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DanielleElmas [232]
3 years ago
15

Brad Carlton operates Carlton Collectibles, a rare-coin shop in Washington, D.C., that ships coins to collectors in all 50 state

s. Carlton also provides appraisal services upon request. During the last several years, the appraisal work has been done either in the D.C. shop or at the homes of private collectors in Maryland and Virginia. Determine the jurisdictions in which Carlton Collectibles has sales and use tax nexus.
Business
1 answer:
Veronika [31]3 years ago
6 0

Answer: He would have sales based on his appraisal and would use tax collection based on he has commercial domicile there

Explanation:

Carlton would have sales based on the appraisal his work receives in Virginia and Maryland. Appraisals go a long way to promote sales in business especially comes from clients who tend to give feedback based on the product they have used. He would use tax collection in the district of Columbia due to he has a commercial domicile in that area.

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Garcel, Inc. held unfinished inventory at a cost of $85,000 with a sales value of $125,000. The inventory will cost $10,500 to c
fiasKO [112]

Answer:

Explanation:

The following information can be gotten from the question:

Net realizable value (NRV) will be:

= $125,000 - $10,500

= $114,500

Normal profit will be:

= $114,500 - (30% × $125,000)

= $114,500 - $37,500

= $77,000

The amount should Garcel report as inventory on its balance sheet should be $77,000.

6 0
3 years ago
Pick the correct statement related to pro forma statements from below. Multiple Choice Fixed assets must increase if sales are p
Alisiya [41]

Answer:

The correct statement related to the pro forma statements is:

The addition to retained earnings is equal to net income less cash dividends.

Explanation:

When the beginning retained earnings are increased by the addition to retained earnings, it means that the cash dividends have been subtracted from the net income.  This addition is the leftover net income after offsetting the dividends.  It increases the retained earnings by the end of the financial period.

3 0
2 years ago
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$10 par value, 10
melisa1 [442]

Answer:

Kohler Corporation

Journal Entries:

Jan. 2:

Debit Treasury Stock $45,000

Debit Paid-in Capital In Excess of Par $67,500

Credit Cash Account $112,500

To record the purchase of 4,500 shares of its own stock at $25 per share.

Jan. 5:

Debit Dividends $71,000

Credit Dividends Payable $71,000

To record the declaration of $2 per share cash dividend.

Feb. 28:

Debit Dividends Payable $71,000

Credit Cash Account $71,000

To record the payment of cash dividend on 35,500 shares at $2 per share.

July 6:

Debit Cash Account $48,952

Credit Treasury Stock $16,880

Credit Paid-in Capital In Excess of Par $32,072

To record the sale of treasury stock shares at $29 per share.

Explanation:

a) Data and Calculations:

Common stock—$10 par value, 100,000 shares authorized,

40,000 shares issued and outstanding $ 400,000

Paid-in capital in excess of par value,

common stock                                             60,000

Retained earnings                                      460,000

Total stockholders' equity                      $ 920,000

b) The purchase on Jan. 2 of its own stock of 4,500 shares, the cash receipt is credited to the Cash Account while the Treasury Stock is debited, but only with the par value of the repurchased shares if the par value method is adopted.  If the costing method is adopted, the value to be debited to the Treasury Stock account would have $112,500 without any debit to the Paid-in Capital In Excess of Par.  This is also followed when the sale of 1,688 treasury shares at $29 per share takes place on July 6, but with opposite entries.

c) To compute the dividend payable, the treasury stock shares of 4,500 are deducted from the outstanding shares of 40,000.  This means that the shareholders of record have shares outstanding totalling 35,500 (40,000 - 4,500).

d) The general journal is used in these cases to record the transactions initially in the books of Kohler Corporation.  They show the accounts to be debited and the others to be credited, since two accounts or more are usually involved in any business transaction.

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Answer:

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Explanation:

plato users

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On the TV show Shark Tank, pitcher Donny McCall presented his company Invis-A-Rack, which produces a cargo equipment holder for
solong [7]

Answer:

The correct answer is Modular.

Explanation:

The commercial systems of the service companies are gaining complexity over time, having a modular and integrated solution natively generates competitive advantages and saves time and effort in the different procedures.

A modular and integrated system allows clarity about the information that is handled in each area, the relationship between them and how the different processes of the company are integrated. A modular and integrated system translates into, unify data, optimize costs and work efficiently.

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