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3 years ago

7

If you were in charge of developing a tax system for a country, how would you structure taxes? For example, who should pay the g

reater percentage of taxes? What should taxes be used for?

1 answer:

Katena32 [7]3 years ago

3 0

Weathy use tax money for health care

tathy

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Maria purchased 100 shares of JAX stock for $30 per share and sold this same stock one year later for $29 per share. She paid co

mihalych1998 [28]

Answer:

capital loss = ($195)

Explanation:

Maria's total investment = (100 x $30) + $50 = $3,050

Maria's return from selling the stocks = (100 x $29) - $45 = $2,855

capital loss = $2,855 - $3,050 = -$195

The revenue generated by the dividends is taxed as ordinary income (at a higher rate) and must be considered ordinary gains, not capital gains.

4 0

3 years ago

Wayne Company's beginning and ending inventories for the month of June were as follows:

ipn [44]

Answer:

d. $487,750

Explanation:

Cost of goods manufactured

<em>Consider only the manufacturing costs</em>

Cost of goods manufactured = $145,000 + $200,000 + $ 170,000 + ($5.75 x 25,000) - $171,000

= $487,750

Note : Only overheads applied $143,750 ($5.75 x 25,000) are added to cost of goods manufactured instead of actual overheads.

Conclusion

the amount of cost of goods manufactured is $487,750

5 0

3 years ago

Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts.

Alja [10]

Answer:

Entries are given below

Explanation:

DATA:

Opening Balance in the allowance for doubtful debt = $18,100

During 2020 Pharoah company wrote off accounts totaling 12,900

Entry DEBIT CREDIT

Allowance for Doubtful Accounts $11,800

Accounts Receivable $11,800

At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700

Entry DEBIT CREDIT

Bad debt expense $17,400

Allowance for doubtful debt $17,400

Working

Balance before adjustment = $18,100 - $11,800

Balance before adjustment = $6,300

After Aging schedule indication

Adjustment = $23,700 - 6,300

Adjustment = $17,400

3 0

3 years ago

Consider Emily's balance statement:

notsponge [240]

Answer:

see below

Explanation:

A balance sheet is prepared following the accounting principles of assets equal to liabilities plus equity. Assets are left side while equity and liabilities on the other.

Assets are valuable that a business owns. Liabilities refer to the debts or loans of the business. It is what the business owes others. Equity is the owner's contribution to the business.

In this balance sheet, Emily has confused assets and liabilities.

The column labeled as liabilities represents assets. She should change that. This column should be the topmost column. She has interchanged the labels for liabilities and assets. The difference between assets and liabilities should be equity.

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3 years ago

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Keith Inc. has 4 product lines: sour cream, ice cream, yogurt, and butter. Demand of individual products is not affected by chan

aleksley [76]

There will be decrease in profit if dropping of sour cream. So that means Keith Inc would lose $4,000.00

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3 years ago

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