Which organization oversees GAAP for governmental organizations?

Turkey Corp., a cash basis calendar year C corporation in Savannah, Georgia, has $100,000 of accounts receivable on the date of

Viefleur [7K]

Answer:

The correct answer is $24,500.

Explanation:

According to the scenario, the given data are as follows:

Total Account receivable = $100,000

Amount collected = $70,000

So, if there is sufficient taxable income, then assume tax rate to be 35%.

So, we can calculate the Gains tax by using following formula:

Gain tax = Amount collected × Tax rate

By putting the value, we get

Gain tax = $70,000 × 35%

= $24,500.

5 0

3 years ago

Brenda says her assets are definitely greater than her liabilities. which explains whether brenda is correct? brenda is correct

yuradex [85]

Brenda is not correct because the total value of her assets could be less than the liabilities.

<h3>What are liabilities?</h3>

A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.

Liabilities on the balance sheet's right side are represented by debts like as loans, accounts payable, mortgages, deferred revenue, bonds, warranties, and accumulated costs.

Assets can be contrasted with liabilities. Assets are items you own or owe money to, whereas liabilities are debts or other obligations.

An obligation between two parties that has not yet been fulfilled or paid for is generally referred to as a liability.

Learn more about liabilities

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3 0

1 year ago

A machine with a cost of $144,000, current year depreciation expense of $20,500 and accumulated depreciation of $92,000 is sold

Svetllana [295]

Answer:

a. $20,500

Explanation:

The cashflow using the indirect method has basically 3 segments namely; Cashflow from operating activities, Cashflow from investing activities and Cashflow from financing activities.

Cashflow from operating activities considers the net profit before tax and then adjustments for non cash items like depreciation. Hence from the question given, the current year depreciation ($20,500) is a part of the Cashflow from operating activities.

Other cost elements stated in the question are considered under investing activities.

5 0

3 years ago

An investor purchased on margin Orange Computer for $30 a share. The stock's price subsequently increased to $47 a share at whic

Feliz [49]

Answer:

56.67%

Explanation:

Purchase cost = 30 dollars

Margin x price = 0.60x30 = $18

30-18 = $12

Profit = $47 - $30 - 0.07(12)

= 16.16

Percentage earned = (16.16 /18) * 100

= 89.78%

Profit from the trade

= 47-30

= 17

Percentage earned = 17/30 * 100

= 56.67%

The return would have been 56 67% if the investor had not done this.

5 0

3 years ago

Street Company's fixed expenses total $150,000, its variable expense ratio is 60% and its variable expenses are $4.50 per unit.

Len [333]

Answer:

Break even in units = 50000 units

Explanation:

Break even point is a point where total revenues equal total cost and the firm makes no profit or no loss. Break even point in units is the number of units that must be sold in order for the firm to break even. The formula to calculate break even in units is,

Break even in units = Fixed costs / Contribution margin per unit

Where,

Contribution margin per unit = Selling price per unit - Variable cost per unit

First we will calculate the contribution margin per unit.

A variable cost ratio of 60% means that variable costs are 60% of selling price. This means that the remaining 40% is contribution margin per unit.

Now if the variable cost is 4.5 per unit which are 60% of selling price, the the selling price per unit will be,

4.5 = 0.6 / Selling price

Selling price = 4.5 / 0.6

Selling price = 7.5 per unit

Contribution margin per unit = 7.5 - 4.5 = 3 per unit

Break even in units = 150000 / 3

Break even in units = 50000 units

8 0

2 years ago