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3 years ago

In providing accounting services to small business, you encounter the following situations pertaining to cash sales.

Business

1 answer:

Brrunno [24]3 years ago

5 0

Answer:

Kindly see Explanation

Explanation:

April 10:

Dr Cash 37,800

Cr Sales 34,500

Cr Sales taxes 3,300

April 15:

Dr Cash 28,080

Cr Sales 26,000

Cr Sales taxes 2,080

Cash = 34500+3300 = 37800

Sales = 28080/1.08 = 26000

Sales tax (28080 - 26000) = 2080

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In a pull manufacturing system, ______. Group of answer choices Production is based on government regulations Production is base

AysviL [449]

Answer:

actual customer demand

Explanation:

Pull production systems can be regarded as system whereby the product is been manufactured as a result of response to a specific demand. pull system can be regarded as lean manufacturing strategy , this strategy helps in reduction of waste in the production process. The components that is been used in manufacturing process are been only replaced only when consumed , so in this case, enough products are been made by companies only to meet customer demand. It should be noted that In a pull manufacturing system, Production is based on actual customer demand

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3 years ago

How much of the following is taxable? a. Cheline, an actress, received a $6,400 gift bag for attending the Academy Awards Ceremo

Bingel [31]

Answer:

A. $6,400

B. $240

C. $1,000,000

D. $30,000

Explanation:

Requirement A, C, and D:

Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.

The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.

Requirement B:

There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.

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3 years ago

Each of the following items must be considered in preparing a statement of cash flows. Indicate where each item is to be reporte

otez555 [7]

Answer:

Answer 1 - increment in money due will go under working exercises and $4000 will be appeared in negative there since it will decrease the money balance

Answer 2 - issuance of preferred stock will go under financing exercises and since they are giving offers so income will increment by $115 × 10000 = $1150000

Answer - 3 For devaluation Because we start setting up the announcement of incomes utilizing the overall gain figure taken from the salary explanation, we have to alter the net gain figure with the goal that it isn't diminished by Depreciation Expense. To do this, we include back the measure of the Depreciation Expense. So we have to add $14000 to net gain of $90000

For bond premium amortization, its recorded in the working exercises area of the announcement of incomes. Under the roundabout strategy, the amortization of security premium is deducted from net gain since it decreases premium cost and, along these lines, expands net gain without a real money inflow.

Answer - 4 Acquisition of property will go under contributing activities so in the event that we purchase more place where there is $20000, at that point it will lessen the money by $20000

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3 years ago

Read 2 more answers

Presented below are transactions related to Novak Corp.

bearhunter [10]

Answer:

1) December 3, 202x, merchandise sold on account to Sarasota Corp., credit terms 4/10, n/30, FOB shipping point.

Dr Accounts receivable 644,700

Cr Sales revenue 644,700

Dr Cost of goods sold 363,600

Cr Merchandise inventory 363,600

2) December 8, 202x, sales allowance granted to Sarasota Corp.

Dr Sales returns and allowances 27,400

Cr Accounts receivable 27,400

Sales returns and allowances is a contra revenue account that decreases sales revenue.

3) December 13, 202x, invoice collected from Sarasota Corp.

Dr Cash 592,608

Dr Sales discounts 24,692

Cr Accounts receivable 617,300

Sales discounts is another contra revenue account that decreases sales revenue.

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3 years ago

Allura’s Little Robotics Company sells Good S in a perfectly competitive market with a downward-sloping demand curve and an upwa

solniwko [45]

Answer:

Allura’s Little Robotics Company sells Good S in a perfectly competitive market with a downward-sloping demand curve and an upward-sloping supply curve. The market price is $62 per unit.

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2 years ago