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1 year ago

Even after commencement of business operations, officers and directors have a responsibility to comply with _______.

1 answer:

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Even after the commencement of business operations, officers and directors have a responsibility to comply with corporate formalities.

<h3>What are the duties of corporate directors and officers?</h3>

In general, the officers are in charge of carrying out the board's policies and making day-to-day choices, while the board of directors is in charge of important business and policy decisions.

announcing and disbursing corporation dividends.
approving significant corporate choices.
hiring, promoting, managing, and firing managerial and corporate leaders.
choosing between issuing bonds or stock.

A corporation's owners are its shareholders, usually referred to as stockholders, who acquire an interest in the company by acquiring shares of stock. A board of directors is chosen by shareholders, and they are in charge of running the business.

Officers and directors are still required to follow corporate formalities even after the start of business operations.

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Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.

liraira [26]

Answer:

1. Income statement for 2016.

Sales revenue ($1,661,000 + $15,000) $1,676,000

Less Cost of Sales

Purchases ($1,490,000 + $145,000) ($1,635,000)

Gross Profit $41,000

Less Expenses

Office Expense $95,000

Salaries and wages expense $955,000

Utilities Expense $530,000 ($1,580,000)

Net Loss ($1,539,000)

<u>2. Statement of retained earnings for the fiscal year ended August 31, 2015.</u>

Retained Earnings Beginning $410,000

Dividends $10,000

Retained Earnings Closing $400,000

Explanation:

Income statement calculates profit : Profit = Gross Profit (Sales - Cost of Sales) - Expenses. Whilst Statement of retained earnings calculates closing balance in Retained Earnings : Closing Balance = Opening Balance + Profit for the year - Dividends

7 0

3 years ago

At the annual meeting of the board of directors of LabZaws Co., James Wilson, the CEO of the company, was directed to focus prim

ahrayia [7]

James Wilson could achieve this objective by focusing on both cost reduction and revenue enhancement

What is Cost reduction?

Cost reduction is the procedure of lowering a business's expenses in order to increase profits. It entails locating and eliminating expenses that don't benefit customers in any way, as well as streamlining operations to increase productivity.

What is revenue enhancement?

The objective of any successful revenue enhancement strategy is to build and improve on current payment levels and then recover arrear debt. As indicated, this document seeks to identify causes for non-payment and to develop a strategy to address those challenges.

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4 0

2 years ago

Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries,

stiks02 [169]

Answer:

I will use the 2020 tax schedule since recovery rebate credit applies to 2020:

Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $64,000 + $12,000 + $500 = $76,500

they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)

contribution to IRA = ($2,500)

<u>alimony payment = ($1,500) the divorce agreement was settled on 2005</u>

Marc and Michelle's taxable income = $48,100

Marc and Michelle's tax liability = $1,975 + [12% x ($48,100 - $19,750)] = $5,377

Interests on municipal bonds is not taxable.

The amount of taxes that they owe = $5,377 - $3,500 (federal tax withholdings) = $1,877

Refundable tax credits:

$2,000 in child tax credit

<u>$2,900 in recovery rebate credit</u>

total = $4,900

taxes payable or refund = tax liability - refundable tax credits = $1,877 - $4,900 = -$3,023.

Marc and Michelle should get a refund for $3,023

4 0

3 years ago

A company issues $16200000, 5.8%, 20-year bonds to yield 6% on January 1, 2020. Interest is paid on June 30 and December 31. The

bekas [8.4K]

Answer:

The amount of interest expense which will be recognized in 2020 is $949,681.45.

Explanation:

The following are given in the question:

Bond value = $16200000

Bond interest rate = 5.8%

Proceed from bond = $15825541

Yield rate = 6%

The amount of interest expense which will be recognized in 2020 can now be calculated as follows:

Interest expense for January 1, 2020 to June 30, 2020 = Proceed from bond * Yield rate * (6 / 12) = $15825541 * 6% * (6 / 12) = $474,766.23

Discount amortized during first 6 months = Interest expense for January 1, 2020 to June 30, 2020 - (Bond value * Bond interest rate * (6 / 12)) = $474,766.23 - ($16200000 * 5.8% * (6 / 12)) = $474,766.23 - 469,800 = $4,966.23

Interest expense for July 1, 2020 to December 31, 2020 = (Proceed from bond + Discount amortized during first 6 months) * Yield rate * (6 / 12) = ($15825541 + $4,966.23) * 6% * (6 / 12) = $474,915.22

Interest expense to be recognized in 2020 = Interest expense for January 1, 2020 to June 30, 2020 + Interest expense for July 1, 2020 to December 31, 2020 = $474,766.23 + $474,915.22 = $949,681.45

Therefore, the amount of interest expense which will be recognized in 2020 is $949,681.45.

3 0

3 years ago

For more than a century, Americans moved from rural to metropolitan areas. Then in the 1950s, Americans made a mass exit from th

Charra [1.4K]

Answer:

economic dimension

Explanation:

Based on the information provided within the question it seems that this trend affects the location of many businesses and is part of the economic dimension in which they operate. This can be said because economic dimension refers to all the economic outputs that occur because of a certain event. In this scenario the back and forth of people moving to or from the suburbs causes business to either increase or decrease in value because of the amount of people that are around to buy from their stores. Therefore it greatly affects the businesses economy.

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4 0

3 years ago