Answer
b.$0 SE tax; $90,000 NII tax.
The answer and procedures of the exercise are attached in the following image.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
Answer:
$28,240
Explanation:
Total sales = $334,000
Variable cost:
Sales commissions = $334,000 × 6%
= $20,040
Total fixed costs = Sales manager's salary + Advertising expenses
= $5,300 + $2,900
= $8,200
Total selling expenses = Total variable cost + Total fixed cost
= $20,040 + $8,200
= $28,240
Therefore, the total selling expenses to be reported on the selling expense budget for the month of February is $28,240.
three common types of federal taxes are :
1. income tax
2. Property tax
3.Sales tax
Answer:
benefits consumers of the product.
Explanation:
Import tariffs are generally put in place to protect domestic producers from foreign producers. Tariffs benefit domestic producers but hurt consumers since they are forced to pay higher prices.
When the import tariffs are withdrawn, the domestic price of the goods should decrease, benefiting consumers.
Answer:
$1,103,000
Explanation:
The cash flow statement categories the company's transactions in a financial period into 3 groups; these are operating, investing and financing.
The net profit/loss, depreciation, changes in current assets (other than cash) and liabilities are considered as operating activities including income taxes.
The sale of assets, interest received, purchase of investments are examples of investing activities while the issuance of stocks, debt principal deduction (loan settlement), issuance of debt securities etc are examples of financing activities.
For assets disposed, the amount received from the disposal is the amount recorded as an investing activity.
Amount received - Book value of asset = Gain on disposal
Amount received = $221000 + $882000
= $1,103,000