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3 years ago

Three (3) State taxes and briefly describe each

1 answer:

8 0

The three state taxes are what you earn, taxes on what you buy, and taxes on what you own.

Earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes;

Buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes;

Own: property taxes, tangible personal property taxes, estate, and inheritance taxes, and wealth taxes.

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Olivia is considering working a secretary job for a small law firm. Given the opportunity costs of working the job, she will not

SOVA2 [1]

What would likely raise Olivia's reservation wage is if Olivia learns that the job is more challenging than she initially thought

Reservation price is the least amount of wage that a worker would be willing to accept for services rendered.

Factors that lead to changes in reservation wages

Finances: a worker that is in debt or in desperate need of money would have a lower reservation wage when compared with a person that is debt-free. For example, the reservation wage of a billionaire would be higher than the reservation wage of an homeless individual.

Nature of the job: the more challenging a job is, the higher the reservation wage that would be demanded by a worker.

Length of unemployment: the longer a person has been unemployed for, the lower the reservation wage.

To learn more about reservation wage, please check: brainly.com/question/14293413?referrer=searchResults

8 0

3 years ago

The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw material

Sholpan [36]

Answer:

cost of goods manufactured= $176,000

Explanation:

Giving the following information:

Direct materials:

Beginning inventory= $16,000

Ending inventory= $20,000

Purchase= $72,000

WIP:

Beginning inventory= $40,000

Ending inventory= $44,000

Direct labor= $72,000

Manufacturing overhead applied= $40,000

To calculate the cost of goods manufactured, we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 16,000 + 72,000 - 20,000= 68,000

cost of goods manufactured= 40,000 + 68,000 + 72,000 + 40,000 - 44,000

cost of goods manufactured= $176,000

8 0

3 years ago

The management of Unter Corporation, an architectural design firm, is considering an investment with the following cash flows:

Taya2010 [7]

Answer:

6.50 Years

Explanation:

The computation of the payback period of the investment is shown below;

Total cash outflow is

= $15,000 + $8,000

= $23,000

Now the Cash Inflow in all 6 years is

= $1,000 + $2,000 + $2,500 + $4,000 + $5,000 + $6,000

= $20,500

Cash inflow in Year 7 is $5,000.

But Cumulative Cash flows from Year 1 to Year 7 is

= $20,500 + $5,000

= $26,500

This amount is more than Initial Investment i.e. $23,000.

So our Payback period is between 6 & 7 years i.e.

= 6 + ($23,000 - $20,500) ÷ 5000

= 6.50 Years

7 0

3 years ago

2. What are the importance of vocation and business?

Alik [6]

Answer:

A major part of your life is your vocation. This is your career or even your business. Fulfillment in your vocation can contribute to leading a satisfying and successful life. Factors involved in having a satisfying vocation are that you should have a purpose, help others and be concerned about future generations

5 0

3 years ago

Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual in

k0ka [10]

Answer:

Nov 05

Dr Merchandise inventory 9,000

Cr Accounts payable 9,000

Nov 07

Dr Accounts payable 350

Cr Merchandise inventory 350

Nov 15

Dr Accounts payable 8,650

Cr Merchandise inventory 346

Cr Cash 8,304

Explanation:

Preparation of Journal entries

Based on the information given we were told that on Nov. 5 the company Purchased 900 units of product at the amount of $10 per unit which means that the Journal entry will be:

Nov 05

Dr Merchandise inventory 9,000

Cr Accounts payable 9,000

(900 units *$10 per units)

Based on the information given we were told that the company on Nov. 7 Returned 35 defective units from the the month of November 5 purchase in which they received full credit which means that the Journal entry will be:

Nov 07

Dr Accounts payable 350

Cr Merchandise inventory 350

(35*$10 per units)

Based on the information given we were told that the company on Nov. 15 Paid the amount of money due from the month of November 5 purchase in which they minus the return on November 7 which means that the Journal entry will be:

Nov 15

Dr Accounts payable 8,650

(9,000- 350)

Cr Merchandise inventory 346

(4%*8,650)

Cr Cash 8,304

(8,650-346)

8 0

3 years ago