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3 years ago

The Containers Inc. experienced the following events during its first year of operations,

Business

1 answer:

blsea [12.9K]3 years ago

3 0

Answer:

a. Would the accounts receivable account appear in the assets, liabilities, or stockholders' equity section of the December 31, Year 1, balance sheet?

The accounts receivable account would appear in the assets section, and more specifically, in the current assets section. This is because accounts receivable are considered to be an assset.

b. Determine the balance of the accounts receivable account that would appear on the December 31, Year 1, balance sheet.

The Containeres Inc. first earned $25,000 on account, and by the end of the year, it had collected $22,000, thus, the final balance of the accounts receivable is $3,000.

c. Determine the amount of net income that would appear in the Year 1 income statement.

Net Income = Revenue - Expenses

Net Income = $25,00 - $18,000

= $7,000

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Tax return preparers may generally rely on a client's representations without verification unless:

Valentin [98]

Answer:

Tax return preparers may generally rely on a client's representations without verification unless the information seems incorrect, inconsistent, or incomplete, Option A.

Explanation:

A "tax return preparer" usually relies in good faith without verification upon information furnished by a taxpayer or another advisor or third party. But he has the authority to make inquires in case he feels the information given is incomplete or inconsistent. Also, some of the provisions also require few circumstances or facts to be claimed before deduction is made. So, A tax return preparer should make relevant inquiries to decide if the information given is correct as required by an "Internal Revenue Code" section or a regulation to claim either a deduction or a credit.

4 0

3 years ago

(Perpetuities) What is the present value of the following? a. A $ perpetuity discounted back to the present at percent b. A

mrs_skeptik [129]

Answer:

The present value of a perpetuity is calculated as follows:

= Cashflow / Discount rate

a. Present value of $400 perpetuity discounted at 15%

= 400 / 0.15

= $2,666.67

b. Present value of $3,000 perpetuity discounted at 19%

= 3,000 / 0.19

= $15,789.47

c. Present value of $110 perpetuity discounted at 16%

= 110 / 16%

= $687.50

d. Present value of $60 perpetuity discounted at 12%

= 60 / 0.12

= $500

6 0

3 years ago

The standard cost of product 777 includes 2.9 units of direct materials at $6.8 per unit. During August, the company bought 29,2

Olegator [25]

Answer:

Total Material Variance = $1,636 Favorable

Material Price Variance = $2,920 Unfavorable

Material Quantity Variance = $4,556 Favorable

Explanation:

Total Material Variance = Standard Cost - Actual Cost

Standard Cost = Standard units $\times$ Standard Price

Standard Units = 10,300 $\times$ 2.9 = 29,870 units

Standard cost = 29,870 $\times$ $6.8 = $203,116

Actual Cost = 29,200 $\times$ $6.90 = $201,480

Total Material Variance = $203,116 - $201,480 = $1,636 Favorable

Material Price Variance = (Standard Rate - Actual Rate) $\times$ Actual Units

= ($6.8 - $6.9) $\times$ 29,200 = - $2,920 Unfavorable

Material Quantity Variance = ( Standard Units - Actual Units) $\times$ Standard Price

= (29,870 - 29,200) $\times$ $6.8

= $4,556 Favorable

Final Answer

Total Material Variance = $1,636 Favorable

Material Price Variance = $2,920 Unfavorable

Material Quantity Variance = $4,556 Favorable

8 0

2 years ago

A broken white line between lanes on the roadway means

IgorLugansk [536]

Answer:

Explanation:

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3 years ago

Read 2 more answers

Name at least two risk banks face

Lana71 [14]

Question: Name at least two risk banks face?

Answer: There are many types of risks that banks face. Two of out of these eight risks, credit risk and market risk

Hope this helps!.

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~A.W~ZoomZoom44

4 0

3 years ago