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3 years ago

Lakeview Company completed the following two transactions. The annual accounting period ends December 31.

Business

1 answer:

Ann [662]3 years ago

6 0

Answer: Check attachment and explanation.

Explanation:

a. The question has been solved. Check the attachment.

b. LAKEVIEW COMPANY

Balance sheet (Partial)

December 31

Current liabilities

FICA Payable=$4800 + $4800= $9600

Charitable contribution payable = $2400

Withheld income tax payable = $6400

State and Federal unemployment tax payable = $560

Unearned rent revenue = $5700 - $3800 = $1900

Total current liabilities = $20860

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Mighty Manny, Incorporated, manufactures ice scrapers and distributes them across the midwestern United States. Mighty Manny is

Alex787 [66]

Answer:

Determination of the state in which Mighty Manny does not have sales tax nexus:

A. No sales tax nexus in Minnesota, under given scenario.

B. No sales tax nexus in Wisconsin, under given scenario.

C. Sales tax nexus may exist because of the large orders. It may approach the sales threshold of more than $100,000 worth.

D. No sales tax nexus in Nebraska, with trucks driving through to other sales.

Explanation:

Might Manny is incorporated and headquartered in Michigan, according to this case. So, it has sales tax nexus in Michigan for its physical presence and sales.

Sales tax nexus describes the factors that can make a state to impose sales taxes on a business. The factors that establish sales tax nexus are a) certain business activities, b) physical presence, and c) approaching a certain sales threshold of either 200 transactions or $100,000.

Some states that have adopted the Wayfair legislation determine sales tax nexus with the above mentioned sales threshold of 200 transactions or $100,000. California's sales threshold is $500,000.

However, Public Law 86-272 or Interstate Income Act of 1959 forbids states from imposing unnecessary sales tax burdens on businesses soliciting for sales in their states without physical presence, provided the orders are filled or shipped from outside the said state. But, some of them rely on the Wayfair legislation, as it allows them some leverage to impose sales tax without physical presence of the business.

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3 years ago

Sole Occhiali Group, an Italian company that sells sunglasses, reported Net Sales of $181,000 and Cost of Goods Sold of $59,500.

Burka [1]

Answer:

<h2>The gross profits of Sole Occhiali Group and Candy Electronics Corp. are 67.13% and 26.66% respectively.</h2>

Explanation:

In Business Studies and Accounting,Gross Profit percentage is calculated by subtracting the cost of goods sold from the net sales revenue and then dividing the result by net sales revenue and finally multiplying the entire expression with hundred.Here,the net sales revenue of Sole Occhiali Group is given as $181,000 and the costs of goods sold is $59,500 and for Candy Electronics Corp. they are $39,000 and $28,600 respectively.

Hence,gross profit percentage for Sole Occhiali Group= $(\frac{181,000-59,500}{181,000})\times 100$ = $(\frac{121,500}{181,000})\times 100$ = $(0.6713\times 100)$ =67.13% approximately

Now,gross profit for Candy Electronics Corp.= $(\frac{39,000-28,600}{39,000})\times 100$ = $(\frac{10,400}{39,000})\times 100$ = $(0.2666\times 100)$ =26.66% approximately

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3 years ago

XYZ Company bought real estate properties in Boston 50 years ago for $30,000. In 2020, a real estate appraiser inspects the prop

madreJ [45]

Answer:

XYZ Company bought real estate properties in Boston 50 years ago for $30,000. In 2020, a real estate appraiser inspects the properties and concludes that their expected market value is $2 million. The company has been using historical accounting principles for the last 50 years.

Explanation:

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3 years ago

Don’s Fashions is noticing a downward trend in sales. The company has been reaching out using social media to connect with custo

Temka [501]

Answer:

They should conduct a market research, since probably they are targeting the wrong market segment.

Explanation:

A market research, if done correctly, should allow them to gather information about who are their potential customers (target market) and what do they need or want.

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3 years ago

True or False: It is common for debt investors to push entrepreneurs to pursue less risky business strategies for their ventures

NNADVOKAT [17]

it is false and uncommon for debt investors to push entrepreneurs to pursue less risky business strategies for their ventures.

Basically, debt investment entails an investor who lends his money to a firm, individual with an expectation of repayment of loan plus interest from them at a particular date.

The practice that borrowers should engage in less risky business strategies for their ventures will not be encouraged by debt investors because it is less risky and will not yield high return to allow them repay their loan quick enough.

Therefore, it is false and uncommon for debt investors to push entrepreneurs to pursue less risky business strategies for their ventures.

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<em>brainly.com/question/25219850</em>

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2 years ago