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Soloha48 [4]
3 years ago
13

During the current year, Sam received interest income from the following investments: $400 from State of Wyoming bonds, $200 fro

m Ford Motor Co., $50 from City of Laramie bonds, $100 from U.S. Treasury bonds. How much of the interest received will be included in gross income?
a. $200
b. $700
c. $300
d. $600
Business
1 answer:
Kaylis [27]3 years ago
8 0

Answer:

b. $700

Explanation:

The City of Laramie bonds (municipàl bonds) are excluded from the federal tax income calculation thus; it should not be counted toward Sam gross income.

The rest will count getting a total of:

$400 from State of Wyoming bonds,

$200 from Ford Motor Co.,

<u> $100 from U.S Treasury bonds</u>

700 gross income

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The following data is from the Ace Guitar Company for the A and B regions.
Marina CMI [18]

Answer:

Ace Guitar Company

The service departments' expenses proportional to the sales of each region are as follows:

A Region = $216,580

B Region = $116,620

Explanation:

a) Data and Calculations:

                                A Region      B Region    Total

Sales                       $773,500     $416,500  $1,190,000

Cost of goods sold  293,900       158,300      452,200

Selling expenses      185,600       100,000     285,600

Service department expenses

Purchasing              $199,900

Payroll accounting     133,300

Total                        $333,200

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8 0
3 years ago
​Mercer, Inc. provides the following data for​ 2019: Net Sales Revenue Cost of Goods Sold The gross profit as a percentage of ne
Setler [38]

The question is incomplete as it is missing the figures. The complete question is,

Mercer, Inc. provides the following data for​ 2019:

Net Sales Revenue 598000

Cost of Goods Sold 350000

The gross profit as a percentage of net sales is​ ________. (Round your answer to two decimal​ places.)

Answer:

Gross profit as a percentage of net sales = 0.4147 or 41.47%

Explanation:

The gross profit is a profit earned by a business through its trading activity. It is calculated by deducting the cost of goods sold from the net sales revenue and it is the profit earned by a business before deducting any operating and non operating expenses of the business.

Gross profit = Net Sales - Cost of goods sold

Gross Profit = 598000 - 350000   = $248000

The gross profit as a percentage of net sales is,

Gross profit as a percentage of net sales = Gross profit / Net Sales

Gross profit as a percentage of net sales = 248000 / 598000

Gross profit as a percentage of net sales = 0.4147 or 41.47%

5 0
3 years ago
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