Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $70,000 NOL for the entire tax year, but only $10,000 of the loss occurs during January-March. Assume 365 days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar. Without a short-year election, how much of the loss is allocated to Noelle and how much is allocated to Grayson? Noelle's loss allocation: $ 17,452.0547 x Grayson's loss allocation: $ 17,500 x If the corporation makes the short-year election, how much of the loss is allocated to Grayson? $ 60,000
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A company reports a net operating loss when its expenses are higher than its revenues. Net loss is another name for net operating loss.
The final line of the income statement shows the net operating loss.
Particulars: A $70,000 net operating loss (A) number of days (B) 91 total days (C)
How is net operating loss calculated?The net operating loss is calculated by subtracting itemized deductions from adjusted gross income on a business expense sheet. Net operating losses occur when the outcome is negative.
When you have a net operating loss, what happens?A person's net operating loss is the difference between their gross income and the deductions taken by the taxpayer, adjusted as follows: An NOL carryback or carryover from a previous tax year does not qualify for the NOL deduction. The amount of capital gains can only be deducted from both business and non-business capital losses.
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Related Questions
Young Manufacturing uses the sum-of-the-years-digits method of depreciation. A piece of
heavy equipment costing $37,500 has an estimated life of five years and an estimated scrap
value of $2,700.
Refer to Young Manufacturing. Compute the amount of depreciation taken in the third year.
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If Young Manufacturing uses the sum-of-the-years-digits method of depreciation. the amount of depreciation taken in the third year is $4640.
How to find the depreciation?Total years of useful life = 1 + 2 + 3 + 4 + 5
Total years of useful life = 15
Sum of digits = 1 + 2 + 3 + 4 + 5
Sum of digits = 15
Fraction of depreciation = Remaining years of useful life / Sum of digits
Fraction of depreciation = (5 - 3) / 15
Fraction of depreciation = 2 / 15
Depreciation expense = Total depreciable cost x Fraction of depreciation
Depreciation expense = (Cost - Scrap value) x Fraction of depreciation
Depreciation expense = ($37,500 - $2,700) x (2 / 15)
Depreciation expense = $4,640
Therefore the depreciation $4,640.
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QUESTION 4: PROGRESS REPORT On the 20th of April 2023, The campus manager, Mr Manoto, requested the secretary in the SRC office, to compile a report on the progress of the revival day planning. In your report tasks that are completed are invitations for special guests and booking of live performers; the task committee is still busy with finalizing the design of the banners and T-shirt and sports bottle printing. Due to overspending on budget, you still have not booked catering and security for the day. Your report must be in memo format.
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A sample memo based on the given question prompt is given below:
The MemoMemorandum
To: Mr. Manoto, Campus Manager
From: SRC Office Secretary
Date: April 20th, 2023
Subject: Progress update for Revival Day planning
Esteemed Mr. Manoto,
Please find below a status report detailing advancements made in the preparations of the upcoming Revival Day ceremony. We have accomplished issuing invitations to prominent guests and securing prominent musical acts. Our committees are putting the finishing touches to banner design, T-shirt outfits, as well as customizing sport water bottles.
Conversely, budgetary concerns impede us from booking security or catering caterers essential for event operations. However, we are investigating ways to cut expenses while still delivering quality service. We will be prompt with updates about progress made through these alternative strategies.
Thank you for your kind ownership in this venture; rest assured that our team is steadfastly dedicated to ensuring an excellent Revival Day rally session.
Yours faithfully,
[Your name]
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In this assignment, you will develop a more personalized understanding of the Balanced Scorecard concept and see how your vision and mission can be linked to your goals and objectives. Using the S-M-A-R-T tools in section 6.7 of Chapter 6 in the text, create your own list of goals and objectives.
Create 4 to 5 S-M-A-R-T goals and objectives and demonstrate how they link to your Strategy Diamond and personal vision and mission statements.
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Explanation:
The following are my SMART goals:-
Specific
1. I want to be physically fit within 6 months on order to be able to run a marathon in less than 3 hours.
2. I want to become a manager in my current organization from my current position as an assistant manager within the next 3 years in order to be able lead a team.
3. I want to be a lovable dad to my daughter in the next 3 months so that I can spend more quality time with her.
4. I want to become an amazing husband to my wife by spending more quality time with her and also taking her on vacations in the next 6 months.
Measurable
1. I would start my training from next week. Initially I would run 3 to 5 kilometers with walk breaks.
2. I would talk to my boss next week to ask for more responsibilities and also to ask him to let me know what is required to get promoted.
3. I would start leaving office early by being more efficient and effective in the office. I will also take my daughter on walks and play with her for 1 hour daily.
4. I would come back from office early and spend time with my wife.
Attainable
1. I will talk to other marathoners to know whether my goal is attainable and will also research about it.
2. I will talk to my colleagues whom are managers about what they did to get promoted.
3. I will talk to other dads to know whether my goal is attainable.
4. I will talk to other husbands that are successful.
Realistic
When I start measuring my progress weekly and getting a feedback from people whom I admire, then I would know how realistic my goals are.
Timely
I have given a time frame for the attainment of all these goals which is very vital.
For implementing these goals, I m going to use the Plan-Do-Act-Dare cycle.
Since my objective is to become a well rounded person in my personal and also my professional life, the above steps will surely help me in becoming that person.
The strategy diamond will consist of:-
1. Arenas- Professional and Personal
2. Vehicles- Focus and hard work
3. Differentiation- Being different and unique from others.
4. Staging- Speed of initiatives
Also, there should be an economic logic binding this.
Banks offer various types of accounts, such as savings, checking, certificate of deposits, and money market, to attract customers as well as meet their specific needs.
a. True
b. False
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Answer:
it's false.. because those are not the various types of account.
Why couldn't the toilet paper cross the road?
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Answer:
because it was used up
Explanation:
identify 5 businesses and conduct research on the CSI projects and in ways business can contribute time and effort into improving the wellbeing of employees
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The five groups business that CSI tasks have to be studied on are:
education enterprise sectorhealth business zonefood safety and agriculture enterprise sectors.safety businessskill development enterpriseCommercial enterprise improves schools in my communities through the useful resource of helping them with better educational facilities. Enterprise also gives a few task opportunities for the unemployed individuals inside the groups. Agencies do contribute to the community via employee volunteering (EV).
A business is described as an employer or enterprising entity engaged in business, industrial, or expert sports. corporations may be for-earnings entities or non-earnings businesses. business kinds vary from restricted liability organizations to sole proprietorships, agencies, and partnerships.
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refer to the makeup of a firms capitalization
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Finance. Another aspect of capitalization refers to the company's capital structure. Capitalization can refer to the book value cost of capital, which is the sum of a company's long-term debt, stock, and retained earnings. ... Companies with a high market capitalization are referred to as large caps.
Which of the following increases the supply of foreign exchange?
a.
Investments of capital in foreign countries
b.
Increases in tourism and export of local goods
c.
Import of goods and services to a country
d.
Demand for foreign goods and services
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Prior to June 1, Sandler Company had no treasury stock transactions. Then, on June 1, the company paid $5,000 to purchase 100 shares of its common stock on the open market.
Required:
Complete the necessary journal entry.
Answers
Answer: Treasury stock debit 5000
cash credit 5000
Explanation: the amount they paid for treasury stock
According to the Sandler Company, the journal entry of the given data is:
Treasury Stock (Dr.) $ 5,000
Cash (Cr.) $ 5,000.
What do you mean by the Journal Entry?All company transactions are documented in journal entries. Any financial activity that has an effect on the firm is a transaction, in the broadest sense.
They encompass every transaction involving the exchange of money, including interest payments, depreciation, costs, and payroll. They are not just restricted to the purchasing and selling of goods and services.
Budgets and other financial documentation for accounts, departments, and the entire company are created using journal entries.
The capacity of the accounting team to categories transactions into the relevant accounts, as well as to track and properly analyze financial activities for the business, will be impacted by the quality and consistency of journal entries.
Therefore, according to the Sandler Company, the journal entry of the given data is:
Treasury Stock (Dr.) $ 5,000
Cash (Cr.) $ 5,000.
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The accompanying graphs illustrate an initial equilibrium for the economy. Suppose that oil prices increase temporarily.
Use the graphs to show the new positions of aggregate demand (AD), short-run aggregate supply (SRAS), and long-run aggregate supply (LRAS) in both the short-run and the long-run, as well as the short-run (ESR) and long-run (ELR) equilibria resulting from this change. Then answer what happens to the price level and GDP.
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In response to the temporary increase in oil prices, the short-run equilibrium experiences a higher price level and lower GDP, while the long-run equilibrium sees a higher price level and unchanged GDP.
In the short-run, the AD curve shifts leftward due to the increase in oil prices. This is because higher oil prices increase production costs for firms, leading to reduced consumption and investment spending by households and businesses.
As AD shifts leftward, it intersects with the SRAS curve at a new short-run equilibrium (ESR). At this new equilibrium, the price level increases while GDP decreases compared to the initial equilibrium.
In the long-run, the SRAS curve adjusts to the higher oil prices as firms gradually reduce production and adjust their input costs. This adjustment reflects the fact that higher oil prices affect the overall cost structure of the economy.
As the SRAS curve shifts leftward, it eventually intersects with the LRAS curve at a new long-run equilibrium (ELR). At this equilibrium, the price level is higher than the initial equilibrium due to the higher oil prices. However, GDP returns to its potential level determined by the LRAS curve.
Therefore, in response to the temporary increase in oil prices, both the price level and GDP initially decrease in the short-run but eventually stabilize in the long-run, with a higher price level and unchanged GDP compared to the initial equilibrium.
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Ellen earns 12 dollars for walking the neighbor's dog. Last month, she walked the dog w times. Choose the expression that shows the number of dollars Ellen earned last month.
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The expression that would help to show the amount that Ellen earned for the job that she did in the month is p = 12w
How to find the payWe have the following information to solve the problem with.
The amount that is paid and time that she walks this dog is 12 dollars.
In the month that we have here, she is said to have walked the dog for a total of w times.
That is to get the amount that she would be paid, we are to multiply w with 12
P = 12 * w
p = 12w
Hence the amount that Ellen is paid would be p = 12w for the work that she did last week.
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ABC Ltd. purchased a new 3-D printer for $500,000 at the beginning of year 1. Although this printer is expected to last for 10 years, ABC knows the technology will become old quickly, and so they plan to replace this printer in 4 years. At that point, ABC would be able to sell the printer for $20,000. Calculate the net book value of the printer when at the end of year 2 using the declining balance method with a rate of 50%.
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Answer:
ɨt աɨʟʟ ɦaʋɛ ʟօst ɨt's ʍaʀҡɛt ʋaʟʊɛ
Using the declining balance method at 50%, the net book value of the printer at the end of year 2 is $125,000.
Data and Calculations:Cost of 3-D printer = $500,000
Estimated useful life = 10 years
Scrap value at year 4 =$20,000
Declining balance rate = 50%
Book value at the end of year 1 = $250,000 ($500,000 - ($500,000 x 50%))
Book value at the end of year 2 = $125,000 ($250,000 - ($250,000 x 50%))
Accumulated Depreciation at the end of year 1 = $250,000 ($500,000 x 50%).
Accumulated Depreciation at the end of year 2 = $375,000 ($250,000 + $125,000).
Thus, using the declining balance method at 50%, the net book value of the printer at the end of year 2 is $125,000 ($500,000 - $375,000).
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Suppose miss roxanne davenport is 25 years old right now and puts away $1,800 per quarter in an account that returns 6% interest.
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The total amount in the account after 65 years is $1182000 as per the given data and the total contribution to the account is $288000.
The given data is as follows:
The present age of Roxanne davenport = 25 years
Money invested in the quarter account = $1,800
Interest rate = 6%
The total number of required years = 65 - 25
years for contribution = 40 years
a. To calculate the total amount in the account after 65 years, the formula used here is:
Total amount = Annuity[((1+r)^n -1) / r]
Total amount = 1800×[((1+0.06/4)^(4 × 40) - 1)/(0.06/4)]
Total amount = 1800 x [(9.82)/ (0.06/4)]
Total amount = 1800 x 656.66
Annuity = $1182000
b. The total contribution to the account =1800 × 4 Quarter × 40 Years
The total amount contribution to the account = $288000
The total amount in the account after 65 years is $1182000 as per the given data and the total contribution to the account is $288000.
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The complete question is-
Suppose miss Roxanne davenport is 25 years old right now and puts away $1,800 per quarter in an account that returns 6% interest.
a. How much will be in the account when she turns 65.
b.What is her total contribution to the account?
1 Purchasing process is a systematic approach the acquisition of raw materials, components and spares. Discuss any four documents used in the commercial transaction stating at what stage in purchasing process the documents are used. (10 Marks)
2 A typical purchasing cycle consists of various steps. Discuss the stages of purchasing cycle giving the contents of each stage. (10 Marks)
3 Highlight the various factors to consider before adopting the Electronic Data Interchange for the purchasing and supply department. (10 Marks)
Answers
1. Documents used in the purchasing process: Purchase Order (PO), Request for Quotation (RFQ), Invoice, and Packing.
2.Stages of Purchasing Cycle: Identify the Need,Develop Specifications,Potential Suppliers,Suppliers,Approve the Invoice,Process Payment.
3.Factors to consider before adopting the Electronic Data Interchange (EDI):Cost,Technology,Security,Supplier Readiness
1. Documents used in the purchasing process: Purchase Order (PO), Request for Quotation (RFQ), Invoice, and Packing List.The purchasing process is a systematic approach to the acquisition of raw materials, components, and spares.
During the purchasing process, certain documents are used in the commercial transaction. The following are some of the documents used in the purchasing process:
Purchase Order (PO): A PO is a legal document that a buyer sends to a supplier to purchase goods or services. It is a written agreement that confirms the purchase order and specifies the details of the goods or services requested by the buyer.
Request for Quotation (RFQ): RFQ is a document sent to potential suppliers to request quotes or bids for specific goods or services. It is sent before a PO is issued and includes detailed information about the required goods or services.
Invoice: An invoice is a bill that a supplier sends to the buyer after the goods or services have been delivered. It is a document that shows the details of the purchase and the amount that the buyer owes the supplier.
Packing List: A packing list is a document that accompanies the shipment of goods. It lists the items that are being shipped and their quantities. It also includes information such as the weight and dimensions of the shipment.
2. Stages of Purchasing Cycle:The following are the stages of the purchasing cycle:
Identify the Need: This stage involves identifying the need for goods or services. The buyer must determine what goods or services are needed and in what quantity.
Develop Specifications: This stage involves developing specifications for the required goods or services. The buyer must determine the exact specifications for the goods or services that are needed.Search for
Potential Suppliers: This stage involves searching for potential suppliers who can provide the required goods or services. The buyer must identify suppliers who can meet the specifications and requirements of the purchase.Evaluate
Potential Suppliers: This stage involves evaluating the potential suppliers based on various factors, such as price, quality, and delivery time. The buyer must select the supplier who can provide the best value for money.Negotiate with
Suppliers: This stage involves negotiating with the selected supplier on the terms and conditions of the purchase. The buyer must ensure that the terms and conditions are favorable to the buyer.Issue a Purchase Order: This stage involves issuing a purchase order to the selected supplier. The purchase order confirms the purchase and specifies the details of the goods or services requested by the buyer.
Receive the Goods or Services: This stage involves receiving the goods or services from the supplier. The buyer must ensure that the goods or services meet the specifications and requirements of the purchase.
Approve the Invoice: This stage involves approving the invoice sent by the supplier. The buyer must ensure that the invoice is accurate and matches the purchase order and the goods or services received.
Process Payment: This stage involves processing the payment for the purchase. The buyer must ensure that the payment is made on time and in accordance with the terms and conditions of the purchase.
3. Factors to consider before adopting the Electronic Data Interchange (EDI):The following are some of the factors that should be considered before adopting EDI:
Cost: The cost of implementing an EDI system can be significant. The cost of hardware, software, and training should be considered before adopting EDI.
Technology: The company should have the necessary technology infrastructure to support EDI. The company should have the necessary hardware, software, and network infrastructure to implement EDI.
Security: EDI involves the exchange of sensitive data between trading partners. The company should ensure that the EDI system is secure and meets the necessary security standards.EDI
Standards: EDI standards are used to ensure that the data exchanged between trading partners is consistent and can be interpreted by both parties. The company should ensure that the EDI system complies with the necessary EDI standards.
Supplier Readiness: The company should ensure that its suppliers are ready to adopt EDI. The company should communicate with its suppliers and provide them with the necessary support and training to adopt EDI.
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Delicious Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $190 May 9: Received cash for meals served to customers, $2,400 May 14: Paid cash for kitchen equipment, $2,500 May 23: Served a banquet on account, $2,000 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,700 May 31: Recorded depreciation for May on kitchen equipment, $340
Answers
Question Completion:
If Delicious Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Answer:
Delicious Catering
Using the Accrual method, Delicious Catering would have recorded for the month a net income of $1,670.
Explanation:
Data and Calculations:
Prepaid Rent for 3 months = $1,500
Rent expense for the month = $500 ($1,500/3)
Utilities expense = $190
Service Revenue:
Cash for meals = $2,400
Credit 2,000
Total $4,400
Salary Expense = !,700
Depreciation expense = $340
Kitchen Equipment = $2,500
Income Statement for the month of May:
Service Revenue $4,400
Expenses:
Rent $500
Utilities expense 190
Salary expense 1,700
Depreciation expense 340
Total expenses $2,730
Net Income $1,670
in the cash book, every cash receipt is______ and every cash payment is_______
Answers
Using the information below, calculate cost of goods sold for the period: Sales revenues for the period$1,312,000 Operating expenses for the period 247,000 Finished Goods Inventory, January 1 44,000 Finished Goods Inventory, December 31 49,000 Cost of goods manufactured for the period 548,000
Answers
Answer:
COGS= $543,000
Explanation:
Giving the following information:
Cost of goods manufactured for the period 548,000
Finished Goods Inventory, January 1 44,000
Finished Goods Inventory, December 31 49,000
To calculate the cost of goods sold (COGS), we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 44,000 + 548,000 - 49,000
COGS= $543,000
Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.
a. Issued $21,000 of QCI stock for cash.
b. Incurred $840 of utilities costs this month and will pay them next month.
c. Paid wages for the current month, totaling $2,600.
d. Performed cleaning services on account worth $3,800.
e. Some of Quick Cleaners’ equipment was repaired at a total cost of $300. The company paid the full amount at the time the repair work was done.
Required:
Prepare journal entries for the above transactions, which occurred during a recent month.
Answers
Answer:
Quick Cleaners, Inc. (QCI)
Journal Entries
a. Debit Cash $21,000
Credit Common Stock $21,000
To record the issuance of QCI stock for cash.
b. Debit Utilities Expense $840
Credit Utilities Payable $840
To accrue utilities expense for the month.
c. Debit Wages Expense $2,600
Credit Cash $2,600
To record the payment of wages for the month.
d. Debit Accounts Receivable $3,800
Credit Service Revenue $3,800
To record the performance of cleaning services on account.
e. Debit Equipment Repairs $300
Credit Cash $300
To record the payment for equipment repairs.
Explanation:
a) Data and Analysis:
a. Cash $21,000 Common Stock $21,000
b. Utilities Expense $840 Utilities Payable $840
c. Wages Expense $2,600 Cash $2,800
d. Accounts Receivable $3,800 Service Revenue $3,800
e. Equipment Repairs $300 Cash $300
What can HR professionals do to mitigate concerns about pregnancy discrimination in the workplace? What does the law say companies need to do to avoid violating the rights of pregnant employees?
Answers
With our combined efforts as one HR, there is no cause we cannot influence. Knowing the law and interacting with expectant women are the greatest ways to stop pregnancy prejudice.
Employers place a high premium on discouraging pregnancy prejudice. The Pregnancy Discrimination Act of 1978's new EEOC rules have made it a particularly controversial topic in today's society. The best thing you can do to defend yourself in court is to train all managers or supervisors, but especially those who are directly in charge of supervising workers.
When you learn that a coworker is pregnant, you must show her respect and use caution. You should merely express gratitude to the worker for informing you. Offer pregnancy prejudice your support and assure her that, if necessary, you would make accommodation's that are reasonable in nature for her.
Never indicate that an employee's pregnancy is a burden on the company, and neither should your supervisors. Before approaching a pregnant employee, ask a member pregnancy prejudice of your human resources team any questions you may have about what to ask or not ask.
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On a scale from 1-10 with 1 being not important at all and 10 being the most important, how important is it for regular, every day people to know about tax deductions and tax credits. Why did you rate it the way you rated it?
Answers
On a scale from 1-10, I would rate importance of knowing about tax deductions and tax credits as 7.
What are tax credits?Tax credits are incentives provided by governments to encourage individuals and businesses to engage in certain activities or behaviors that are deemed beneficial to society. These credits are subtracted from the total amount of tax owed, resulting in a lower tax bill for the recipient. Some common examples of tax credits include credits for charitable donations, education expenses, child care expenses, energy-efficient home improvements, and research and development expenses. Tax credits can be refundable or non-refundable. Refundable credits can result in a refund even if the credit amount exceeds the total tax liability, while non-refundable credits can only be used to offset tax liability. Overall, tax credits are an important tool for governments to encourage and reward certain behaviors, while also providing financial relief to individuals and businesses.
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According to the above material, there exist large differences between economic growth rate using traditional expenditure approach and the satellite night-light data. How do you evaluate the night-light data method? and can you identify several reasons why there exists such differences?
Answers
The use of satellite night-light data as a method to evaluate economic growth has both strengths and limitations. Reasons for Differences between Traditional Expenditure Approach and Night-light Data: Informal Economy, Data Limitations, Urbanization Bias and Structural Changes.
Here is an evaluation of the night-light data method and several reasons for the differences observed between the traditional expenditure approach and the night-light data:
Evaluation of the Night-light Data Method:
Objective and Timely: Satellite night-light data provides an objective and timely measure of economic activity. Wide Coverage: Night-light data can cover large geographical areas, including remote and inaccessible regions. Granularity: The data can be analyzed at a fine-grained level, allowing for detailed spatial analysis of economic patterns. This can help identify pockets of growth and disparities within regions.Reasons for Differences between Traditional Expenditure Approach and Night-light Data:
Informal Economy: The traditional expenditure approach relies on official economic data, which may not fully capture the informal sector. Data Limitations: Night-light data has its limitations. It primarily measures economic activity related to lighting, which may not capture other dimensions of economic growth such as services or knowledge-based industries. Urbanization Bias: Night-light data tends to be more representative of urban areas with higher population density and greater access to electricity. Structural Changes: The traditional expenditure approach focuses on consumption and investment, while night-light data primarily captures the energy consumption associated with lighting.For such more question on economic:
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If British pounds sell for $1.30 (U.S.) per pound, what should dollars sell for in pounds per dollar?
Answers
Solution :
British pound is the name of the currency of the country England.
It is given that the value of one British pound is $ 1.30 in terms of dollar.
i.e. $ 1.30 = 1 Pound
Now calculation for the dollar sells for in pounds per dollar is given by :
\($1 \text{ dollar} = \frac{1}{1.30} \ \text{pound}$\)
\($1 \text{ dollar} = 0.76 \text{ pound}$\)
Therefore, 1$ is 0.76 pound.
Thus, 1 dollar sells for in 0.76 pound per dollar.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Aug.1 Inventory on hand—2,100 units; cost $5.40 each.
8 Purchased 10,500 units for $5.60 each.
14 Sold 8,400 units for $12.10 each.
18 Purchased 6,300 units for $5.70 each.
25 Sold 7,400 units for $11.10 each.
28 Purchased 4,100 units for $5.80 each.
31 Inventory on hand—7,200 units.
Required:
Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods.
Answers
Using calculations based on a periodic inventory system, the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 Income Statement using the following cost flow methods are:
FIFO Method LIFO Method Weighted Average
Ending Inventory $41,450 $39,900 $40,640
Cost of Goods Sold $88,380 $89,930 $89,190
What are the inventory cost flow methods?The various inventory cost flow methods include:
LIFO (last in, first out)FIFO (first in, first out)Specific identificationWeighted-average cost.Inventory Costing:Date Activities Units Unit Cost Total
Costs Sales
Aug. 1 Inventory on hand 2,100 $5.40 $11,340
Aug. 8 Purchases 10,500 $5.60 58,800
Aug. 14 Sales (8,400) $12.10 $101,640
Aug. 18 Purchases 6,300 $5.70 35,910
Aug. 25 Sales (7,400) $11.10 $82,140
Aug. 28 Purchases 4,100 $5.80 23,780
Total inventory for sale 23,000 $129,830
Aug. 31 Inventory on hand 7,200
Inventory sales 15,800 $183,780
FIFO:
Ending inventory = $41,450 (3,100 x $5.70 + 4,100 x $5.80)
Cost of goods sold = Cost of goods available for sale - Ending inventory
= $88,380 ($129,830 - $41,450)
LIFO:
Ending inventory = $39,900 (2,100 x $5.40 + 5,100 x $5.60)
Cost of goods sold = $89,930 ($129,830 - $39,900)
Weighted Average:
Average cost = $5.645 ($129,830/23,000)
Ending inventory = $40,640 ($5.645 x 7,200)
Cost of goods sold = $89,190 ($5.645 x 15,800)
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Question Completion:FIFO, LIFO, and Weighted Average inventory methods.
Grace is a self-employed sales consultant who spends significant time entertaining potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year:
Meals where business was conducted $5,000 Greens fees (all business) 500
Tickets to baseball games (all business) 500
Country Club dues (all business use) 6,000
What are the tax-deductible meals and entertainment expenses Grace may claim in the current year? On which tax form should she claim the deduction?
Answers
Answer:
any options?
Explanation:
Answer: Schedule C
Explanation:
During 2019, equipment with a book value of $49,000 and an original cost of $255,000 was sold at a loss of $4,800. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2019? 3. What was the cost of new equipment purchased by Anders during 2019?
Answers
Answer:
1) 44200
2) & 3) Balancing figure of provision for depreciation account, equipment account give depreciation on equipment sold, new equipment purchased.
Explanation:
1) Cash received for sale of equipment = Current Book Value - Loss at sale
49000 - 4800 = 44200
2) 'Depreciation on equipment for current year' can be solved by making - equipment ac & provision for depreciation account.
Equipment opening balance at dr side, closing balance at cr side ; & provision opening balance cr side, closing balance dr side. Provision for depreciation ac dr balancing figure, is the depreciation on sold asset upto 2015, transferred to asset account cr side.3) Depreciation (transferred), Loss on sale, & sale amount credited to equipment ac. Balancing figure on dr side of equipment ac shows new equipment purchased during the year.
Heavy Industrialization is polluting a natural lake in a certain area. The lake is a habitat for various natural flora and fauna. The local government
is looking for ways to improve the condition of the lake and make it a tourist attraction. They should seek the help of a(n)
Answers
Answer:
environmental director
Explanation:
which of the following is a good habit to protect your checking account information
Answers
Answer:
Here's a few
Explanation:
Use unique passwords for every account. You probably know that having a strong password is important.
Leverage two-factor authentication.
Be cautious of public Wi-Fi.
Update and patch your software regularly.
Install ad blockers.
Utilize features and tools provided by your bank.
Do you believe that Mrs. Wyatt was justified in her perception of the situation? Explain.
Answers
Mrs. Wyatt may or may not have been justified in her perception of the situation. It is possible that she felt that she was being ignored or treated unfairly, and that the bank employee was not taking her seriously.
Here are some factors that may have influenced Mrs. Wyatt's perception of the situation:
Her personal experiences. Mrs. Wyatt may have had previous negative experiences with banks, which may have made her more likely to feel that she was being treated unfairly.The bank employee's body language and tone of voice. If the bank employee was not making eye contact with Mrs. Wyatt or was speaking to her in a condescending tone, this could have made her feel like she was being ignored or treated unfairly.The length of time she had to wait. If Mrs. Wyatt had to wait a long time to be served, this could have made her feel frustrated and impatient, which could have made her more likely to perceive the situation negatively.It is important to note that everyone experiences situations differently. What may seem like a minor inconvenience to one person could be a major source of frustration or anger for another. It is also important to remember that bank employees are human beings, and they are not perfect.
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QUESTION 2 of 10: Three smoothie shops exist in your town with annual sales of $300,000; $344,000; and $412,000. What is the average of their sales?
Answers
Answer:
352,000
Explanation:
add up all the numbers, then you divide by 3
The average of the three smoothie shop sales is $352,000.
What are sales?A sale is a transaction between two or more parties with respect to a particular product or a service. the payment can be done in cash, digital form, or a barter system. sales can be found out with the help of cost price and profit or loss incurred on selling the product or rendering service.
The annual sale of the first smoothie shop is $300,000
The annual sale of the second smoothie shop is $344,000
The annual sale of a third smoothie shop is $412,000
The average sale of smoothie shop = total of sales/ number of shops
= (300,00 + 344,000 + 412,000) / 3
=$352,000
Therefore, the average sales of the three shops are $352,000.
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By having its machines located inside grocery stores, gas stations, drugstores, etc., where consumers often shop, state lotteries offer
to the distribution process.
Multiple Choice
form
place
Information
Answers
Answer:place
Explanation: