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Aleonysh [2.5K]
3 years ago
11

North Inc. is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1, North accrued and deducted the follow

ing bonuses for certain employees for financial accounting purposes. $7,500 for Lisa Tanaka, a 30 percent shareholder. $10,000 for Jared Zabaski, a 35 percent shareholder. $12,500 for Helen Talanian, a 20 percent shareholder. $5,000 for Steve Nielson, a 0 percent shareholder. Unless stated otherwise, assume these shareholders are unrelated. How much of the accrued bonuses can North Inc. deduct in year 1 under the following alternative scenarios? (Leave no answer blank. Enter zero if applicable. Input all amounts as positive values.) a. North paid the bonuses to the employees on March 1 of year 2.
Business
1 answer:
victus00 [196]3 years ago
3 0

Answer:

North can deduct $35,000 for the accrued bonuses ($7,500 + $10,000 + $12,500 + $5,000)

Explanation:

The corporation has until the middle of March to deduct any bonuses handed out that correspond to past performance. After this 2¹/₂ month period is over, the bonuses must be deducted during the next accounting period.

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Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and cos
Harrizon [31]

Answer:

pat should drive if saving half an hour is worth $0.50 or more

Explanation:

Marginal cost is the additional cost generated by producing an additional unit of output.

Marginal cost of taking the bus = 1 / 2 = 0.50

Marginal utility is the additional utility derived from consuming one more unit of a good

Marginal utility per good = marginal utility / price of the good

Pat should take the action that would yield him the highest utility given the marginal cost

So,pat should drive if saving half an hour is worth $0.50 or more

7 0
3 years ago
An aging of a company's accounts receivable indicates that $8500 are estimated to be uncollectible. If Allowance for Doubtful Ac
Evgesh-ka [11]

Answer:

debit to Bad Debt Expense for $5800

Explanation:

Accounts receivable estimated as uncollectible = $8500

Allowance for Doubtful Accounts = $2700

Additional allowance for Doubtful debts required = $8500 - $2700

                                                                                  = $5800

The adjustment to record bad debts for the period will be

Debit Bad debt expense   $5800

Credit Allowance for Doubtful Accounts  $5800

The right option is debit to Bad Debt Expense for $5800

3 0
3 years ago
The process of making decisions about goals and activities that an organization will pursue in the future is referred to as.
Anarel [89]

The process whereby a organization makes decisions about what they will do in the future is known as planning.

<h3>What is planning?</h3>

Planning simply means the process of thinking in order to achieve a desirable goal.

Planning is the process of making decisions about goals and activities that an organization will pursue in the future.

Organizations make plans in order to increase sales, revenue, etc.

Learn more about planning on:

brainly.com/question/25453419

6 0
2 years ago
Suppose the Federal Reserve announces that it will be making a change to a key interest rate to increase the money supply. This
lubasha [3.4K]

Answer:

Correct option is B

The Federal Reserve is worried about unemployment

Explanation:

We know from phillips curve, there is a backwards connection between swelling rate and joblessness rate. Hence joblessness rate can be diminished by expanding expansion which should be possible by expanding cash supply.  

Or then again an expansion in cash supply will diminish loan fee prompting increment in venture and subsequently increasingly capital development, because of which more work is required and therefore joblessness diminishes.

4 0
3 years ago
Dilithium Batteries is a division of Enterprise Corporation. The division manufactures and sells a long-life battery used in a w
katrin2010 [14]

Answer:

<em>Net Profit Under Absorption Costing for 60,000 units = $ 430,000                   for 90,000 units = $ 940,000</em>

<em>Net Profit  Under Variable Costing for 60,000 units = $ 250,000   for 90,000 units = $ 940,000</em>

Explanation:

Enterprise Corporation

Dilithium Batteries

Absorption Costing Income Statement,

                                                                               

                                                           60,000                 90,000

Sales                                               2100,000               3150,000

Manufacturing Costs                     1500,000                1980,000

Gross Profit                                    600,000                1170,000

Variable Selling and

Administrative Expenses              120,000                   180,000

<u>Fixed Selling & Ad. Expenses       50,000                      50,000</u>

<u>Net Profit                                        430,000                   940,000</u>

<u />

Enterprise Corporation

Dilithium Batteries

Variable Costing Income Statement,

                                                                               

                                                           60,000                 90,000

Sales                                               2100,000               3150,000

Variable

Manufacturing Costs                     960,000                1440,000

Variable Selling and

Administrative Expenses              120,000                   180,000

Contribution Margin                    840,000                1530,000

Fixed manufacturing overhead   540,000                  540,000

costs

<u>Fixed Selling & Ad. Expenses       50,000                      50,000</u>

<u>Net Profit                                        250,000                   940,000</u>

<u />

5 0
3 years ago
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