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3 years ago

What describes a type of tax that funds City programs

1 answer:

6 0

Local income taxes. Other taxes like federal income tax would go to nationwide programs. Medicare tax goes towards national health care, etc. Local income taxes will go towards city programs

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Cullumber Company’s 12/31/21 balance sheet reports assets of $11450000 and liabilities of $4890000. All of Cullumber’s assets’ b

Arturiano [62]

Answer:

$4,392,000

Explanation:

For computing the cost of the goodwill, first we have to calculate the fair value of the net asset which is shown below:

The fair value of net asset = Asset balance + fair value of land - liabilities balance

= $11,450,000 + $690,000 - $4,890,000

= $7,250,000

And, the acquire value is $11,642,000

So, the goodwill would be

= $11,642,000 - $7,250,000

= $4,392,000

4 0

3 years ago

Desmond, a US citizen, opens and operates a jewelry store in Lisbon, Portugal. This counts as: investment for Desmond and US for

Katen [24]

Answer: Investment for Desmond and US foreign direct investment.

Explanation:

This is an investment for Desmond because he owns the store. He is therefore the equity shareholder and investor into the store.

It is also a U.S. Foreign Direct Investment (FDI) because FDI is what describes a situation where an entity from a country goes to another country and sets up a business there that they will own and operate. Desmond being a U.S. citizen is operating a store in another country so this is U.S. FDI.

3 0

2 years ago

The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses i

o-na [289]

Answer:

From the attached excel file, we havee:

Revenue and spending income from operations variance = $4,566 Favorable

Activity income from operations variance = -$5,860 Unfavorable

Explanation:

Note: See part a of the attached excel file for the flexible budget performance report that shows both revenue and spending variances and activity variances for September.

Also Note: See parts b and c of the attached excel file for the calculations of revenue and spending variances and activity variances respectively for September.

Download xlsx

8 0

2 years ago

Janie has a joint account with her mother with a balance of $562,000. Based on $250,000 of Federal Deposit Insurance Corporation

vaieri [72.5K]

Answer:

$31,000

Explanation:

Given:

Janie holds joint account with her mother that has a balance of $562,000. They are covered up to $250,000 each under Federal Deposit Insurance Corporation.

It is assumed by FDIC that all co-owners' shares are equal.

So, Janie's share in the balance = 562,000 ÷ 2

= $281,000

Amount insured = $250,000

Uninsured amount = 281,000 - 250,000

= $31,000

Therefore, Janie's savings worth $31,000 will not be covered by deposit insurance.

4 0

3 years ago

Avon Products, Inc., located in New York City, is one of the world’s largest producers of beauty and related products. The compa

kvv77 [185]

Answer:

a) Accounts Receivable 2015 = $443,000 2014 = $515,600

b) Bad Debt Expense = $144,100

c) Gross sales = $6,083,300

d) Cash collected from Customers = $6,005,000

Explanation:

a and b are given.

c) Gross Sales = $6,076,500 + $6,800 = $6,083,300

d) Cash collected = opening balance in Account receivable + credit Net sales - Bad debt - Closing balance in Accounts Receivables

= $515,600 + $6,076,500 - $144,100 - $443,000

=$6,005,000

4 0

3 years ago