Answer:
The correct word for the blank space is: the production.
Explanation:
A firm is a business or organization that produces goods or services on a for-profit basis. While the term is typically related to law firms, it applies to an array of entities. For example, a firm can be a corporation which is a legal entity that is separate from its owners and enjoys the right to entering contracts, loan, and borrow money or conduct other business.
Answer:
A. $6,400
B. $240
C. $1,000,000
D. $30,000
Explanation:
Requirement A, C, and D:
Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.
The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.
Requirement B:
There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.
Answer:
A debit to Cash for $5,120, a credit to Cash Overage for $16, and a credit to Sales Revenue for $5,104.
Explanation:
In the current situation, the cash received is in excess of revenue recorded, thus, there will be cash overage.
As per books cash shall be $5,104 but since actual cash is $5,120 there is cash overage of $16
Therefore, for this, actual cash received shall be debited = $1,520
Cash overage shall be credited for $16
And accordingly sales of $5,104 shall be recorded as a credit.
Thus, correct option is: Entry A
Answer:
$152.4 million
Explanation:
The computation of the projected net income is shown below:
As we know that
Net income = (EBIT - interest) × (1 - tax rate)
where,
EBIT = Sales - operating cost
= $700 × 120% - ($700 × 120% × 65%)
= $840 - ($840 × 65%)
= $840 - $546
= $294
The interest expense and tax rate is $40 and 40%
So, the projected net income is
= ($294 - $40) × (1 - 40%)
= $152.4 million
We simply applied the above formula so that the projected net income could be come
Answer:
a. $181.17
b. $218.82
c. $319.21
Explanation:
If the borrower repays the loan after 2 year
PV = $150
n = 2
r = 9.9%
P/yr = 1
Pmt = $0
FV = ?
Using a financial calculator, FV = $181.1702
The amount that will be due if the borrower repays the loan after 2 year is $181.17.
If the borrower repays the loan after 4 years
PV = $150
n = 4
r = 9.9%
P/yr = 1
Pmt = $0
FV = ?
Using a financial calculator, FV = $218.8175
The amount that will be due if the borrower repays the loan after 2 year is $218.82.
If the borrower repays the loan after 8 years
PV = $150
n = 8
r = 9.9%
P/yr = 1
Pmt = $0
FV = ?
Using a financial calculator, FV = $319.2073
The amount that will be due if the borrower repays the loan after 2 year is $319.21.
