I think the answer is D, but I may be wrong. The reason why is Shaila needs PowerPoint to check her grades to ease all the work.She may just add it into the main tabs.
Answer:
$47439.50
Explanation:
For a single tax payer if your taxable income range is $200,000 - $500,000 then your income tax is $45,689.50 + 35% of amount over $200,000 of taxable income.
Income tax liability = $45689.50+{ 205000-200000)×35%}
$45689.50+(5000×35/100)
$45689.50+(5000×0.35)
$45689.50+1750
= $47439.50
The income tax liability will be $47439.50
Answer:
Estimated Warranty Liability December 31, 2020
Debit Credit
Beginning balance $0
Actual Warranty Expenditure $12,000 Estimated total cost of $48,000
Warranty $800,000*6%
Ending Balance $36,000
$48,000 $48,000
Estimated Warranty Liability December 31, 2020
Debit Credit
2021 Servicing Expense $35,000 Beginning balance $36,000
Ending Balance $61,000 Estimated total cost of $60,000
Warranty $1,000,000*6%
$96,000 $96,000
So, the company should report an estimated warranty liability of $61,000 at Dec 31, 2021
Answer:
1. False,
2. False,
3. False,
4. True
Explanation:
1. Managerial accounting reports focuses on entire net profit and not specifically the manufacturing and non manufacturing cost, and are not specifically used in the budget process.
2. No financial accounting reports all the finance related issues in details but is not divided into sub units.
3. No managerial reports are not audited, they are for internal controls and are to follow GAAP but not mandatory requirement for audit.
4. Managers are responsible for the management of business, for this the main three steps are: Planning Directing and controlling.
Answer:
A. A system composed of twelve privately owned regional banks that were regulated by the Federal Reserve Board
Explanation:
The Federal Reserve System ( popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.
Generally, it comprises of twelve (12) Federal Reserve Bank regionally across the United States of America.
Hence, the type of banking system that the Federal Reserve Act of 1913 establish is a system composed of twelve privately owned regional banks that were regulated by the Federal Reserve Board.
Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;
I. The Fed controls the issuance of currency in United States of America: it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.
II. It provides banking services to all the commercial banks in the country because the Federal Reserve is the "lender of last resort."
III. It regulates banking activities in the United States of America: it has the power to supervise and regulate banks.
Also, the Fed is saddled with the responsibility of selling government securities such as treasury bills to the public.
