If the tax system in the US is progressive, then those with lower income will pay proportionally less than those with higher income as the latter will have a higher tax rate but in fact the rich people usually have or find a lot of tax loopholes to reduce their taxes so may still not be paying a fair share of their taxes compared to the poor people who don't have these loopholes.
Answer:
Cash account reconciliation
Balance: $27,060
- Bank charges: ($40)
+ Error in recording check: $360
Reconciled cash account: $27,380
Bank account reconciliation:
Balance: $28,460
+ Deposit in transit: $4,410
- Checks outstasnding: ($5,490)
Reconciled bank account: $27,380
Answer:
$11,700
Explanation:
Ending Stock = Opening Stock + Production - Sales
= 0 + 5,000 - 4,100
= 900
Ending Stock = 900 x $13.00 = $11,700
Therefore
The dollar value of the ending inventory under variable costing would be $11,700
Answer:
Division A
Operating Income:
Transfer Price = $4.00
Less Costs = $2,25
Operating Income = $1.75
Explanation:
The Transfer Price of $4.00 per burger to Division B is the selling price for Division A's product.
When the costs of producing Division A's product is subtracted from the selling price (transfer price), the result is the operating income.
Operating income is, therefore, the difference between selling price and costs. These costs include the cost of goods sold and other expenses, like wages and salaries, rent, etc. It is the income subject to taxes and profit distribution.
Answer: minimum balance account.
Explanation: