The demand curve shows an inverse ,or negative , relationship between

Cheryl was balancing the Trial Balance of the company. She found that the debit balance totaled $73,000 and the credit balance w

klio [65]

I think it is both sides

4 0

3 years ago

Read 2 more answers

Kana is a single wage earner with no dependents and taxable income of $205,000 in 2018. Her 2017 taxable income was $155,000 and

garri49 [273]

Answer:

$47439.50

Explanation:

For a single tax payer if your taxable income range is $200,000 - $500,000 then your income tax is $45,689.50 + 35% of amount over $200,000 of taxable income.

Income tax liability = $45689.50+{ 205000-200000)×35%}

$45689.50+(5000×35/100)

$45689.50+(5000×0.35)

$45689.50+1750

= $47439.50

The income tax liability will be $47439.50

5 0

3 years ago

g On the first day of its fiscal year, Chin Company issued $10,000,000 of five-year, 7% bonds to finance its operations of produ

Elis [28]

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

Total Years = 5, semiannually = 5 × 2 = 10

Rate = 7% yearly, semiannually rate = 7 ÷ 2 = 3.5%

Journal Entries

On Jan 1

Cash A/c Dr. $9,594,415

Discount on bonds payable A/c Dr. $405,585

To Bonds payable A/c $10,000,000

(Being the issuance of bond payable is recorded)

Discount value of issued bonds = $10,000,000 - $9,594,415 = $405,585

2).

On Jun

Interest expenses A/c Dr. $390,559

Discount on bonds payable A/c($405,585 ÷10) Dr.40,559

To Cash A/c($10,000,0000 × 3.5%) $350,000

(Being the payment of first semiannual interest is recorded)

3).

On Dec 31

Interest expenses A/c Dr. $390,559

Discount on bonds payable A/c($405,585*10/100) Dr.$40,559

To Cash A/c($10,000,000*3.5/100) $350,000

(Being the payment of second semiannual interest is recorded)

b). Bond Interest Expense Amount for First Year

= Interest Expenses + Amortized Discount

= $700,000 + $81,117

= $781,117

Interest expenses = $350,000 + $350,000 = $700,000

Amortized Discount = $40,559 + $40,559 = $81,117

c).The Company issued the bonds at $9,594,415 for the face amount of $10,000,000 because bonds issued at discount for $405,585 as the coupon rate is less than the market interest.

4 0

3 years ago

During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 80,000 mini refrigerators, of whi

tiny-mole [99]

Answer:

1. Absorption Costing Income Statement

For the month ended May 31, 2016

Sales $10,800,000

Cost of goods sold

Beginning inventory -

Cost of goods manufactured $9,600,000

Ending Inventory $960,000

Cost of goods sold $8,640,000

Gross margin $2,160,000

Selling and administrative expenses

$1,080,000 + $180,000 $1,260,000

Income from operation $900,000

2. Variable Costing Income Statement

For the month ended May 31, 2016

Sales $10,800,000

Variable cost of goods sold

Beginning Inventory -

Variable cost of goods manufactured $9,280,000

Ending Inventory $928,000

Variable cost of goods sold $8,352,000

Manufacturing margin $2,448,000

Variable selling and administrative $1,080,000

expenses

Contribution margin $1,368,000

Fixed Cost:

Fixed manufacturing cost $320,000

Fixed selling and administrative $180,000

expenses

Total fixed cost $500,000

Income from operation $868,000

3. The reason for difference of amount for income from operation is $32,000 ($900,000 - $868,000). It is due to fixed manufacturing cost which is included for ending inventory under absorption costing (320,000 / 80,000 * 8,000). Hence, income under absorption costing is higher by $32,000 as compared to income under variable costing.

8 0

3 years ago

2)Torres Inc. recently began production of a new product, the halogen light, which required the investment of $600,000 in assets

madreJ [45]

Answer:

The selling price is $99

Explanation:

The selling price of the product can be computed by adding required profit margin to the unit cost of the product.The required profit margin is the 10% return on invested assets.

Total variable cost $59*10000 =$590,000

Fixed expenses ($180,000+$60,000) =$240,000

desired profit margin(10%*$600,000) =$60,000

Total sales revenue =$990,0000

price per unit=$990,000/10000=$99

The cost-plus approach to product pricing gives $99

3 0

3 years ago