Answer:
Sales Tax:
Sales tax is levied only on retail sales. Since the inventory is purchased by Mr. & Mrs. CS for their store, it will not qualify to be a retail sale. Property tax is calculated on the property. In our question, property tax will be calculated on the book value as on 31st December.
Step-I: Solution to the problem where sale is not a retail sale:
No, Mr. and Mrs. CS are not required to pay any sales tax on the purchase of inventory, since it is purchased for store and not qualifies to be a retail sale.
Step-II: Property Lax liability on Inventory:
Now, Mr. and Mrs. CS will be required to pay property tax on the book value of inventory left on 31st December. They can minimize their property tax liability by adjusting the time of their purchases. If they could have purchased the inventory in January, then the inventory could have been sold throughout the year and the book value of the stock left as on 31st December would have been lesser. Thus, the amount of tax would also be lesser
The plans that direct the behavior, efforts, and priorities of operations for a short period is known as operational plan.
<h3>What is planning?</h3>
Planning simply means the process of thinking and preparing to achieve a desired goal.
It should be noted that operational plans direct the behavior, efforts, and priorities of operative employees for periods ranging from one to six months.
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Answer:
$12,000 and $33,000
Explanation:
For computing the depreciation for year 2022 and the book value of the same year first we have to find out the depreciation expense for year 2021 and after that the book value which is shown below:
Depreciation expense for 2021 is
= ($45,000 - $5,000) × 4 ÷ 10
= $16,000
Now the Book value as on 1 January, 2022 is
= $45,000 - $16,000
= $29,000
And,
Depreciation expense for 2022 is
= ($45,000 - $5,000) × 3 ÷ 10
= $12,000
Book value as on December 31, 2022 is
= $45,000 - $12,000
= $33,000
This is the answer but the same is not provided in the given options
And, the 10 is come from
= 4 + 3 + 2 + 1
= 10
Answer:
d
Explanation:
the amount by which the price of wheat falls will be smaller the lower the income elasticity of wheat. So, that´s why the income elasticity of wheat is for.
Budget information flows in two directions: up and down. The initial flow should be from the bottom of the tissue to the top. The person responsible for income or expenses should create budget data to measure final performance. Once budget data is communicated to upper management, higher-level management should review the budget for consistency with the overall goals of the organization and the plans of other departments within the organization. All issues should be resolved through discussion between the person who created the budget and their manager.
All levels of the organization should be involved in the budgeting process, not just management and accounting. Lower levels are generally familiar with detailed day-to-day operational data and therefore have primary responsibility for formulating budget details. The top management level should have a better overview of the company's strategy.
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