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3 years ago

Fit-for-Life Foods reports the following income statement accounts for the year ended December 31.

Business

1 answer:

Alenkinab [10]3 years ago

4 0

Answer: Check attachment

Explanation:

Note that, in the attachment, the total expense was calculated as the addition of the selling expense and the general and administrative expenses. This will be:

= $49700 + $34110

= $83810

Operating income was calculated as:

= Gross profit - Total expenses

= $107200 - $83810

= $23390

Check the attachment for further details.

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A company wants to set up their headquarters in Spain where the corporate tax rates are as follows: 11% of first $40,000 profits

cupoosta [38]

Answer:

The correct answer is $240,000 and $76,030.

Explanation:

According to the scenario, the computation for the given data are as follows:

Total Revenue = $350,000

Total cost = $100,000

So, Profit = $350,000 - $100,000 = $250,000

Allowable tax deduction = $10,000

So,Taxable income = $250,000 - $10,000 = $240,000

Tax to pay:

11% on first $40,000 = ( 11% × $40,000) =$4,400

22% on next $26,000 = ( 22% × $26,000) = $5720

39% on next $29,000 = ( 39% × $29,000) = $11,310

42% on ($240,000 - $110,000) = ( 42% × $130,000) = $54,600

So, Total tax payable = $4,400 + $5,720 + $11,310 + $54600

= $76,030

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3 years ago

An academic essay should always open with a centered __________ at the top of the first page.

Zepler [3.9K]

An academic essay should always open with a centered title at the top of the first page.

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3 years ago

Chase invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in

Liula [17]

Answer:

B $15,000; $10,000; $5,000

Explanation:

The owner's equity is the amount of money invested by the owner into the business.

The liability represents the obligations of the entity to third parties while the assets are the resources owned by the entity.

Given that Chase invested $5,000 of his own money in his new auto detailing business and then obtains a loan and builds a small workshop in his backyard for $10,000.

Equity = $5,000

Asset which is the small workshop and the cash invested = $10,000 + $5,000 = $15,000

Liability which is loan taken = $10,000

Hence, assets, liabilities and equity are $15,000; $10,000; $5,000 respectively.

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4 years ago

Suppose a bakery reports this information: beginning raw materials inventory $4,000 ending raw materials inventory 3,000 beginn

photoshop1234 [79]

To calculate cost of direct materials used, you take Purchases of raw materials and subtract the change in raw materials. The idea is that the cost of raw materials used will be however much raw materials decreased during the period plus the purchase of raw materials. Beginning raw materials is 4000, and ending raw materials is 3000, a change of -1000. Purchases of raw materials were 99,000. The Cost of Direct Materials is 99,000 - (-1000) = 100,000.

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3 years ago

Electronic scanners that track consumer purchases are examples of the ________ method of marketing research.

Marta_Voda [28]

<span>Electronic scanners that track consumer purchases are examples of the observation method of marketing research.Because they observe it and checks whether it is the correct input and also it checks whether the pattern is match with the already inputted format. Without proper output of scanners we can't proceed the purchase.</span>

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3 years ago