Answer:
b. decrease by $1,700,000
Explanation:
At the end of the year, overhead applied was $42,000,000.
Actual overhead was $40,300,000.
Closing over/underapplied overhead into Cost of Goods Sold would cause
net income b. decrease by $1,700,000
An increase in the inventory ($42,000,000-$40,300,000) $1,700,000 would cause the inventory to be overstated by the amount $1,700,000 hence decreasing the income statement by the same amount.
mr. josh kenney, a u.s. citizen and resident of vermont, owns 100 percent of the stock of jk services, which is incorporated under vermont law and conducts business in four counties in the state.
There are three taxpayers identified in the given situation and these are as follows:
Mr. Josh Kenny
JK Services
JK Realty
Governments with jurisdiction in the given case are as follows:
Mr. Josh Kenny falls under the State of Vermont where he is a resident and
JK Services falls under the State of Vermont where it is incorporated and operates and
JK Realty falls under the City of Boston where it is operates.
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Answer:
b. Boots
Explanation:
71.99/4=17.9975 $17.9975 rounded to $18.00
$71.99-$18.00=$53.99
$53.99+$85.75+$24.25+$44.95=$208.94
Answer: c. $20,000
Explanation:
The Loss on Realization is monies accrued after assets have been sold off at less than their original value and in Calculating it, the following formula is used,
Loss on realization = Total Capital Balances after payment of liabilities minus - balance
Slotting in the figures therefore we have,
Loss on realization = $40,000 + $70,000 - $80,000
= $30,000 was the total loss on Realization
Seeing as Antonio and Barbara are partners who share income in the ratio of 1:2 we allocate to Barbara as follows,
Barbara = $30,000 * 2/(1+2)
= $20,000
Therefore option C is correct.
Answer:
D. Capital market instruments include both long-term debt and common stocks.
Explanation:
Capital market is financial market where long term instruments are traded. These instruments include bond, common stocks and debenture. With this background, statement in option D is correct.
Option A is not correct because reverse is the case: investment banks raise large blocks of capital from investors while commercial banks specialize in lending money.
Option B and E are not correct, too. Transaction under them are examples of a secondary market transaction.
Option C is wrong, as well. NYSE has a physical location where trading activities happen.
So option D is the only correct statement because capital market instruments are long-term debt and common stocks.
