The practice of project close-out gives a systematized phase of handling on closing a project. Examples are Administrative Closure and Contract Closure. The purpose is to assess the whole outcome of the phases done with documentation whether goals were achieved or not. At the end, lessons are extracted to continue. Best practices are further improved and given value. Furthermore, this would serve as the basis for other more related and associated projects.
Answer: Kansas City with a profit of $256,000
Explanation:
Omaha
Profit = Revenue - Fixed expenses - Variable expense
= Number of units * (Revenue - variable expenses) - Fixed cost
= 8,000 * (185 - 36) - 1,200,000
= -$8,000
Kansas City
= 12,000 * (185 - 47) - 1,400,000
= $256,000
Answer:
The gross profit margin for the year ended December 31, 2021 is 58,57%.
Explanation:
As per given information:
2021
Net Sales = $1,680,000
Net Income = $104,000
Operating expenses = $880,000
Net Income = Gross Income - Operating Expenses
$104,000 = Gross Income - $880,000
Gross Income = $104,000 + $880,000
Gross Income = $984,000
Gross Profit Margin = ( Gross income / Net sales ) x 100
Gross Profit Margin = ( 984,000 / 1,680,000 ) x 100
Gross Profit Margin = 58.57%
Answer:
C. $52,100
Explanation:
Account Receivables On December 31, 2016,
= $53,800
Estimate of receivables that will not be collected is an indication of receivables gone bad.
Such receivables are usually written off the books by Crediting account receivables and debiting bad debit expense.
If it is only probable that the receivables may not be collected, the entries would be credit to allowance for bad debt and a debit to bad debt.
In this instance, the debt will not be collected hence
Debit bad debt expense $1,700
Credit Trade receivables $1,700
Being entries to recognize receivables that will not be collected.
Account receivables adjusted balance = $53,800 - $1,700
= $52,100
Answer:
Henry's QBI is $9,760
Tax liability = $4,510
Explanation:
The question is to determine Henry's QBI deductions as well as his Federal Income Tax Liability
First we determine his MTI = His net income - His standard deduction
= $61,200 - $12,200
= $49,000
QBI(Qualified Busines Income) Deduction
This will represent the lesser of the following
First = 20% of his Net Income = 0.2 x $61,200 = $12,240
Second= 20% of his MTI = 0.2 x $48,800= $9,800
Henry's QBI is $9,800
Tax Liability Computation
Based on the tax rate for individuals in 2019,
His income tax is as follows
= $970 + (12% x ($49,000-$9,800)- $9,700)
= $970 + $3,540
= $4,510