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3 years ago

Ted begins the month with a checking account balance of $1,400. He

Business

1 answer:

Tcecarenko [31]3 years ago

3 0

Answer:

$1,486.29

Explanation:

To calculate Ted's account balance at the end of the month:

First, deduct the checks:

1400 - 350.45 - 200.01 - 11.53 - 68.10 - 177.37 = 592.54

Now, add the deposits:

592.54 + 450 + 450 = 1,492.54

The bank charges him a $0.25 fee for every check. He wrote five checks, so his fee is:

0.25 * 5 = 1.25

Deduct the fee from his account:

1,492.54 - 1.25 = 1,491.29

Finally, deduct the monthly account fee:

1,491.29 - 5 = 1,486.29

The first option is the correct option.

Hope this helps :)

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Jacob Corcoran bought 10,000 shares of Grebe Corporation stock two years ago for $24,000. Last year, Jacob received a nontaxable

Evgen [1.6K]

Answer:

Explanation:

Given that :

Jacob Corcoran bought 10,000 shares of Grebe Corporation stock two years ago for $24,000.

Last year, Jacob received a nontaxable stock dividend of 2,000 shares in Grebe Corporation, and

In the current tax year, Jacob sold all of the stock received as a dividend for $18,000.

The objective is to prepare a memo for the tax research file describing the tax consequences of the stock sale.

From the tax research file:

The gain on the sale of the 2,000 shares is calculated by the difference from the sales price and the shares sold.

I.e $24000 - $18000 = $6000

The tax rate on the $2000 = Purchase price of the shares/ (Original shares bought + new shares)

The tax rate on the 2000 shares = $24000/($10000+$2000)

The tax rate on the 2000 shares= $24000/$12000

The tax rate on the 2000 shares= $2 / shares

The Gain in the share = selling price - tax basis in the 2,000 new shares

The Gain in the share = $18000 - $4000

The Gain in the share = $14000

∴

This is the long capital gain i.e $14000

The memo in summary goes thus:

The amount of $24000 is being paid by you for 10000 shares of stock in Grebe Corporation in which a stock dividend of 2000 was received. However, the share is sold for $18000, the tax basis is deduced by dividing $24000 purchasing price by $12000(original price + new shares price) which resulted into a $2/ shares. The $14,000 gain on the sale is a long-term capital gain. The gain on the sale is long term because the original Grebe stock has been held for more than one year.

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3 years ago

f the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, calculat

Schach [20]

Answer:

arc price elasticity = -1.64

Explanation:

arc price elasticity = (change in quantity x average price) / (change in price x average quantity)

change in quantity = 7,400 - 10,000 = -2,600 units
average price = ($2.50 + $3) / 2 = $2.75
change in price = $3 - $2.50 = $0.50
average quantity = (10,000 + 7,400) / 2 = 8,700 units

arc price elasticity = (-2,600 x $2.75) / ($0.50 x 8,700) = -7,150 / 4,350 = -1.64

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3 years ago

Explain the difference between socialism and a pure command economy

AleksandrR [38]

Command economies have public enterprises where the government controls everything including business and production. In socialism, the means of production, distribution, and exchange are owned or regulated by the community as a whole.

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3 years ago

Which of the statement(s) is correct? i. Corporations rarely pay tax on the interest income. ii. Higher tax bracket people tend

Doss [256]

Answer:

E. All the statements are correct

Explanation:

i. Corporations rarely pay tax on the interest income.

This statement is correct. Some companies do not even pay any income taxes.

ii. Higher tax bracket people tend to buy municipal bond because it is federal tax exempt.

Correct, people who have high incomes, and are subject to a high federal income tax rate often buy municipal bonds because these bonds are exempt from federal income tax.

iii. Short term capital gain and long-term capital gain are treated differently for individuals.

Correct. Short-term capital gains are those obtained from the sale of property that was owned for less than one year. This gains are often treated with the highest tax rate.

Long-term capital gains are those obtained from the sale of property that was owned for more than one year, and are treated with more favorable tax rates.

iv. The corporate tax rates in the U.S. is one of the lowest among the developed nations.

This statement is correct. The corporate tax rate in the U.S. is a nominal 21% (the effective rate can be as low as 0% for some companies). This is one of the lowest rates among developed nations, whose rates hover around 25 to 30% on average.

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2 years ago

Equinox Products Inc. Income Statement For the Year Ended December 31, 20Y8

Umnica [9.8K]

Answer and Explanation:

The preparation of the income statement is presented below:

Equinox Products Inc.

Income Statement

For the Year Ended December 31, 20Y8

Sales $5,313,000

Less: Cost of goods sold -3,700,000

Gross profit $1,613,000

Less:

Operating expenses:

Selling expenses:

Sales salaries expense $385,000

Sales commissions $185,000

Advertising expense $150,000

Depreciation expense-

store buildings and equipment $100,000

Delivery expense $30,000

Store supplies expense $21,000

Miscellaneous selling expense $14,000

Total -$885,000

Less:

Administrative expenses:

Office salaries expense $170,000

Office rent expense $50,000

Depreciation expense - office buildings and equipment $30,000

Office supplies expense $10,000

Miscellaneous administrative expense $7,500

Total $267,500

Total operating expenses $-1,152,500

Operating income $460,500

Other revenue and expense:

Interest revenue $30,000

Less: Interest expense -$21,000

Income before income tax $469,500

Less: Income tax -$140,500

Net income $329,000

We simply deduct the all expenses and add all revenues so that the net income could come

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3 years ago