Answer:
A. $140,000
B. $45,000
Explanation:
a. Calculation to determine How much income from BV must Burgundy report for its tax year ending April 30, 2015
Using this formula
Income from BV=Annual guaranteed payment+(BV's taxable income*50% Distributive share of the partnership)
Let plug in the formula
Income from BV=$100,000+($80,000*50%)
Income from BV=$100,000+$40,000
Income from BV=$140,000
Therefore The Amount of income from BV that Burgundy must report for its tax year ending April 30, 2015 is $140,000.
B. Calculation to determine How much income from BV must Violet report for her tax year ending December 31, 2015
Using this formula
Income from BV=(BV's taxable income*50% Distributive share of the partnership)
Let plug in the formula
Income from BV=($90,000*50%)
Income from BV=$45,000
Therefore The Amount of income from BV that Burgundy must report for its tax year ending December 31, 2015 is $45,000.
Answer:
Labor efficiency variance = $5,760 (Favorable)
Explanation:
We know,
Labor efficiency variance = (Standard hour - Accrual hour) × Standard rate
Given,
Accrual hour = 2,400
Standard hour = Budgeted direct manufacturing labor hours × Actual units produced
or, Standard hour = 0.22 × 12,000
Standard hour = 2,640 hours.
Standard rate = $24.
Putting the values into the formula, we can get
Labor efficiency variance = (2,640 - 2,400) hours × $24
Labor efficiency variance = 240 × $24
Labor efficiency variance = $5,760 (Favorable)
As standard hours is higher then actual hours, it is a favorable situation.
The grace period, during which a policy remain in force even though the premium has not been paid depends on the state. But generally, a grace period of 7 days is usually allowed for weekly premium payments, ten days for monthly payment and thirty one days for other policies.
Answer: b). Scarcity
Explanation:
Scarcity refers to the relative shortage of resources in comparison to human wants.
Non-renewable resources refer to the resources which do not renew itself at a sustainable rate and have the risk of depletion. In addition to this, human wants are unlimited, a normal human being wants more and more of everything.
When non-renewable resources and unlimited wants are combined together they lead to the shortage of resources, which lead to its <em>scarcity</em>.
