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3 years ago

Lesson 2

Business

1 answer:

natali 33 [55]3 years ago

4 0

Answer:

1) Taxes are compulsory financial charges levied upon taxpayers by government entities in order to fund their activities.

2) The IRS is the government agency responsible for collecting federal taxes and enforcing federal tax law.

3) Capital gains taxes are taxes levied upon the profit resulting from the sale of non inventory assets (e.g. land, house, stocks, etc.)

4) Two examples of state taxes are: corporate state taxes and real property taxes.

5) A pay stub or a pay slip is a document that itemizes what an employer pays to its employee. It includes the salary minus the deductions made.

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Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances at the beginning and end

Jet001 [13]

Answer:

a schedule of cost of goods manufactured

Direct Raw materials $281,000

Direct Labor $377,000

Indirect Raw materials $26,000

Indirect Labor $96,000

Factory utility costs: $10,000

Depreciation - factory operations $120,000

Add Opening Work In Process $27,000

Less Closing Work In Process ($9,000)

cost of goods manufactured $928,000

Under Recovery = $14,000

Explanation:

a. Prepare a schedule of cost of goods manufactured.

Raw Materials Used in Manufacturing = $14,000+$315,000-$22,000

= $307,000

a schedule of cost of goods manufactured

Direct Raw materials $281,000

Direct Labor $377,000

Indirect Raw materials $26,000

Indirect Labor $96,000

Factory utility costs: $10,000

Depreciation - factory operations $120,000

Add Opening Work In Process $27,000

Less Closing Work In Process ($9,000)

cost of goods manufactured $928,000

b. Was the manufacturing overhead under- or overapplied

Factory Overheads Applied = Predetermined Rate × Actual Activity

Predetermined Rate = Budgeted Overheads/ Budgeted Activity

= $231,000/33,000 machine hours

=$7.00 per machine hour

Factory Overheads Applied = $7.00 × 34,000 machine hours

= $238,000

Actual Overheads

Indirect Raw materials $26,000

Indirect Labor $96,000

Factory utility costs: $10,000

Depreciation - factory operations $120,000

Total $252,000

Actual Overheads $252,000 > Factory Overheads Applied $238,000

Under Recovery = $14,000

5 0

3 years ago

Why do southeast asian farmers continue to practice slash-and-burn agriculture and shifting cultivation?

vovangra [49]

For all the technology coming out of China today, its rural community is still very primitive. Farmers in the Western World have found ways to scientifically improve their growing techniques. Crop rotations allow for nutrient rich plants to regenerate the soil every other year. Also letting a field go fallow one years allows for recovery of soil. There are many other ways the West is improving their crops and educating new farmers in agriculture science. However, southeast Asian farmers to do not have access to this technology or sometimes computers/internet. They are using the same techniques that they have for over a thousand years. Until education is available for them or they are taught different they will continue to use the same techniques taught by their father. Even to the detriment of their land.

4 0

3 years ago

What is a transferable skill ?

ser-zykov [4K]

Answer:

it's 4, a skill you can use in many different situations

8 0

3 years ago

The IRS agent who audited the Form 1120 filed by Alano Inc. concluded that $300,000 of the salary that Alano paid to its CEO and

wlad13 [49]

Answer: Alano's taxable income increases by $300,000.

Explanation:

Constructive dividends are paid to a shareholder and classified in such a way that they are not to be seen as taxable dividends.

If during auditing however, the IRS determines that it was indeed a taxable dividend, it becomes a constructive dividend.

Constructive dividends are taxable by definition so Alano's taxable income increases by the amount of dividend of $300,000.

7 0

3 years ago

The following financial ratios and calculations were based on information from Kohl Co.'s financial statements for the current y

creativ13 [48]

Answer:

Kohl's Average total Assets were $1,000,000

Explanation:

Asset Turnover = Net Sales / Average fixed Assets

Net Sales = Asset Turnover x Average fixed Assets

Account Receivable Turnover = Net Sales / Average Account receivable

Net Sales = Account Receivable Turnover x Average Account receivable

According to given condition

Asset Turnover x Average fixed Assets = Account Receivable Turnover x Average Account receivable

2 X Average fixed Assets = 10 X $200,000

Average fixed Assets = $2000,000 / 2

Average fixed Assets = $1,000,000

7 0

3 years ago