Safety belts usually consist of a lap belt and

in 2021, kiana's house boat was destroyed by a storm in a region that was declared a federal disaster area by the president. she

luda_lava [24]

Kiana will report under the head of natural disaster and its compensation amount is also exempt.

In income tax, there are a total of five heads of income viz

income from salary
Income from house property
Income from profits and gain of business or profession
Income from capital gains
Income from other sources

Each head of income describes different features of income that are taxable.
Income tax is a tax levied on income or profits received by an individual or entity. Income tax is usually calculated as the product of tax rate and taxable income.
Tax rates vary depending on the type and characteristics of the taxpayer and the type of income.

Thus, Kiana's loss results from a natural disaster that is exempt under section 10(10BC).

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5 0

1 year ago

Which of the following is an example of a negative externality?a. bad weather reduces the size of the wheat cropb. a reduction i

wlad13 [49]

Answer: Negative externality is defined as the cost that is incurred by a individual who isn't involved in the economic transaction.

In the above question, the following is the example of negative externality: smoking harms the health of nonsmokers who are nearby.

Here, the cost is incurred by the nonsmokers who are standing nearby individuals who prefer smoking. Thus creating negative externality.

Therefore, the correct option is (c)

7 0

3 years ago

Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $500,000; Purchase Retur

romanna [79]

Answer:

Net purchases:

= Purchases - Purchase Returns and Allowances - Purchase Discount

= 500,000 - 14,000 - 9,000

= $477,000

Cost of goods sold:

= Net purchase + Freight-in

= 477,000 + 15,000

= $492,000

3 0

3 years ago

A process produces two types of products A and B. Product A is done in batches of 1000 units. It involves a setup time of 2 hour

aleksley [76]

Answer:

Explanation:

1. Only product A is produced

40 hours= 40*60*60 = 144,000 seconds

Run time 75 seconds

Setup time 2 hours

Batches= 1000 units

Run time to produce one batch of A = 1000*75sec = 75,000 seconds

Setup time = 2 hours = 7200 seconds

Remaining seconds = 144,000 - (75,000+7200) = 61,800 seconds

Product A manufactured in 61,800 sec = 61,800/75 = 824

Total Product A manufactured are = 1824 units

2. Only product B is produced

40 hours= 40*60*60 = 144,000 seconds

Run time 45 seconds

Setup time= 1 hour

Batches= 500 units

To produce one batch of A = 500*45sec = 22,500 seconds

Setup time = 6 hours = 6*7200 seconds= 43,200sec

Remaining seconds = 144,000-(22,500+43,200) = 78,300 seconds

Product A manufactured in 78300 sec = 1740

Total Product A manufactured are = 500+1740= 2240 units

3. A and B are produced in a mix of 25% A and 75% B?

Considering loss of 3 hours setup time, 37 hours is left to produce

A is manufactured for = 25% of 37 hours = 9.25 hours = 33300 hours

B is manufactured for = 75% of 37 hours = 27.75 hours = 99900 hours

Production of A = 33300/75 sec= 444 units

Production of B = 99900/45 sec= 2220 units

6 0

3 years ago

Read 2 more answers

Calculate the ending inventory of chemicals in gallons for December of the prior year, and for January and February. What is the

Annette [7]

The ending inventories of chemicals for each month are 36,135, 33,825 and 41,456 gallons. Also, the beginning inventory for January is 36,135 gallons.

<h3>The table for planned production.</h3>

In order to calculate the ending inventory of chemicals for the three months, we would create a table for planned production as follows:

January February March___

Units to be produced 43,800 41,000 50,250

Direct materials per unit 5.5 5.5 5.5 ___

Total direct materials 240,900 225,500 276,375

Since the company's policy requires ending inventories of raw materials for each month to be 15% of the next month's production needs, we have:

December = 15/100 × 240,900 = 36,135 gallons.

January = 15/100 × 225,500 = 33,825 gallons.

February = 15/100 × 276,375 = 41,456 gallons.

March = Nil.

Also, the beginning inventory of chemicals for January is given by December's ending inventory of 36,135 gallons.

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Complete Question:

Patrick Inc. makes industrial solvents sold in 5-gallon drum containers. Planned production in units for the first 3 months of the coming year is:

January 43,800

February 41,000

March 50,250

Each drum requires 5.5 gallons of chemicals and one plastic drum container. Company policy requires that ending inventories of raw materials for each month be 15% of the next month's production needs. That policy was met for the ending inventory of December in the prior year. The cost of one gallon of chemicals is $2.00. The cost of one drum is $1.60. Calculate the ending inventory of chemicals in gallons for December of the prior year, and for January and February. What is the beginning inventory of chemicals for January?

8 0

2 years ago