Answer:
We have to assume specific tax rate to come up with the income tax expenses. Let assume the tax rate is 30%.
The income tax expense in year 2: $53,400.
Explanation:
We have:
Depreciation expenses of the equipment in the second year = (Initial cost - salvage value) / Useful life = (168,000 - 0)/4 = $42,000.
Profit before tax in year 2 = Sales in year 2 - operating expenses in year 2 - Depreciation expenses in year 2 = 520,000 - 300,000 - 42,000 = $178,000.
Income tax expense in year 2 = Profit before tax in year 2 x tax rate = 178,000 x 30% = $53,400.
So, the answer is $53,400.
Answer:
$119,500
Explanation:
Solution:
Recall that
The budgeted sales for Micro Miller company = $700,000,
Sales commissions of = 4%
The salary of sales manager = $80,000.
Now,
Since Budgeted Sales is $700,000
Then
sales commissions is calculated as follows:
Sales Commission=0.04*700000(A)= 28000
Thus,
Sales Manager's Salary(B) = $80,000
Hence,
The shipping expenses = 0.01*700000 = $7000
Miscellaneous selling expenses becomes
Fixed = 1000
Variable =3500 700000 * 0. 5 = 119500
Answer:
A.Volunteering time
Explanation:
I just took the quiz and got it right.
Solution :
In the context, it is given that foreman in a construction company is responsible for the workers who are unskilled labors.
1. The segregation of the duties which involves the separation of the main functions and have them to conducted by the different workers. But here in this case, the approval of the attendance of the employees and the distribution of the checks to the worker are the important activities that are being conducted by a single employee.
2. This may result into frauds to the company. If the segregation of the duties is not implemented, then the company is at risk. This is because a single employee does the work for the approval of the attendance of the workers and distributing the checks to them for their work. So this can result in a fraud if the foreman wants to do fraud. But distributing the work among two employee will reduce the risk of fraud as one employee many not be willing to do fraud.
Explanation:
According to the accounting cost method , the reissuance of the treasury stock would be credited to the additional paid in capital which represents the remaining amount i.e deduct $120,000 from the $190,000
And, the net income for the year 6 is
= Increase in assets - Increase in liabilities - Increase in capital stock - Increase in additional paid in capital + Dividend payment
= $356,000 - $108,000 - $240,000 - $24,000 + $52,000
= $36,000
