Answer:
Explanation:
Petty cash $2,050
Cash $2,050
Merchandise inventory $160
Postage Expense $589
Misc. expenses $440
Credit:
Cash over and short $7
Cash
Petty Cash $350
Cash $350
(2400-2050)
The following is selected information from Windsor, Inc. for the fiscal year ending October 31, 2022. Cash received from customers $129000 Revenue recognized 193500 Cash paid for expenses 73100 Cash paid for computers on November 1, 2021 that will be used for 3 years 20640 Expenses incurred including any depreciation 102340 Proceeds from a bank loan, part of which was used to pay for the computers 43000 Based on the accrual basis of accounting, what is Windsor's net income for the year ending October 31, 2022
A corporation is concerned about their exposure to criminal liability after the most recent election cycle placed a number of new legislators in Congress who campaigned against corporate corruption. Select the strategy that would be least effective in reducing the company's criminal liability.
A. It could prioritize ethical leadership when making hiring decisions for management-level positions.
B. It could encourage reporting by establishing internal protections for whistleblowers beyond what is provided by Congressional law.
C. It could strengthen its code of ethics to reflect the current political mood.
D. It could donate to the election campaigns of the new members of Congress to establish goodwill.
Answer:
The strategy that would be least effective in reducing the company's criminal liability is:
D. It could donate to the election campaigns of the new members of Congress to establish goodwill.
Explanation:
While the other three options will effectively reduce the company's criminal liability exposure, option D is the least that is likely to have a positive or effective effect. This implies that option D is most likely to aggravate the criminal liability of the company as it will be regarded as bribery to cover up a crime.
Difine the following
1 operetional cost
2 social cost and
3 complementary goods
Answer:
1. expenses related to the operation of a business
2.sum of the private costs resulting from a transaction
3. complementary good is a good whose appeal increases with the popularity of its complement.
In its first month of operations, Wildhorse Co. made three purchases of merchandise in the following sequence: (1) 370 units at $6, (2) 470 units at $8, and (3) 570 units at $9. Assuming there are 270 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Wildhorse Co. uses a periodic inventory system. FIFO LIFO The Ending Inventory $Enter a dollar amount $Enter a dollar amount
Answer:
The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620
Explanation:
First determine the units sold
Units Sold = Total Purchases - Units in hand
= 1,410 units - 270 units
= 1,140
Note ; Wildhorse Co. uses a periodic inventory system. This means we calculate the cost at the end of the period.
FIFO
Means First in First Out
Cost of the ending inventory = 270 x $9.00 = $2,430
LIFO
Means Last in First Out
Cost of the ending inventory = 270 x $6.00 = $1,620
Conclusion
The cost of the ending inventory under FIFO is $2,430 and under LIFO is $1,620
Louisiana Timber Company currently has 5 million shares of stock outstanding and will report earnings of $6.32 million in the current year. The company is considering the issuance of 1 million additional shares that will net $35 per share to the corporation. a. What is the immediate dilution potential for this new stock issue?
Answer:
0.214 per share
Explanation:
Calculation to determine the immediate dilution potential for this new stock issue
First step is to calculate the EPS before issuance
EPS before issuance = 6.32 / 5
EPS before issuance= 1.264
Second step is to calculate the EPS after new share issue
EPS after new share issue = 6.32 / (5+1)
EPS after new share issue=6.32/6
EPS after new share issue= 1.05
Now let calculate the Dilution potential
Dilution potential = 1.264 - 1.05
Dilution potential = 0.214 per share
Therefore the immediate dilution potential for this new stock issue is 0.214 per share
In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020.
Answer:
Henry's QBI deduction = $9,760
Henry's taxable income = $39,040
Henry's tax liability = $4,487.30
Explanation:
QBI deduction = (AGI - standard deduction) x 20% = ($61,200 - $12,400) x 20% = $9,760
total taxable income = $61,200 - $12,400 - $9,760 = $39,040
tax liability = $987.50 + [12% x ($39,040 - $9,875)] = $987.50 + $3,449.80 = $4,487.30
Name one thing you're afraid of when you think of college and career.
Answer:
finances
Explanation:
College is expensive and people that go to college have an expectation of landing a great paying job. Reality is that is not always the case. Often leading to a long time of paying of student debts.