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harkovskaia [24]
3 years ago
14

The following information is available for Bandera Manufacturing Company for the month ending January 31:

Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
4 0

Answer:

Answer: Cost of goods sold, gross profit and net income

Explanation:

Bandera Manufacturing Company

Cost of Goods Sold

Jan-31  

Finished Goods Inventory, January 1 73590

Add: Cost of Goods Manufactured 306090

Total Goods Available for Sales 379680

Less: Finished Goods Inventory, January 31 67080

Cost of Goods Sold 312600

b)  

Bandera Manufacturing Company

Gross Profit

Jan-31

Sales 651250

Less: Cost of Goods Sold 312600

Gross Profit 338650

c)  

Bandera Manufacturing Company

Net Income

Jan-31

Gross Profit  338650

Operating Expenses:  

Selling expenses 102250  

Administrative expenses 54050  

Less: Total Operating Expense  156300

Net Income  182350

2)  

a)  

Digital Vibe Manufacturing Company

Income Statement

For the Month Ended January 31

Sales  232300

Less: Cost of goods sold  103400

Gross profit  128900

Less: Operating expense  

Selling expense 59400  

Administrative expense 26100  

Total operating expense  85500

Net income  43400

b)  

Particulars Amount ($)

Materials purchased 48300

Less: Materials used for production 37200

Ending balance of materials 11100

Particulars Amount ($)

Materials used for production 37200

Add: Direct labor wages 55500

Add: Factory overhead 78200

Total cost of manufacturing 170900

Less: Transferred to finished goods 129900

Ending balance of work-in-process 41000

Particulars Amount ($)

Transfer from work-in-process 129900

Less: Cost of goods sold 103400

Ending balance of finished goods 26500

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Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries,
stiks02 [169]

Answer:

I will use the 2020 tax schedule since recovery rebate credit applies to 2020:

Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $64,000 + $12,000 + $500 = $76,500

they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)

contribution to IRA = ($2,500)

<u>alimony payment = ($1,500) the divorce agreement was settled on 2005</u>

Marc and Michelle's taxable income = $48,100

Marc and Michelle's tax liability = $1,975 + [12% x ($48,100 - $19,750)] = $5,377

Interests on municipal bonds is not taxable.

The amount of taxes that they owe = $5,377 - $3,500 (federal tax withholdings) = $1,877

Refundable tax credits:

$2,000 in child tax credit

<u>$2,900 in recovery rebate credit</u>

total = $4,900

taxes payable or refund = tax liability - refundable tax credits = $1,877 - $4,900 = -$3,023.

Marc and Michelle should get a refund for $3,023

4 0
3 years ago
Manufactured goods needed to produce other goods and services are called
salantis [7]
When manufactured goods are used to produce other goods and services, they are called capital goods.<span>True</span>
3 0
3 years ago
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received
horrorfan [7]

Answer:

A) Isabel's after-tax cost for paying the bill in December = $19,000 - ($19,000 x 40%) = $19,000 - $7,600 = $11,400

B) Isabel's after-tax cost for paying the bill in January:

the cost before taxes = $19,000 - ($19,000 x 4%/12) = $19,000 - $63 = $18,937

after-tax cost = $18,937 - ($18,937 x 40%) = $18,937 - $7,575 = $11,362

C) January, since the cost of the debt is lower.

7 0
3 years ago
pany is considering the purchase of a new bubble packaging machine. If the machine will provide $15,000 annual savings for 12 ye
finlep [7]

Answer:

Present Value= $74,018.97

Explanation:

Giving the following information:

The machine will provide $15,000 annual savings for 12 years and can be sold for $48,000 at the end of the period.

Interest rate= 15%

<u>To determine the present value of the savings, first, we need to determine the future value at the rate provided.</u>

We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual save

FV= {12,000*[(1.15^12)-1]}/ 0.15

FV= 348,020 + 48,000= $396,020

Now, we can calculate the present value:

PV= FV/(1+i)^n

PV= 396,020/1.15^12= $74,018.97

4 0
3 years ago
Accounts Debits Credits
ikadub [295]

Answer:

a. Unadjusted Trial Balance

Accounts                   Debits   Credits

Cash                       $ 47,300

Accounts Receivable 10,400

Supplies                     3,400

Equipment               19,400

Accumulated Depreciation    $ 3,800

Salaries Payable                        

Common Stock                       28,000

Retained Earnings                    8,200

Dividend                     1,100

Service revenue                    54,000

Repairs and

maintenance exp $12,400

Totals                 $ 94,000 $ 94,000

b. Adjusted Trial Balance

Accounts                   Debits   Credits

Cash                        $ 47,300

Accounts Receivable 10,400

Supplies                        1,200

Equipment                  19,400

Accumulated Depreciation    $ 8,200

Salaries Payable                      20,700

Common Stock                       28,000

Retained Earnings                    8,200

Dividend                     1,100

Service revenue                    54,000

Repairs and

maintenance exp    12,400

Salaries expense    20,700

Depreciation Exp      4,400

Office supplies exp  2,200  

Totals                    $119,100 $ 119,100

3. Income Statement for the year ended December 31, 2021

Service revenue                    54,000

Repairs and

maintenance exp    12,400

Salaries expense    20,700

Depreciation Exp      4,400

Office supplies exp  2,200  39,700

Net income                         $14,300

4. Post-closing Trial Balance

Accounts                   Debits   Credits

Cash                        $ 47,300

Accounts Receivable 10,400

Supplies                        1,200

Equipment                  19,400

Accumulated Depreciation     $ 8,200

Salaries Payable                       20,700

Common Stock                        28,000

Retained Earnings                    21,400

Totals                      $78,300 $78,300

Explanation:

a) Data and Calculations:

Accounts                   Debits   Credits

Cash                       $ 17,000

Accounts Receivable 7,400

Supplies                     3,400

Equipment               12,000

Accumulated Depreciation    $ 3,800

Salaries Payable                        5,800

Common Stock                       22,000

Retained Earnings                    8,200

Totals                  $ 39,800 $ 39,800

1. March 12 Accounts receivable $20,400  Cash $33,600 Service revenue $54,000

2. May 2 Cash $17,400 Accounts receivable $17,400

3. June 30 Cash $6,000 Common stock $6,000

4. August 1 Salaries Payable $5,800 Cash $5,800

5. September 25 Repairs and maintenance expenses, $12,400 Cash $12,400

6. October 19 Equipment $7,400 Cash $7,400

7. December 30 Cash dividends $1,100 Cash $1,100

Adjusting entries:

Salaries expense $20,700 Salaries payable $20,700

Depreciation Expense $4,400 Accumulated Depreciation $4,400

Office supplies expenses $2,200 Supplies $2,200

4 0
2 years ago
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