Money managers

The function of accounting includes analyzing, recording, classifying, summarizing, reporting, strategic management and environm

Arlecino [84]

I'm assuming you want to talk about accountants, that is a practitioner of accounting or accountancy. They do disclosure or provision of assurance about financial information. This in turn helps managers, investors, tax authorities and others make decisions about allocating resource.
In the US licensed accountants are Certified Public Accountants (CPAs), or Public Accountants (PAs), this varies from state to state.

6 0

3 years ago

An individual with a single filing status has an annual income earning of $63,475. Use the 2018 Tax Tiers below to compute the t

Tomtit [17]

Answer:

$9,904

Explanation:

The question is incomplete as it did not contain the 2018 Tax Tiers. The 2018 Tax Tiers can be found on an article published by Forbes (https://www.forbes.com/sites/robertberger/2017/12/17/the-new-2018-federal-income-tax-brackets-rates/#37caf9e1292a). These tiers has been used to answer this question.

With an annual income of $63,475, total amount of tax owed is computed as follows.

Tax rate on income up to $9,525 is 10% = 10% * $9,525 = $952.50

Tax rate on additional income up to $38,700 is 12% = 12% * ($38,700 - $9,525) = $3,501

Tax rate on additional income up to $82,500 is 22% = 22% * ($63,475 - $38,700) = $5,450.50.

We used $63,475 instead of $82,500 in the 3rd bracket due to the limit of the individual's annual income.

Therefore, total tax owed = $952.50 + $$3,501 + $5,450.50 = $9,904.

4 0

3 years ago

If the inventory at murray manufacturing was $100 in 2019 and fell to $75 in 2020, was that a source or a use of cash for the co

Brums [2.3K]

The reduction in inventory value at Murray manufacturing is a source of cash

What is difference between use and source of funds?

A transaction is a use of cash if it requires more cash to be spent on its during the period under review whereas for a source of cash, there would a reduction in its cash usage for the company

In this case, inventory value fell from $100 in 2019 to $75 in 2020, reducing by $25, which means that inventory made use of lesser cash in 2020,releasing $25 for other uses, hence, inventory is a source of cash.

Find out more use or source of cash on:brainly.com/question/28341877

#SPJ1

5 0

2 years ago

25. XYZ Company leased equipment to West Corporation under a lease agreement that qualifies as a finance lease to West but not a

Sergeu [11.5K]

Answer:

The balance in right-of-use asset after two years using straight-line method is $428,571.

Explanation:

Right-of-use asset is simply the lessee's right to the use of leased asset under the agreed terms. The term came into being as a result of IFRS 16 Leases, which replaced IAS 17.

Using straight-line method, depreciation expense is calculated as (Cost - Residual Value) / No of useful life

The economic life of the asset is what we would use as the useful life and not the lease term since that approximates the useful life of the asset.

Therefore, depreciation = ($600,000 - 0) / 7 years = $85,714 yearly

Accumulated depreciation for 2 years is $85,714 x 2 = $171,429 approximately

Therefore, the balance (net book value) in the right-of-use asset after two years will be $600,000 - $171,429 = $428,571

3 0

3 years ago

Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000 th

mihalych1998 [28]

Answer:

Built-in gains tax is $13,020 .

Explanation:

The built-in gains tax is one levied against an S corporation that used to be a C corporation, or received assets from a C corporation.

Here,

Gain= $80,000

Loss= $10,000

Holds= $8,000

Income= $65,000

Corporate tax= 21%

To calculate the built-in gains tax, we will need to calculate the net gain of the corporation and multiply it by the tax rate.

= Built-in-gain - built-in-loss - unexpired NOL

80,000 - 10,000 - 8,000 = 62,000

Then

62,000 x 0.21 tax rate = 13,020

= 13,020

4 0

3 years ago