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nika2105 [10]
2 years ago
12

Fox Co. reported a retained earnings balance of $800,000 at December 31, 20x1. In August 20x2, Fox determined that insurance pre

miums of $120,000 for the three-year period beginning January 1, 20x1, had been paid and fully expensed in 20x1. Fox has a 30% income tax rate. What amount should Fox report as adjusted beginning retained earnings in its 20x2 statement of retained earnings? a $840,000 b $880,000 c $836,000 d $884,000
Business
1 answer:
adell [148]2 years ago
8 0

Answer: None of the above, the answer is $856,000

Explanation:

The retained earnings of 2001 is arrived at after deducting the tax rate of 30% .

Prior to deduction of tax, operating income is

100/70* 800,000

= 1,142,857.14

The insurance premium that is related to year 2001 is one year which is $40,000 therefore ($120,000-$40,000) which is $80,000 will be added back to the operating income of $1,142,857.14.

This gives $1,222,857.14 the tax rate of 30% is now deducted to give a balance of 70/100*1,222,857.14

this gives the retained earnings of

approximately $856,000 to be carried forward to 2002.

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How does consumer response to advertising vary on different days of the week and at different times of the day
Romashka-Z-Leto [24]

Answer:

The theme is very complex, however a short explanation of that type of distribution is given below with and example.

Explanation:

To begin with, that distribution of variables will totally depend on the type of product that is being under study. Having that in mind, the distribution to the advertising will be more or less strong on the consumer's attention depending on the day. Therefore that, for example, if the case is about an alcoholic drink or something related to the weekends like clothes for going out or something like that, then the advertising will cause more impact in the consumer on fridays and saturdays and that will be like that because the consumer will now be exposed to the possible situation of going out that exact night so he or she might want to consumer an alcoholic drink.

It will be the same with the hours of every day, if the advertising is shown late at night but before party time, then the consumers will be exposed to that commercial and will the necessity of buying, psychologically speaking.

3 0
2 years ago
What is the type of occupation of densist​
ivann1987 [24]

Answer:

Dentist is an occupation related to dental/tooth disease.

Explanation:

It is an occupation related to dentistry which is in the field of health.

7 0
1 year ago
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Dete
storchak [24]

Answer:

The cost of goods sold using the LIFO menthod is;

d. $3,580

Explanation:

Last in First Out (LIFO) method is an inventory method where the recently purchased good is sold first. This means that when accounting for the cost of goods sold, we use the unit cost of the goods that were purchased recently. In our case;

1 Beginning Inventory 150 units @ $10.00

5 Purchase 220 units @ $12.00

10 Sales 140 units @ $20.00

15 Purchase 100 units @ $13.00

24 Sales 150 units @ $21.00

<em>Step 1: Determine total number of units sold;</em>

Total number of units sold=number of sales on May 24+number of sales on May 10

where;

number of sales on May 24=150 units

number of sales on May 10=140 units

replacing;

Total number of units sold=(150+140)=290 units

Total number of units sold=290 units

<em>Step 2: Determine total cost of goods sold</em>

The first 100 units sold were each sold at $13

The remaining 190 units were each sold at $12

Total cost of goods sold=(100×13)+(190×12)=(1,300+2,280)

Total cost of goods sold=$3,580

5 0
3 years ago
McCann Publishing has a target capital structure of 35% debt and 65% equity. This year's capital budget is $850,000 and it wants
levacccp [35]

Answer: $952500

Explanation: targeted equity ratio is 65% = 0.65

Capital budget = $850000

Dividend = net income - (target equity ratio × total budget)

400000 = N - (0.65 × 850000)

Make N the subject of formula

Net income N = $952,500

4 0
3 years ago
Which is not one of the four criteria for a geometric setting?
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The <span>Three outcomes which are the success, failure, and proficient are </span><span>not one of the four criteria for a geometric setting.
</span><span>
The criteria for geometric setting are:</span>
1. Each observation is subdivided into two categories: Success and Failure.
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4. The variable of interest is defined as the number of trials required to obtain the first success.
7 0
3 years ago
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