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2 years ago

The following transactions occurred during a recent year:

Business

1 answer:

Natasha_Volkova [10]2 years ago

6 0

The Company's preliminary Net Income can be determined as $575.

Preliminary net income = Total Revenue - Total Expenses

= $575 ($4,230 - $3,655)

Revenue:

d. Sales Revenue $680

f. Service Revenue $2,870

i. Service Revenue $680

Total Revenue $4,230

Expenses:

a. Wages Expense $1,700

e. Utilities Expense $1,360

h. Travel Expense $115

k. Advertising Expense $480

Total Expenses $3,655

Thus, the company generated a preliminary net income of $575 for the period.

Learn more about determining net income at brainly.com/question/19850768

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Assume that laws have been passed that require the federal government to run a balanced budget. During a recession, the governme

Gnom [1K]

Answer:

Expansionary fiscal policy; lead to a budget deficit

Explanation:

A balanced budget is when the income of the government equals government's spending

A recession is when the GDP of a country for two consecutive quarters is negative. It is a period of slowdown in economic activities.

If there is a recession, the government would want to increase money supply by conducting an expansionary fiscal policy but would be prevented from doing so because of the balanced budget rule as an expansionary fiscal policy would lead to a budget deficit.

A budget deficit is when government spending exceeds income

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3 years ago

Harris Company manufactures and sells a single product. A partially completed schedule of the company’s total costs and costs pe

irga5000 [103]

Answer:

1. 67,000 87,000 107,000

Total costs:

Variable costs 261,300 339.300 417.300

Fixed costs 360,000 360,000 360,000

Total costs $621,300 $699,300 $777,300

Cost per unit:

Variable costs $3.9 $3.9 $3.9

Fixed costs $5.37 $4.14 $3.36

Total cost $9.27 $8.04 $7.26

2. Particulars Amount($)

Sales(97,000*8.08) $783,760

Variable costs(97,000*3.9) $378,300

Contribution margin $405,460

Fixed costs $360,000

Net operating income $45,460

Explanation:

1. The schedule of the company’s total costs and costs per unit would be as follows:

67,000 87,000 107,000

Total costs:

Variable costs 261,300 339.300 417.300

Fixed costs 360,000 360,000 360,000

Total costs $621,300 $699,300 $777,300

Cost per unit:

Variable costs $3.9 $3.9 $3.9

=(261300/67000)

Fixed costs $5.37 $4.14 $3.36

=(360,000/67000) =(360,000/87000) =(360,000/107,000)

Total cost $9.27 $8.04 $7.26

2. The contribution format income statement for the year would be as follows:

Particulars Amount($)

Sales(97,000*8.08) $783,760

Variable costs(97,000*3.9) $378,300

Contribution margin $405,460

Fixed costs $360,000

Net operating income $45,460

6 0

3 years ago

Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,200 of federal in

iragen [17]

Answer:

Tax Due by Jeremy is $218

Explanation:

Step 1: Calculate Jeremy's total Income

$100,000 (Salary) + $6,000 (Interest Income) + $4,000 (long term capital gain)= $110,000

Jeremy's exclusion at this point is 0.

Therefore, Jeremy's Gross income = $110,000, This is also Jeremy's Adjusted Gross Income (AGI).

Step 2: Calculate Taxable Income after deductions.

AGI= $110,000

Deductions from AGI= $23,000 (The greater of standard or itemized deduction).

Qualified Business Income Deductions (QBI)= $0 (Jeremy did not declare any personal business).

Taxable Income= AGI-Deductions- QBI Deductions

= $110,000-$23,000-0

= $87,000

Step 3: Calculate Jeremy's Tax Liability as follows:

Capital Gain is included as part of Gross Income, therefore finding the tax liability will necesitate that the capital gain be deducted and only the taxable percentage be added back.

Jeremy's tax liability = (87,000-4,000) + (4,000 x 0.15)

= ($83,000 x 15.4%) + 600

=$12,818 + 600

=$13,418

Jeremy's total tax Liability= $13,418 - $0 (non refundable tax credit) + 0 (other taxes)

Jeremy's total tax liability = $13,418

The total tax payment made by Jeremy

=(2,000 + 11,200)= $13,200

Therefore the tax due by Jeremy is Total Tax Liability - Tax Payment mande

= $13,418 - $13,200

= $218

7 0

3 years ago

3. Columbia Corporation deposited $2,000 in an account that pays 12% interest annually. If the interest is compounded continuous

dangina [55]

Answer:

should be the letter B. $22,046

8 0

3 years ago

TJ's and Corner Grocery are all-equity firms. TJ's has 2,500 shares outstanding at a market price of $16.70 a share. Corner Groc

alexandr402 [8]

Answer:

$1.30

Explanation:

The valuation of TJ's = price per share * number of shares in issue

= $16.70 * 2,500 shares = $41,750.

Corner Grocery offer for TJ's of $45,000, and obviously a premium over the market value of TJ's at $41,750.

The price per share of Corner Grocery's offer = $\frac{45,000}{2,500}$ = $18 per share.

That is, offer value divided by the number of shares to be acquired.

Therefore, merger premium per share = offer price, less market price

= $18 - $16.70.

= $1.30

8 0

3 years ago