Answer:
Explanation:
Before showing how short term debt should be presented before doing this we have to classify the items in each head
Like - In current liabilities, notes payable is recorded at $11,500
And, in the long term liabilities, the proceed after brokerage fees for $1,147,500 should be recorded.
The total amount would remain the same i.e $1,159,000
Kindly find the attachment below:
The break-even point in units using the mathematical equation is 2,000 in units and the unit contribution margin is 80 per unit.
<h3>Break even points in units</h3>
a. Break-even point in unit
Using this formula
Break-even point in unit=Fixed cost/(Selling price-Variable cost)
TC = FC + VC
Sales - TC = Net Income
Sales - TC = 0
Sales - FC - VC = 0
2500(Q)-160,000-170(Q) = 0
80(Q)-160,000 = 0
80(Q)=160,000
Q=160,000/80
Q=2,000 break-even in units
b. Unit contribution margin
Unit contribution margin = Selling price- Variable cost
Unit contribution margin= $250 - $170
Unit contribution margin =$80 per unit
Inconclusion the break-even point in units using the mathematical equation is 2,000 in units and the unit contribution margin is 80 per unit.
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Answer:
The entries to record the transactions are given below.
a. Provide music lessons to students for $7,000 cash.
Debit Cash Asset $ 7000
CreditService Revenue income $ 7000
b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash.
Debit Prepaid Insurance equipment Asset $ 3000
Credit Cash Asset $ 3000
c. Purchase musical equipment for $10,000 cash.
Debit Equipment Asset $ 10,000
Credit Cash Asset $ 10,000
d. Obtain a loan from a bank by signing a note for $10,000
Debit Cash Asset $ 10,000
Credit Notes payable $ 10,000
Answer:
a. Partnership XYZ's recognized gain (loss)
- recognized gain = fair market value - basis = $180,000 - $50,000 = $130,000
b. Bob's taxable gain (income)
- Bob's taxable income = $130,000 x 50% = $65,000
c. Bob's basis in the property
- Bob's new basis = $180,00 x 50% = $90,000
d. Bob's basis in the partnership
- Bob's basis in the partnership = $40,000 + $65,000 = $105,000
Answer:
(A) is the manner in which the burden of a tax is shared among participants in a market
Explanation:
Tax incidence refers to the burden of a tax between buyers or sellers or other stakeholders.
When price elasticity of supply is greater than price elasticity of demand, i.e a change in price causes supply to change more than demand, the tax incidence is said to be more burdensome for the buyers and vice versa.
It represents the distribution of tax burden to various sections of a society such as producers, consumers, etc.
For example, if taxes and duties are raised on alcohol or cigarettes, the producers shall transfer such burden on the consumers by covering their margin and raising prices. Thus, in such a case, the tax incidence would be borne by the consumers.
