Who pays the tax does NOT depend on who write the check to the government.
Who pays the check ultimately depend on the elasticity of supply and demand. This is because, suppliers have several ways of passing the taxes levied on them by the government to the consumers in form of increase in price of their products. But this also depend on the elasticity of the products, because if the prices are too high, some customers may decide to buy somewhere else or to go for a substitute.<span />
Answer:
N= 15
FV= 1,000
PV= 974
I= 4.03
Compute PMT
Put these values in a financial calculator
PMT = 37.9
Explanation:
The cost of goods manufactured is $34,000
What is cost of goods manufactured?
The cost of goods manufactured is the cost of the units of finished goods manufactured during the period under review.
The cost of goods manufactured is determined as opening work-in-process plus labor direct costs, direct materials cost, applied manufacturing overhead and thereafter we deduct the ending work in process, note that the estimated overhead is applicable since the materials are computed using the purchase cost
cost of goods manufactured=$13,000+$16,000+$10,000+$17,000-$22,000
cost of goods manufactured=$34,000
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Answer:
C Liabilities are understated, and net income is overstated.
Explanation:
To accrue for interest expense, the required entries are;
Debit Interest expense (p/l)
Credit Accrued Interest (B/s)
Being entries to recognize accrued interest expense.
If this is not posted, liabilities and expenses for the period would be understated. As such, net income would be overstated.
Hence the right answer is C Liabilities are understated, and net income is overstated.
<span>Purchased the patent for $170,000 in the beginning of 2011.Expected useful life is 10 years.Has a legal life of 17 years.Amortization expense = Cost/estimated useful life = $170,000/10 years = $17,000 per yea</span>
