Brook's Law is the statement that adding more people to a late project makes the project later.
Answer:
current ratio for MARJORAM = Current asset / current liabilities
= $173,000/ $108,400
= 1.59
Explanation:
step 1 :calculate the total current asset of the company which is calculated below.
current asset
Cash $19,000
Note Receivable 35,000
Account Receivable 48,400
Inventory <u> 70,600</u>
Total <u> 173,000</u>
Note receivable is included in the current asset because its due date is less than 12 months.
step 2 : divide the current asset by the current liabilites in order to determine the current ratio
B) Fiscal policy requires a short and contentious legislative process
Answer:
Baltimore Inc.
a. Total taxable income = $47,200
b. Income tax payable = $11,800
c. Income tax expense = $11,250
d. Net income = $33,750
Explanation:
a) Data and Calculations:
GAAP determined pretax income = $45,000
Add nondeductible fines 5,000
Less exempt municipal interest revenue 2,800
Total taxable income $47,200
Income tax (25%) 11,800
Income tax expense:
GAAP determined pretax income = $45,000
Income tax (25%) 11,250
Net income $33,750
b) The differences between the GAAP determined pretax income and the tax determined taxable income are due to permanent differences (not temporary). This implies that there are no deferred tax assets and liabilities and no recoveries from deferred taxes. However, in reporting its financial performance for the year, Baltimore Inc. still has to comply with the GAAP rules and not the tax rules.
