Price serves the function of ____ for goods, services, and financial resources. distributor determining factor screener quantifi
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Answer:
The income before tax is $370450, the income tax is $111135 and the net income is $259315.
Explanation:
As the data table is not visible,online a similar question is found for which the data is attached here with.
From the given data
Service Revenue=$943,000
Interest Revenue=$127,1000
Total Revenue=Service Revenue+Interest Revenue=$1070100
Now The expenses are given as
Supplies Expense=$349,200
Repairs and Maintenance Expense =$258,300
Depreciation Expense=$60,350
Rent Expense=$ 31,800
Total Expense=Supplies Expense+Repairs and Maintenance Expense+Depreciation Expense+Rent Expense=$699650
So the income before tax is given as
Income=Total Revenue-Total Expense
Income=$1070100-$699650
Income=$370450
So the income before tax is $370450.
Now the tax is estimated at 30% as given tax rate as
Tax=Rate*Income
Tax=30%*$370450
Tax=$111135
So the income tax is $111135.
Now the Net income is given as
Net Income=Income-Tax
Net Income=$370450-$111135
Net Income=$259315
So the Net Income is $259315.
Answer:
The answer is well illustrated as below
Explanation:
Remember: Five factors affects the Pension Liability and Plan assets.
1 & 2. Expenses which includes service cost and interest cost
The increase in expense always increases the pension liability so the entry would be:
Dr Service cost $27,100
Dr Interest Cost $30,300 ...... $303,000 Opening Pension Liability * 10%
Cr Pension Liability $57,400
3. Actual return increases the Plan Asset
The Actual return on investment received would increase the Assets worth, which means the journal entry must be passed which would increase the Investment Value (Plan Asset). So the entry would be:
Dr Plan Asset $25,700
Cr Actual return $25,700
4. Contributions made increases the Plan Asset because it is an increase in the investment.
So the journal entry would be:
Dr Plan Asset $20,000
Cr Cash Asset $20,000
5. The benefits paid to employees are decrease in both pension asset and the pension liability. (We had actually borrowed money from the employees and had invested that money so paying off the benefits actually decreases the pension liability and assets).
So the double entry would be:
Dr Pension Liability $17,700
Cr Pension Assets $17,700
Kindly input the above values in the following worksheet:
