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3 years ago

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.

Business

1 answer:

nasty-shy [4]3 years ago

7 0

Answer:

Clarkson Company

Income statement for the year ended June 30, 2020

Sales Revenue $555,000

Less Costs of Goods Sold :

Opening Finished Goods Inventory $96,100

Add Cost of Goods Manufactured $390,520

Less Closing Finished Goods Inventory ($19,900) ($466,720)

Gross Profit $83,280

Explanation:

First prepare a Schedule of Manufacturing Costs to determine the Cost of Goods Manufactured.

Schedule of Manufacturing Costs

Factory Insurance $4,700

Raw Materials ($48,100 + $96,500 - $39,700) $104,900

Factory Machinery Depreciation $16,100

Factory Utilities $28,700

Direct Labor $139,350

Plant Manager’s Salary $61,100

Indirect Labor $24,560

Factory Property Taxes $9,610

Factory Repairs $1,500

Add Opening Work In Process Inventory $19,900

Less Closing Work In Process Inventory ($19,900)

Cost of Goods Manufactured $390,520

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Suppose you deposit $1,091.00 into an account 6.00 years from today that earns 12.00%. It will be worth $1,728.00 _____ years fr

Taya2010 [7]

Answer:

It will take 10.058 years from today.

Explanation:

Giving the following information:

Present value= $1,091

Future value= $1,728

Interest rate= 12%

<u>First, we need to calculate the number of years it will take to transform the PV into the FV:</u>

<u></u>

n= ln(FV/PV) / ln(1+i)

n= ln(1,728/1,091) / ln(1.12)

n= 4.058 years

It will take 10.058 years from today.

4 0

2 years ago

The following information pertains to Peak Heights Company:

Delvig [45]

Answer:

Peak Heights Company

PEAK HEIGHTS COMPANY

Statement of Cash Flows

Operating Activities Section

Net income $15,625

Non-cash flow: Depreciation 6,700

Changes in working capital:

Accounts receivable -$4,400

Inventory 4,000

Salaries payable 750

Net cash from operating activities $22,675

Explanation:

A) Data and Calculations:

Peak Heights Company:

Income Statement for Current Year

Sales $85,900

Expenses Cost of goods sold $51,675

Depreciation expense 6,700

Salaries expense 11,900 70,275

Net income $15,625

Partial Balance Sheet Current year Prior year Changes

Accounts receivable $9,800 $14,200 -$4,400

Inventory 13,100 9,100 4,000

Salaries payable 1,620 870 750

5 0

2 years ago

A firm owed accounts payable of $250,000 at the beginning of the year and $350,000 at the end of the year. This $100,000 differe

pshichka [43]

Answer and Explanation:

Since in the question it is mentioned that the account payable beginning balance is $250,000 and the ending balance of the account payable is $350,000 so here $100,000 different would rise the cash from operations

Therefore the same is to be considered as there is an increase in inflows of cash

So the difference would be rise the cash from operations

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2 years ago

under teh statements on standards for tax services, a cpa may recommend a tax return if the position is frivolous and the positi

Papessa [141]

Under The Statements On Standards For Tax Services, A CPA May Recommend A Tax Return Position If The Position Is Frivolous And The Position Is Not Disclosed On The Tax Return. Standards for Tax Services, a CPA may recommend a tax return position if the position is frivolous and the position is not disclosed on the tax return. This statement is false.

A taxpayer wants to take a position on a tax return that the CPA determines is frivolous. However, the CPA and the taxpayer determine that the possibility of the return being selected for audit is remote and that even if the return is selected for audit the issue most likely will not be raised.

Cannot sign or prepare the return .
The CPA concludes that a taxpayer's desire to comment on a tax return is frivolous. However, the CPA and the taxpayer come to the conclusion that it is unlikely that the return will be chosen for audit and that, even if it is, the matter most likely won't be brought up.

A taxpayer is anybody who owes taxes to the federal, state, or municipal governments, whether they are an individual or a corporation. Governments primarily obtain their funding through taxes, which are levied on both citizens and companies.

A tax return is one or more forms submitted to a taxing body that include earnings, outlays, and other crucial tax data. Tax returns provide taxpayers the option to determine their tax burden, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required.

Complete question: Under The Statements On Standards For Tax Services, A CPA May Recommend A Tax Return Position If The Position Is Frivolous And The Position Is Not Disclosed On The Tax Return. True Or False? This problem has been solved! See the answer Under the Statements on Standards for Tax Services, a CPA may recommend a tax return position if the position is frivolous and the position is not disclosed on the tax return. True or False?

To know more about taxpayer visit:
brainly.com/question/14782474
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1 year ago

discuss and record what global warming is and what greenhouse gases are. How does this connect to our research topic?

Juliette [100K]

Answer:

Global warming describes the current rise in the average temperature of Earth’s air and oceans. Global warming is often described as the most recent example of climate change.

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So I am not sure what is your topic about but this is the definition of global warming and greenhouse gases

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3 years ago