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velikii [3]
3 years ago
11

Smith operates a roof repair business. This year Smith's business generated cash receipts of $32,000 and Smith made the followin

g expenditures associated with his business: Advertising $ 500 Car and truck expenses 1,360 Depreciation 3,200 Employee compensation 5,000 Education 1,000 The education expense was for a two-week, nighttime course in business management. Smith believes the expenditure should qualify as an ordinary and necessary business expense. Smith is on the cash method and calendar year. What net income should Smith report from his business
Business
1 answer:
rodikova [14]3 years ago
6 0

Answer:

Net income = $20,940

Explanation:

Answer 1.

   

Accounts                                                                                                                

Cash Receipts                             32,000  

Expenses    

Advertising                    500    

Depreciation                 3,200    

Car & Truck Expense       1,360    

Employee Compensation  5,000    

Education                    1,000                          11,060  

Net Income                                               20,940  

   

Therefore, the net income that Smith should report from his business after considering all the cash receipts and all the expenditures associated with his business is $20,940. All the expenses are to be deducted from income.

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The answer is ATM fee in the amount of $2.75 or C.





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7 0
3 years ago
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You are the General Manager of a regional chemical company. In the course of producing your bulk chemicals, large amount of part
34kurt

Answer:

The answer is explained below

Explanation:

The companies board of directors as well as you would consider whether it is best to install the scubber system. When determining whether to install the scubber system both short and long term consequences are to be considered. If presently, the level of pollution is legal, you need to consider if in the future it would be legal? if the installation of the scubber system would affect the public relations of the company. After considering all this, it would be better to install because the pollution can lead to death, and the neighborhood can sue the company. Also the EPA regulations can be regulated.  

5 0
3 years ago
Batista Company management wants to maintain a minimum monthly cash balance of $19,900. At the beginning of April, the cash bala
9966 [12]

Answer:

the amount must be borrowed is $8,900

Explanation:

The computation of the amount must be borrowed is shown below:

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Cash balance after disbursements $11,000

Minimum monthly cash balance $19,900

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4 0
2 years ago
Kaspar Corporation makes a commercial-grade cooking griddle. The following information is available for Kaspar Corporation's ant
Leto [7]

Answer:

Total cost per unit is $77

Explanation:

Fixed manufacturing overhead per unit = Total fixed manufacturing overhead ÷ Number of units

= $478,800 ÷ 34,200 = $14 per unit

Fixed selling and administrative expenses per unit = Total Fixed selling and administrative expenses ÷ Number of units

= $171,000 ÷ 34,200 = $5 per unit.

Total cost per unit = Direct material + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead + Variable selling expenses + Fixed selling expenses

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7 0
3 years ago
Strategic planning (select all that apply):
Afina-wow [57]

Answer:

C. requires visionary and directional thinking

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Strategic planning: This planning applies to the long-term planning regarding available resources, costs and time that helps to achieve an organization's goals and objectives efficiently and effectively by considering  the strategic vision, and strategic mission of the company

It also deals with the long term decisions that help the organization in a better way with respect to the better returns in terms of profit

8 0
2 years ago
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