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3 years ago

1) Show the effect of the following transactions on the Accounting Equation:

Business

1 answer:

Dennis_Churaev [7]3 years ago

6 0

Answer:

Assets=48,000

Liabilities=47,700

Capital=300

More explanations is as attached.

Explanation:

The accounting equation can be expressed as shown;

A=L+C

where;

A=assets

L=liabilities

C=capital

This is then written as;

Assets=liabilities+capital

More explanations is as attached.

Download xlsx

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The following units of an item were available for sale during the year:

valina [46]

Best answer

a firm has beginning inventory of 300 units at a cost of 11 each. production during the period was 650 units at 12 each. if sales were 700 units what is the cost of goods sold (assume FIFO)

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3 years ago

Jamie is single. In 2020, she reported $108,000 of taxable income, including a long-term capital gain of $5,800. What is her gro

svetoff [14.1K]

Answer:Jamie's gross tax liability is $19,572.50

Explanation:

Since Jamie is single with taxable income of $108,000 which includes $5,800 long term capital gain.

Therefore $102,200 (108,000 -5,800) will be taxed under normal tax rates and $5,800 would be under long term capital gain tax rate.

With regards the 2020 tax schedule, Since her ordinary income is $102,200, Jamie falls under 24% rate tax bracket under filing for single status.

Tax liability on ordinary income =$14,382.50 plus 24% of any income you made above $84,200

14,382.50 + 0.24 (102,200 - 84,200)

14,382.50 + 0.24 x 18000

= 14,382.50 + 4,320

= $18,702.50

Also, according to her income, longterm capital gain tax applicable in 2020 is 15%

Tax on long term capital gain = 5,800 × 0.15

= $870

Jamie's gross tax liability is $18,702.50 + 870 = $19,572.50

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3 years ago

Political forces that affect transportation businesses

bearhunter [10]

It is important to note that politics and the economy have effects on the transportation industry, as the industry is ever changing with new policies, regulations, or capacity issues.

Politicians and the policies they create dictate the US economy, effecting all industries. It is seen that the transportation industry saw effects because of the trade and tariff wars. The overall regulations depend largely on the economic and political outlook of the party in power.

For instance, a government that is inclined to pursue neo-liberal policies, could pass more legislations favoring industries and big businesses, while a government inspired by socialism could push policies favoring small businesses.

Hence, the answer was given and explained above.

To learn more about politics and political party here:

brainly.com/question/12548909

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1 year ago

Nolan is applying for a promotion within his company. the ________ state that the qualified candidate must have a four-year coll

balandron [24]

The correct answer is job specifications. Job specifications is being defined as a statement in regards of the essential components of the job class by which it includes the summary of the work that are to be performed, responsibilities, minimum qualifications, and as well as the primary duties.

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3 years ago

On January 2, 2021, Miller Properties paid $28 million for 1 million shares of Marlon Company's 6 million outstanding common sha

emmainna [20.7K]

Answer:

A. Income statement $8.4 million

B. Balance sheet million $35.4 million

C. Operating cash flow million $1 million

Investing cash flow million=$28 million

Explanation:

a. Calculation for Income statement million

Using this formula

Income statement=Investment revenue -Patent amortization adjustment

Let plug in the formula

Income statement= ($54 million × 1/6)-([$36 million] × 1/6]÷10 years)

Income statement=$ 9.0-$0.6

Income statement=$8.4 million

Therefore Income statement million will be $8.4 million

b. Preparation of the Balance sheet million

Cost $28 million

Add Investment revenue $9.0 million

($54 million × 1/6)

Less Dividend ($1 million)

($6 million × 1/6)

Less Patent amortization adjustment ($0.6 million)

([$36 million] × 1/6]÷10 years)

Balance sheet million $35.4 million

($28 million+$9.0 million-$1 million-$0.6 million)

Therefore Balance sheet million will be $35.4 million

c. Preparation of the Statement of cash flows

Operating cash flow million=($6 million × 1/6)

Operating cash flow million= $1 million

Investing cash flow million=$28 million

Therefore Operating cash flow million will be $1 million while the Investing cash flow million will be $28 million.

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2 years ago