Answer:
Inventory Dr.$5,540
Accounts Payable Cr.$5,540
(To record purchase of inventory from crane company credit basis)
No Entry for $3,390 as it is purchase cost of Crane and we are doing accounting entries for Larkspur Company not crane company.
Accounts Payable Dr.$670
Inventory Cr.$670
(To record purchase return)
No Entry is required for scrap value i.e $360 as we are returning the goods to seller not selling the said goods in open market.
Explanation:
Perpetual inventory takes care of bookkeeping more often by recording sales and purchase transaction as and when transaction occurs.
No entry is required for cost of purchase of crane company as we are doing accounting for larkspur company not crane company.Further scrap value is irrelevant when inventory is to be returned to crane company. If we had to sale the same inventory rather then returning the goods to crane then only we had to account for scrap value.
Answer:
Variable costs vary with the volume of production and can be changed in the short run.
Fixed costs do not vary with the volume of production and cannot be changed in the short run. Only in the long run can they be changed.
Variable costs:
- Advertising expenditures
- Fuel
- Shipping charges
- Payments for raw materials
- Wage payments
- Sales taxes
Fixed costs:
- Interest on company issued bonds
- Real estate taxes
- Executive salaries
- Insurance premiums
- Rental payments on leased office machinery.
Answer:
The average tax rate is 26.17%
Explanation:
The computation of the average tax rate having the taxable income is $130,513 is shown below:
$50,000 × 0.15 = $7,500
$25,000 × 0.25 = $6,250
$25,000 × 0.34 = $8,500
$30,513 × 0.39 = $11,900.07
Tax amount is $34,150.07
Now the average tax rate is
= Tax amount ÷ taxable income × 100
= $34,150.07 ÷ $130,513 × 100
= 26.17%
Hence, the average tax rate is 26.17%
Answer:
The answer is given below;
Explanation:
Net operating loss ($25,000,000)
Tax 25% ($6,250,000)
Asset on Operating loss Dr. $6,250,000
Retained Earnings Cr. $6,250,000
Answer:
A. frontline manager
Explanation:
-A frontline manager is a manager that works in activities related to the main processes of the company.
-A tactical manager is a manager that works establishing the best way to act in different circumstances that arise to help achieve the company's goals.
-A strategic manager is a manager that helps to evaluate the goals the company has and works with other managers to create plans to achieve them.
-Top-level manager is a manager that is in charge of supervising the whole company.
-Administrative controller is a person that is in charge of monitoring the administrative tasks.
According to this, the answer is that Harry is most likely a frontline manager because he works to introduce new growth opportunities in the business which is a task related to a core process because these opportunities are important for the company to have a market participation.