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Leno4ka [110]
3 years ago
15

Your cousin has asked you to bankroll his proposed business painting houses in the summer. He plans to operate the business for

5 years to pay his way through college. He needs $15000 to purchase an old pickup truck, some ladders, a paint sprayer and some other equipment. He is promising to pay you $4500 at the end of each summer for 5 years. Calculate the annual rate of return.
Business
1 answer:
Sonbull [250]3 years ago
6 0

Answer:

the annual rate of return is 15.24%

Explanation:

The computation of the annual rate of return is shown below:

Given that

NPER = 5

PV = -$15,000

PMT = $4,500

FV = $0

The formula is shown below:

= RATE(NPER,PMT,-PV,FV,TYPE)

AFter applying the above formula, the annual rate of return is 15.24%

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Which of the following statements about income taxes is not correct?
Anastaziya [24]

The correct statement regarding the income tax is Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future. hence option C is correct

<h3>What is income tax?</h3>

A tax placed on people or organizations in relation to their income or profits is known as an income tax. Tax rates multiplied by taxable income are typically used to calculate income taxes. Tax rates might change depending on the taxpayer's attributes and source of income.

The complete part of the question is below:

A) Review Later Income tax expense includes both the amount of tax payable in the current period and the amount of tax due in future periods.

B)Income taxes are based on taxable income and not accounting income.

C)Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future.

D)Deferred taxes arise because of temporary differences between the tax base and the carrying amount of assets and liabilities on the balance sheet.

Hence option C is correct.

Learn more about income tax:

brainly.com/question/17075354

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7 0
2 years ago
JDS Foods’ projected benefit obligation, accumulated benefit obligation, and plan assets were $65 million, $55 million, and $37
Kitty [74]

Answer:

a) $28 Million

b) -$24 Million

Explanation:

The first part of the question is to determine the pension liability tht should be reported in the balance sheet

To do this, we use the following formula

Projected Benefit Obligation - The Plan Assets

= $65 million - $37 Million = $28 Million

Part B) This part says to dettermine the amount JDS would report if the planned asset increase to $89 million

The formula Projected Benefit Obligation - The Plan Assets  still should be used but there is a difference as follows

$65 million - $89 Million = -$24 Million

6 0
3 years ago
Lok Co. reports net sales of $5,856,480 for 2016 and $8,679,690 for 2017. End-of-year balances for total assets are 2015, $1,686
mart [117]

Answer:

2016 = $3.36

2017 = $4.59

Explanation:

The solution of total assets turnover is shown below:-

Particulars                                              2016          2017  

Total assets in the beginning     $1,686,000    $1,800,000

Total assets at the end                $1,800,000    $1,982,000

Average assets                            $1,743,000    $1,891,000

(Assets in the beginning + Assets at end) ÷ 2

Sales revenue                               $5,856,480   $8,679,690

Total assets turnover                     $3.36              $4.59

(Sales revenue ÷ Average Total assets)

4 0
3 years ago
An organization owned by stockholders that accepts deposits, processes payments, and
Oxana [17]

Answer:

A Bank

Explanation:

8 0
2 years ago
Consider the following information pertaining to OldWest's inventory:
kipiarov [429]

Answer:

$2,664

Explanation:

Generally Acceptable Accounting Principles requires that the closing inventory should be valued at lower of cost and Net realizable value.

Product     Quantity    Total Cost     Total Net Realizable Value

Revolvers      13           $126              $155

Spurs             22          $32               $27

Hats               9            $58               $48

Choosing Which one is lower for each product

Product     Quantity    Rate        Total Value

Revolvers      13           $126              $1,638

Spurs             22          $27               $ 594

Hats               9            $48               $432

Total Closing Inventory Value = $1,638 + $594 + $432 = $2664

4 0
3 years ago
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