Complete question :
Your company has sales of $101,500 this year and cost of goods sold of $66,300. You forecast sales to increase to $118,900 next year. Using the percent of sales method, forecast next year's cost of goods sold. The Tax Cuts and Jobs Act of 2017 temporarily allows 100% bonus depreciation (effectively expensing capital expenditures). However, we will still include depreciation forecasting in this chapter and in these problems in anticipation of the return of standard depreciation practices during your career The forecasted cost of goods sold (COGS) is $ ___________ (Round to the nearest dollar.)
Answer:
$77,666
Explanation:
Given the following :
Sales for the year = $101,500
Cost of goods sold =$66,300
Forecasted increase in sales for next year = $118,900
Forecasted cost of goods sold for next year =?
Percentage cost of goods sold for this year:
Cost of goods sold / sales for this year
$66300/$101500
= 0.6532019
Forecasted cost of goods sold for next year:
(Forecasted increase in next year's sale * % cost of goods sold for this year)
= 118,900 * 0.6532019
= $77665.714
= $77666 ( nearest dollar)
Answer:
$,1,326
Explanation:
Calculation to determine how much can Clark claim as a child and dependent care credit in 2020
Using this formula
Amount to claim=Tax rate*(Housekeeper salary+ Amount paid to Kiddie play camp)
Let plug in the formula
Amount to claim=26% *($3,600 + $1,500)
Amount to claim=26%*$5,100
Amount to claim=$1,326
Therefore The amount that Clark can claim as a child and dependent care credit in 2020 is $1,326
Answer:
$330,000
Explanation:
the journal entries would be:
Dr Cash 200,000
Cr Notes payable - bank 200,000
Dr Equipment 80,000
Cr Cash 40,000
Cr Notes payable 40,000
Dr Merchandie inventory 60,000
Cr Accounts payable 60,000
Dr Accounts receivable 120,000
Cr Service revenue 120,000
Dr Accounts payable 30,000
Cr Cash 30,000
Dr Utilities expense 60,000
Cr Cash 60,000
Assets:
- Cash = 200,000 - 40,000 - 60,000 - 30,000 = $70,000
- Equipment = $80,000
- Merchandise inventory = $60,000
- Accounts receivable =$120,000
- total = $330,000
