Answer:
The answer is: Gross profit = $2,788
Explanation:
- Feb. 1 Purchase 110 units $46 per unit
- March 14 Purchase 190 units $48 per unit
- May 1 Purchase 135 units $ 50 per unit
312 units were sold at $64 per unit, tax rate is 30%
Using FIFO, what is the company's gross profit? We first calculate COGS
Cost of goods sold - 312 units:
- 110 units at $46 per unit = $5,060
- 190 units at $48 per unit = $9,120
- 60 units at $50 per unit = $3,000
Total COGS = $17,180
<u>Income statement for Hogan Industries 2017</u>
Total revenue $19,968
<u>COGS ($17,180) </u>
Gross profit $2,788
<u>Taxes 30% ($836.40) </u>
Net profit $1,951.60
Answer:
a) liabilities only
Explanation:
The journal entry to record the payroll tax expense is shown below:
Payroll tax expense A/c Dr
To Social security tax payable A/c
To Medicate tax payable A/c
To State Unemployment tax payable A/c
To Federal Unemployment tax payable A/c
(Being the payroll tax expense is recorded)
The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet
Two taxes on employers, two taxes on employees, OASDI and HI taxes and taxes on the net earnings of the self-employed
Answer:
A. Infrastructure
Explanation:
Economic risks refers to the likelihood of a country's macroeconomic conditions affecting investments or domestic/foreign businesses prospect. There are various forms of economic risks. In this case, Infrastructure is the main economic risk affecting the semi-conductor company. Due to the fact that the power grid of south Africa is somewhat reliable and the company needs it for continuous manufacturing process, by moving to south Africa, they bear the risks of infrastructure (economic risks)
Strategy is a plan of action to achieve a particular set of objectives. Strategy looks at the external environment and the internal (organizational) environment in order to create strategic advantage. Strategic advantage occurs when the organization analyzes the environment better and reacts quicker than its competitors.
