If javier earns 13.50 per hour and works for 80 hours, what is his gtoss pay

On January 1, 20Y3, The Simmons Group, Inc., purchased the assets of NWS Insurance Co. for $37,152,500, a price reflecting an $5

Triss [41]

Answer:

The Simmons Group, Inc.

a. December 31, 20Y9, the book value of Goodwill before impairment = $5,572,875

b. Effects on the accounts of the December 31, 20Y9 adjustment for the goodwill impairment:

1. Impairment loss of $3,901,012 will be accounted for in the Income Statement for the year, thus reducing the reported profits by $3,901,012.

2. Goodwill be reduced to $1,671,863 in the balance sheet by deducting the impairment loss of $3,901,012 from the book value before the impairment.

Explanation:

a) Data and Calculations:

Jan. 1, 20Y3, Purchase price of NWS Insurance Co. = $37,152,500

Goodwill on acquisition = $5,572,875

December 31, 20Y9, the book value of Goodwill before impairment = $5,572,875

Impaired value - $1,671,863

Impairment loss = $3,901,012 ($5,572,875 - $1,671,863)

b) The Goodwill impairment shows that the carrying amount, $1,671,863, is less than the fair value of $5,572,875. Goodwill is an intangible asset which Simmons Group acquired from NWS Insurance on January 1, 20Y3. It is annually tested for impairment by comparing the fair value with the carrying value.

6 0

2 years ago

Joey wants to buy a $3,000 vehicle with 20 percent down for three years at 12 percent interest. what will his monthly payment be

Gnoma [55]

Joey wants to pay for a $3,000 automobile over three years at a 12.5% interest rate with a 20% down payment. His monthly payment will be $79.70.

<h3>What is interest rate?</h3>

The proportion that the lender charges as payment for the loan is known as the interest rate. The annual percentage rate, or APR, seeks to depict the cost of borrowing more accurately. The interest rate, fees, and discount points are all factored into the APR calculation.

<h3>What is the purpose of the interest rate?</h3>

An interest rate informs you of how much borrowing will cost you and how much saving will pay off. Therefore, the interest rate is the amount you pay for borrowing money and is expressed as a percentage of the entire loan amount if you are a borrower.

Learn more about interest rate: brainly.com/question/13324776

#SPJ4

5 0

1 year ago

A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true? a. The company will recognize sale

kirza4 [7]

Answer:

The correct answer is C

Explanation:

Finished goods are those goods which have been finished or completed through the process of the manufacturing or purchased or bought in the completed form, but not sold yet to the customers.

The finished goods cost or expense is considered to be a asset which is short term in nature, which is expected to be sold in less than a year or period.

So, when the company sold the goods that worth $54,000 to the manufacture for $150,000, this will lead to decrease in the finished goods of the company which worth $54,000.

7 0

3 years ago

Your soccer team remains undefeated and is preparing for the state playoffs. You happen to know and can prove that several playe

Veseljchak [2.6K]

Yes I would sacrifice potentially winning the state title. Using performance enhancing drugs is both morally wrong, and illegal. If my team was to win states I would want it to be because we deserved it, not because players were taking drugs. Not only that, but the players who took the drugs could be causing a lot of harm to their bodies, something that isn't worth a title.

7 0

3 years ago

Identify some common miscellaneous itemized deductions and identify any limitations that are imposed on the deductibility of the

a_sh-v [17]

Answer:

The answer is below

Explanation:

Itemized deductions is an auditing or accounting terms, that describes the various expenses that are deducted from the adjusted gross income to reduce the taxable income of an individual or the corporations. For example, job search expenses, mileage expenses, charitable expenses, and etc.

Some common miscellaneous itemized deductions are:

1. Job search expenses: these are deductible from Adjusted Gross Income (AGI) such as travel expenses, resume preparation costs, moving costs, etc.

2. Mileage expenses: mileage expenses is allowed by Internal Revenue Services (IRS) to be deducted from Adjusted Gross Income (AGI) for example; payments, repairs, insurance, etc.

3. Charitable expenses: Charitable expenses are also eligible to deduct from Adjusted Gross Income (AGI) e.g. charitable gifts, donations, etc.

Limitations imposed on items which are deductible

Regardless, if it is job search expenses, mileage expenses, or charitable expenses, all are deductible if they are eligible for the deduction, and according to the IRS, the eligibility criteria are that all the expenses must exceed the 2% of AGI (Adjusted gross income).

Cases in which medical expenses are not deductible

Given that an individual or company pay the amount of medical expenses from their pocket, not from the business cost, hence, in this case, medical insurance is not deductible from the AGI.

At the same time, the insurance premium is excluded for the deduction if they exceed from the fixed amount set by the IRS, therefore, the employer-paid insurance funds cannot be deducted.

6 0

2 years ago