<span>You would receive a tax refund from the IRS if you paid too much in taxes versus what your net income was during the year. The taxes owed is less than what was paid to the IRS during the year. If you receive credits for what you are able to deduct from your net income, then you will be able to receive money back at the end of the year for over paying during the year.</span>
Answer:
the gift shop must recognize 31 days of accrued interest payable, total interest = principal x interest rate x time passed
= $50,000 x 12% x 31/365 days = $509.59
the adjusting entry should be:
December 31, accrued interest on note payable
Dr Interest expense 509.59
Cr Interest payable 509.59
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Cochrane Associate's net sales last year were $525 million. If sales grow at 7.5% per year, how large (in millions) will they be 8 years later?
We need to use the following formula:
FV= PV*(1+i)^n
FV= 525*(1+0.075)^8
FV= $936.33
Answer:
Equivalent unit of conversion = Unit completed and transferred out+Ending WIP*Percent completion
= 15000+(3000*75%)
Equivalent unit of conversion = 17250
Total cost of conversion cost = 4500+32450+18710 = 55660
Cost per equivalent unit of conversion Cost = Total Cost/Equivalent unit = 55660/17250 = 3.23
Answer:
False
Explanation:
The contribution margin will be higher for the company with the highest fixed expenses. Contribution margin = selling price - variable cost
For example:
Company A Company B
sales price per unit $100 $100
total costs per unit $80 $80
variable costs per unit $50 $40
<u>fixed costs per unit $30 $40 </u>
contribution margin $50 $60
