The net income is $32,961
<u>Explanation</u>:
To calculate the net income, we will classify the transaction into income and expenses, and compute the difference between their totals;
Income;
Merchandise inventory Sept. 1 = $ 7,740
Merchandise inventory Sept. 30 = $ 11,372
Sales = $ 50,575
Total = $ 69,687
Expenses;
Purchases = $ 33,114
Selling expenses = $ 677
Administrative expense = $ 665
Rent Revenue = $ 1,118
Interest expense = $ 1,152
Total = $ 36,726
Net income = Total income - Total expenses
= 69,687 - 36,716
= $ 32,961
Answer:
A. N0
B. She may likely bargain for the payments that was reason been that she expects the payments to be in a lower marginal tax bracket in 2021
C. NO
Explanation:
a. No .Based on the information given the amount of $252,000 was NOT constructively received in the year 2020 reason been that She has the amount of $132,000 which is a deferred income amount that
is not constructively received in 2019 and the reason why the amount was not received was because been under the main contract terms she did not have the sole right to receive the income in the year 2020.
b. Freda's willingness to spread her salary over a longer period of time may be due to the fact that She may likely bargain for the payments reason been that she expects the payments to be in a lower marginal tax bracket in the year 2021
c. Based on the information given she is NOT in constructive receipt of the income in the year 2020.
Answer:
mainly because of the countries negative trade balance, but also because it is strictly regulated by the central bank which is the National bank of Ethiopia.
Answer:
$61,390
Explanation:
Calculation to determine What does Engler record as the cost of the new truck
Using this formula
Cost of new truck=Purchase price+Sales tax, painting +Logo on the side of the truck +Safety testing +Tune up and oil change
Let plug in the formula
Cost of new truck=$55,000 + $4,000 + $1,600 + $290 +$500
Cost of new truck= $61,390
Therefore what Engler will record as the cost of the new truck is $61,390
Answer:
The answer is A. $1,791.60
Explanation:
Annual interest payment on the loan is:
6% x $125,000
=$7,500
Therefore, monthly interest payment is $625($7,500/12 months).
Monthly payments (which comprise principal and interest payment) is $2,416.60.
The carrying value decrease when the first payment is made on January 31 was made will be:
$2,416.60 - $625
= $1,791.60
