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xxTIMURxx [149]
3 years ago
14

Falcon, inc., paid salaries of $500,000 to its employees during its first year of operations. at the end of the year, falcon had

additional unpaid salaries of $45,000.
a. calculate the salary deduction if falcon is a cash basis taxpayer. $
b. calculate the salary deduction if falcon is an accrual basis taxpayer.
Business
1 answer:
Anestetic [448]3 years ago
8 0
A i would say cause its affordable and esay to do
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Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1
enot [183]

Answer:

Answer 1. Warranty expense to be recognized is ($11,000*0.04)=$440

Answer 2. Warranty liability at end of year one is $440

Answer 3. Warranty liability at the end of year two is ($440-$130)=$310

Answer 4.

Cash $11,000

To sales $11,000

(sale of copier recorded)

Warranty expense $440

To Warranty liability $440

(Warranty recorded at the end of year 1)

Warranty liability $130

To inventory $130

(Repairs done to copier)

3 0
3 years ago
Gibbs Corporation produces industrial robots for high-precision manufacturing. The following information is given for Gibbs Corp
nordsb [41]

Answer:

Gibbs Corporation

1) Fixed cost per unit

= $810

2) ROI per unit

= $4,277

3) Markup percentage = Total cost per unit

= 252-927%

3b) Target selling price, using absorption costing

= Total cost per unit plus Markup

= $5,960

Explanation:

a) Data and Calculations:

                                                                        Per Unit         Total

Direct materials                                                  $410

Direct labor                                                        $340

Variable manufacturing overhead                    $ 75

Fixed manufacturing overhead                                     $1,708,000

Variable selling and administrative expenses $ 56

Fixed selling and administrative expenses                  $ 560,000

Total variable and fixed costs                          $881   $2,268,000

ROI = 22% = $11,974,600 ($54,430,000 * 22%)

Invested assets = $54,430,000

Estimated annual production units = 2,800

1) Fixed cost per unit = $810 ($2,268,000/2,800)

2) ROI per unit = $4,277 ($11,974,600/2,800)

3) Markup percentage = Total cost per unit = $4,277/$1,691 * 100 = 252.927%

3b) Target selling price, using absorption costing

= Total cost per unit plus Markup = $5,960 ($1,691 + $4,277)

8 0
3 years ago
Marigold Corp. reported the following year-end information: beginning work in process inventory, $90000; cost of goods manufactu
Stels [109]

Answer:

=$854,000

Explanation:

The cost of goods sold is the expense incurred by a manufacturing firm when making goods to be sold to customers. It is calculated using the formula.

Cost of goods sold = Beginning Stock plus purchases/ cost of goods manufactured minus  ending stock

Marigold Corp:

Beginning stock: $162,000

Ending stock: $174,000

cost of goods manufactured, $866000;

cost of goods sold =

$162,000 + 866,000 -$174,000

=$854,000

7 0
3 years ago
) Offensive strategic moves involve all of the following except 38) A) pursuing continuous product innovation to draw sales and
Nesterboy [21]

Explanation:

hi Jessica you are pretty

8 0
3 years ago
Natalie is using Monster and CareerBuilder in her job search. These sites are examples of ________.
lorasvet [3.4K]

Answer:

General purpose Job boards

Explanation:

A job board can be straightforwardly defines as a website where employers advertise job openings for job seekers

A general purpose job board as seen in the question can be defined as a website that offers job recruitment services in its entirety.

This means that both employees and employers use the site to search for and advertise job openings to job seekers respectively. Popular job boards include Glassdoor, Linkedin, etc.

Cheers.

3 0
3 years ago
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