By what date must taxes be filed in the united states?

Use the following information for calendar year 2020: Accounts receivable, January 1 $125,000 Credit sales during the year 1,400

Aloiza [94]

Answer:

See below

Explanation:

Given the information above, first we need to compute ending balance of account receivables.

Ending balance of account receivables = Beginning balance + Credit sales - Customer's account collected - Write off amount

= $125,000 + $1,400,000 - $1,350,000 - $0

= $175,000

The year end balance in the allowance for uncollectible account would be

= $175,000 × 10%

= $17,500

Now, the bad debt expense

= Year end balance of allowance for uncollectible account - Beginning balance of allowance for doubtful accounts + Written off

= $17,500 - $15,000 + $0

= $2,500

6 0

2 years ago

Someone help me please?

laila [671]

Answer:

a) Cost of goods Manufactured = $610,000

b) Cost of sales = $ 580,000

c) Net income = $ 140,000

Explanation:

a) Ferruccio Fashion

Schedule of Cost of Goods Manufactured

For the Year Ended 12/31/X2

Particular $ $

Direct Materials:

Raw Materials, 1 January 40,000

Add: Purchase 180,000

Materials available for use 220,000

Less: Raw materials, 31 December 25,000

Materials used 195,000

Direct Labor 200,000

Prime Costs 395,000

Manufacturing Overhead:

Indirect Material 11,000

Indirect Labor 16,000

Plant Utilities 40,000

Depreciation, plant and equipment 60,000

Other 78,000 205,000

Total Manufacturing Costs 600,000

Add: Work-in-progress, 1 January 40,000

Less: Work-in-progress, 31 December (30,000)

Cost of goods manufactured 610,000

b) Ferruccio Fashion

Schedule of Cost of sales

For the Year Ended 12/31/X2

Particular $

Finished goods inventory, 1 January 20,000

Add: Cost of goods manufactured (From a) 610,000

Goods available for sale 630,000

Less: Finished goods inventory, 1 January (50,000)

Cost of sales 580,000

Now, this cost of sales will be used to find gross and net profit.

C) Ferruccio Fashion

Income Statement

For the Year Ended 12/31/X2

Particular $

Sales Revenue 945,000

Less: Cost of sales (From part B) 580,000

Gross Profit 365,000

Less: Selling and administrative expenses 145,000

Income before income tax 220,000

Less: Income tax expense 80,000

Net Income 140,000

8 0

3 years ago

If a 10 percent increase in both capital and labor causes output to increase by less than 10 percent, the production function is

olasank [31]

Answer:

Because of economies and diseconomies of scale.

Explanation:

Increasing returns to scale refers to the situation when a proportionate change in input leads to more than proportionate change in output. This may happen because of economies of scale.

Economies of scale are said to happen when the average cost of production decreases with the increase in the volume of output.

Decreasing returns to scale refers to the situation when a proportionate change in input leads to less than proportionate change in output. This may happen because of diseconomies of scale.

Diseconomies of scale occur when a firm experiences an increase in the average total cost as the volume of output increases.

3 0

3 years ago

A stock has an expected return of 12.2 percent, the risk-free rate is 6 percent, and the market risk premium is 10 percent. What

matrenka [14]

Answer:

Beta = 0.62

Explanation:

The capital pricing model establishes the relationship between expected return from a stock and its systematic risk . The systematic risk is that which affects all players (businesses and firms) in the entire market, such risks are occassioned by changes in interest rate, exchange rate e.t.c

According to the model , the expected return is computed as follows

E(r) = Rf + β(Rm-Rf)

Rf- risk -free rate, Rm-Rf - market premium

E(r) = 12.2%, Rm-Rf = 10, β- ?

12.2 = 6% + β× 10

10β = 12.2 -6

β= (12.2-6)/10

= 0.62

3 0

2 years ago

Parker & Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company

vaieri [72.5K]

Answer:

the proper cash flow amount is $11,060,784

Explanation:

The computation of the proper cash flow amount is shown below:

= land value + plant value + grading value

= $3,650,288 + 6,880,840 + $529,656

= $11,060,784

Hence, the proper cash flow amount is $11,060,784

So the same should be considered and relevant

7 0

3 years ago