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stiks02 [169]
2 years ago
15

Julie Martin is investing $26,600 in the Invesco Charter mutual fund. The fund charges a 4.50 percent commission when shares are

purchased. Calculate the amount of commission Julie must pay.
Business
1 answer:
Sergeeva-Olga [200]2 years ago
6 0

Answer:

$1,264.50

Explanation:

Calculation for the amount of commission Julie must pay.

Using this formula

Commission=Investment amount× Fund charges percentage

Let plug in the formula

Commission= $28,100 × 0.045

Commission= $1,264.50

Therefore the amount of commission Julie must pay is $1,264.50

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To what degree a country's legal system is based on the rule of law matters little in international business.
marissa [1.9K]

Rule of law is very important in case of country’s legal system

This means that no one can be regarded to be above the law in a society where the rule of law exists. In a parliamentary democracy, the rule of law places a duty on all citizens to uphold the law, and in order to do so, the legislation must be just and not arbitrary. The goal of the rule of law, like other constitutional concepts, is to advance peoples' freedom and basic rights.

People and corporations must abide by the regulations set forth by the rule of law in order to avoid penalties. The rule of law establishes norms for businesses so that they, too, know what is required of them in their transactions and enables people to comprehend what is expected of them in their personal capacities.

Learn more about rule of law at

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3 0
1 year ago
"Zurich Company reports pretax financial income of $70,000 for 2014. The following items cause taxable income to be different th
Ivan

Answer:

Explanation:

Income tax expense: The expense account that reveals the amount of pre-determined tax paid on income for a required period of time is known as income tax expense account. The following formula can be used to determine the income tax expense:

Income tax expense = (Income before tax\times Income tax rate

Income statement: This is the financial statement of a company which reports all the revenues that are earned and expenses that are to be expended by the company on the immediate accounting year. Income statement is also known profit and loss statement.

Rules for debit and credit:

  • When asset increases, debit it and when asset decreases, credit it.

  • When liabilities increase, credit it and when liabilities decrease, debit it.

  • When stockholders’ equity increases, credit it and when stockholders’ equity decreases, debit it.

  • When the expenses and losses increase, debit them and when the expenses and losses decrease, credit it.

  • When incomes and gains increase, credit them and when incomes and gains decrease debit them.

Earnings before tax: It is the revenue of a company before adjustment of tax. It consists of all operating expenses. It is the earning retained by the company.

1.) To calculate the taxable income and income tax payable:

    Particulars                              Current year      Deferred asset     Deferred liability

Financial income                            $70,000

Excess tax collected                      $16,000                                           $16,000

Excess rent collected                    $22,000              -$22,000

Fines (permanent)                          $11,000

Taxable income(IRS)                     $87,000              -$22,000            $16,000

Tax rate                                           30%                      30%                     30%

Income tax                                     $26,100               -$6,600              $4,800

Therefore, the taxable income is $87,000, and the income tax is $26,100 for current year.        

The taxable income is calculated by adding the income earned, which are eligible for taxation. The financial income is $70,000, the excess tax depreciation is $16,000 (which should be deducted), and the excess rent collected is $22,000. The fines are $11,000. It is taxable as it is permanent. Thus, the taxable income is $87,000. The tax rate is 30 percent. The taxable income should be multiplied with the tax rate. Thus, the taxable income is $26,100. It is income tax payable.

2.) To Prepare a journal entry to record income tax expense, deferred income taxes, and income tax payable for 2014.

Date      Account titles and ex[planations      Debit           Credit

2014      Income tax expense                          $24,300

             Deferred tax asset                             $6,600

             Deferred tax liability                                                  $4,800

             Income tax payable                                                  $26,100

Therefore, income tax expense is debited with $24,300, deferred tax asset is debited with $6,600, deferred tax liability is credited with $4,800, and the income tax payable is credited with $26,100.

It is given that the income tax expense, deferred income taxes, and income taxes payable should be recorded. The income tax expense is $24,300, deferred tax asset is $6,600, deferred liability is $4,800, and the income tax payable is $26,100. The income tax payable is calculated by adding the income tax expense to the deferred tax asset and deducting the obtained value from the liability. Thus, $24,300 is added to $6,600 and deducted by $4,800 and $26,100. Therefore, the income tax expense is debited with $24,300, deferred tax asset is debited with $6,600, deferred tax liability is credited with $4,800, and the income tax payable is credited with $26,100.

3.) To Prepare the income tax expense section of the income statement for 2014.

                                      Income Statement

Particulars                                             Amount       Amount

Income before taxes                                                 $70,000

Income tax expenses current             $26,100

Income tax expenses deferred          -$1,800         $24,300

Net income(loss)                                                       $45,700

It is given that the income before taxes is $70,000, income tax expense of current year is $26,100, and for the deferred year is $1,800. The net income tax expense is $24,300. The net income is calculated by deducting the income before taxes from the income tax expenses. Thus, $24,300 is deducted from $70,000. Therefore, the net income is $45,700.

6 0
3 years ago
David bought a pickup truck to transport his equipment on weekend fishing trips. He also bought a trailer for his lawn maintenan
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Answer:

B2C and B2B, respectively.

Explanation:

The pickup that David bought to transport equipment on weekend fishing trips should be considered a business to consumer (B2C) transaction David will use it for recreational activities.

The trailer that David bought to transport his lawn maintenance equipment should be considered a business to business (B2B) transaction David will use it for his lawn maintenance business.

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3 years ago
Job descriptions often include the following information related to the job
Vilka [71]

Resume, school transcript, professional certifications, awards, memberships in professional organizations. Letters of recommendation, "thank you" notes, newspaper/website articles about you.

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2 years ago
An age-appropriate skill is best defined as a skill that is appropriate to the student's
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Age age age age age.
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