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3 years ago

15

'The more money you make, the more tax you pay" is an example of: A. Progressive Tax. B. Regressive Tax. C. Stipend Tax. D. None

of the Above.

1 answer:

avanturin [10]3 years ago

3 0

A . Progressive tax

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Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $250,000; Patents and copyrights = $720

spayn [35]

Answer:

Common stock balance= $1,039,000

Explanation:

A balance sheet can be described as a financial statement that presents the assets, liabilities and shareholders' equity of a company.

Common stock refers to the security such shares that represents ownership in a company.

In order to determine the common stock account balance for Rogers Corp., its balance sheet is first prepared as follows:

Rogers Corp.

Balance Sheet

For the year 2018

<u>Particulars $ $ </u>

Intangible Assets:

Patents and copyrights 720,000

Tangible Assets:

Net fixed assets 3,400,000

Current Assets:

Cash 250,000

Accounts receivable 129,000

Inventory <u> 345,000 </u>

Total Current Assets 724,000

Current Liabilities:

Accounts payable (530,000)

Notes payable <u> (190,000) </u>

Working Capital 4,000

Long-term Liabilities:

Long-term debt <u> (1,830,000) </u>

Net Total Assets <u> 2,294,000 </u>

Financed by:

Common stock (w.1) 1,039,000

Accumulated retained earnings <u> 1,255,000 </u>

Owners' Equity <u> 2,294,000 </u>

Workings:

w.1: Common stock balance = Net total assets - Accumulated retained earnings = $2,294,000 - $1,255,000 = $1,039,000

4 0

4 years ago

If the same number of units of good Y must be given up as each successive unit of good X is produced, then the PPF for these two

andrey2020 [161]

Answer:

PPF : Downward Sloping Straight Line

Explanation:

PPF is the locus of product combinations that an economy can produce, given resources & technology.

It is downward sloping : Because of inverse relationship between two goods- if one has to be increased other has to be decreased , because of same resources & technology.

Marginal Opportunity Cost (Slope of PPC): is ratio of a good sacrifised to gain each additional unit of the other good.

∆ Good sacrifised / ∆ Good gained

If this ratio is same i.e constant amount of a good is sacrifised to gain an additional amount of the other one , the slope of PPC is constant & it is a straight line

Eg : Good1 Good2 MOC [∆Good2/∆Good1]

0 20 _

10 10 -10/10 = -1 (10-20)/(10-0)

20 0 -10/10 = -1 (0-10)(/20-10)

So , same (1) good 2 is sacrifised to attain a good 1 each time.

However Generally: MOC is increasing , because of assumption that resources are unequally efficient in various goods production - shifting good from efficient to inefficient increases sacrifise each time. This makes PPC usually concave.

5 0

4 years ago

Sweetpea Corporation sold a tiller that it used in its landscaping business. The tiller cost $5,000 and Sweetpea had taken $2,00

astraxan [27]

Answer:

Sweetpea have a gain of $1,000

Explanation:

When the depreciable property is sold, then the gain or loss will be computed to the extent on the difference among the selling price and the adjusted basis.

So, the adjusted basis will be

= Cost of the basis - Depreciation

= $5,000 - $2,000

= $3.000

Therefore,

Gain or Loss = Selling Price - Adjusted basis

= $4,000 - $3,000

= $1,000

Hence, it is a gain of $1,000.

6 0

3 years ago

Two car manufacturers, Saab and Volvo, have fixed costs of $1 billion and marginal costs of $10,000 per car. If Saab produces 50

igomit [66]

Answer:

Explanation:

First, write down Total fixed cost for each;

Fixed cost; Saab = $1,000,000,000

Fixed cost; Volvo = $1,000,000,000

Next find the Total Variable cost (TVC)

TVC = # of cars per year * marginal cost per car

Saab ; TVC = 50,000* $10,000 = $500,000,000

Volvo ; TVC = 200,000* $10,000 = $2,000,000,000

Average production cost = (Fixed cost + total variable cost) / # of cars per year

Saab = ($1,000,000,000 + $500,000,000)/ 50,000 = $30,000

Volvo = ($1,000,000,000 + $2,000,000,000)/ 200,000 = $15,000

6 0

3 years ago

For both unearned revenues and prepaid expenses, the cash payment occurs __________ the adjusting entry to record the earning of

alex41 [277]

Answer:

The correct answer that fills the gap is <em>d. before.</em>

Explanation:

Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.

The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.

The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.

The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:

Cumulative income not collected.
Customer advances.

5 0

3 years ago