When you gather primary or secondary data, whal part of the market information management process are you

This year Luke has calculated his gross tax liability at $2,120. Luke is entitled to a $2,880 non-refundable personal tax credit

Tema [17]

Answer:

$3,460

Explanation:

Gross tax liability $2,120

Less non-refundable personal tax credit $2,880

Refundable personal tax credit $760

Hence:

Income taxes withheld $2,700+ $760

=$3,460

Luke’s non refundable personal credit reduces his gross tax to zero ($2120– 2,880) and $760of the unused credit expires unused.

The $1,740 unused business tax credit carries over and Luke receives a refund of $3,460($760 refundable credit + $2,700 taxes he paid)

Luke’s net tax due or refund is $3,460

3 0

3 years ago

Omni Corporation's accumulated depreciation—equipment account increased by $5,300, while $3,400 of patent amortization was recog

dmitriy555 [2]

Answer:

Cashflow from Operating Activities

Net Income $120,400

Adjastment for Non-Cash Items

Depreciation $5,300

Amortization $3,400

Adjastments of Items appearing elsewhere

Loss from the sale of land $4,000

Net Cash flow from operating activities $133,100

Explanation:

Net Income is reconciled in the cashflow statement via the indirect method. Its is adjasted for Non-Cash Items, Items appearing elsewhere in the cashflow statement and Working Capital Movements

8 0

3 years ago

Myrtle Beach Pro-Shop receives information that requires the company to increase its expectations of uncollectible accounts rece

Lera25 [3.4K]

Answer:

b. Accounts receivables (gross) is reduced

Explanation:

As we know that

The journal entry to record the bad debt expense is

Bad debt expense A/c Dr

To Allowance for doubtful debts

(Being allowance of uncollectible accounts are recorded)

By passing this journal entry, both bad debt expense and the allowance for doubtful debts which result in a decrease in the net income and the balance of account receivable but the gross of account receivable would remain the same.

3 0

3 years ago

Your mother and father are retired and need income to live on. The local financial advisor offers to sell them a product that wi

klio [65]

Answer:

To evaluate the choice, we have to calculate the present value of future cash flows and compare it with the cost. We use the following formula

present value = C × [ $\frac{1 - (1 + i)^{-n} }{i}$ ]

where

C = yearly payments = 75000

i = interest rate = 8%

n = no. of years = 15

put the given values in above equation, we get

Present value = 75000 ×8.559478688

= 641,961

Since the present value of cash flow 641,961 is less than the cost 750,000, I would not recommend it.

If Interest rate = 5%, then:

Do the same procedure as above but take i=5%

Present value = 75000 × 10.37965804

= 778,474

Since the present value of future cash flows 778,474 is greater than the cost 750,000, I would recommend it.

3 0

3 years ago

Gates Co. purchased machinery on January 2, 2005, for $440,000. The straight-line method is used and useful life is estimated to

Charra [1.4K]

Answer:

b. $34,500

Explanation:

For computing the depreciation expense for 2011, first we have to do the following calculations which are shown below:

Depreciation expense under Straight-line method would be

= (Purchase value of machinery - residual value) ÷ (estimated useful life)

= ($440,000 - $40,000) ÷ (10 years)

= $400,000 ÷ 10 years

= $40,000

From January 2, 2005 to the beginning of 2011, it have 6 years so the accumulated depreciation would be

= $40,000 × 6 years

= $240,000

And, the book value would be

= Purchase value of machinery - accumulated depreciation

= $440,000 - $240,000

= $200,000

Now the depreciation expense for 2011 would be

= (Book value + spent amount - salvage value) ÷ (remaining life)

= ($200,000 + $96,000 - $20,000) ÷ (8 years)

= $276,000 ÷ 8 years

= $34,500

Total years is 14 and the accumulated depreciation year is 6 years so , the remaining year would be 8 years

8 0

3 years ago