Answer:
<em>Home-rule charter</em>
Explanation:
<em>According to the given scenario that is been presented in the question, the state legislature passed the </em>home-rule charter.
Because home-rule charter is a type of small constitution. In this a municipality plays a great role, the municipality is given right to pass any kind of rule, but the rule which is been passed should not be against the state constitution.
Answer:
The correct answer is letter "C": consistency.
Explanation:
The consistency principle in Accounting states that a firm should use the same accounting method at the moment of record-keeping its transactions from one period to the following. However, the principle allows companies to change that method from one period over the next one.
Answer:
b. Return on Assets is 16.63%
Explanation:
The return on assets is a profitability measure that shows the effectiveness of management in utilizing the company's assets to generate income.
The return on assets is calculated using the following formula,
Return on Assets = Net Inocme / Average Total Assets
Here,
Net Income = $104940
Average Total Assets = $631051
So,
Return on Assets = 104940 / 631051
Return on Assets = 0.16629 or 16.629% rounded off to 16.63%
Answer:
c. $182,083
Explanation:
current numbers:
sales 415,000
assets 355,000
industry average assets turnover
sales / asets = 2.4
<u>How much do assets need to decrease to get an assets turnover of 2.4?</u>
sales will remain unchanged, so we can only adjust assets on the turnover formula:
415,000/assets = 2.4
assets = 415,000/2.4 = 172.916,67
current assets 355,000
target assets 172, 917
decrease in assets 182.083
Answer:
(A) Half-year and (D) Half-year
Explanation:
MACRS stands for Modified Accelerated Cost Recovery System and is the most commonly-used tax depreciation method .Without getting into too much detail, MACRS is accelerated depreciation that allows for a larger deduction while the asset is still new. By comparison, straight-line depreciation gives you the same deduction year after year over the asset's useful life. MACRS cannot be used for intangible property, nor can it be used to depreciate. MACRS convention determines the number of months for which you can claim depreciation during a partial year, either when you first placed the asset in service or when you disposed of it. The mid-month convention only applies to residential rental property, nonresidential real property, and railroad grading or tunnel bore. It simply means that you get a half month's worth of depreciation no matter when that asset was placed into (or taken from) service during that month, whether that was at the beginning, middle, or end of the month. The half-year convention works the same way but instead of the month it goes by the year. In other words, you'll get 6 months' depreciation if the asset was placed into service or disposed of during the year, no matter if it was in January or December.