Answer:
Otter Enterprises will be taxed differently depending on what type of business it is. If it is a partnership, LLP, LLC or S corporation, then it is a pass through business, which means it is not taxed directly, instead its owners are taxed directly. If it is a C corporation, then it has to pay corporate taxes and the owners pay income taxes.
- Partnership, LLP and LLC: net operating profit = $320,000 - $210,000 = $110,000 + long term capital gains $15,000. Ellie and Linda must each pay income taxes for $55,000 and capital gains taxes for $7,500.
- S corporation: The S corporation will pay employer taxes on the $50,000 distributed to Ellie and Linda (owner-employee relationship), and then Ellie and Linda must pay income taxes for the remaining net income and capital gains taxes for the capital gains (similar to a partnership).
- C corporation: must pay corporate taxes on its net profits + capital gains, and then Ellie and Linda must pay income taxes for any dividends received. The retained earnings account (what is left after taxes and dividends) is not taxed until dividends are distributed.
Answer:
the target sales in units is 12,000 dinner cruise tickets
Explanation:
For FunTime Cruiseline to reach its target operating income of $30,000, it must first break -even then make a profit to the extent of $30,000.
This statement is presented in the formula below :
Target Sales - Units = (Fixed Cost + Target Profit) / Contribution per Unit
= ($210,000+$30,000)/( $50 - $30)
= $ 240,000/ $ 20
= 12,000
Within each of the three larger categories, best practices are categorized by four stages of process improvement.
<h3>What is Process Improvement?</h3>
Process Improvement serves as the proactive task of identifying as well as analyzing existing business processes within an organization.
The four stages of process improvement are;
- Identify the need for change
- identify the need for change.
- Analyzing current process
- Seek commitment and support.
- Look for improvement strategy
learn more about Process Improvement at;
brainly.com/question/11837585
A bank service fee of $10 would be included on the bank reconciliation as on the last day of the bank statement
<h2>What exactly does a bank reconciliation include?</h2>
Starting with the bank's ending cash balance, adding any deposits that are currently being made up of the company to the bank, subtracting any checks that haven't yet been cleared by the bank, then either adding or subtracting any other items completes the basic process flow for a bank reconciliation.
<h3>A bank reconciliation is what?</h3>
At the conclusion of every month, a business should perform a bank reconciliation, which is that the process of confirming the correctness of both the bank statement and the cash accounts.
The most frequent reasons why the ending bank balance and ending book balance of cash differ.
Learn more about bank reconciliation :
brainly.com/question/15525383
#SPJ4
Answer:
See explanation section
Explanation:
We know, 3/10, n/30 means the customer will get 3% discount if he/she gives the payment within 10 days, however, he/she has to pay the money within 30 days.
As Snell company sold the products on April 1, and received the payment on April 8, the company gave a 3% discount to customer. As there is discount, the financial statements will be as follows:
Income statement
Sales = $50,000
Less: Sales discount = (1,500)
<u>$50,000 × 3% </u>
Net sales $48,500
