Answer:
Depends on the amount of points you have, as long as you have 10 points at all times you can always a question. It is pretty much unlimited until you run out of points, once you run out you can always answer someones questions to get more points to ask more questions!
Explanation:
Answer:
The statement is false
Explanation:
S corporations are pass through corporations, which means income earned is passed to the owners and they are taxed at individual level.
Shareholders of S corporation earns income in the form of wages and distributions. Wages are charged with payroll taxes. S corporation shareholders are not subject to self-employment taxes which is an advantage for them.
Therefore, the statement is false
Answer:
INCOME STATEMENT
Net sales $710
Cost of goods sold ($585)
Selling, gen & admin expenses ($39
)
Depreciation <u> ($13) </u>
EBIT $73
Interest expense <u> ($26
)</u>
Taxable income $47
Taxes <u> ($16
) </u>
Net income <u> $31 </u>
Balance Sheet
Property, plant, and equipment $525
Less accumulated depreciation <u>($121)</u>
Net fixed assets $404
Inventories $51
Cash $16
Receivables <u>$40
</u>
Total current assets <u>$107 </u>
Total Assets <u>$511</u>
Shareholders’ equity $94
Long-term debt $355
Payable $36
Debt due for repayment <u>$26
</u>
Total current liabilities <u>$62</u>
Total liabilities <u> $417 </u>
Total liabilities & shareholders’ equity <u>$511</u>
Explanation:
Sales and Expenses balances are included in Income statement. Assets, Equity and Liabilities balances are included in the balance sheet.
Answer:
$490,000.
Explanation:
To find out sales of Opal Company we will use below equation,
Sales = Variable cost + Fixed cost + Target profit
variable cost margin will be (1 - contribution margin)
= 0.7 (1 - 0.3)
we will consider sales as x,
x = 0.70x + $49,000 + 0.20x
x = 0.90x + $49,000
x - 0.90x = $49,000
x = $49,000 / 0.10
x = $490,000.
Sales = $490,000.