Answer:
$161 million
Explanation:
Given that,
Gross profit = $350 million
Operating expenses = $120 million
Tax rate = 30%
First, we need to find out the income before taxes by subtracting operating expenses from the gross profit then we are able to determine net income after taxes.
Income before tax:
= Gross profit - Operating expenses
= $350 million - $120 million
= $230 million
Net income after taxes:
= Income before tax - Taxes
= $230 million - (0.30 × $230 million)
= $230 million - $69 million
= $161 million
Answer:
False
Explanation:
GDP or gross domestic product value is a measure of the total value of all products and services produced within the boundaries of a country in a given time. It factors all products, regardless of who manufactures them, whether foreigners or locals, men or women. To avoid double-counting, GDP considers finished products only.
In calculating GDP, economists will deduct the cost of imports. The reason is that imports are produced in foreign countries. The value of GDP indicates whether the economy is expanding or contracting. An increase in GDP shows economic growth in the country. An increase in capital goods, human capital, labor force, technology, contribute to economic growth.
Answer: 18,000
Explanation:
Liability policy:
= 2,000
Insurance expense 2018:
= No. of months from 1 Jan 2018 to 31 Dec 2018 × Insurance expense per month
= 12 × 2,000
= 24,000
Prepaid insurance balance for liability policy on 31 Dec, 2018:
= Prepaid Insurance for liability policy - Insurance expense 2018
= 36,000 - 24,000
= 12,000
Crop damage policy:
= 500
Insurance expense 2018:
= No. of months from 1 Jan 2018 to 31 Dec 2018 × Insurance expense per month
= 12 × 500
= 6,000
Prepaid insurance balance for crop damage policy on 31 Dec, 2018:
= Prepaid Insurance for crop damage policy - Insurance expense 2018
= 12,000 - 6,000
= 6,000
Therefore,
Total prepaid insurance balance on 31 Dec 2018:
= Prepaid insurance balance for liability policy on 31 Dec, 2018 + Prepaid insurance balance for crop damage policy on 31 Dec, 2018
= 12,000 + 6,000
= 18,000
Answer:
A. growth stocks and blue chip stocks immediately in the amount of $150,000 to obtain the necessary cash down payment
Explanation:
The customer wouldn't want to get the stock cashed out now, so he doesn't have to worry about the stock or market having a huge decline and so, he can't buy the house.
Answer:
Debit Credit
Work in process inventory $15,000
Manufacturing overhead clearing account $15,000
Explanation:
First determine the amount of applied overhead which can be calculated as follows
Applied overhead=Rate per machine hour*number of hours
Applied overhead=$5*3,000=$15,000
The journal entry for the applied overhead shall be made as follow
Debit Credit
Work in process inventory $15,000
Manufacturing overheads clearing account $15,000
