A tax that can be passed onto someone else is known as a/an ______

Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sal

kaheart [24]

Answer:

Jasper Company

Cash Receipts Budget for April, May, and June:

April May June Total

Cash Sales 30% $157,500 $160,500 $168,000 $486,000

Credit Sales 70% 400,000 367,500 374,500 1,142,000

Total $557,500 $528,000 $542,500 $1,628,000

Explanation:

1. Cash Receipts Budget shows the estimated cash receipts from customers and other sources.

2. Calculations:

a) Cash Sales for April = 30% of April Sales = 30% * $525,000 = $157,500. The difference of 70% is received in May.

b) Sales received on account for April = 100% of Accounts Receivable = $400,000.

c) Cash Sales for May = 30% of April Sales = 30% * $535,000 = $160,500. The difference of 70% is received in June.

d) Cash Sales for June = 30% of April Sales = 30% * $560,000 = $168,000. The difference of 70% is received in July.

3 0

3 years ago

On July 1, 20X9, Link Corporation paid $340,000 for all of Tinsel Company's outstanding common stock. On that date, the costs an

likoan [24]

Answer:

Goodwill = 25,000

Explanation:

Goodwill is an intangible asset, is the differential reflected in a consolidated balance sheet immediately after the business combination between the purchase price of a company and the fair market value of identifiable assets and liabilities. Goodwill is recorded when the purchase price is higher than the sum of the fair value of all identifiable tangible and intangible assets purchased in the acquisition and the liabilities assumed in the process.

In this case:

Goodwill = Purchse Price - Net assets fair value

Goodwill = 340,000 - 315,000

Goodwill = 25,000

The difference between the book value and fair value of the acquired company are adjustments to the amount presented in the consolidated balance sheet.

6 0

3 years ago

A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 80,000 units on hand,

gtnhenbr [62]

Answer:

c) $9,000,000

Explanation:

The cost of good sold = Cost per unit × Quantity sold

Quantity sold = 300,000, cost per unit = $30

The cost of sold = $30 × 300,000 = $9,000,000

This can be confirmed as follows:

Unit

opening inventory 80,000

Production(see note below) 340,000

Available or sale 420,000

Closing inventory (120,000)

Units sold 300,000

Cost of units sold = 300,000 × $30 = $9,000,000

Note :

Production budget = sales budget + closing inventory - opening inventory

= 300,000 + 120,000 - 80,000 = 340,000 units

6 0

3 years ago

A review of the accounting records of Baird Manufacturing indicated that the company incurred the following payroll costs during

ankoles [38]

Answer:

a. $363,000

b. $827,200

Explanation:

The computations are shown below:

a. Payroll cost would be

= Salary of the company president + Salary of the chief financial officer + Salary of the vice president of marketing + Salaries of administrative secretaries + Commissions paid to sales staff

= $75,000 + $42,000 + $40,000 + $60,000 + $146,000

= $363,000

And, for computing payroll cost first we have to determine the total cost which is shown below:

= Salary of the vice president of manufacturing + Salaries of middle managers (department heads, production supervisors) in manufacturing plant + Wages of production workers + Salaries of engineers and other personnel responsible for maintaining production equipment

= $50,000 + $147,000 + $703,500 + $133,500

= $1,034,000

Now the cost of goods sold would be

= Total cost × sales units ÷ number of units produced

= $1,034,000 × 4,000 units ÷ 5,000

units

= $827,200

3 0

3 years ago

The director of hr at multimedia corporation is concerned about some stereotyping which has occurred in the work environment. to

alex41 [277]

To combat this stereotyping the HR director has decided to "adopt more transparent practices".

Nowadays, pay transparency is an interesting issue among HR and compensation experts. Pay transparency doesn't need to be a win or bust approach where everybody knows every other person's compensation. Or maybe, we trust transparency is a range. It's how much an association will examine its general pay rehearses. Pay transparency is significantly something other than the dollar sum a business pays every worker. It's additionally being more open about how pay was resolved and giving a clarification of the organization's compensation grades.

4 0

4 years ago

A tax that can be passed onto someone else is known as a/an _______ tax.