On an organization's board of directors, inside directors <span>may be members of the firm; outside directors </span><span>are supposed to be elected from outside the firm.</span>
The board of directors is responsible for keeping the organization’s vision, mission, and strategic planning goals. Duties of boards include: <span>choosing the CEO, approving major policies, making major decisions, overseeing performance<span>, and serving as external advocate.</span></span>
The replacement period ends on December 31,2023 based on the information given about the insurance.
<h3>How to explain the information?</h3>
It should be noted that the replacement period is the period beginning and ending the reimbursement of an equipment.
It should be noted that the replacement will begin on the date when the equipment was stolen. In this case, it will then end two years after the close of the first tax year where the part of gain is realized.
Therefore, the replacement period ends on December 31,2023
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Options
A) September 30, 2023
B) December 31, 2023
C) December 31, 2022
D) December 31, 2021
Answer:
1. $400,000
2. $140,000
3. $56,000
4. $84,000
Explanation:
1. Budgeted gross profit = Budgeted sales - Budgeted COG sold
where, Budgeted COG sold = $480,000 + $60,000 - $40,000 = $500,000
By putting the value, we get
Budgeted gross profit = $900,000 - $500,000
= $400,000
2. Budgeted income before taxes = Budgeted gross profit - selling and administrative expenses - interest expense
= $400,000 - $250,000 - $10,000
= $140,000
3. Budgeted income tax = Budgeted income before taxes × tax rate
= $140,000 × 40%
= $56,000
4. Budgeted net income = Budgeted income before taxes - Budgeted income tax
= $140,000 - $56,000
= $84,000
Answer: Option D
Explanation: A specialized type of journal that keeps records of orders made by a business on credit or on account is called purchase journal. In simple words we can say that this journal is used by entities to record all the orders placed using vendor credit or accounts payable.
.
Therefore, Transactions in option A and B will not be recorded in purchase journal as these are cash transactions and option C is a sales transaction. Thus, purchase of furniture on account in option D is the right answer.
Answer: 160
Explanation:
The number of post it notes that the manager will order from their supplier will be the difference between the restocking level and the inventory at the time of review. This will be:
= Restocking level - Inventory at the time of review
= 300 - 140
= 160
Therefore, the order quantity is 160.
