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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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You purchased 1,000 shares of the New Fund at a price of $20 per share at the beginning of the year. You paid a front-end load o

Mazyrski [523]

Answer:

6.37%

Explanation:

Rate of return

= (Aggregate investment value after one year - Investment value) / investment value ----- equation 1

Cost of shares =number of shares* price per share

= 1000* $20 =$20,000

Total amount invested = Purchasing cost /(1- front-end load)

= $20,000 / (1-0.04)

=$20,000 / 0.96 = $20,833.333

Investment value after one year

= Total Investment*( 1+ price increase-expense ratio)

= $20,000( 1 +0.12 -0.012)

= $20,000(1.12-0.012) = $20,000 * 1.108 = $22,160

From equation 1 above

Rate of return = ($22,160 - $ 20,833.333) / $20,833.333

$ 1,326.667 / $ 20,833.333

= 0.06368001701

= 0.0637

Since rates of return are expressed as %, we multiply the result by 100 to get

0.0637*100 =6.37%

My rate of return on the fund will be 6.37% if I sell the shares at the end of the year.

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3 years ago

if Lei bikes to and from work everyday in order to train for the Olympics what is important to Lei? hey her A.job outlook B. her

Dmitry_Shevchenko [17]

C. Her Lifestyle , I Think

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3 years ago

Read 2 more answers

Which of the following statements is not correct? Multiple Choice After the reversing entry is posted for the adjustment made to

Oksana_A [137]

Answer:

A)After the reversing entry is posted for the adjustment made to recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance

Explanation:

Reversing entry can be regarded as

a journal entry which is been made during an accounting period, it

reverses selected entries that is been made during immediately preceding period. reversing entry typically take placeat the beginning of particular accounting period.

It should be noted thatReversing entries are;

1) made to reverse the effect of certain adjustments.

2) provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period.

3)is the exact opposite (the reverse) of the adjustment.

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2 years ago

A(n) _____ is the combination of advertising, personal selling, sales promotion, social media, and public relations that are use

mamaluj [8]

Answer:

Promotional mix

Explanation:

Promotional mix can be defined as a combination of different marketing approaches which are carried out to improve the sales of the company products and services.

Promotional mix is used by marketers to provide potential customers with adequate information about their products and services.

Promotional mix is essential for building strong awareness about the product, it is also very effective at reaching a wide range of different audiences.

4 0

3 years ago

The following were selected from among the transactions completed by Babcock Company during November of the current year:

Deffense [45]

Answer:

Babcock Company

Journal Entries:

Nov. 3:

Debit Inventory $63,750

Credit Accounts Payable (Moonlight Co.) $63,750

To record the purchase of merchandise, terms FOB, destination, 2/10, n/30.

Nov. 4:

Debit Cash $37,680

Credit Sales Revenue $37,680

To record the sale of merchandise for cash.

Nov. 4:

Debit Cost of Goods Sold $22,600

Credit Inventory $22,600

To record the cost of merchandise sold.

Nov. 5:

Debit Inventory $47,500

Credit Prepaid Freight-in $810

Credit Accounts Payable (Papoose Creek Co.) $46,690

To record the purchase of merchandise, terms, FOB shipping point, 2/10, n/30

Nov. 6:

Debit Accounts Payable (Moonlight Co.) $13,500

Credit Inventory $13,500

To record the return of merchandise.

Nov. 8:

Debit Accounts Receivable (Quinn Co.) $15,600

Credit Sales Revenue $15,600

To record the sale of merchandise on account, terms n/15.

Nov. 8:

Debit Cost of Goods Sold $9,400

Credit Inventory $9,400

To record the cost of merchandise sold.

Nov. 13:

Debit Accounts Payable (Moonlight Co.) $50,250

Credit Cash Discount $1,005

Credit Cash $49,245

To record the payment on account.

Nov. 14:

Debit VISA account $236,000

Credit Sales Revenue $236,000

To record the sale of merchandise on VISA.

Nov. 14:

Debit Cost of Goods Sold $140,000

Credit Inventory $140,000

To record the cost of merchandise sold.

Nov. 15:

Debit Accounts Payable (Papoose Creek Co.) $46,690

Credit Cash Discount $934

Credit Cash $45,756

To record the payment on account.

Nov. 23:

Debit Cash $15,600

Credit Accounts Receivable (Quinn Co.) $15,600

To record the receipt of cash on account.

Nov. 24:

Debit Accounts Receivable (Rabel Co.) $56,900

Credit Sales Revenue $56,900

To record the sale of merchandise on account, terms 1/10, n/30.

Nov. 24:

Debit Cost of Goods Sold $34,000

Credit Inventory $34,000

To record the cost of goods sold.

Nov. 28:

Debit VISA Service Fee $3,540

Credit Cash $3,540

To record the payment of VISA service Fee.

Nov. 30:

Debit Sales Returns $6,000

Credit Cash $6,000

To record the cash refund for returned merchandise.

Nov. 30:

Debit Inventory $3,300

Credit Cost of Goods Sold $3,300

To record the cost of inventory returned.

Explanation:

The above journal entries initially record the transactions of Babcock Company in November. Here, the accounts involved in each transaction are identified, debited, and credited as the case may be.

4 0

2 years ago