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2 years ago

During the current year, the Town of Salo Alto recorded the following transactions related to its property taxes:

Business

1 answer:

anygoal [31]2 years ago

4 0

Answer:

S/N Account Titles & Explanation Debit Credit

1) Taxes Receivable—Current $3,300,000

Estimated Uncollectible Current Taxes $66,000

Revenues $3,234,00

2) Cash $2,987,500

Tax Receivable-current $2,987,500

3) Cash $28,900

Tax Receivable- Delinquent $26,500

Interest and Penalties Receivable On Taxes $2,400

4) Penalties and Interest Receivable $3,750

Estimated Uncollectible Interest $650

and Penalties

Revenues $3,100

5) Taxes Receivable- Delinquent $312,500

($3300000-$2987500)

Estimated Uncollectible Current Taxes $66,000

Taxes Receivable- Current $312,500

Estimated Uncollectible Delinquent Taxes $66,000

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A company CEO created an ethics policy, made ethical training mandatory and installed feedback systems for ethics violation. Whe

igor_vitrenko [27]

Answer

lost / lost

A company CEO created an ethics policy, made ethical training mandatory and installed feedback systems for ethics violation. When ethics violations were reported to the executives however, no changes or reprimands were made. Consequently, the policies ____lost____ value and executives __lost______ the respect of employees

Explanation:

Creating ethics policies is extremely important for an organization to align employee behavior with its organizational culture. Business values, when clearly and effectively established, help at various organizational levels, such as good team relationships, conflict resolution, and effective communication among all employees. In the above question, as there was no compliance with the ethics policy implemented by the CEO and no correction of the failures, there was a lost of value of the policy and lost of respect for employees.

4 0

2 years ago

Land held for possible plant expansion would be included as an operating asset when computing return on investment (ROI).

Softa [21]

Answer:

B. False

Explanation:

Land held for possible plant expansion would NOT be included as an operating asset when computing return on investment (ROI).

Return on investment (ROI) is used to measure the profitability of an investment. It helps to compare the gain or loss from an investment in relation to its cost.

Return on investment can be used to determine

1. Profitability of a stock investment,

2. Profitability of the purchase of a business investment

3. Profitability of a real estate business

ROI = Net return / cost of investment × 100

Net return= Final value of investment - initial value of the investment

6 0

2 years ago

Suppose the market for gourmet chocolate is in long-run equilibrium, and an economic downturn has reduced consumer discretionary

VashaNatasha [74]

Answer:

a. Decrease

b. Decline

c. Exit

d. No change

Explanation:

The market for gourmet chocolate is in the long-run equilibrium, and an economic downturn has caused the consumer disposable income to fall. Chocolate is a normal good, and the chocolate producers have identical cost structures.

a. This decline in the consumer income will reduce the purchasing power of the consumers. As a result, the demand will decrease. The demand curve will move to the left.

b. This leftward shift in the demand curve will cause the price to decline, As the price falls, the profits earned by the producers will decline as well.

c. In the long run, the firms operate at zero economic profits. So a decline in profits imply that the firms are operating at an economic loss. This will cause the loss incurring firms to exit the market.

d. The long run supply curve will remain the same. It is not affected by change in profits, it changes only with change in the state of technology or availability of resources.

8 0

2 years ago

Tyge Corporation recorded the following activities during its first month of operations. Purchased materials costing $300,000.

Liula [17]

Answer:

Adjusted Cost of Goods Sold $ 610,000

Net Profit $ 160,000

Ending Inventory Materials $ 20,000

Ending Inventory Finished Goods $ 55,000

Ending Inventory Work In Process $ 168,750

Explanation:

Tyge Corporation

Cost of Goods Sold Schedule

Direct Materials Inventory $ 000000

Purchased materials $300,000

Less Ending Inventory $ 20,000

Direct materials Used in production $280,000.

Direct labor costs of $220,000,

Applied manufacturing overhead at a rate of $25 per direct labor hour. (Direct labor workers earn $16 per hour). $343,750

(Working 220,000/16*25= 343,750)

Total Manufacturing Costs 843,750

Add Work in Process Beginning Inventory $ 0000

Cost of Goods Available For Manufacture $ 843,750

Less Work In Process Ending Inventory 168,750

Cost Of Goods Manufactured $ 675,000

Add Finished Goods Opening Inventory $0000

Cost of Goods Available for Sale $ 675,000

Less Finished Goods Ending Inventory $55,000

Cost of Goods Sold $620,000

LEss Over applied overhead 10,000

Adjusted Cost of Goods Sold $ 610,000

Tyge Corporation

Income Statement

Sales $900,000

Less Adjusted Cost of Goods Sold $ 610,000

Gross Profit $ 290,000

Less selling and administrative Costs $130,000

Net Profit $ 160,000

Part B: It is assumed that the beginning inventories of Direct Materials , Work in Process and Finished Goods are zero.

So adding the given balances and subtracting we get the ending Inventories .

Materials Purchased $300,00

Materials used $ 280,000

Ending Inventory Materials $ 20,000

Finished Goods Transferred 675,000

Cost of Goods Sold 620,000

Ending Inventory Finished Goods $ 55,000

Total Manufacturing Costs 843,750

Cost Of Goods Manufactured $ 675,000

Ending Inventory Work In Process $ 168,750

3 0

2 years ago

During 2019, Ocean Consulting had the following transactions with it clients (customers): On February 1, 2019, the company recei

vova2212 [387]

Answer:

$20,000

Explanation:

According to the given situation, the computation of stockholder equity is shown below:-

Stockholder equity = Service in cash + Sent bills

= $15,500 + $4,500

= $20,000

Therefore for computing the stockholder equity we simply applied the above formula so that the correct value could come

Hence, the stockholder equity is $20,000

6 0

2 years ago