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Vikentia [17]
3 years ago
15

Job order costing can be applied or used at the same time with

Business
1 answer:
german3 years ago
4 0
D. None of the above
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Ames, Inc., has $1 million of notes payable due June 15, Year 2. At the financial statement date of December 31, Year 1, Ames si
Delvig [45]

Answer: B. $40,000, $960,000

Explanation:

The long term obligation will be 80% of the collateral value which will be:

= 80% × $1.2 million

= 0.8 × $1,200,000

= $960,000.

Therefore, the short term obligation will be:

= $1,000,000 - $960,000

= $40,000

7 0
2 years ago
QS 5-3 Merchandise accounts and computations LO C2 Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning invent
irakobra [83]

Answer:

a.  $8,900

b.  $7,200

c.  $2,300

d.  $850

Explanation:

<u>Goods Available For Sale Calculation :</u>

Beginning inventory             5,000

Add Net Purchases               3,900

Goods Available For Sale     8,900

<u>Cost of Goods Sold Calculation :</u>

Goods Available For Sale     8,900

Less Ending Inventory          (1,700)

Cost of Goods Sold               7,200

<u>Gross Profit Calculation :</u>

Net Sales                               9,500

Less Cost of Goods Sold     (7,200)

Gross Profit                            2,300

<u>Net Income Calculation :</u>

Gross Profit                            2,300

Less Expenses                      (1,450)

Net Income                               850

6 0
3 years ago
Bryson Corporation purchased a limited-life intangible asset for $1,162,500 on May 1, 2018. It has a remaining useful life of 15
Nastasia [14]

Answer:

$206,667

Explanation:

Calculation for What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020

Using this formula

Total Amortization expense=Cost/useful life*Number of months

Let plug in the formula

Total Amortization expense=$1,162,500/180*32

Total Amortization expense=$206,667

Note that 15 years*12months will give us 180 months which is the useful life while May 1, 2018 - December 31, 2020) will give us 32 months

Therefore the total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020 will be $206,667

5 0
3 years ago
If a contract involves a significant financing component:____________.
Pavel [41]

Answer:

The time value of money is used to determine the fair value of the transaction ( B )

Explanation:

If a contract involves a significant financing component the time value of money is used to determine the fair value of the transaction and this is because the time value of money states that the money at hand ( available money ) is worth more than the identical sum of money in the future due to the earning capacity of the money.

therefore a contract involving a significant financing component ( present monetary component ) would have its fair value determined by the time value of money

7 0
3 years ago
Read 2 more answers
bob katz and sally mander are a married couple with four children. total wages for 2018 equaled $102,400. stock which had been p
xxTIMURxx [149]

Answer:

Bob Katz and Sally Mander

Taxable Income for 2018:

= $78,200

Explanation:

a) Data and Calculations:

Total wages =                  $102,400

Gain from sale of stock =     5,200

Interest income =                      100

Total income =                 $107,700

less total deductions =     (29,500)

Taxable Income =            $78,200

b) Bob Katz and Sally Mander will have taxable income of $78,200 when the appropriate rate of tax is applied and the tax liability obtained, then the $1,500 tax credit will be deducted before arriving at the tax liability due.  

c) The short-term capital gain of $5,200 is taxed as ordinary income.  Since it is held for less than a year, it will be included in the taxable income for that year and it follows the same tax brackets as ordinary income.  On the other hand, the long-term capital gain of  $13,000 will attract a tax rate of 0 percent for a taxable income of $78,200.  Otherwise, it will attract a tax rate of 15 percent or 20 percent, depending on income level. This means that long-term capital gains tax rates are much lower than the ordinary income tax rate.

8 0
3 years ago
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