,000
Fixed costs= (400,000)
EBIT= 350,000
Tax= 350,000*0.3= (105,000)
Net operating income= 245,000
Boots Plus has two product lines: Hiking boots and Fashion boots. Income statement data for the most recent year follow: Total Hiking Fashion Sales revenue $ 490 comma 000 $ 350 comma 000 $140,000 Variable expenses 385 comma 000 265 comma 000 120,000 Contribution margin 105 comma 000 85 comma 000 20,000 Fixed expenses 80 comma 000 40 comma 000 40 comma 000 Operating income (loss) $25 comma 000 $ 45 comma 000 $( 20 comma 000 ) If $ 29 comma 000 of fixed costs will be eliminated by discontinuing the Fashion line, how will operating income be affected?
Answer:
Effect on income= $9,000 increase
Explanation:
Giving the following information:
Fashion:
Contribution margin= 20,000
Fixed expenses= 40,000
Operating income (loss)= (20,000)
$29,000 of fixed costs will be eliminated by discontinuing the Fashion line.
We need to determine the effect on income if the Fashion line is discontinued.
Effect on income= avoidable fixed costs + operating income
Effect on income= 29,000 - 20,000= $9,000 increase
Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 22,000 shares authorized, 10,200 shares issued, and 8,800 shares of common stock outstanding. The journal entry to record the dividend declaration is:
Answer:
Hutter Corporation Journal entry to record the dividend declaration is:
Debit retained earnings 4,400
Credit common dividend payable 4,400
($0.50×8,800)
Explanation:
Since we are to record dividend declaration that means we have to multiply $0.50 per share cash dividend by 8,800 shares of common stock outstanding which will give us 4,400.
Last step is to Debit retained earnings with 4,400 and Credit common dividend payable with the same amount which is 4,400 .
The term inventories is best described as:__________.
a) goods that have been produced but remain unsold,
b) a consortium of inventors where new products are tested,
c) a statistical method used to forecast business sales,
d) computer models to keep track of shipments,
e) items returned by customers and resold at a discount.
Answer:
a) goods that have been produced but remain unsold
Explanation:
Inventory includes work on progress, finished goods and raw materials. Inventory are classified as current assets on a balance sheet.
I hope my answer helps you
On 12/31/2015, Heaton Industries Inc. reported retained earnings of $675,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2014, the company had reported $555,000 of retained earnings. No shares were repurchased during 2015. How much in dividends did Heaton pay during 2015
Answer:
Heaton paid a total of $52,500 as dividend during 2015
Explanation:
Dividends in 2015 = Previous year retained earnings - Current year retained earnings + Current year net income
Dividends in 2015 = 555,000 - 675,000 + 172,500
Dividends in 2015 = $52,500
Heaton paid a total of $52,500 as dividend during 2015
g ____________________________ the income tax would be counter-cyclical fiscal policy if the economy were _________________________.Group of answer choicesRaising; at potential incomeRaising; below potential incomeRaising; above potential incomeReducing; above potential income
Answer:
Raising; above potential income
Explanation:
The courter policy refers to the strategy of the government to take control over the recession by the use of fiscal measures and thus works to stabilize the economy and thus increase public taxes and reduces public expenditure during the recession.Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 160,000 shares of $10 par value common stock. During 2021, Clothing Emporium had the following transactions relating to stockholders' equity: Issued 48,000 shares of common stock at $12 per share. Issued 32,000 shares of common stock at $13 per share. Reported a net income of $160,000. Paid dividends of $80,000. What is total paid-in capital at the end of 2021
Answer:
Total paid-in capital=$992,000
Explanation:
Calculation for total paid-in capital at the end of 2021
First step
Issued 48,000 shares of common stock at $12 per share.
(48,000 shares × $12 per share)
=$576,000
Issued 32,000 shares of common stock at $13 per share
(32,000 shares×$13 per share)
$416,000
Second Step
$576,000+$416,000
Total paid-in capital=$992,000
Therefore for total paid-in capital at the end of 2021 would be $992,000
During the month of May, direct labor cost totaled $20,405 and direct labor cost was 55% of prime cost. If total manufacturing costs during May were $73,600, the manufacturing overhead was:
Answer:
$36,500
Explanation:
Calculation for manufacturing overhead
Direct labor = $20,405
The Total manufacturing cost = $73,600
Prime cost = Direct labour cost ÷0.55
Prime cost = $20,405 ÷ 0.55 =
Prime cost = $37,100
Using this formula for Tot Manufacturing cost
Total manufacturing cost = Prime cost + Manufacturing overhead cost
$73,600 = $37,100 + Manufacturing overhead cost
Manufacturing overhead cost = $36,500
Therefore tthe manufacturing overhead was:$36,500
On January 1, Year 1, Ballard company purchased a machine for $36,000. On January 1, Year 2, the company spent $11,000 to improve its quality. The machine had a $6,000 salvage value and a 6-year life, which are unchanged. Ballard uses the straight-line method. What is the book value of the machine on December 31, Year 4
Answer:
Book value of the machine at the end of year 4 is $20400
Explanation:
The year one depreciation is computed using the below straight depreciation method:
depreciation=cost-residual value/useful life=($36,000-$6,000)/6=$5,000
after year one book value=$36,000-$5,000=$31,000
year two depreciation=($31,000+$11,000-$6,000)/5=$7200
year 4 book value=$42,000-($7200*3)=$20400
depreciation from year 2 onwards remain the same
The book value of the machine on December 31, Year 4 is $20,400
Please see year one depreciation as computed using the below straight depreciation method:
= Cost - Scrap value / Life time
=($36,000 - $6,000) / 6
= $5,000
After year one, book value
= $36,000 - $5,000
= $31,000
Year 2 depreciation
= ($31,000 + $11,000 - $6,000) / 5
= $7,200
Year 4 book value
= $42,000 - ($7200 * 3)
= $20,400
Therefore, book value of the machine on December 31, year 4 is $20,400
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Ganado and Equity Risk Premiums. Maria Gonzalez, Ganado's Chief Financial Officer, estimates the risk-free rate to be 3.50 %, the company's credit risk premium is 3.60%, the domestic beta is estimated at 1.12, the international beta is estimated at 0.86, and the company's capital structure is now 80% debt. The before-tax cost of debt estimated by observing the current yield on Ganado's outstanding bonds combined with bank debt is 7.60% and the company's effective tax rate is 39%. Calculate both the CAPM and ICAPM weighted average costs of capital for the following equity risk premium estimates. a. 8.10% b. 7.10% c. 4.90% d. 3.90%
Answer:
WACC (CAPM) 5.2%
WACC (ICAPM) 5.03%
Explanation:
The weighted average cost of capital is
Ke * E/ E+D + Kd * (1 -t) D / E+D
Ke = Rf + (Rm - Rf) * [tex]\beta[/tex]
Ke (CAPM) = 3.50% + (8% - 3.50%) * 1.12
Ke (CAPM) = 7.532%
Kd (CAPM) = Kd (1-t)
Kd (CAPM) = 7.60 (1-39%)
Kd (CAPM) = 4.636%
WACC (ICAPM) : 7.532 * 20% + 4.636 * 80%
WACC (CAPM) = 5.2164%
Ke (ICAPM) = 3.50% + (8% - 3.50%) * 0.86
Ke (ICAPM) = 6.596%
Kd (ICAPM) = Kd (1-t)
Kd (ICAPM) = 7.60 (1-39%)
Kd (ICAPM) = 4.636%
WACC (ICAPM) : 6.596 * 20% + 4.636 * 80%
WACC (CAPM) = 5.03%
Jaspal has a severe heart attack and is taken to the hospital. He is aware that he is not expected to live. Because he is a bachelor with no close relatives nearby, Jaspal gives his car keys to his close friend Friedrich, telling Friedrich that he is expected to die and that the car is Friedrich's. Jaspal survives the heart attack, but two months later he dies from pneumonia. Sam, Jaspal's uncle and the executor of his estate, wants Friedrich to return the car. Friedrich refuses, claiming that the car was a gift from Jaspal. Discuss whether Friedrich will be required to return the car to Jaspal's estate.
Answer: Friedrich would have to return the gift.
Explanation:
gifts are voluntary transfer of property for which no consideration is given.
For a gift to be effective, there must be clear intent on the part of the donor, actual or constructive discharge , and acceptance by the donee.
A gift given during the donors lifetime that meets the criteria is known as a gift inter vivos.
A gift given in anticipation of eventual death or event, is known as a gift causa mortis, and must comply with laid down additional rules.
The additional rules for a gift causa mortisare are that the gift does not stand until the donor giving the gift dies from the stated event, and the gift is automatically returned if the donor survives the stated event.
Since Jaspal had original survived the heart attack, but later died of pneumonia Friedrich has to return the gift to jaspals Uncle Sam, because it was given on the basis of heart attack which he survived and not for pneumonia which jaspal later died of.
Which 2 team user roles have permission to view and search for apps using the Apps tab in QuickBooks Online Accountant?
Answer: a. Firm Master Admin
b. Full Access Team User
Explanation:
QuickBooks allows for the integration of various third party apps with the company account to increase functionality and to introduce a wider array of services to choose from.
Viewing or searching for these apps however is only possible for the Master Admin and full access team members who can be considered company admin users.
The two team user roles having permission to view and search for apps using the Apps tab in QuickBooks Online Accountant has been Firm master admin and Full access team user.
QuickBooks has been the online accounting software used for e-accounting. The firm master admin has been the creator of the Apps tab and has the access to the apps tab.
The full access team user has been the user, that has access to all the apps in the Apps tab.
Thus the two team user roles having permission to view and search for apps using the Apps tab in QuickBooks Online Accountant has been Firm master admin and Full access team user.
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Assume the following data for Lusk Inc. before its year-end adjustments: Debit CreditSales $3,600,000 Cost of Merchandise Sold $2,100,000Estimated Returns Inventory 1800Customer Refunds Payable 900Estimated cost of merchandise that Will be returned in the next year 15,000Estimated percent of refunds for current year sales 0.8%Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returns
Answer:
a. Estimated customer allowances
December 31, 202x. estimated customer allowance
Dr Sales 27,900
Cr Customer refunds payable 27,900
total estimated refunds payable = $3,600,000 x 0.8% = $28,800 - $900 (account balance) = $27,900
b. Estimated customer returns
December 31, 202x. estimated customer returns
Dr Estimated returns inventory 13,200
Cr Cost of merchandise sold 13,200
total estimated returns $15,000 - $1,800 = $13,200
Explanation:
Sales $3,600,000
Cost of Merchandise Sold $2,100,000
Estimated Returns Inventory $1800
Customer Refunds Payable $900
Estimated cost of merchandise that Will be returned in the next year $15,000
Estimated percent of refunds for current year sales 0.8%
Deferral adjustments are needed when the business:_______
Answer: b. pays cash before the expense has been incurred.checked
d. receives cash before the revenue has been generated
Explanation:
Here is the complete question:
Deferral adjustments are needed when the business:
a. pays cash after the expense has been incurred.unchecked
b. pays cash before the expense has been incurred.checked
c. receives cash after the revenue has been generated.unchecked
d. receives cash before the revenue has been generated.
Adjustments are made during the end of every accounting period in order to report the revenues and the expenses in proper period at which they occur and also in order to report the assets and the liabilities at their appropriate amounts.
Deferral adjustment is when the revenue or the expense has been deferred or postponed and will therefore be reported on the income statement at a later period.
Previously deferred amounts will show on the balance sheet when a company pays cash before having to incur the expense or in a case whereby the company gets and collects cash before earning the revenue.
When revenues are made or when expenses are incurred, the previously deferred amounts will have to be adjusted and then, the amounts will be transferred to income statement through the use of the deferral adjustment.
You purchase a bond with a coupon rate of 8.6 percent, a par value of $1,000, semiannual coupons, and a clean price of $860. If the next coupon payment is due in three months, what is the invoice price
Answer:
The answer is $881.5
Explanation:
Solution
Given that:
The accrued interest is refers to the payment (coupon) for the time with the fraction of the time that has exceed since the last coupon payment.
Since we have a semiannual coupon bond, the coupon payment for six months is 1/2 of the annual coupon payment.
Three months has exceeded since the last coupon payment.
So the accrued interest for the bond is given below:
Accrued Interest = $86/2 * 3/6
= $21.5
Thus
The price (dirty) = Clean Price + Accrued Interest
= $860 + $21.5
= $881.5
Therefore the invoice price is $881.5
Colgate reported Diluted EPS of $2.38 in accordance with GAAP. How much higher would EPS be if Colgate ignored the impact of restructuring and other one-time charges during the period
Answer:
EPS will be higher than $2.38
Explanation:
The Earnings per share is the value available to stockholders of the company after the deduction of all the expense and taxes. Restructuring expense are one time expense and they are reported as other operating expenses in the Income Statement. The inclusion of restructuring and other one-time charges in the Income Statement results in lower Earnings before Tax and ultimately reduced net profit. If these cost are excluded the Earning will rise which will give rise to EPS of the company.
Turk Manufacturing is considering purchasing two machines. Each machine costs $9,000 and will produce cash flows as follows:_________.End of Machine A Machine BYear1 $5,000 $1,0002 $4,000 $2,0003 $2,000 $11,000Turk Manufacturing uses the net present value method to make the decision, and it requires a 15% annual return on its investments. The present value factors of 1 at 15% are: 1 year, 0.8696; 2 years, 0.7561; 3 years, 0.6575. Which machine should Turk purchase and why? Hint: This is a two-part question. Part 1. Make sure you calculate the NPV for both machines and Part 2. Which machine should the company invest in and why? .Check: The NPV for one of the two machines will be a negative number. (3 points)Respond to both parts of this problem on the next page.Part 1. Use the tables below to calculate the Net Present Value for each machine.Machine A Net Cash Flows PV Factor PV of Net Cash FlowsYear 1Year 2Year 3Total -------------------------Less: Initial Investment -------------------------Net Present Value ===============Machine B Net Cash Flows PV Factor PV of Net Cash FlowsYear 1Year 2Year 3Total -------------------------Less: Initial Investment -------------------------
Net Present Value ===============
Part 2. Which machine should the company invest in and why?
Answer:
The second machine should be chosen because the NPV is higher and it has a positive NPV
Explanation:
Net present value is the present value of after tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
For machine A
Cash flow in year 0 = $-9,000
Cash flow in year 1 = $5,000
Cash flow in year 2 = $4,000
Cash flow in year 3 = $2,000
I = 15%
NPV = $-312.57
For machine b
Cash flow in year 0 = $-9,000
Cash flow in year 1 = $1,000
Cash flow in year 2 = $2,000
Cash flow in year 3 = $11,000
I = 15%
NPV = $614.531
The second machine should be chosen because the NPV is higher.
To find the NPV using a financial calacutor:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
I hope my answer helps you
Elaine's original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the partnership since she purchased the interest has been $90,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions.
Calculate Elaine's current basis in her partnership interest.
Answer:
$40,000
Explanation:
From the question above Elaine's original basis in the Hornbeam Partnership is $30,000
Her share of the taxable income is from the partnership is $90,000
Elaine has received $80,000 in cash distribution from the partnership
Therefore, Elaine's current basis in her partnership interest can be calculated as follows
Current basis= [Original basis + ( Share of taxable income-Cash distribution)
= $30,000+($90,000-$80,000)
= $30,000+$10,000
= $40,000
Hence Elaine's current basis in her partnership interest is $40,000
The demand for chicken wings is more elastic than the demand for razor blades. Suppose the government levies an equivalent tax on chicken wings and razor blades. The deadweight loss would be larger in the market for _______________.
Answer:
chicken wings
Explanation:
Based on this scenario it can be said that if this were to happen then the deadweight loss would be larger in the market for chicken wings than in the market for razor blades due to their higher elastic demand, which would ultimately cause the number of chicken wings to fall drastically when compared to the number of razor blades. Thus causing a greater loss of equilibrium for chicken wings.
Tanner and Teresa share income and losses in a 2:1 ratio after allowing for salaries of $45,900 to Tanner and $71,100 to Teresa. Net income of the partnership is $137,700. Income should be divided as follows: a.Tanner, $59,700; Teresa, $78,000 b.Tanner, $83,000; Teresa, $54,700 c.Tanner, $55,700; Teresa, $82,000 d.Tanner, $54,700; Teresa, $83,000
Answer:
Tanner, $59,700; Teresa, $77,400
Explanation:
Net income of the partnership $137,700
Salary to Tanner $45,900
Salary to Teresa $71,100
Profit of the partnership $20,700
Tanner and Teresa share income and losses in a 2:1 ratio
Profit Distribution
Tanner = $20,700 * 2/3 = $13,800
Teresa = $20,700 * 1/3 = $6,300
Income of Tanner = $45,900 + $13,800= $59,700
Income of Teresa = $71,100 + $6,300= $77,400
Tanner, $59,700; Teresa, $77,400
____ Do they need engage with this work or is it entirely voluntary? Do they have a direct investment in having access to this information, perhaps as part of their job and they need this information to serve their duties?
Answer: Dynamic of need
Explanation: There are two words of importance here. Dynamic and need.
Dynamic: when a person, place, or thing is energetic and active, this is know as being dynamic.
When something is dynamic it goes through a lot of process. Example: Someone with a dynamic personality is usually funny.
Need: to require something because it’s important or very essential.
Dynamic of need is when you have a active need of things, this things can be information which are very essential.
A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. The associate continues to be employed by the same broker, who has an office in Atlanta. Which statement is TRUE
Answer: The sales associate must notify the DBPR in writing within 60 days regarding her change in residency
Explanation:
The options are:
a. The states associate broker is required to file the change of address on her behalf.
b. The sales associate broker is not required to notify DBPR because she did not change employers.
c. The sales associate must notify the DBPR in writing within 60 days regarding her change in residency.
d. The sales associate must file an application for Georgia real estate license.
From the question, we are informed that a sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. The associate continues to be employed by the same broker, who has an office in Atlanta.
Based on the scenario, the sales associate should let the DBPR be aware that he or she has moved from
Jacksonville, Florida, to Atlanta, Georgia by writing to them within 60 days regarding her change in residency.
Emily has recently learned that she needs to reduce the duration of her project to meet an imposed deadline. She has calculated the crash cost per unit and knows the maximum units each activity can be reduced. What is the next step?
Answer:
identify the critical path
Explanation:
Based on the information provided, the logical next step for Emily would be to identify the critical path. This means identifying the sequence of project network activities that add up to the longest overall duration which in term will reveal the shortest time possible to complete this project through unnecessary parts within the critical path, and will allow her to meet the imposed deadline.
Suppose your company reports $210 of net income and $50 of cash dividends paid, and its comparative balance sheet indicates the following. Beginning Ending Cash $ 45 $ 255 Accounts Receivable 125 225 Inventory 295 185 Total $ 465 $ 665 Salaries and Wages Payable $ 20 $ 100 Common Stock 150 110 Retained Earnings 295 455 Total $ 465 $ 665 Required: Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Answer:
The Operating Activities Section of the Statement of Cash Flows, using the indirect method:
Net Income $210
Changes in working capital:
Accounts Receivable -100
Inventory 110
Salaries & Wages Payable 80
Net cash flow from operating $300
Explanation:
In preparing the operating activities section of the Statement of Cash Flows, two methods are used. The direct method and the indirect method.
The indirect method starts with the net income as the base and converts the income into cash flow through the use of adjustments. The net income is first adjusted with non-cash items (such as depreciation expense) as well as non-operating gains and losses. The direct method only takes the operating cash transactions into account to produce the cash flow from operations. However, it is required that the direct method must provide a reconciliation of net income to the net cash provided by operations.
