Answer:
a. Failure to pay penalty = 400
b. Failure to file penalty = $4,000
Explanation:
The monthly rate for failure to pay penalty is 0.5% while the failure to file penalty.
Since it is assumed that there are 30 days in a month, the 35 days after the due date of the return without obtaining an extension from the IRS is will be counted as 2 months regardless of the fact that the second month is just 5 files when she filed.
Therefore, we have:
a. Failure to pay penalty = $40,000 * 0.5% * 2 = 400
b. Failure to file penalty = ($40,000 * 5% * 2) = $4,000
c. Total penalties = (Failure to file penalty - failure to pay penalty for the same period) + Failure to pay penalty = ($4,000 - $400) + $400 = $4,000.
Therefore, the total penalty Isabella will pay is $4,000.
Answer:
The retained earnings at the beginning of the year was $ 2,253,000
.
Explanation:
Retained earnings at the end of the year = Retained earnings at the beginning of the year + Net income - Dividends
Retained earnings at the beginning = Retained earnings at the end of the year - Net income + Dividends
= $2,640,000 - $412,000 + $25,000
= $ 2,253,000
Therefore, the retained earnings at the beginning of the year was $ 2,253,000
.
Answer:
Sale - November 10
<u>Cost of Sales</u>
= 48 units × $99
= $4,752
<u>Inventory Balance</u>
=25 units × $99
=$2,475
Sale - November 15
<u>Cost of Sales</u>
=53 units × $105
= $5,565
<u>Inventory Balance</u>
40 units × $105 = $4,200
25 units × $99 = $ 2,475
Total = $6,675
Sale - November 24
<u>Cost of Sales</u>
= 13 units × $105
= $ 1,365
<u>Inventory Balance</u>
27 units × $105 = $ 2,835
25 units × $99 = $ 2,475
Total = $5,310
Explanation:
LIFO Inventory System sells the Recently Acquired Inventory First followed By Older Inventory Acquired.
Answer:
Debits cards and Checks
Explanation:
Checking account is the account which is a deposit account, that is held at the financial institution, and always the deposits and the withdrawals.
The bank has its own set of rules regarding the checking account and the overdraft fees which might occur. Banks provides their customers, options if they want, checks or the debit card or both.
The checks as well as debit cards are both associated with the checking account of the person. When the person or an individual uses the check or debit card, the money is withdrawn in the real time. And in that way, the person can always check how much amount is their in bank.
Answer:
real interest rate = 1%
Explanation:
Inflation is the increase in the price level.It erodes the value of money.
<em>Nominal interest is that quoted for investment or loan transactions. It has not been been adjusted for inflation. </em>
<em>Real interest rate is the amount of interest in terms of the the quantity of good and services that can be purchased. It is the nominal interest rate adjusted for inflation.</em>
The relationship between inflation, real interest and nominal interest rate is given using the Fishers Effect;
(1+N )= (1+R) × (1+F))
N- nominal rate, R-real rate, F- inflation
r = (1+N )/(1+F) -1
r = (1.042)/(1.032) -1
r = 0.009689922 × 100
r = 1%