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Otrada [13]
3 years ago
6

The following information is available for Brendon Company before closing the accounts. What will be the amount in the Income Su

mmary account that should be closed to Retained earnings? Retained earnings $ 112,000 Dividends 32,000 Fees earned 187,000 Depreciation Expense—Equipment 12,000 Wages expense 71,400 Interest expense 3,300 Insurance expense 11,700 Rent expense 24,200
Business
1 answer:
CaHeK987 [17]3 years ago
7 0

Answer:

$64,400

Explanation:

The amount of in the income summary that would be closed to retained earnings is the fees earned of $187,000 less the depreciation expense of $12,000,wages expense of $71,400,interest expense of $3,300,insurance expense of $11,700 as well as the rent expense of $24,200 as computed thus:

net income from income summary=$187,000-$12,000-$71,400-$3,300-$11,700-$24,200=$64400

Retained earnings closing balance=$112,000-$32,000+$64400 =$ 144,400.00  

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Match each type of tax with its correct description.
Masja [62]

Answer:

1. Medicare tax.

2. Local income tax.

3. Federal income tax.

4. Social Security tax.

5. State income tax.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

The various type of tax with their correct description are;

1. Medicare tax: it is used to support healthcare costs for retired workers. An example is the Affordable Care Act (ACA) which became effective on the 23rd of March, 2010 and it's focused on making affordable health insurance available to qualified people or households through cost-sharing reductions and premium tax credits (subsidies).

2. Local income tax: it is collected by town, school district, counties and cities to fund city or community programs.

3. Federal income tax: it is collected from most workers, who pay up to 39.6 percent of their earnings. This type of tax is paid by employees with respect to the amount of money they receive as their wages or salary.

4. Social Security tax: it is used to provide financial support to retired and disabled workers. In the United States of America, the Social Security Administration (SSA) adopted the Old-Age, Survivors, and Disability Insurance (OASDI) program to support retired and disabled workers.

5. State income tax: it is collected from workers in most states to fund their budget and the rate differs from state to state.

9 0
3 years ago
The tax treatment regarding the sale of existing assets that are sold for their book value results in​ ________. A. a capital ga
zepelin [54]

Answer:

C) no tax benefit or liability

Explanation:

when you sell an asset, you must determine the gain or loss on the transaction and that is calculated by ⇒ sales price - book value

If both sales price and book value are the same, no gain or loss will result. You are taxed only when you have a gain, or you get a tax benefit only if you have a loss, but when the net result is 0, nothing happens.

8 0
3 years ago
The common stock of Alpha Manufacturers has a beta of 1.14 and an actual expected return of 15.26 percent. The risk-free rate of
Gre4nikov [31]

Answer: d. The actual expected stock return indicates the stock is currently underpriced.

Explanation:

According to CAPM, the expected return is:

= Risk free rate + beta * (market return - risk free rate)

= 4.3% + 1.14 * (12.01% - 4.3%)

= 13.09%

The actual expected return is greater than the CAPM expected return.

This stock is underpriced because it is bringing in a higher return than CAPM predicted based on the market.

8 0
3 years ago
A trend in low- and mid-level accounting software is:_______. a) Most sellers now come from China b) Decreasing prices for packa
timama [110]

Answer:

The correct answer is c) Consolidation of vendors.

Explanation:

Generally this type of ERP's performs a grouping depending on the position and the hierarchical structure (department). In broader cases, it allows to consolidate this type of sellers according to their location, purchase level, age, sex, etc., since this type of program interacts with many areas or modules that are essential in the operation.

6 0
3 years ago
Alicia has at most $196 to buy a new baseball glove and a new baseball bat. which inequality represents this situation?
madam [21]
<span>Estimate for buy a new globe and buy a new bat   196 $</span>

Let the cost of a new glove = A
Let the cost of a new bat = B

Using these variables, 
inequality will be
(A + B) <span><</span><span> 196 $</span>
6 0
3 years ago
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