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navik [9.2K]
3 years ago
6

Mel operates a video game store. His records indicate that he had sales of $78,000. Customers returned $1,500 worth of video gam

es because of various defects. His cost of goods sold was $19,000. What is Mel's Schedule C gross income?A. $78,000B. $76,500C. $59,000D. $57,500
Business
1 answer:
Kamila [148]3 years ago
7 0

Answer:

D. $57,500

Explanation:

Gross income = sales - (goods returned + cost of goods sold) = $78,000 - ($1,500 + $19,000) = $78,000 - $20,500 = $57,500

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Your company purchases new equipment for $80,000 and depreciates it on a straight line basis over a 5 year period resulting in a
lisov135 [29]

Answer:

$24,400

Explanation:

The computation of the after tax salvage value at the end of year 4 is shown below:

Before that following calculation need to be determined

Book value = Cost - Accumulated depreciation

= $80,000 - ($16000 × 4 years)

= $16,000

Now gain on sale is

= $30,000 - $16,000

 = $14,000

Now

After-tax cash flow is

= Sale proceeds - (Tax rate × Gain on sale)

= $30,000 - ($14000 × 40%)

 = $24,400

7 0
3 years ago
Anyone want to talk on for...tnite or g.m..<br> eet?????
abruzzese [7]

Nah, I don't want to. I don't even play fort_nite either.

7 0
2 years ago
Today, many vendors offer diversified tools, some of which are completely preprogrammed (called shells). How are these shells ut
Fiesta28 [93]

Answer:

All a user needs to do is insert the numbers

Explanation:

Shell tools offer simple interface to the vendors, the user just need to input the numbers

6 0
3 years ago
Walter Company uses a job-order costing system to account for product costs. The following information pertains to the current y
djverab [1.8K]

Answer:

COGM = 450,000

Explanation:

The amount debited will be equal to the COGM which is the cost of goods manufactured.

COGM = beginnning WIP + cost added - ending WIP

<u>we need to know the cost added during the period:</u>

cost added during the period

materials         140,000

direct labor     160,000

overhead applied

18 x 10,000 =  <u> 180,000  </u>

total                 480,000

Notice, for the overhead we multiply the predetermined rate by the amount of labor hours.

The actual values and adjustment for application of overhead are calculate later at year-end

Now, we are given the following information:

<u>we know that WIP increase by 30,000</u>

so : ending is 30,000 dollars greater than beginning

which implies ending - beginning = -30,000

we plug that into the formula:

COGM = cost added + (beginning WIP - ending WIP)

COGM = 480,000 - 30,000

COGM = 450,000

4 0
3 years ago
How is it possible that Switzerland, a landlocked country with almost no natural resources, is one of the richest countries in t
BARSIC [14]

Answer:

The correct answer is option D.

Explanation:

Even though the democratic republic of Congo is rich in natural resources while Switzerland has almost no natural resources, but Switzerland is among one of the richest countries while Congo is among the poorest.  

This indicates that abundant natural resources are not the only factor required for economic growth. Other factors such as human capital, physical capital, state of technology, etc. are also necessary for economic growth. Abundant natural resources cannot be efficiently utilized without these factors.  

Even if a country is not rich in natural resources but possesses these factors, it can still have high economic growth.

3 0
3 years ago
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