The ending owner’s capital balance after closing is $382,300.
The company had a net profit for the year of $91,300. This is calculated by subtracting expenses from net income. $205,000-$113,700 = $91,300.
In order to calculate the the ending owner’s capital for the year the accountant will add the net income to the starting owner’s equity, and then subtract the amount that the owner withdrew from the business.
Starting owner’s equity ($317,000 ) + net income ($91,300) = $408,300 and then subtract the amount withdrawn ($26,000) = $382,300, which is the ending owner’s equity balance.
Answer:
d. $76,920
Explanation:
Calculation to Determine the cost recovery deduction for 2019
Based on the information given we were told that they purchased a hotel building on May 2018 for the amount of $3,000,000 which means that to calculate the cost recovery deduction for 2019 we would be using 2.563 to multiply the cost of purchasing the hotel reason been that hotel building is a non residential property.
Hence,
Cost recovery deduction=2.563* $3,000,000
Cost recovery deduction=$76,920
Therefore the Cost recovery deduction will be $76,920
Answer:
a. explicit cost
b. explicit cost
c. implicit cost
d. implicit cost
Explanation:
Explicit costs can be defined as the actual costs incurred to run the business like supplies, utilities, materials or wages, while implicit costs can be defined as the opportunity cost of running the business like the potential salary of working in another job or the possible revenue of renting the current operating location.
a. The wages and utility bills that Sam' pays - explicit cost (actual costs)
b. The wholesale cost for the guitars that Sam' pays the manufacturer - explicit cost (actual costs)
c. The rental income Sam' could receive if he chose to rent out his showroom - implicit cost (potential revenue lost)
d. The salary Sam' could earn if he worked as a financial advisor - implicit cost (potential revenue lost)
Answer:
The correct option is D, a single organization without subdivisions or individual teams.
Explanation:
Typically organizations are divided along functions and divisions.
A functional structure consists of different departments such as production,marketing ,finance.supply chain,maintenance, human resources and so on,with each function saddled with distinct responsibilities and having its own performance metrics.
Under a divisional structure, the firm is divided into division based on location or products with each division having different functions under it.
However, the Japanese method does not support divisionalization or departmentalization, instead advocated for an organization where everyone irrespective of specialty is seen as a member of a single team
Answer:
The correct option is D, outcome-based ethics.
Explanation:
Duty-based ethics preaches the idea that one should be seen doing the right thing at all times regardless of the consequences of one's actions, it is unlike the utilitarian approach to ethics where what is wrong or right is a function of having the greatest good for the greatest number of people not minding whether the approach used is wrong or right.
Corporate social responsibility involves the additional efforts put in by corporations in a bid to give back to society.
Religious ethical principles is about concluding on right or wrong using the lenses of religion.
Outcome-based ethics is a sharp contrast to duty-based ethics, as the outcome or consequence is what justifies the moral right or wrong. in other words the end justifies the means.
