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Eva8 [605]
3 years ago
14

3. During the year, Walt travels from Seattle to Tokyo (Japan) on business. His time was spent as follows: 2 days’ travel (one d

ay each way), 2 days’ business, and 2 days personal. His expenses for the trip were as follows (meals and lodging reflect only the business portion):
Air fare 3,000

Lodging 2,000

Meals and entertainment 1,000

Presuming no reimbursement, Walt’s deductible expenses are?

a. $3,500.

b. $4,500.

c. $5,500.

d. $6,000.

e. None of these.
Business
1 answer:
Andrew [12]3 years ago
4 0

Answer:a

Explanation:

easy

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Knowledge Check 01 On January 1, Year 1, Abbott Company granted 92,000 stock options to certain executives. The options are exer
Westkost [7]

Answer:

$153,333

Explanation:

Calculation to determine What amount should Olympic recognize as compensation expense for 2016

Using this formula

Compensation expense =Total compensation/Vesting period

Let plug in the formula

Compensation expense=($5 x 92,000)/3 years

Compensation expense=$460,000/3 years

Compensation expense=$153,333

Therefore What amount should Olympic recognize as compensation expense for 2016 is $153,333

5 0
3 years ago
What type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order
suter [353]
The right answer for the question that is being asked and shown above is that: "Activity." The type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities is called the <span>Activity </span>
7 0
3 years ago
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 77,000 shares authori
Vikki [24]

Answer:

See the explanation below:

Explanation:

1. Prepare journal entries to record the following transactions for Sherman Systems

a. Purchased 5,500 shares of its own common stock at $30 per share on October 11.

<u>Details                                                            Dr ($)               Cr ($)   </u>

Treasury Stock (5,500 × 30)                         165,000

Cash                                                                                      165,000

<u><em>To record the repurchase of own common stock                            </em></u>

b. Sold 1,125 treasury shares on November 1 for $36 cash per share.

<u>Details                                                            Dr ($)               Cr ($)     </u>

Cash (1,125 × 36)                                            40,500

Treasury Stock (1,125 × 30)                                                  33,750

Paid-in Capital from Sale of Treasury Stock                        6,750

<em><u>To record the sale of treasury stock.                                                      </u></em>

c. Sold all remaining treasury shares on November 25 for $25 cash per share.

<u>Details                                                                Dr ($)               Cr ($)     </u>

Cash (4,375 × 25)                                                109,375

Paid-in Capital from Sale of Treasury Stock       6,750

Retained Earnings                                                15,125

Treasury Stock 99,000 (4,375 × 30)                                       131,250

<em><u> To record the sale of the remaining treasury shares                               </u></em>

Kindly note that there is a balance of $6,750 in the Treasury Stock Paid-in Capital account. Since it is utilized, the remaining deficit will show in Retained Earnings.

2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

<u>Details                                                                                            $     </u>

77,000 issued authorized common stock–$10 par value    770,000

Paid-in capital in excess of par value, common stock           241,000

Retained earnings                                                                    904,000

Treasury stock                                                                        <u> (165,000)</u>

Total stockholders’ equity                                                      <u>1,750,000</u>

3 0
3 years ago
When U.S. goods become more expensive relative to foreign goods, exports will __________ and imports will __________.
ipn [44]

Answer:

fall, rise

Explanation:

US goods will become less expensive

3 0
3 years ago
Aleutian Company produces two products: Rings and Dings. They are manufactured in two departments: Fabrication and Assembly. Dat
Wittaler [7]

Answer:

Estimated manufacturing overhead rate= $3 per machine hour

Explanation:

Giving the following information:

Machine Hours Per Unit:

Rings= 6 (1,000 units)

Dings= 11 (2,040 units)

All of the machine hours take place in the Fabrication Department, which has an estimated total factory overhead of $85,200.

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 85,200/(6,000 + 11*2,040)= $3 per machine hour

6 0
3 years ago
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