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3 years ago

Which of the following statements about taxes is FALSE?

1 answer:

4 0

The statement should be "<span>Not all types of income are taxed; while earned income and passive income are taxed, portfolio income is not taxed."

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For each of the following situations, select the best answer that applies to consolidating financial information subsequent to t

Whitepunk [10]

Answer:

1. Method(s) available to the parent for internal record-keeping - (A) Initial value method

2. Easiest internal record-keeping method to apply. - (F) Initial value method, partial equity method, and equity method.

3. Income of the subsidiary is recorded by the parent when earned. - (E) Partial equity method and equity method but not initial value method.

4. Designed to create a parallel between the parent's investment accounts and changes in the underlying equity of the acquired company. - (C) Equity method.

5. For years subsequent to acquisition, requires the *C entry. - (B) Partial equity method.

6. Uses the cash basis for income recognition. - (D) Initial value method and partial equity method but not equity method

7. Investment account remains at initially recorded amount. - (C) Equity method.

8. Dividends received by the parent from the subsidiary reduce the parent's investment account. - (E) Partial equity method and equity method but not initial value method.

9. Often referred to in accounting as a single-line consolidation. - (A) Initial value method

10. Increases the investment account for subsidiary earnings, but does not decrease the subsidiary account for equity adjustments such as amortizations - (A) Initial value method

8 0

3 years ago

Statement of Cost of Goods Manufactured for a Manufacturing Company

tankabanditka [31]

Answer:

Johnstone Manufacturing Company

Statement of Cost of Goods Manufactured

Raw Materials $298,040

Direct labor $319,050

Factory overhead incurred :

Indirect labor $34,030

Machinery depreciation $20,560

Heat, light, and power $7,090

Supplies $5,670

Property taxes $4,960

Miscellaneous costs $9,220

Add Opening Work in process Inventory $116,990

Less Closing Work in process Inventory (105,290)

Cost of Goods Manufactured $710,320

Explanation:

Cost of Goods Manufactured Statement, is a summary of costs incurred to manufacture products.

<em>Calculation of Raw Materials used in Production.</em>

Raw Materials T - Account

Debit :

Opening Balance $177,250

Purchases $340,320

Totals $457,570

Credit :

Closing Balance $159,530

Work In Process (Balancing figure) $298,040

Totals $457,570

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4 years ago

I'm an attorney and I've been licensed to practice law in Colorado for 1 year now, but I'm thinking of moving to Minnesota. I'd

sergeinik [125]

No. You must take the MN bar.

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3 years ago

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kirill [66]

Answer:

it will give players 25% more the amount of pay they would usually get.

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Enterprise resource planning is an integrated system that collects and processes data and manages and coordinates resources, information, and functions throughout an organization.

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