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kakasveta [241]
3 years ago
9

Deep Water Mining added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, deprec

iation was $812, dividends paid were $285, and the interest expense was $103. What was the cost of goods sold if the firm’s tax rate was 35 percent?
Business
1 answer:
ANTONII [103]3 years ago
6 0

Answer:

It is $18,290.24

Explanation:

Profit after Tax (65%) = addition to retained earnings+dividend paid

                                   = $411 +  $285

                                    = $ 696

Profit before Tax = [100/65] * $ 696

                            = $1070.76

Tax (35%)             = 35% * $1070.76

                            = $374.77

Gross Profit = Profit before tax + Total expenses

                    = $1070.76 + [  $4,370+ $103+ $812]

                    = $6355.76

Cost of Sales= $24,646 -$6355.76

                     = $18,290.24 .

Note

-Dividend is paid is paid from profit after tax

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Answer:

Psychological pricing

Explanation:

Psychological pricing also known as price ending, charm pricing is a pricing and marketing strategy based on the theory that prices produces a psychological impact. This involves setting prices as odd prices being a little less than a whole number such as $9.99 or £2.99. It is believed that consumers think that this prices are lower than they actually are.

5 0
3 years ago
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Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,0
marusya05 [52]

Answer:

total cash collections in June = $101050

so correct option is A. $101,050

Explanation:

given data

month              cash sales                    credit sale

march                $19,000                        $11,000

April                   $40,000                       $11,000

May                    $43,000                       $35,000

June                   $59,000                       $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June  + ( credit sale in June × 62% ) + ( credit sale in May × 30%) +  ( credit sale in April × 5%)   .............1

put here value we get

total cash collections in June = $59000  + ( $50000 × 62% ) + ( $35000 × 30%) +  ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050

8 0
3 years ago
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During the year, Mark reports $90,000 of active business income from his law practice. He also owns two passive activities. From
andrezito [222]

Answer:

b. $90,000 with a $10,000 loss carryover

Explanation:

Given that

Active business income = $90,000

From Activity A, the income earns = $20,000

From Activity B, the loss incurs = $30,000

So by considering the above information, the Adjusted gross income should be

The $90,000 should be recorded

Plus, the $10,000 loss should also be carryover

The $10,000 loss is come from

= $20,000 - $30,000

= -$10,000

8 0
3 years ago
Suppose Brian is in the market for a used textbook and the campus bookstore is having a sale. If the initial price of the used b
Misha Larkins [42]

Answer:Percentage change  in the book price =7.17%

Explanation:

Initial Price of the  used  book = $73.25

Discounted price = $68.00

Percentage change  in the book price = Initial Price - Discounted price/ Initial Price) x 100

($73.25 - $68.00) /$73.25 =5.25 /$73.25 =0.07167

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4 0
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You are the manager of a clothing store. You must decide how many of your employees to put on the sales floor, and how many to p
Fiesta28 [93]

Answer:

c. 60 on the sales floor, 24 on the register.

Explanation:

Given that

The total number of employees to manage is 84

and w assume that the no of employees on the sales floor after having division be x

also the given condition is that there should be minimum of 2 employees for every 5 employees that worked on the sales floor

So that means

x ÷84 = 5 ÷ (5 + 2)

after solving this x = 60

So the no of employees on register is

= 84 - 60

= 24

7 0
2 years ago
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