Answer: $1,350
Explanation:
The insurance is for 2 years but has to be apportioned monthly on account of the Accrual basis in Accounting where expenses will only be recognized when they are incurred.
The expense to be recorded for the first month will therefore be:
= 32,400 / 24 months
= $1,350
Answer:
The correct answer is letter "D": smaller, community banks.
Explanation:
The Great Recession is the economic fall that occurred between 2007 and 2009 as a result of the housing bubble burst in the U.S. During this period many well-known firms such as <em>Chrysler, General Motors, </em>and <em>Lehman Brothers</em> filed for bankruptcy. However, not all the business experienced a downturn.
A study conducted by the <em>Federal Reserve Bank of St. Louis</em> (2013) indicates that 417 <em>banks and thrift institutions</em> failed between 2006 and 2011 but 702 <em>small community banks</em> reported total assets of around $10 billion by allowing individuals to benefit from loans. Banks and thrift institutions were too conservative in loans during the Great Recession which was interpreted in lower revenues.
Answer: D.) Regardless of the quantity.
Explanation: Declaration of bankruptcy is usually triggered by an organization or company in debt, declaring bankruptcy involves a legal process whereby the organization in question is examined and researched by evaluating it's liabilities and assets, so that they can seek relief from their debt. Once the buyer, gourmet declares bankruptcy, the contract between both companies can be terminated in transit regardless of the quantity of goods demanded, this is because gourmet declaring bankruptcy means the company will almost certainly be unable to pay for the demanded goods.
Answer:
$ 210 million
Explanation:
Data provided :
Taxable income for the current year = $ 300 million
Tax rate of the income = 40%
therefore, the income tax for the current year = 0.40 × $ 300 million
or
the income tax for the current year = $ 120 million
Decrease in the deferred tax assets = $ 30 million
Increase in the deferred tax liabilities = $ 60 million
Hence,
the total income tax expense for the year
= $ 120 million + $ 30 million + $ 60 million
or
= $ 210 million
Answer:
$43
Explanation:
The total cost incurred by the company is made of two classes of cost namely; Fixed and variable cost. While the fixed cost is constant, the variable cost is dependent on the number of tractors produced.
A such,
Fixed cost = $550,000
Variable cost = 22000 × $180 = $396,000
Total cost = $550,000 + $396,000
= $946,000
The average cost per tractor is the result of the ratio of the total cost to the number of tractors
average cost per tractor = $946,000/22,000
= $43
