Answer:
$200
Explanation:
Given that
Note receivable = $20,000
Number of days given = 90 days
Interest rate = 6%
Calculated days from November 1 to December 31 = 60 days
Plus we assume the total number of days in a year is 360 days
So, the accrued interest income is
= Note receivable × rate of interest × number of days ÷ (total number of days in a year)
= $20,000 × 6% × (60 days ÷ 360 days)
= $200
Answer with Explanation:
Following are the benefits of using departmental Income Statements:
- Gives an understanding of where the company lacks efficiency
- Helps in setting budgets and efficiency cuts so that the management of the department works hard to lower operational lead time and other efficiencies found in the operational activities. By setting the budgeted income statement for the department, the appraiser of the company performance is possible by using variance analysis method.
- The Departmental Income Statement also helps in appraising performance of each department which helps identifying which department requires upper level management attention.
- It is very useful when undergo financial analysis of departmental income statement which helps in identification of problematic areas, which are lowering profits and thus corrective actions can be taken to overcome these issues.
- It helps in allocating of jointly shared costs of non production overheads like Accounts Department Costs, Audit Department Costs, Electricity bills, etc. This helps in better appraisal of departments and identification of appropriate basis. In the above case the appropriate basis would be Income balances for accounts department, Income Balances For audit department cost and electricity units consumption of each department.
The above benefits makes the department income statements important for the managerial use.
Answer:
$328000
Explanation:
Given: Cost of machine= $880000
Residual value= 60000
Estimated life= 10 years
Company use straight line depreciation method.
∴ Depreciation = 
⇒ Depreciation= 
∴ Depreciation= 
per year.
Now, lets find the value of depreciation.
∵ Machine is sold on December 31, 2019, which is 6 years after it is installed.
∴ Depreciation value after 6 years= 
Depreciation value after 6 years= 
Next, finding the value of machine after 6 years of depreciation.
Value of machine after 6 years= 
∴ Disposal value of machine after 6 years of usage is 
, however, machine was sold at $225000.
Answer:
C: $2,385
Explanation:
A tax liability by definition is basically known as debt owed by a corporation or an individual to a tax authority like the Internal Revenue Service(IRS). To solve this question, set it up like this;
If $1,000 pays 4.5mills in taxable value, then 530,000 would pay how much?
If $1000 = 4.5
then tax liability on $530,000 would be= (530,000 *4.5) / 1,000
= 2,385,000/ 1000
= $2,385
32.12 % is Susie's average tax rate.
Calculations for the above answer
Tax rate Slabs Income Taxable at slab Income Taxable at next slabs Tax($)
10% $0 to $14200 14200 751800 1420
12% $14201 to $54200 40000 711800 4800
22% $54201n to $86350 32150 679650 7073
24% $86351 to $164900 78550 601100 18852
32% $164901 to $209400 44500 556600 14240
35% $29401 to $ 523600 314200 242400 109970
37% $523601 or more 242400 0 89688
Total Tax(A) 246043
Total Income(B) 796000
Average Tax rate {(a/b)x 100} 32.12 .
The simplest way to calculate your effective tax rate is to divide your income tax expense by your pre-tax profit (or income). Tax expense is usually the last item before the bottom line (net income) of the income statement.
This difference is due to the 12 months of inflation from September 2020 to August 2021 used to calculate the adjustment.
Learn more about Tax rates here: brainly.com/question/9437038
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