Answer:
The answer is: Jamison has $175 in taxes due.
Explanation:
To determine the amount of taxes that Jamison still has to pay, we can use the following formula:
Taxes due = tax liability - (taxes withheld by employer + tax credits)
Taxes due = $7,200 - ($4,400 + $2,625) = $7,200 - $7,025 = $175
Jamison has $175 in taxes due.
Answer:
Please find the detailed explanation below.
Situation 1 and 2 have disclosure while situation 3 does not require any disclosure.
Explanation:
Situation 1. Accrual. The one-year warranty has created what is known as contingent liability. Contingent liability is a type of liability that is dependent on the outcome of some specific actions which has happened in the past. The eventual liability may or may not happen. But since the probable claim from the one-year warranty has been determined, it should be disclosed. But if the claim cannot be determined, it shouldn't be disclosed.
Situation 2. Since this contract happened before the issuance of financial statement and the amount of loss from this contract can be reasonably estimated or determined, then it must be disclosed and the likely amount must also be disclosed. This disclosure will be under 'note to the financial statement'.
Situation 3. This is a self insurance and self insurance is not an insurance. There is no contingent liability in this situation. Also, there is no accident, no injury. Hence, this is no disclosure here.
Answer:
8.78
Explanation:
The computation of the cash cycle is given below;
We know that
Cash cycle = Inventory conversion period + Receivables conversion period - Payables conversion period.
Here
1. Inventory conversion period = Avg. Inventory ÷ (COGS ÷365)
= (11,000) ÷ (395000 ÷ 365)
= 10.16
2. Receivables conversion period = Avg. Accounts Receivable ÷ (Credit Sales × 365)
= (27000/520000) × 365
= 18.95
3. Payables conversion period = Avg. Accounts Payable ÷ (Purchases × 365)
= (22000 ÷ 395000) × 365
= 20.33
Now the cash cycle is
= 10.16 + 18.95 - 20.33
= 8.78
Answer:
The correct answer is letter "D": the revenue a government created by printing money.
Explanation:
<em>When the government prints more money, there will be more supply of it. A higher supply of money tends to increase general prices causing inflation. Therefore, households will have to pay more money for goods and services which implies they will be paying more taxes, benefiting the government since it will have more money to finance its projects.
</em>
The previous practice mentioned is implemented by governments that are not willing to increase the interest rate directly.
Answer: $298,800
Explanation:
Cost of goods purchased = Gross merchandise cost + Transportation-in (Carriage inwards) - Purchase discount - Purchase returns
= 304,000 + 6,700 - 3,500 - 8,400
= $298,800
