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Elodia [21]
2 years ago
10

Finx. Inc. Purchased a truck for $35000. The truck is expected to be driven 15000 miles per year over a five year period. And th

en sold for approximately $5000. Depreciation for the first year of trucks useful life by units-of-output method if the truck is actually driven 16000 miles will be: a. $7000 b. $6400 c. $6500 d. $6000
Business
1 answer:
SOVA2 [1]2 years ago
8 0

Answer: tough one but I would have to say b if I’m wrong sorry

Explanation:

You might be interested in
Your industrial supply company wants to create a data warehouse where management can obtain a single corporate-wide view of crit
antoniya [11.8K]

Answer:

Industrial supply company scenario:

  • The company wants to create a data warehouse where management can obtain a single corporate-wide view of critical sales information to identify best-selling products in specific geographic areas, key customers, and sales trends.
  • The sales and product information are stored in both a divisional sales system running on a Unix server and a corporate sales system running on an IBM mainframe.
  • The desire is to create a single standard format that consolidates these data from both systems.

Business problems:

  • A business problem that can arise from not having these data in a single standard format is that employees will see the data as inconsistent.
  • It is difficult to make business decisions if the data is unreliable, inaccurate, or redundant.
  • The product descriptions are formatted differently so managers and employees might get confused when it is entered into the system.
  • Also, the system identifies the sales by territory in the United States so it would be impossible to identify the sales or even around the world.
  • The corporate sales system also lacks a way to identify the identification of the customer.
  • Both sales system should be consistent with the information in order to prevent redundancies or inaccuracies.  

How easy it would be to create a database with a single standard format:

  • Creating a database with a single standard format would ideally be easy.
  • Data quality audits and data cleansing should be performed when constructing the new database.
  • Data quality audits and data cleansing would correct any redundancies and inaccuracies in the current systems.
  • By using data-cleansing software, the company can combine and integrate the data from all the systems into a single standard format that is uniform throughout the whole company.

Problems that should be addressed:

  • A problem that should be addressed is the product description and sales territory tags.
  • These tags have different formats which could lead to inconsistencies in the data.
  • The names would have to be changed so that they are the same format and are only entered once in the new single standard format database.
  • Another problem that would have to be addressed is keeping both the division and customer id tags in the new database.
  • This would provide more information for each entry and would limit any confusion among the employees.

Database specialists:

  • Database specialists will help solve the problems by performing the data quality audits and data cleansing.
  • They will also help in establishing an information policy and developing the new database.
  • They are also responsible for the specific policies and procedures through which data can be managed as an organizational resource.
  • This involves overseeing logical database design and data dictionary development, planning for data, and monitoring how information systems specialists and end-user groups use data.

General business managers:

  • General business managers would have the final say when managing data resources.
  • They would be responsible for defining and organizing the structure and content of the database and maintaining the database.

Who should have the authority?

  • The general business managers should have the authority because they are responsible for the data.
  • This would mean that even though they allow database specialists to establish an information policy and develop the new database, the managers are the ones who have to approve the final product in order for it to be implemented company-wide.
  • The managers are the ones whose reputations are on the line when a company succeeds or fails, so they should have the final authority.

6 0
2 years ago
Swifty Corporation had net sales of $2,419,200 and interest revenue of $39,300 during 2020. Expenses for 2020 were cost of goods
damaskus [11]

Answer:

Please find the income statement below;

Explanation:

<u>Single step Income statement</u>

Revenues

Net sales              2,419,200

Interest revenue        39,300

<em>Total revenues                                2,458,500</em>

Expenses

Cost of goods sold      1,464,600

Admin. expenses            216,400

Selling expenses            294,800

Interest expense               46,000

<em>Total expenses                                   2,021,800</em>

<em><u>Net Income  </u></em><em>                                         </em><u><em>436,700</em></u>

6 0
2 years ago
Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hour
ZanzabumX [31]

Answer and Explanation:

As per the given question the solution of given points is given here:-

a. Regular pay for the week = Rate of pay × Hours per week

= $12 × 40 hours

= $480.00

b. Overtime pay for the week = Rate of pay × 8 hours × 1.5 times

= $12 × 8 hours × 1.5 times

= $144.00

c. Total gross wages = (Social security withheld + Medicare tax withheld + Federal income tax withheld + Net pay)

= $38.69 + $9.05 + $54 + $522.6

= $624.00

d. Social security withheld = Total gross wages × Social security tax

= $624 × 6.2%

= $38.69

e. Medicare tax withheld = Total gross wage × Medicare tax rate

= $624 × 1.45%

= $9.05

f. Total withholding = Social security withheld + Medicare tax withheld + Federal income tax withheld

= $38.69 + $9.05 + $54

= $101.74

g. Net pay = Total gross wages - Total withholding

= $624.00 - $101.74

= $522.26

2. The Journal entry is here below:-

Wage Expense Dr, 624  

      To Social security taxes payable $38.69

      To Medicare Tax Payable $9.05

      To Federal Income Tax Payable $54

      To Wages Payable $522.26

(Being the payroll is recorded)

4 0
2 years ago
Robinson Company purchased Franklin Company at a price of $2,500,000. The fair market value of the net assets purchased equals $
Fed [463]

Answer:

Explanation:

Goodwill is defined as the excess in amount of the purchase price of a company over the fair value at acquisition.It is intangible in nature , meaning it can not be physically separated from the other assets. Example are patent , brand name , good employee relation.

1.

Goodwill calculation

Purchase price - $2,500,000

Fair value -          $1,800,000

Goodwill -               $700,000        

2.

No

Under the IAS 36, impairment of assets , goodwill is not amortized but annually tested for impairment as amortization is applicable to intangible assets with a definite useful life while intangible assets with indefinite useful life are annually tested for impairment to evaluate a loss in value experienced.

3

No

Under IAS 38 , Internally generated goodwill are not recognized as no related cost is incurred towards achieving a future benefit

7 0
2 years ago
Consider a hypothetical closed economy in which households spend $0.70 of each additional dollar they earn and save the remainin
Gekata [30.6K]

Answer:

$0.70 and 3.3

Explanation:

Data provided in the question

Household spending for each additional dollar = $0.70

And, the remaining amount = $0.30

So in the given case,

The marginal propensity to consume (MPC) = household spending for each additional dollar i.e $0.70

And, the Spending multiplier is

= 1 ÷ 1 - MPC

= 1 ÷ 1 - $0.70

= 1 ÷ $0.30

= 3.3

5 0
2 years ago
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