Auditors consider fi nancial statement assertions to identify appropriate audit procedures. For

A company purchased merchandise to be resold at increasing costs during the year 2019. The purchases were made at the following

Marianna [84]

Answer:

7. $41,000

Explanation:

7. The company has $40,000 of inventory on December, it further purchased $36,000 of inventory in January. The sales in January amounted to $50,000 out of which 30% is gross profit. The cost of goods sold will be $35,000. The inventory that is destroyed by fire $41,000 ($40,000 + $36,000 - $35,000 ).

7 0

3 years ago

Laird's project group in his communication class selected the topic of improving services for nontraditional students on campus.

dsp73

What phase is this group experiencing? The group is experiencing the emergence phase. In the emergence phase what the group is doing and experiencing becomes noticeable to those around them. The emergence stage is the longest stage of the four Fisher model, though the answers are still slightly uncertain, answers start to become clear.

3 0

3 years ago

Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,200 of federal in

iragen [17]

Answer:

Tax Due by Jeremy is $218

Explanation:

Step 1: Calculate Jeremy's total Income

$100,000 (Salary) + $6,000 (Interest Income) + $4,000 (long term capital gain)= $110,000

Jeremy's exclusion at this point is 0.

Therefore, Jeremy's Gross income = $110,000, This is also Jeremy's Adjusted Gross Income (AGI).

Step 2: Calculate Taxable Income after deductions.

AGI= $110,000

Deductions from AGI= $23,000 (The greater of standard or itemized deduction).

Qualified Business Income Deductions (QBI)= $0 (Jeremy did not declare any personal business).

Taxable Income= AGI-Deductions- QBI Deductions

= $110,000-$23,000-0

= $87,000

Step 3: Calculate Jeremy's Tax Liability as follows:

Capital Gain is included as part of Gross Income, therefore finding the tax liability will necesitate that the capital gain be deducted and only the taxable percentage be added back.

Jeremy's tax liability = (87,000-4,000) + (4,000 x 0.15)

= ($83,000 x 15.4%) + 600

=$12,818 + 600

=$13,418

Jeremy's total tax Liability= $13,418 - $0 (non refundable tax credit) + 0 (other taxes)

Jeremy's total tax liability = $13,418

The total tax payment made by Jeremy

=(2,000 + 11,200)= $13,200

Therefore the tax due by Jeremy is Total Tax Liability - Tax Payment mande

= $13,418 - $13,200

= $218

7 0

3 years ago

Christie, a marketing executive who was born in 1955, advocated that her company focus on a print campaign for its new line of l

Gemiola [76]

Answer:

The correct answer is the option C: Baby Boomer.

Explanation:

To begin with, the term<em> ''baby boomer''</em> refers to the demographic cohort regarding the generation of people born in the period called ''baby boom'', that occured in some was after the Second World War and comprehends the years between 1946 until 1964. Moreover, the main characteristic of this period was that around 76 million babies were born in America and that an excessive consumerism began to spread.

To continue, the action that Christie advocates is very common to a person of the baby boom generation due to the fact that those people born and grew in times that there was no internet and therefore they tend to give no importance to the online ads and stuff like that.

8 0

3 years ago

Identify which of the following statements is true.

JulijaS [17]

Answer:

A.

Explanation:

Organizational expense amortized over fifteen years for purposes of determining taxable income results in an upper adjustment in the initial years to book income on the Schedule Minus−1 when the expense is being amortized over ten years for book income purposes.

4 0

3 years ago