Answer:
$ 48,000
$3,200
Explanation:
Since C corporations are separate taxable entities, Cassowary Corporation will report the operating income and tax-exempt income. An S corporation is a tax reporting entity. Therefore, Barbara will report ordinary business income of $ 48,000 and tax-exempt $ 3,200.
Reason -
Business income = 120,000×40%
= 
= $48,000
⇒Business income = $48,000
Tax-exempt = 8,000×40%
= 
= $3,200
⇒Tax-exempt = $3,200
Answer:
C- resource planning
Explanation:
“Resource planning is the act of allocating and utilizing resources (people, machinery, tools, rooms etc) to achieve maximal efficiency of those resources” (Ganttic, 2015). This management function plans the inputs needed for operations and ensures that they are always available for the daily functioning of the organisation and its different units. the resource planning unit would ensure that the required numbers for production and distribution are met.
Answer:
See below
Explanation:
The cash balance as at the end of December 31 2020 is the net cash provided by operating activities, less net cash used by investing activities plus net cash provided by financing activities plus the beginning cash balance as at January 1, 2020
Net cash provided by operating activities = $569,000
Net cash used by investing activities = $988,000
Net cash provided by financing activities = $595,000
Beginning cash balance = $331,000
Closing cash balance = $569,000 - $988,000 + $595,000 + $331,000
Closing cash balance = $507,000
Answer:
C. Business entity principle
Explanation:
- A business entity principle is one that states the transactions that are linked to a business must have a separate record-keeping and form those who are owners of the other business.
- Thus separates the records for the organization of the business and excludes the assets and the liabilities of the other owners of the business.
Answer:
D) Internal Revenue Service
Explanation:
Since creditors are supplying raw materials and lending the money to the corporation, they are highly interested in the financial statement.
Since the management of the firm is operating the company, they have the right to know the financial statement.
Since the stockholders are the company owners and provide money, they are the primary people to know the financial position of the firm.
Finally, the <em>Internal Revenue Service</em> is the government body. IRS is helping to measure the treasury of the U.S. government. Therefore, there is no or little connection between the company and the IRS. As they do not gain anything from the company except tax, they do not have any interest in analyzing the company's financial statements.
