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2 years ago

Which of the following is NOT a federal income tax deduction?

Business

1 answer:

11Alexandr11 [23.1K]2 years ago

8 0

Answer: a)

Explanation: All the others are deductible, whilst excise taxes are only deductible as a business expense.

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Using the following information, prepare a vertical analysis of two years' income statements. Fees Earned is $153,500 for Year 2

pishuonlain [190]

Answer:

Following Statement is true

Operating income has increased as a percentage of revenue.

Vertical Analysis

Year 2 Year 1

Fees Earned $153,500 $149,700

Operating expenses $122,800 $127,245

Operating Income $30,700 $22,455

Operating Income as percentage of sales 20% 15%

Operating Income as percentage of sales is increased in year 2.

Which of the following statements are true?

Operating income has decreased as a percentage of revenue.

Operating income has increased as a percentage of revenue.

None of these choices are correct.

Operating expenses have increased as a percentage of revenue

7 0

3 years ago

On 20/07/2019, "ABC" Company sold goods to customer "X" with a total value of $120.000 The customer pad

shepuryov [24]

Answer:

1) total sales revenue = $120,000

this amount holds regardless of how much money was collected in cash or if an account/note receivable was recorded

2) the company must recognize interest revenue:

principal = $72,000

interest revenue = $72,000 x 10% x 40/360 days = $800

Dr Interest receivable 8000

Cr Interest revenue 800

4 0

2 years ago

Worker A is more effective than Worker B. Both workers become less effective as their workloads increase. Both workers are paid

sineoko [7]

Answer: False

Explanation:

Question mentions that even though Worker A and Worker B are both paid the same salary and become less effective as their workload increase, Worker A is still more effective than Worker B.

The optimal allocation therefore would be one where Worker A get more of the 200 units of production than Worker B because they would be able to produce more as they are more effective.

8 0

3 years ago

Help please ////////////

ch4aika [34]

Answer:

What is this for???

Explanation:

8 0

3 years ago

Pharoah Company has accumulated the following budget data for the year 2020. 1. Sales: 31,410 units, unit selling price $89. 2.

Rama09 [41]

Answer:

Computation of cost of goods sold for 2020

Direct materials(1 pound× $5 ) $5

Direct labor(3 hours × $12) $36

manufacturing overhead ($8 × 3 hours) $24

Total unit cost $65

Budgeted multiple-step income statement for 2020

Sales ( 31,410 units × $89) 2,795,490

Less Cost of Sales (31,410 units × $65) (2,041,650)

Gross Profit 753,840

Less Operating Expenses :

Selling and administrative expenses: (170,000)

Operating Income 583,840

Less Non - Operating Expenses

Interest expense (30,000)

Income before income taxes 553,840

Income tax (553,840×30%) (166,152)

Income After income taxes 387,688

Explanation:

Cost of Sales = all manufacturing costs

Multi step - Income Statement separates income generated from Primary Activities of the Company (Operating Income) with Income generated from Secondary Activities of the Company (Non-Operating Income)

6 0

2 years ago