Hero Company produces a single product. Following is cost information:

loris [4]

One basis for economics are science of choice.

7 0

3 years ago

nnual salary allowance to Jack of $169,680. Interest of 7% on each partner's capital balance on January 1. Any remaining net inc

Katarina [22]

Answer:

$216,570; $89,430

Explanation:

Jack:

Interest amount = 7% × $96,000

= $6,720

Bernard:

Interest amount = 7% × $87,000

= $6,090

Overall profit = Net income - salary - interest amount

= $303,000 - $169,680 - ( $6,720 + $6,090)

= $303,000 - $169,680 - $12,810

= $120,510

Profit is divided in a 1:2 ratio among Jack and Bernard:

Jack's profit = $120,510 × (1/3)

= $40,170

Bernard's profit = $120,510 × (2/3)

= $80,340

Net income should be distributed to Jack:

= salary + Interest + profit

= $169,680 + $6,720 + $40,170

= $216,570

Net income should be distributed to Bernard:

= Interest + profit

= $6,090 +$80,340

= $89,430

7 0

3 years ago

Howard Cho has been hired by Greenwood Enterprises to work on an assembly line in its small engine division. He understands that

tiny-mole [99]

Answer: Union

Explanation:

The options to the question,:

A Open

B. Managed

C. Union

D. Closed

E. Agency

From the question, we are informed that Howard Cho has been hired by Greenwood Enterprises to work on an assembly line in its small engine division and that he understands that he will be on probation for 30 days and then must join the union. This implies that Cho enterprise has a union shop.

A union shop is a form of a union security clause whereby the employer may employ workers who are into the union or those who don't but those that are not yet union members will have to join after a 30 days period.

8 0

3 years ago

Which of the following expenses is NOT deductible when a taxpayer uses the simplified method of calculating the home-office dedu

Rasek [7]

The simplified method of computing home office expenses limits the number of home office expenses allowed to a fixed amount regardless of the amount of business income or the size of the home office.

<h3>How do you calculate home office deductions?</h3>

A business owner can calculate the home office deduction in two ways: regular and simplified. The regular method would require you to use Form 8829 to calculate your deduction, which would include figures for the area of your home and the total hours it was used for business purposes, your business income, and other business expenses.

If you itemize deductions and use the simplified method for a taxable year, you can deduct home expenses that would otherwise be deductible as itemized deductions on Form 1040 or 1040-SR, Schedule A, without reducing these expenses by the amounts allocable to the simplified method.

Learn more about home office deductions here:

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8 0

1 year ago

You plan on saving for a large home improvement project using the following cash flows: $50,000 today, $25,000 next year, and $1

lesya692 [45]

Answer:

Total= $98,000

Explanation:

Giving the following information:

You plan on saving for a large home improvement project using the following cash flows: $50,000 today, $25,000 next year, and $10,000 the following year. The account earns a 10% return per year.

We need to use the following formula:

FV= PV*(1+i)^n

FV= 50,000*1.10^2= 60,500

FV= 25,000*1.1= 27,500

FV= 10,000

Total= $98,000

8 0

3 years ago