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Tom [10]
3 years ago
15

On March 19, 2015, Karen dies and leaves Larry an insurance policy with a face value of $100,000. Karen is Larry's sister, and L

arry elects to take the proceeds over 10 years ($10,000 plus interest each year). This year Larry receives $13,250 from the insurance company. How much income must Larry report for the current year?
Business
1 answer:
Paladinen [302]3 years ago
8 0

Answer:

$3,250

Explanation:

Calculation to determine How much income must Larry report for the current year

Current year income=$13,250-$10,000

Current year income=$3,250

Therefore How much income must Larry report for the current year is $3,250

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Return on assets is computed as net income divided by total assets. true false question. true false
zvonat [6]

The statement, return on assets is computed as net income divided by total assets, is true.

Return on assets (ROA) is a profitability ratio, which measures that how efficiently a company uses the assets it owns to generate profits. If a company wants increase the return on assets then the company tries to increase the profit margin.

So the return on asset of a company is computed by dividing the net income earned by the company by average total assets employed by the company. Thus, it measures how much percentage of profit the company is generating in respect to its assets.

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5 0
1 year ago
Synergy is obtained by apportioning financial resources among divisions to increase financial returns or spread risks among diff
garik1379 [7]
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3 years ago
Factors driving supply<br>​
Sauron [17]

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Being More Responsive to Customer’s Unique Product Requirements with Short-Notice Production Flexibility is the New Normal.

Explanation:

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2 years ago
Suppose your company sells services of $170 in exchange for $130 cash and $40 on account. Depreciation of $60 relating to equipm
mario62 [17]

Answer and Explanation:

Q2) Calculate the amount that should be reported as net cash flow from operating activities:

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Since there is an in Account Receivables therefore it will be negative

Since depreciation is a non cash expense, therefore, it will be added

$60 - $40 = $20 (Net Cash flow from operating activities)

Q3) Amount as net income:

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Net Income = $110

Q4)

Net inome = $170

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5 0
3 years ago
For financial accounting purposes, what is the total amount of product costs incurred to make 24,500 units
Anna71 [15]

Answer:

The product cost for 24,500 units is $497,350.

Explanation:

The reason is that the the product cost always includes all the variable production cost and specific fixed production cost. In this scenario, direct material cost, direct labor cost, variable manufacturing overhead cost are variable production cost whereas the fixed manufacturing cost is specific fixed production cost which will form part of product cost. The remainder of the cost left is period cost.

Direct materials (24,500 * $7.7 per unit)                               $188,650

Direct labor (24,500 * $4.7 per unit)                                       $115,150

Variable manufacturing overhead (24,500 * $2.2 per unit)  $53,900

Fixed manufacturing overhead (24,500 * $5.7 per unit)      <u>$139,650 </u>

Total product costs                                                                 $497,350

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