Federal tax rate = 10%
State tax rate = 4.3%
Social security = 6.2%
Medicare = 1.45%
Total deductions = 21.95%
Amount withheld = 21.95%*6727 = $1476.58
Answer: price competition
Explanation:
The type of competition would Funke and Dumphy likely engage in after the decrease in demand is price competition.
Price competition simply means when the companies in a particular industry lower their prices afsubst the prices of identical products in order to boost demand and sales.
Since there's a reduction in demand, Dumphy and Funke will engage in price competition to boost sales.
Answer:
The sales budget is prepared below. See table below.
Explanation:
<em>A sales budget shows the expected revenue and units to be sold for a forth coming accounting period. The sales budget for Patrick Inc would look as follows:</em>
Sales budget
Month Units Revenue($)
January 41,000 1,435,000
February 38,000 1,330,000
March 50,000 1<u>,750,000</u>
<u>4,515,000</u>
Note the revenue per month is determined by multiplying the unit to be sold by the price per unit of $35
Answer:
d. $277,797
Explanation:
Savings = $7,500 for the first 6 years (t = 1 through t = 6)
Deposits = $15,000 for the following 6 years (t = 7 through t = 12)
Gifts = $25,000
Earnings = 9% annually
Calculation of the Final Amount by Savings, Deposits and Gifts:
Amount at the end of year 6
Interest rate 9.0%
1st Annuity (Savings) $7,500 $56,425 - Compounded at 9% 2nd Anuuity (Deposits) $15,000 NA
Gift $25,000 NA
Total Years 12
Annuity years 6
Amount at the end of year 12
$94,630
$112,850
$70,317
Final Amount: $277,797
Therefore, $277,797 is the final amount which you will have when you start your business 12 years from now.
Answer:
C. <u>at least several</u>
Explanation:
Competitive advantage refers to a favorable situation or position a business enjoys over it's competitors owing to it's specialization or strength in performing a specific operation.
For example, in case of telecommunication, one company's competitive advantage could be superior network coverage with lower call drops than it's competitors.
In order to survive and grow, a business should try and gain competitive advantages in at least several fields and yet at the same time retain and maintain those competitive advantages over a period.
