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3 years ago

What agency provides a tax clearance receipt in the sale of a business?

1 answer:

3 0

It is the role of <span>Board of Equalization to provide tax clearance receipt a business sale. This agency is mainly responsible for the administration of tax and collection of fees. This agency will be the one to decide on how they will calculate the tax. </span>

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The following three independent sets of facts relate to contingent liabilities: 1. In November of the current year an automobile

aalyn [17]

Answer:

Situation 1 is a probably contingency. This recall is occurring and can be estimated as costing $2 million. This amount should be charge to the warranties payable and warranties expense accounts.

Date

Particulars

Ref.no

Debit $

Credit $

Warrantee expenses

20,00,000

Warranty payable account

20,00,000

[To record the estimated claims]

Comment

Step 3 of 3

Situation 2 is a reasonable contingency. The costs are possible and there are rough estimates for cleanup but there are also rough estimates about reimbursements for property damage. This situation would be disclosed on the balance sheet.

Situation 3 is a remote contingency. There is a small change that there could be property damage but there is no way to determine how much or what the costs could be. There is no amount marked down for this situation

Explanation:

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3 years ago

The total assets of brandon co. are $900,000 and its liabilities are equal to one-fourth of its total assets. what is the amount

yuradex [85]

900,000 / 1/4 = liabilities
900,000 - liabilities - stockholder's equity

900,000/4 = 225,000
900,000 - 225,000 = 675,000

5 0

3 years ago

Read 2 more answers

Bubble-Up, Inc., is a small manufacturer of educational toys for children under age 10. It has co-existed with three other compe

Vitek1552 [10]

C bubbles up than small size in mega toy

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3 years ago

You are asked to complete the weekly StrongPak Scan. It contains several loose pills, unwanted bulk chemicals, and expired amber

satela [25.4K]

Answer:

If you have not been trained to process damages / final disposition items and you need to dispose of Front Store items that may be considered hazardous waste, you must contact the Manager-on-Duty.

If you have been trained and assigned, you should be able to read product labels to determine if a product may be considered hazardous waste when scanning.

Moreso, if in doubt and If someone is not available to answer your question about a waste, you should immediately place the item in a StrongPak self-sealing bag and set it aside in the damages processing area until a properly trained person can make a hazardous waste determination.

Every drug sales outlet uses a waste management program to properly manage hazardous waste until it is picked up by Stericycle for disposal at a licensed facility.

Also, check for the 2 x 2 Returns Window, to determine if an expired bottle of a drug could be returned.

6 0

3 years ago

Barnes Company reports the following operating results for the month of August: sales $305,000 (units 5,000); variable costs $21

Ostrovityanka [42]

Answer:

1. $30,500;

2. $30,000;

3. $22,000;

=> Option 1 produce the highest net income.

Explanation:

We have sell price per unit = 305K /5K = $61

1. Increase selling price by 10% with no change in total variable costs or sales volume:

Sell price = 61 x 1.1 = $67.1

Sales revenue = 67.1 x 5,000 = $335,500

Increase in sales revenue = 335.5K - 305K = $30,500

As costs remains the same, Net income will increase as much as the increase as sales revenue which is $30,500.

2. Reduce variable costs to 60% of sales:

New variable cost = $305,000 x 60% = $183,000

Saving in variable cost = 213K - 183K = $30,000

As fixed cost and sales revenue remain the same, net income will increase as much as the saving in variable cost which is $30,000

3. Reduce fixed costs by $22,000:

As variable cost and sales revenue remain the same, net income will increase as much as the saving in fixed cost which is $22,000

6 0

3 years ago