Answer:
C. salaries expense
D. service revenue
Explanation:
All temporary accounts need to be closed off at the end of the year. Temporary accounts are accounts that both begin and end the period with a $0 balance so that they do not get mixed up with figures from the next period.
Items in the income statement such as revenue and expenses are closed at year end and will form part of the Retained earnings account as they would have been accounted for in the net income.
Salaries expense and service revenue will therefore be closed at the end of the year.
The answer to this question is the Enterprise Social Network. The Enterprise Social Network or ESN is where businesses / organization use social media to have connections with individuals and groups that have common business ideas, interest, and activities. Enterprise Social Network have the benefits of having a real time source content from the users, providing an access to all archieve documents, and it can streamline communications.
Answer:
a) Is Santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty?
- No he is not required to make any payments or increase his withholdings because this year's withholdings already represent a 133% increase with respect to last year's tax liability. If the withholdings for the current are over 100% last year's tax liability, then the taxpayer doesn't need to make any further adjustments in order to avoid underpayment penalties.
b) By how much, if any, must Santhosh increase his withholding and/or estimated tax payments for the year to avoid underpayment penalties?
Answer:
<em>A. Cycle inventory exists to avoid customer service problems.</em>
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Explanation:
Cycle inventory is the part of inventory kept by a supplier, that shows the amount of inventory available to satisfy demand. Cycle inventory allows the supplier to keep track of his available inventory so as to remove the problem of not meeting customers demand, which can led to loss of customers. And also to reduce the problem of over-storage that can lead to additional holding charge.
To find the margin of safety in dollars, subtract the breakeven sales from the budged or actual sales.
Current sales are 41,800 units
Break even point in units is 33,900
Cost per unit is $170
(33,900)($170) = $5,763,000
(41,800)($170) = $7,106,000
The margin of safety in dollars is:
$7,106,000 - $5,763,000 = $1,343,000
