Answer:
$5,000
Explanation:
The computation of the estimated warranty payable is shown below:
= Credit balance + expected warranty based on sales - warranties paid
= $2,000 + $20,000 - $17,000
= $22,000 - $17,000
= $5,000
The expected warranty based on sales would be
= sales × estimated percentage
= $200,000 × 10%
= $20,000
Simply we added the credit balance and expected warranty and deduct the paid warranties so that the actual amount can come
Answer:
75%
Explanation:
The computation of the percentage increase in income before income taxes is shown below:
Particulars Current $ Increase at 15% Revised $
Sales revenue 1350000 202500 1552500
Less: Variable cost
Variable manufacturing 585000 87750 672750
Variable selling 40500 6075 46575
variable Admin 184500 27675 212175
Total variable cost 810000 121500 931500
Contribution 540000 81000 621000
Less: Fixed cost
Manufacturing 270000 0 270000
Selling 54000 0 54000
Admin 108000 0 108000
Net income 108000 81000 189000
Now percentage increase in income is
= (81000 ÷ 108000)
= 75%
The Benefits Received Principle is an income tax fairness theory that holds that individuals should pay taxes based on the advantages they receive from the government.
According to the benefits received rule, those who receive the most benefits from the government, either directly or indirectly, should pay the most taxes in order to be fair.
Rather than using such a rule, taxes in the United States are mostly paid using a progressive system of income tax .
The benefits received rule dissuades double-counting charitable donations as a tax regulation.
Learn more on income tax -
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Answer:
$32,647
Explanation:
P=R(1-(1+i)^-n)/i
Where P=$140,000
R=?
i=14%
n=7 years
by putting above values in formula, we get
140,000=R (1-(1+.14)^-7)/.14
$140,000=R4.288
R=$140,000/4.288
R=$32,647
