If a sole proprietorship fails which of the owner's assets may be lost

Equipment was purchased for $94700 on January 1, 2021. Freight charges amounted to $3800 and there was a cost of $12000 for buil

musickatia [10]

Answer:

$34,200

Explanation:

Step 1 : Cost of Equipment

<em>Cost of Equipment include Purchase Price plus other costs directly incurred to put the asset in location and condition intended for use by management</em>

Cost of Equipment = $110,500

Step 2 : Depreciation

Depreciation = (Cost - Residual Value)/ Useful Life

= $17,100

Step 3 : Accumulated Depreciation

Accumulated Depreciation = $17,100 x 2 = $34,200

Therefore,

the amount of accumulated depreciation at December 31, 2022 is $34,200

3 0

3 years ago

An asset used in a four-year project falls in the five-year MACRS class for tax purposes. The asset has an acquisition cost of $

tia_tia [17]

Answer:

After tax salvage value $1,278,852.8‬

Explanation:

MARCS five years class:

after four years we will have depreicate:

0.2 + 0.32 + 0.192 + 0.1152 = 0,8272‬

(Data from the attached MACRS)

tax basis of the asset:

6,170,000 x ( 1 - 0.8272) = 1.066.176‬

We will be taxed for the difference between the basis and the salvage value:

1,370,000 - 1,066,176 = 303,824‬ taxable gain:

303,824 x 30% = 91,147.2

After tax salvage value:

salvage valeu - income tax expense

1,370,000 - 91,147.2 = 1,278,852.8‬

3 0

3 years ago

Last month a company had net sales revenues of $10,000; Cost of goods sold of $4,000; other operating expenses of $3,000; non-op

Pie

Answer:

The correct answer is B. 6.000

Explanation:

Gross profit only includes Sales Revenues and cost of goods sold. So you have to ignore all others. In this case the solution is given for Sales Revenues 10.000 - cost of goods sold 4.000 = Gross profit 6.000. Hope it helps

6 0

3 years ago

Evergreen Air Center is the world's biggest parking lot for unwanted aircraft. Airlines pay a monthly fee from $750 to $5,000 to

anyanavicka [17]

Answer:

a Competency

Explanation:

Competency refer to set of capabilities an enterprise possesses relating to performance of a task in an efficient manner in a given specific situation.

Competencies are the sum total of skills, knowledge and capabilities. These are developed over time with application of skills and knowledge.

In the given case, Evergreen reaps benefits with respect to parking area for unwanted aircraft owing to space it possesses and the climate of the location which protects the aircraft from dust and rusting.

This represents a case of competency which has built up over time owing to a capability which has emerged out of application of skills, knowledge and environmental advantage.

4 0

3 years ago

Total population: 39,404 Average household income: $121,000 Average household expenditures: $81,000 In their 20s and 30s: 53% Wh

dolphi86 [110]

Answer:

This is the full question:

Before Caffè Gustoso's owners can develop a marketing plan for the new store, they need to decide how to expand.

To keep the market expansion manageable, they have decided to limit the potential locations to the Chicago suburbs. However, they don't know which suburb to target.

The profile of Caffè Gustoso's current downtown customer is as follows:

Total population: 39,404

Average household income: $121,000

Average household expenditures: $81,000

Age range of customers: 53% In their 20s and 30s

Type of employment: 73.3%White collar employment:

Education level: 79.1% Bachelor's degree or higher:

Family status: Married: 49.3% Households without children: 78%

The owners have collected data on three potential markets presented in the market analysis report shown here and want your feedback.

Which of the Chicago suburbs is the best target for Caffè Gustoso's planned market development? Deerfield, Aurora or Naperville.

And the correct answer is:

Naperville, IL

Explanation:

The following information for the 3 suburbs is taken form US Census

Average

Household

Income Median Age %Married %W/O Kids Race

Naperville $105,585 35 70% 55% 76% White

Aurora $63,967 32 54% 53% 56% White

Deerfield $107,194 40 73% 56% 95% White

The suburb that fits the average customer is Deerfield, for the following reasons:

The average household income of the Caffe Gustoso's customer is $121,000, and the average household income in Naperville is $105,585, a bit less, but not by a lot.
49% of the customers are married, in Naperville, 70% of people are married. The difference is significant, but in Deerfield more people are married (73%), and in Aurora, the percentage of married people is close (54%), but the average income is not ($63,967 vs $121,000).
The average customer is in his 20s and 30s, and the median age in Naperville is 35, still in the 30s.
78% of customers do not have children, and in Naperville 55% of people have children, however, the figures are practically the same for the three suburbs so this is inconsequential.
73.3% of customers are white, and 76% of people in Naperville are white, an almost 1:1 correspondence.

5 0

3 years ago