Answer:
No, the tax treatment will not be same.
All the amounts received by Billy, are during the course of business, and are related to the damages caused to business, and to him personally, and under tax these all amounts are tax free:
Amount received for personal injury of $100,000 is tax free as is related to expense of his personal recovery.
The amount of $50,000 and $15,000 though received from different sources but is for the same purpose of loss of income and destruction caused to business.
Whereas, amber is an employee, she is not the owner and therefore, all of the benefits received from her workplace are taxable.
As the policy was purchased by the employer and therefore, any amount received from such policy by amber will be taxable as a perquisite received from employer.
Answer:
Responsibility accounting performance report.
Explanation:
Here, the responsibility accounting performance report is defined to be a budget that compares actual and budgeted amounts of controllable costs for a department and its manager. The responsibility accounting performance report collects all of the responsibility accounting budgets made for each department and summaries them in one large report.
It is designed to measure the performance of managers in terms of controllable costs.
Assigns responsibility for costs to the appropriate managerial level that controls those costs.
Should not hold a manager responsible for costs over which the manager has no influence.
Can be applied at any level of an organization.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
The average cost is known as unit cost. It is equal to total cost divided by the number of goods produced. If Average variable costs are increasing while average total costs are decreasing, then marginal cost must lie between average variable and average total costs.
- The Marginal cost of an item is simply known as the increase in cost that accompanies a unit increase in output.
The relationship that exist between Average total costs and Marginal cost is that:
- When there is a decrease in average cost, the marginal cost is then less than the average cost.
- When the average cost increases, the marginal cost will then be greater than the average cost.
- When the average cost remains unchanged (is at a minimum or maximum), the marginal cost is equals the average cost.
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<u>Solution and Explanation:</u>
<u>The following calculation is made in order to find out the value of sales tax which is payable</u>
Sales including the sales tax = $8,400
Sales tax rate = 5%
Sales Tax ![[\$ 8400 / 105 \% \times 5 \%]](https://tex.z-dn.net/?f=%5B%5C%24%208400%20%2F%20105%20%5C%25%20%5Ctimes%205%20%5C%25%5D)
= $400
Sales ![[\$ 8400 / 105 \% \times 100 \%]](https://tex.z-dn.net/?f=%5B%5C%24%208400%20%2F%20105%20%5C%25%20%5Ctimes%20100%20%5C%25%5D)
= $8,000
Sales Tax payable = $400
<u>The following Journal Entry will be passed in the books of accounts</u>
Date Account Title Debit Credit
Mar 16 Cash $8,400
Sales $8,000
Sales Tax Payable $40
