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3 years ago

Ming got a 5% raise in her salary from last year. this year she is earning $42,000. how much did she make last year?

1 answer:

6 0

If Ming is earning an annual salary of $42,000 after receiving a 5% raise from last year's salary, her previous salary would equal $39,900. Five percent of $42,000 is $2100; subtracting $2100 from $42,000 equals a $39,900 salary for Ming's previous employment year.

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Patterson Brothers recently reported an EBITDA of $16.5 million and net income of $2.6 million. It had $2.0 million of interest

maria [59]

Answer:

Depreciation and amortization = $10,500,000

Explanation:

EBT = Net Income / (1 - Tax rate)

EBT = 2,600,000 / (1 - 0.35)

EBT = $4,000,000

EBIT = EBT + Interest

EBIT = $4,000,000 + $2,000,000

EBIT = $6,000,000

EBIT = EBITDA - Depreciation and amortization

$16,500,000 = $6,000,000 - Depreciation and amortization

Depreciation and amortization = $16,500,000 - $6,000,000

Depreciation and amortization = $10,500,000

7 0

3 years ago

Green Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased b

Dmitry_Shevchenko [17]

Answer:

Green's cash tax rate is 19.425%

Explanation:

The cash tax rate is the taxes payable divided by pretax book income. Green's taxable income is $925,000 ($1,000,000 + $50,000- $100,000 - $25,000). Taxes payable on taxable income is $194,250. The cash tax rate is 19.425% {$194,250/$1,000,000}.

6 0

3 years ago

Port Allen Chemical Company processes raw material D into joint products E and F. Raw material D costs $4 per liter. It costs $1

Sergeu [11.5K]

Answer:

a) Product G should be produced and sold

b) Net financial advantage $80

Explanation:

A company should process further a product if the additional revenue from the split-off point is greater than than the further processing cost.

Also note that all cost incurred up to the split-off point are irrelevant to the decision to process further .

Revenue after split-off point

($9× 40 litres) 360

Revenue at the slit of point

($4 × 40) (160)

Additional income from further processing 200

Further processing cost ($3× 40) (120)

Incremental income from further processing 80

Incremental income from further processing = $80

a) The product F should be processed further and sold as product G. Doing so would increase the net income by $80.

b) Net advantage $80

4 0

3 years ago

tone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical UnitsPer

Svetlanka [38]

Answer:

TOTAL 258,000

Explanation:

Calculation to reconcile the number of physical units Using the FIFO method

PHYSICAL UNITS

Beginning Inventory 74,000

Units Started 184,000

TOTAL 258,000

PHYSICAL UNITS

Units Completed 164,000

(258,000-94,000)

Ending Inventory 94,000

TOTAL 258,000

Therefore Using the FIFO method to reconcile the number of physical units will give us 258,000 and 258,000

4 0

3 years ago

The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be:

Nataly [62]

Answer:

b. Dec. 31

Income Summary 925

Fees Earned 750

Rent Revenue 175

Explanation:

At the end of each accounting period, the elements of the income statements which are the revenues earned and the expenses incurred are usually closed to the income summary account.

The revenue earned which is normally a credit balance is closed by debiting the account and crediting the income summary. The expenses are closed by crediting the account and debiting the income summary.

Hence if Fees Earned, $750, and Rent Revenue, $175,

Total revenue = $750 + $175

= $925

6 0

3 years ago