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MissTica
2 years ago
10

How long after my taxes are accepted will i get them?.

Business
1 answer:
sergij07 [2.7K]2 years ago
5 0

answer :in less than 21 days

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Presented below is the trial balance of Bramble Corporation at December 31, 2020.
8_murik_8 [283]

Answer:

Bramble Corporation

Assets:

Current Assets:

Cash                                                  $ 201,440

Debt Investments (trading)

(at cost, $145,000)                               155,150

Accounts Receivable         437,150  

Allowance for

Doubtful Accounts             27,150     410,000

Inventory                                             601,440

Total current assets                                           $1,368,030

Long-term assets:

Debt Investments (long-term)           303,440

Equity Investments (long-term)         281.440

Land                                                   262,150

Buildings                            1,044,440

Accumulated Depreciation 152,000 892,440

Equipment                           602,150

Accumulated Depreciation 60,000   542,150

Franchises                                         160,000

Patents                                              195,000

Total long-term assets                                      $2,636,620

Total assets                                                       $4,004,650

Liabilities + Equity:

Current Liabilities:

Notes Payable (short-term)               92,150

Accounts Payable                            457,150

Dividends Payable                           140,440

Accrued Liabilities                             98,150

Total current liabilities                                        $787,890

Notes Payable (long-term)             904,440

Bonds Payable                             1,004,440

Total long-term liabilities                                $1,908,880

Total liabilities                                                $2,696,770

Common Stock ($5 par) 1,002,150

Treasury Stock                   193,150

Net Stock outstanding                    809,000

Retained Earnings, December 31    414,440

Paid-in Capital in Excess of Par        84,440

Total equity                                                    $1,307,880

Total liabilities + equity                                $4,004,650

Explanation:

a) Data and Calculations:

                                                              Debit              Credit

Cash                                                  $ 201,440

Debt Investments (trading)

(at cost, $145,000)                               155,150

Accounts Receivable                          437,150  

Inventory                                             601,440

Sales                                                                        $ 8,102,150

Cost of Goods Sold                        4,800,000

Allowance for Doubtful Accounts                                 27,150

Debt Investments (long-term)           303,440

Equity Investments (long-term)         281.440

Notes Payable (short-term)                                           92,150

Accounts Payable                                                        457,150

Dividends Payable                                                       140,440

Accrued Liabilities                                                         98,150

Notes Payable (long-term)                                         904,440

Bonds Payable                                                         1,004,440

Common Stock ($5 par)                                          1,002,150

Treasury Stock                                  193,150

Retained Earnings                                                       82,440

Paid-in Capital in Excess of Par                                  84,440

Investment Revenue                                                     67,180

Land                                                  262,150

Buildings                                        1,044,440

Accumulated Depreciation-Buildings                       152,000

Equipment                                        602,150

Accumulated Depreciation Equipment                      60,000

Franchises                                        160,000

Patents                                              195,000

Selling Expenses                           2,002,150

Administrative Expenses                 904,180

Interest Expense                               215,180

Gain                                                                              84,180

Totals                                        $12,358,460    $12,358,460

b) Income Statement for the year ended December 31, 2020:

Sales                                              $ 8,102,150

Cost of Goods Sold                        4,800,000

Gross profit                                   $3,302,150

Investment Revenue                            67,180

Gain                                                       84,180

Total Income before expenses   $3,453,510

Selling Expenses            2,002,150

Administrative Expenses  904,180

Interest Expense                215,180

Total Expenses                               (3,121,510)

Net Income                                     $332,000

Retained Earnings                              82,440

Retained Earnings, December 31  $414,440

7 0
3 years ago
What does our government do with tax money? How does government affect the business cycle? Income distribution?
Kazeer [188]
Government to invest in technology and education, and to provide goods and services for the benefit of the American people. The government affect the business cycle Use of fiscal policy increased government spending and/or tax cuts is the most common way of boosting aggregate demand, causing an economic expansion.
5 0
3 years ago
A company is considering two designs for a machine in its manufacturing line. The first, called machine A, will cost $160000 in
ExtremeBDS [4]

Answer:

The indifference point is 1,410 units

Explanation:

Giving the following information:

Machine A:

Fixed costs= $160,000

Unitary variable cost= $80

Machine B:

Fixed costs= $270,000

Unitary variable cost= $2

<u>First, we need to structure the total cost formula for each machine:</u>

Machine A= 160,000 + 80x

Machine B= 270,000 + 2x

x= number of units

<u>Now, we equal both formulas and isolate x:</u>

160,000 + 80x = 270,000 + 2x

78x = 110,000

x= 110,000/78

x= 1,410 units

The indifference point is 1,410 units

6 0
3 years ago
A comparative balance sheet for Sarasota Corporation is presented as follows.
Bond [772]

Answer:

Sarasota Corporation

1. Statement of Cash Flows for the year ended December 31, 2020:

Operating Activities:

Net Income                          $129,720

Non-cash adjustment:

Depreciation                           26,680

Cash from operating         $ 156,400

Changes in working capital:

Accounts Receivable             (15,680)

Inventory                                  9,320

Accounts Payable                 (13,320)

Net cash from operating activities       $136,720

Investing Activities:

Land                                      39,320

Equipment                           (59,680)

Net cash from investing activities        $(20,360)

Financing Activities:

Cash dividends                                     $(65,680)

Net cash inflows                                    $50,680

2. Sarasota Corporation's:

a) Current Cash Debt Coverage = Cash from operating activities/Current liabilities

= $136,720/$36,360

= 3.76

b) Cash Debt Coverage = Cash from operating activities/Total liabilities

= $136,720/$186,360

= 0.73

c) Free Cash Flow = Cash from operating activities minus Capital expenditure

= $136,720 - 59,680

= $77,040

Explanation:

a) Data and Calculations:

Sarasota Corporation

Comparative Balance Sheets

As of December 31 2020 and 2019:

Assets                                  2020              2019           Increase     Decrease

Cash                               $ 72,680          $ 22,000        $50,680

Accounts receivable         84,360              68,680          15,680  

Inventory                          182,360             191,680                            $9,320

Land                                   73,360             112,680                            39,320

Equipment                      262,360           202,680         59,680

Accumulated Depreciation-Equipment

                                         (71,360)            (44,680)       26,680

Total                             $603,760         $553,040

Liabilities and Stockholders' Equity

Accounts payable        $ 36,360           $ 49,680                           13,320

Bonds payable               150,000           200,000                          50,000      

Common stock ($1 par) 214,000            164,000          50,000

Retained earnings        203,400            139,360

Total                            $603,760         $553,040

b) The decrease in bonds is not a cash flow.  The increase in Common Stock is not a cash flow.  The two are exchanges.  In calculating the free cash flow, the cash proceeds from sale of land were not taken into consideration because the sale was a one-off transaction and not part of the operating activities of Sarasota Corporation.

4 0
3 years ago
Determine where each piece of information is located on a check.
Grace [21]

Example of a check. Look at the image I attached.

8 0
3 years ago
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