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iragen [17]
2 years ago
10

The 2 main componets of local tax is?

Business
1 answer:
Goshia [24]2 years ago
3 0
Property and sales taxes
You might be interested in
Sidewinder, Inc., has sales of $634,000, costs of $328,000, depreciation expense of $73,000, interest expense of $38,000, and a
Mazyrski [523]

Answer:

$154,050

Explanation:

The computation of the net income for the firm is shown below:

Sales               $634,000

Less: costs      -$328,000

Less: depreciation -$73,000

EBIT                   -$233,000

Less: interest      -$38,000

EBT                      195,000

Less: tax(195,000 × 21%) -$40,950

Net income    $154,050

We simply deduct all expenses ,interest and taxes from the sales revenue so that the net income could come and the same is to be considered

5 0
3 years ago
The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are p
Rina8888 [55]

Answer:

Bridgeport Housewares Inc.

1. Monthly Cash Budget with supporting schedules for September, October, and November:

a. Cash Budget for September, October, and November:

                                                        September      October     November

Beginning balance                           $40,000      $111,0000      $137,500

Cash receipts                                   253,000       259,500        288,000

Total cash available                       $293,000     $370,500     $425,500

Cash Payments:

Payment for manufacturing costs   140,000       130,000        135,000              

Income tax                                                              55,000

Dividend                                                                                      25,000

Selling & administrative expenses   42,000        48,000          51,000

Capital expenditures                                _                    _       200,000

Total cash payment                      $182,000    $233,000      $411,000

Balance                                           $111,000     $137,500       $14,500

Minimum Cash Balance                  50,000        50,000         50,000

Cash to invest or borrow              $61,000      $87,500      -$35,500

b. Supporting Schedules:

i) Cash Collections:

                                                        September      October     November

10% Cash Sales, month of sales       $25,000     $30,000       $31,500

Sales on account: 90%

70% following month of sales                               157,500        189,000

30% 2nd month following sale                                                    67,500

30% of July Sales                                60,000

70% of August                                    168,000

30% of August                                                        72,000

Total cash receipts                         $253,000  $259,500     $288,000

2. The budget indicates that the minimum cash balance (will or will not) be maintained in November.  This situation can be corrected by (investing or borrowing) and/or by the (purchase or sale) of the marketable securities, if they are held for such purposes.  At the end of September and October, the cash balance will (exceed or be sort of) the minimum desired balance.

Explanation:

a) Data and Calculations:

1. Budget Information:

                                                        September      October     November

Sales                                                 $250,000    $300,000      $315,000

Manufacturing costs                           150,000       180,000        185,000

Selling and administrative expenses  42,000         48,000          51,000

Capital expenditures                                _                    _           200,000

2. Cash Collections:

                                                        September      October     November

10% Cash Sales, month of sales       $25,000     $30,000       $31,500

Sales on account: 90%

70% following month of sales                               157,500        189,000

30% 2nd month following sale                                                    67,500

30% of July Sales                                60,000

70% of August                                    168,000

30% of August                                                        72,000

Total cash receipts                         $253,000  $259,500     $288,000

3. Manufacturing Costs:

Manufacturing costs                           150,000       180,000        185,000

less Depreciation, insurance, &

property tax expenses                       50,000        50,000          50,000

Remainder                                          100,000       130,000        135,000

4. Remainder of Manufacturing costs:

80% paid in the month incurred        80,000       104,000        108,000

Remainder 20%, month following     20,000        26,000         27,000

August manufacturing cost:              40,000

Payment for manufacturing costs $140,000     $130,000     $135,000

5. Cash Payments:

Payment for manufacturing costs   140,000       130,000        135,000              

Income tax                                                              55,000

Dividend                                                                                      25,000

Selling & administrative expenses   42,000        48,000          51,000

Capital expenditures                                _                    _       200,000

Total cash payment                      $182,000    $233,000      $411,000

Other relevant information:

Current assets as of September 1:

Cash of $40,000

Marketable securities of $75,000

Accounts receivable of $300,000 ($60,000 from July sales and $240,000 from August sales). Sales on account for July and August were $200,000 and $240,000, respectively

Current Liabilities:

September 1 Accounts payable = $40,000 incurred in August for manufacturing costs.

Selling and administrative expenses are paid in cash in the period they are incurred.

Income tax = $55,000 October

Quarterly Dividend of $25,000 in November

Minimum cash balance of $50,000 monthly

b) When Bridgeport Housewares Inc prepares budgeted monthly cash budgets, important highlights are indicated.  For instance, it becomes easier for the management of Bridgeport to know when to borrow cash to meet the minimum cash balance or in the alternative sell off some marketable securities.  It is also easier for Bridgeport to understand that it can be having excess cash which should not be allowed to sit idle, but can be invested in marketable securities.  The cash budgets and their preparation also help Bridgeport to be better prepared to exert the required efforts to generate sales revenue in order not to jeopardize its liquidity position.  It can also help Bridgeport to understand that the capital expenditure could have been paid for instalmentally starting from September or so instead of lumping the sum in November.  There are many other insights garnered from the cash budgets and their preparation.

8 0
2 years ago
To calculate your return on a stock: If you bought a stock at $80 and earned a $3.00 dividend over the year and at the end of th
grandymaker [24]
New value: $87
new-orig= $7
7/80= 0.0875=87.5%
7 0
3 years ago
In Dart Co.'s Year 2 single-step income statement, as prepared by Dart's controller, the section titled "Revenues" consisted of
Amanda [17]

Answer:

  • what amount should Dart report as total revenues?

B. $250,000

Explanation:

The option B is the answer because the others option are not part of revenues during the year to the single step income.

The recovery of accounts written off are not part of revenues, it's an adjustment to the allowance for uncollectible accounts.

Then, the Purchase discounts is not part of revenues either, this kind of discounts goes directly to the valuation of inventory and then to the cost of goods.

8 0
2 years ago
2. Sunshine Bakery bakes 660 loaves of bread each day and estimates that 10% of the bread will go stale before it is
Alisiya [41]

Answer:

$0.79

Explanation:

The Bakery bakes 660 loaves of bread

The cost of baking one bread= $0.46

The total cost of baking all loaves of bread

= $0.46 x 660

=$303.60

The desired mark up is 55% of cost

=55% of $303.60

=55/100 x $303.60

=0.55 x $303.60

= $166.98

Desired revenues = $166.98 +$303.60

=$470.58

The number of sellable breads= 660 - (10% of 660)

=660-66

=594

Desired income is $470.58; sellable output is 594.

price per bread should be

=$470.58/594

=$0.79222

Price per bread = $0.79

3 0
2 years ago
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