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Papessa [141]
3 years ago
13

On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1,

2021, but payment for the equipment of $11,900 is not due until December 31, 2021. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 11% interest rate is applicable. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
How much sales revenue would Wooten recognize on January 1, 2021? (Round your final answer to nearest whole dollar amount.)
Business
1 answer:
lubasha [3.4K]3 years ago
4 0

Answer:

$1,157 rounded to the nearest whole dollar

Explanation:

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All your clients like to be listened to accurately. If your client is culturally different from you, it may be more difficult fo
wlad13 [49]

Answer:

B) Accurately following the specified treatment plan designated for your client's observed ethnic group.

8 0
3 years ago
Read 2 more answers
Sheffield Inc. had beginning inventory of $12,000 at cost and $21,500 at retail. Net purchases were $142,872 at cost and $184,00
telo118 [61]

Answer:

Ending inventory at cost using the conventional retail method is $46,824

Explanation:

The conventional retail inventory method is the way for retailer to track cost of purchasing and sale prices. In this calculation, it includes markups but exclude markdowns, then results in a lower inventory value.

Sheffield Inc. had beginning inventory of $12,000 at cost and $21,500 at retail, so the ratio of inventory cost and sales prices is 55.81%.

As such, the inventory cost of $184,000 at retail = 55.81% x ($184,000 + $9,600) = $108,048

The ending inventory cost of Sheffield Inc. = beginning inventory of $12,000 + net purchases of $142,872 – inventory cost for sales $108,048 = $46,824

5 0
3 years ago
At the end of an accounting period, it is important to ensure proper inventory _____ to determine the ownership of goods in tran
Rudik [331]

Answer:

Cutoff.

Explanation:

At the end of an accounting period, it is important to ensure proper inventory cutoff to determine the ownership of goods in transit.

In Financial accounting, the term cutoff refers to the process which ensures that business transactions and activities are recorded in the correct accounting period.

An inventory cutoff involves stopping or pausing shipments or receiving of supplies of goods, in order to enable proper accounting and count checks.

8 0
3 years ago
In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married fil
serg [7]

Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.

<h3>What is tax liability?</h3>

Tax liability refers to the amount that a taxpayer is obliged to pay.

The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.

In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.

<h3>Data and Calculations:</h3>

Earned income = $14,000

Qualified Dividend income = $5,000

Adjusted taxable income = $6,450 ($19,000 - $12,550)

Tax liability = $645 ($6,450 x 10%)

Thus, Carson's tax liability for 2021 is $645.

Learn more about tax liabilities at brainly.com/question/7409145

4 0
2 years ago
Which of the following is a reason to purchase bonds
Anna11 [10]

To receive a specific reliable return on your investment.

It is a specific return because it is pre-set and you know what you can expect to get up front. It is reliable because bonds are low risk and generally safe investments.

Low risk/low reward.

5 0
4 years ago
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