Annual tax return is a document which states the income and expenses of a certain firm or individual and it is given to the tax department for further checking.
Depreciation expenses is the decrease in the cost of an asset that has appeared over a period of time because of its use. Any expense that is related to a certain asset is included to calculate the depreciation expense.
Depreciation expense: Cost of the asset - residual value/ total units expected to be produced * actual units produced
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Answer:
the nominal annual interest rate on the payment plan is 15%
Explanation:
According to the question, a one-time payment for the speakers will cost $1,000
An installmental payment will have a $150 down payment and then another $100 fro ten subsequent months.
Calculating the total payment at tthe end of the payment plan will give
$150 + ($100 x 10months)
we have, $150 + $1,000 = $1,150.
This shows that at the end of the payment plan, the set of speakers would have cost $1,150 instead of $1,00 one-time payment.
Step 2:
To calculate the interest rate, we subtract the one-time price from the payment plan price and express it as a percentage of the one time price to get tthe interest rate.
$1,150-$1,000 = $150
then we have,
($150 ÷ $1,000) × 100%
= 0.15 × 100%
- 15%
The nominal annual interest rate is 15%.
Cheers.
Answer: d. $240,400
Explanation:
To calculate the Cost of Goods sold for the year we simply add the Opening Balance of Finished goods to the Cost of Goods for the year and then subtract the Finished goods balance at year end (ending).
That would be,
= 233,000 + 31,600 - 24,200
= $240,400
$240,400 is the Cost of Goods sold for the year so Option D is correct.
I think it’s Alex since he has the lowest salary so it’d be harder for him to pay the tax
Answer:
Results are below.
Explanation:
Giving the following formula:
Unitary selling price= 500,000/100,000= $5
Operating expenses= $1
Depreciation= $20,000
New selling price= 5*1.1= $5.5
Sales in units= 100,000*0.95= 95,000
COGS rate= 0.62
<u>To calculate the net income, we need to use the following structure:</u>
Sales= 5.5*95,000= 522,500
COGS= 522,500*0.62= (323,950)
Gross profit= 198,550
Operating expenses= (95,000 + 20,000)= (115,000)
Net income= 83,550
