Answer:
a program that allows new firms to pay existing firms to reduce their emissions below a standard.
Explanation:
Pollution can be defined as the physical degradation or contamination of the environment through an emission of harmful, poisonous and toxic chemical substances.
Offset trading refers to a type of trading system that is typically designed for the realization of more efficient pollution control.
This ultimately implies that, it can be described as a program that allows new firms to pay existing firms to reduce their emissions below a standard.
Free market in tradable pollution permits simply means giving manufacturing companies and individuals the legal right to pollution of the environment. For example, XYZ company is purchasing the permit of 500 units of carbon dioxide (CO2) pollution annually, this simply means it is permitted to pollute the environment by 500 units of CO2 annually.
Additionally, a free market in tradable pollution permits has some sort of benefits as companies can resell their unused permits or devise a cheaper means of reducing pollution. It also compensate companies that significantly reduces its pollution of the environment.
At the end of the prior year, Doubtful Inc. had a deferred tax asset of $18,500,000 attributable to its only timing difference, a temporary difference of $47,000,000 in a liability for estimated expenses. At that time, a valuation allowance of $3,730,000 was established. At the end of the current year, the temporary difference is $42,000,000, and Doubtful determines that the balance in the valuation account should now be $5,000,000. Taxable income is $14,700,000 and the tax rate is 35% for all years.
Required:
Prepare journal entries to record Doubtful's income tax expense for the current year.
Answer:
Journal entries to record Doubtful's income tax expense for the current year.
No Account titles and Explanation Debit'$ Credit'$
1 Income tax expense 8,945,000
Deferred tax asset 3,800,000
[(42,000,000*35%) - 18,500,000]
Income taxes payable 5,145,000
[(14,700,000*35%)]
(To record tax expenses)
2 Income tax expense 1,270,000
Valuation allowance - deferred tax asset 1,270,000
(3,730,000 - 5,000,000
(To record valuation allowance)
What are the advantages of a presentation
Answer:
THE PERSON BELOW ME IS CORRECT
Explanation:
Answer:
people will get the idea more... and you could show stattistics for them/people you are showing the presentation they could be on the wrong side but you show ur presentation and boom their on the right side
Explanation:
Pierre, a cash basis, unmarried taxpayer, had $1,700 of state income tax withheld during 2020. Also in 2020, Pierre paid $425 that was due when he filed his 2019 state income tax return and made estimated payments of $1,190 towards his 2020 state income tax liability. When Pierre files his 2020 Federal income tax return in April 2021, he elects to itemize deductions, which amount to $17,450, including the state income tax payments and withholdings, all of which reduce his taxable income. a. What is Pierre's 2020 state income tax deduction
Answer:
$3,315
Explanation:
Calculation to determine Pierre's 2020 state income tax deduction
Using this formula.
2020 state income tax deduction=State income tax withheld+State income tax return amount due+State income tax liability
Let plug in the formula
2020 state income tax deduction=$1700+$425+$1190
2020 state income tax deduction=$3,315
Therefore Pierre's 2020 state income tax deduction is $3,315
List 3 things that would increase the amount you pay each month for car insurance.
Answer: 1.kilometres you would put on
2. Vehicle make/ model
3. Amount of time you’ve been driving
Explanation:
1.The more kilometres the more you pay because you’re more likely to get in an accident.
2. Vehicle make and model matters because newer and sportier vehicles are more expensive because they usually cost more
3. The newer you are as a driver the more expensive it will be because you have no experience and are more likely to get in an accident
goals
security
liquidity
interest
emergencies
save
The future value of today’s savings is measured by the______
_ earned on what was saved.
Answer:
interest
Explanation:
The correct option is - interest
Reason -
Future value is the value of an asset at a specific date.
It measures the nominal future sum of money that a given sum of money is "worth" at a specified time in the future assuming a certain interest rate, or more generally, rate of return.
The Iberia Tire Company has 3,000 tires in its inventory which are considered obsolete. Each tire originally cost the company $35 and the normal selling price was $45 per tire. Management is considering two options to reduce these inventory levels. Option one is to sell the tires directly to car dealerships for $30 per tire as opposed to the normal selling price of $45 per tire. The other option is to offer their current customers a $10 per tire rebate on their purchase. In addition to the $10 rebate, the program would cost the company approximately $24,000 to manage. They predict that either option will rid them completely of their excess The decision to sell directly to the car dealerships over offering the rebate will result in:_______
A. A $21,000 increase in profits.
B. A $9,000 increase in profits.
C. A $15,000 decrease in profits.
D. A $24,000 decrease in profits.
Answer:
B. A $9,000 increase in profits
Explanation:
Calculation to determine what The decision to sell directly to the car dealerships over offering the rebate will result in:
First step is to calculate the net selling prices for each group
Car dealership total price of sales = 3000 × 30 Car dealership total price of sales =$90,000
Current customers;
First step is to calculate the price of 1 tire
Price of 1 tire = $45 - $10 rebate
Price of 1 tire = $35
Total selling price = 35 × 3000
Total selling price= $105,000
Second step is to calculate net amount gotten from sales to customers
Net income= $105,000 - $24,000
Net income= $81,000
Now let calculate what the decision to sell directly to the car dealerships over offering the rebate will result in:
Decision to sell = 90,000 - 81,000
Decision to sell= $9,000 increase in profits
Therefore the decision to sell directly to the car dealerships over offering the rebate will result in:$9,000 increase in profits
Briarwood Company enters into a lease for the use of a new piece of equipment. The term of the lease is 3 years, and Briarwood estimates the economic life of the equipment to be 4 years. The present value of the lease payments is $58,000. The lease is considered a finance lease. The journal entry to record the initial transaction will include a
Answer:
Dr. Right of use asset $58,000; Cr. Lease liability $58,000
Explanation:
Journal entry
Date General Journal Debit Credit
Right of use of asset $58,000
Lease Liability $58,000
(Entry to record the initial transaction)
Calculate the present value of the following annuity streams: a. $6,000 received each year for 6 years on the last day of each year if your investments pay 7 percent compounded annually. b. $6,000 received each quarter for 6 years on the last day of each quarter if your investments pay 7 percent compounded quarterly. c. $6,000 received each year for 6 years on the first day of each year if your investments pay 7 percent compounded annually. d. $6,000 received each quarter for 6 years on the first day of each quarter if your investments pay 7 percent compounded quarterly.
Answer:
The present value of:
a. $6,000 received each year for 6 years on the last day of each year if your investments pay 7 percent compounded annually.
= PV = $28,599.24
b. $6,000 received each quarter for 6 years on the last day of each quarter if your investments pay 7 percent compounded quarterly.
PV = $116,764.11
c. $6,000 received each year for 6 years on the first day of each year if your investments pay 7 percent compounded annually.
PV = $28,599.24
d. $6,000 received each quarter for 6 years on the first day of each quarter if your investments pay 7 percent compounded quarterly.
PV = $118,807.49
Explanation:
a) Data and Calculations:
Annuity streams per year or quarter = $6,000
Period of annuity = 6 years
Interest rate = 7% compounded
From an online financial calculator:
a. N (# of periods) 6
I/Y (Interest per year) 7
PMT (Periodic Payment) 6000
FV (Future Value) 0
Results
PV = $28,599.24
Sum of all periodic payments $36,000.00
Total Interest $7,400.76
b. N (# of periods) 24
I/Y (Interest per year) 1.75
PMT (Periodic Payment) 6000
FV (Future Value) 0
Results
PV = $116,764.11
Sum of all periodic payments $144,000.00
Total Interest $27,235.89
c. N (# of periods) 6
I/Y (Interest per year) 7
PMT (Periodic Payment) 6000
FV (Future Value) 0
Results
PV = $28,599.24
Sum of all periodic payments $36,000.00
Total Interest $7,400.76
d. N (# of periods) 24
I/Y (Interest per year) 1.75
PMT (Periodic Payment) 6000
FV (Future Value) 0
Results
PV = $118,807.49
Sum of all periodic payments $144,000.00
Total Interest $25,192.51
NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.31 a share. The following dividends will be $.36, $.51, and $.81 a share annually for the following three years, respectively. After that, dividends are projected to increase by 2.5 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 10 percent
Answer:
P0 = $9.0767092 rounded off to $9.08
Explanation:
The dividend discount model (DDM) can be used to calculate the price of the stock today. DDM calculates the price of a stock based on the present value of the expected future dividends from the stock. The formula for price today under DDM is,
P0 = D1 / (1+r) + D2 / (1+r)^2 + ... + Dn / (1+r)^n + [(Dn * (1+g) / (r - g)) / (1+r)^n]
Where,
D1, D2, ... , Dn is the dividend expected in Year 1,2 and so on g is the constant growth rate in dividends r is the discount rate or required rate of return
P0 = 0.31 / (1+0.1) + 0.36 * / (1+0.1)^2 + 0.51 / (1+0.1)^3 + 0.81 / (1+0.1)^4 +
[(0.81 * (1+0.025) / (0.1 - 0.025)) / (1+0.1)^4]
P0 = $9.0767092 rounded off to $9.08
Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
questions
Online Content: Site 1
Why might it be easier to open an account with a bank than a credit union?
Lucy sells her partnership interest, a passive activity, with an adjusted basis of $305,000 for $330,000. In addition, she has current and suspended losses of $28,000 associated with the partnership and has no other passive activities. a. Calculate Lucy's total gain and her current deductible loss. Her total gain is $fill in the blank 1 and her deductible loss is $fill in the blank 2 . b. What type of income can the deductible loss offset
Answer:
A. $25,000 gain
B. ($3,000)
Explanation:
A. Calculation to determine Lucy's total gain
Amount realized $330,000
Less Adjusted basis ($305,000)
Total gain $25,000
($330,000-$305,000)
Therefore Lucy's total gain is $25,000
B. Calculation to determine her current deductible loss.
Amount realized $330,000
Less Adjusted basis ($305,000)
Total gain $ 25,000
($330,000-$305,000)
Less Suspended losses ($28,000)
Not passive Deductible loss ($3,000)
($25,000-$28,000)
Therefore her current deductible loss is ($3,000)
Select all the correct answers.
Amber is writing to an accountant that she would like to interview to gain information about the career field. What information should she include in her letter?
a request for a list of contacts that she could also interview
a request to meet for 15 minutes to gain firsthand advice
an explanation of why she is leaving her current job
a list of the questions she intends to ask in the interview
a copy of her résumé and cover letter
Answer:
answer from edmentum for you :)
Explanation:
Answer:
b & d
Explanation:
on plato
he financial statements of Seldin, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 35,000 $ 40,000 Inventory $ 55,000 $ 51,000 Prepaid expenses $ 12,000 $ 14,000 Accounts payable (for merchandise) $ 33,000 $ 32,000 Accrued expenses payable $ 15,000 $ 20,000 Net sales $ 260,000 Cost of goods sold $ 130,000 Operating expenses (including depreciation of $18,000) $ 80,000 Compute the amount of Seldin's cash payments for purchases of merchandise during the current year.
Answer:
$133,000
Explanation:
Computation to determine the amount of Seldin's cash payments for purchases of merchandise during the current year
First step is to calculate the Purchases during the year
Beginning ($51,000)
Cost of goods sold $130,000
Ending $55,000
Purchases during the year $134,000
Now let calculate the amount of Seldin's cash payments for purchases of merchandise
Beginning payable $32,000
Purchase during the year $134,000
Less Ending payable ($33,000)
Cash payments for purchases of merchandise $133,000
Therefore the amount of Seldin's cash payments for purchases of merchandise during the current year is $133,000
John invests a total of 10,000. He purchases an annuity with payments of 1,000 at the beginning of each year for 10 years at an effective annual interest rate of 8%. As annuity payments are received, they are reinvested at an effective annual interest rate of 7%. The remaining balance of the 10,000 is invested in a 10-year certificates of deposit with a nominal annual interest rate of 9%, compounded quarterly. Calculate the annual effective yield rate on the entire 10,000 investment over the 10-year period.
Answer:
7.95%
Explanation:
the first step is to determine the present value of the 10 year annuity
[tex]1000\frac{(1 + 0.08)(1 - (1 - 0.08)^{-10} }{0.08}[/tex] = 7246.89
remaining balance of the 10,000 is invested in a 10-year certificates of deposit = 10,000 - 7246.89 = $2753.11
We would calculate the future value of this amount
The formula for calculating future value:
FV = P (1 + r/m)^mn
FV = Future value
P = Present value
R = interest rate
N = number of years
m = number of compounding
$2753.11 x ( 1 + 0.09/4)^(4 x 10) = 6704.34
calculate the value of reinvestments
[tex]1000\frac{(1 + 0.07) ( 1 + 0.07)^{10} - 1 }{0.07}[/tex] = 14783.60
14783.60 + 6704.34 = 10,000 ( 1 + er)^10
er = 0.0795 = 7.95%
Five years ago, Logocom made a $5 million investment in a new high-temperature material. The product was not well accepted after the first year on the market. However, when it was reintroduced 4 years later, it did sell well during the year. Major research funding to broaden the applications has cost $15 million in year 5. Determine the rate of return for these net cash flows (in $1,000 units).
Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $390,000 per quarter. For financial reporting purposes, the company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price Quarterly Output A $ 28.00 per pound 14,600 pounds B $ 22.00 per pound 22,700 pounds C $ 34.00 per gallon 5,800 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Product Additional Processing Costs Selling Price A $ 91,990 $ 33.90 per pound B $ 133,305 $ 28.90 per pound C $ 62,660 $ 42.90 per gallon Required: 1. What is the financial advantage (disadvantage) of further processing each of the three products beyond the split-off point
Answer:
Product A Product B Product C
Sales value after further processing $494,940 $656,030 $248,820
(14,600*$33.90), (22,700*$28.90),
(5,800*$42.90)
Costs of further processing $91,990 $133,305 $62,660
Benefits of further processing $402,950 $522,725 $186,160
Less: Sales value at split-off point $408,800 $499,400 $197,200
(14,600*$28.00), (22,700*$22.00),
(5,800*$34.00)
Net advantage / (Disadvantage) $(5,850) $23,325 $(11,040)
Hawkeye Auto Parts uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $59,000 and $104,000, net purchases at cost and retail were $789,000 and $1,304,000, and sales during the first six months totaled $804,000. The estimated inventory at June 30, 2021, would be:
Answer:
$365,600
Explanation:
Calculation to determine what The estimated inventory at June 30, 2021, would be:
First step is to calculate the Cost to retail ratio
Cost to retail ratio = ($59,000 + $789,000)/($104,000 + $1,304,000)
Cost to retail ratio = $848,000/$1,408,000
Cost to retail ratio = 0.60
Second step is to calculate the Cost of goods sold
Cost of goods sold = $804,000 x 0.6
Cost of goods sold= $482,400
Now let calculate the estimated inventory at June 30, 2021
Estimated Inventory at June 30, 2021 = $59,000 + $789,000 - $482,400
Estimated Inventory at June 30, 2021 = $365,600
Therefore The estimated inventory at June 30, 2021, would be:$365,600
Worton Distributing expects its September sales to be 20% higher than its August sales of $168,000. Purchases were $118,000 in August and are expected to be $138,000 in September. All sales are on credit and are expected to be collected as follows: 40% in the month of the sale and 60% in the following month. Purchases are paid 20% in the month of purchase and 80% in the following month. The cash balance on September 1 is $28,000. The ending cash balance on September 30 is estimated to be:
Answer:
Worton Distributing
The ending cash balance on September 30 is estimated to be:
= $87,440
Explanation:
a) Data and Calculations:
August sales = $168,000
September sales = $168,000 * 1.2 = $201,600
August purchases = $118,000
September purchases = $138,000
Collection of sales on credit: August September
Sales $168,000 $201,600
40% month of sale 67,200 80,640
60% month following 100,800
Total cash collections $181,440
Payment for purchases: August September
Purchases $118,000 $138,000
Payment:
20% month of purchase 23,600 27,600
80% month following 94,400
Total payment for purchases $122,000
Cash budget for September
Beginning balance $28,000
Cash collections 181,440
Available cash $209,440
Cash payments 122,000
Ending balance $87,440
Read this article describes some of Teddy Roosevelt's contemporaries. In your journal, offer suggestions for at least three more leaders who you believe also reflect the traits of those profiled in this article and explain why
Answer:
1)autocratic leader
2)democratic leader
Explanation:
1- this leader is one who works fast without consulting employees.
2- this leader consults employees and make sure everyone takes par in decision making
sorry only know 2...
Ann is trying to decide which one of two job offers she will accept. Several items are presented below:
Job Offer A Job Offer B
(1) Base salary $50,000 $50,000
(2) Overtime compensation Comp. time Hourly rate
(3) Moving allowance 3,000 $ 3,000
(4) Signing bonus 0 $ 2,000
(5) Job search costs incurred $ 300 $ 500 job offer chart .
Choose the items that are irrelevant to Ann's decision.
a. (1), (2), (3), (4), (5)
b. (2), (5)
c. (1) (3), (5)
d. (2) , (4)
Answer:
c. (1) (3), (5
Explanation:
Based on the information if she is trying to make decision on which one of two job offers she will accept the items that are IRRELEVANT or not important to her decision will be the BASIC SALARY, MOVING ALLOWANCE and INCURRED JOB SEARCH COSTS reason been that what is most relevant to her is how she will choose the best job among the two job offers she has at hand .
Classify the following items as (1) operating, (2) investing, (3) financing, or (4) significant noncash investing and financing activities, using the direct method. (a) Cash payments to employees. (b) Redemption of bonds payable. (c) Sale of building at book value. (d) Cash payments to suppliers. (e) Exchange of equipment for furniture. (f) Issuance of preferred stock. (g) Cash received from customers. (h) Purchase of treasury stock. (i) Issuance of bonds for land. (j) Payment of dividends. (k) Purchase of equipment. (l) Cash payments for operating expenses.
Answer:
(a) Cash payments to employees
Cash-flow classification: Operating activities
(b) Redemption of bonds payable
Cash-flow classification: Financing activities
(c) Sale of building at book value
Cash-flow classification: Investing activities
(d) Cash payments to suppliers
Cash-flow classification: Operating activities
(e) Exchange of equipment for furniture
Cash-flow classification: Significant non-cash activities
(f) Issuance of preferred stock
Cash-flow classification: Financing activities
(g) Cash received from customers
Cash-flow classification: Operating activities
(h) Purchase of treasury stock
Cash-flow classification: Financing activities
(i) Issuance of bonds for land
Cash-flow classification: Significant non-cash activities
(j) Payment of dividends
Cash-flow classification: Financing activities
(k) Purchase of equipment
Cash-flow classification: Investing activities
(l) Cash payments for operating expenses
Cash-flow classification: Operating activities
On March 1, 2020, the Teal Company received a $45,000 payment for annual magazine subscriptions (the subscriptions run from the March, 2020 edition through the February 2021 edition). Upon receipt of the payment, Teal Company credited the amount to sales revenue. Provide any entries necessary to correctly state sales revenue on the 2020 income statement. Show your computation.
Answer:
The company has incorrectly credited the sales revenue account at the time of the receipt of payment. So, the journal entry to record the transaction is as follows:
Date Particulars Debit Credit
March 1, 20 Sales Revenue A/c $45,000
To Unearned Sales Revenue A/c $45,000
(To record Unearned sales revenue)
Rayya company purchases a machine for $105000 on january 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service.
Required:
Prepare entries to record the partial year's depreciation on July 1, 2023 and to record the sale under each separate situation.
1. The machine is sold for $45,500 cash.
2. The machine is sold for $25,000 cash.
Answer:
Journal entry For Depreciation
Date Account and explanation Debit Credit
July 1 Depreciation expense $7,500
(105000/7)*6/12
Accumulated depreciation-Machine $7,500
(To record Depreciation)
1) Journal entry
Date Account and explanation Debit Credit
July 1 Cash $45,500
Accumulated depreciation-Machine $67,500
Machine $105,000
Gain on Sale of Machine $8,000
(To record sale of Machine)
2) Journal entry
Date Account and explanation Debit Credit
July 1 Cash $25,000
Accumulated depreciation-Machine $67,500
(105000/7*4.5)
Loss on sale of machine $12,500
Machine $105,000
(To record sale of Machine)
The following is an estimated demand function:
Q = 875 + 6XA + 15Y − 5P (125) (2) (−1.2)
Where Q is quantity sold, XA is advertising expenditure (in thousands of dollars), Y is income (in thousands of dollars), and P is the good's price. The standard errors for each estimate are in parentheses. The equation has been estimated from 10 years of quarterly data. The R2 was 0.92; the F-statistic was 57; the Standard Error of the Estimate (SEE) is 25. Suppose the values of the explanatory variables next period are: Advertising = $100,000; Income = $10,000; and Price = $100.
Required:
Using the above fitted regression, what is the predicted value of sales?
Answer:
The predicted value of sales is $75,037,500.
Explanation:
Given:
Q = 875 + 6XA + 15Y - 5P ……………………..(1)
Where:
Q = quantity sold = ?
XA = Advertising = $100,000
Y = Income = $10,000
P = Price = $100
Substituting the values into equation (1), we have:
Q = 875 + (6 * 100,000) + (15 * 10,000) - (5 * 100)
Q = 750,375
Therefore, we have:
Predicted value of sales = Q * P = 750,375 * $100 = $75,037,500
Therefore, the predicted value of sales is $75,037,500.
From the fitted regression, the predicted value of sales will be 1125.
The estimated demand function is given as:
Q = 875 + 6XA + 15Y − 5P
The explanatory variables will be:
Advertising = $100,000 = 100
Income = $10,000 = 10
Price = $100
The values will be put in the estimated equation and this will be:
Q = 875 + 6XA + 15Y − 5P
Q = 875 + (6 × 100) + (15 × 10) - (5 × 100)
Q = 875 + 600 + 150 - 500
Q = 1125
Learn more about demand on:
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Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) $150,000 Pension plan assets (fair value and market-related asset value) 200,000 Accumulated benefit obligation 260,000 Projected benefit obligation 380,000 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the
Answer:
Pension expenses = $85,000
Explanation:
Missing word: "the plan. On December 31, 2017, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $52,000: the projected benefit obligation was $490,000; fair value of pension assets was $276,000: the accumulated benefit obligation amounted to $365,000. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11.000. The company's current year's contribution to the pension plan amounted to $65,000. No benefits were paid during the year. Instructions Determine the components of pension expense that the company would recognize in 2017. (With only one year involved, you need not prepare a worksheet.)"
Particulars Amount
Service cost $52,000
Interest on projected benefit obligation at 10% $38,000 (380,000*10%)
Actual return on plan asset ($11,000)
Unexpected loss ($9,000)
Amortization of gain or loss -
Amortization of prior service cost $15,000
Pension Expenses $85,000
The Public Company Accounting Oversight Board:____.
A. establishes accounting principles only for issuers.
B. interacts with the IASB in an effort to bring about convergence.
C. must report to the Securities and Exchange Commission as a matter of federal law.
D. All the above are true.
E. None of the above is true.
Answer: C. must report to the Securities and Exchange Commission (SEC) as a matter of federal law.
Explanation:
The Public Company Accounting Oversight Board (PCAOB) is a non-profit organization that was established after the disastrous accounting scandals of the early 2000s and late 1990s involving companies like WorldCom and Enron.
The purpose of the organization is to ensure that the audits of a public company are done in such a way that audit risk is reduced and the audit report is as accurate as possible. Even though they are a non-profit, the Sarbanes-Oxley Act mandates that they report to the SEC which has oversight over them.
A company purchased land for $82,000 cash. Commissions of $8,000, property taxes of $8,500, and title insurance of $2,200 were also incurred. The $8,500 in property taxes includes $5,400 in back taxes paid by the company on behalf of the seller and $3,100 due for the current year after the purchase date. For what amount should the company record the land
Answer:
the amount that company should record the land is $97,600
Explanation:
The computation of the amount that company should record the land is shown below:
The Amount should be recorded for land is
= Purchase price + Commission + Property tax paid on behalf of seller + Title insurance
= $82,000 + $8,000 + $5,400 + $2,200
= $97,600
hence, the amount that company should record the land is $97,600
On January 1, 2019, QRS Company granted 80,000 stock options to certain executives. The options may be exercised on or after December 31, 2022, and expire on January 1, 2026. Each option can be exercised to acquire one share of $1 par common stock for $5. The fair value of each options was estimated to be $3 on the grant date. What amount should QRS recognize as compensation expense for 2020
Answer:
The amount QRS should recognize as compensation expense for 2020 is $80,000.
Explanation:
NS = Number of shares granted as stock option = 80,000
FV = Fair value of the options on the date of grant = $3
N = Number of years from December 31, 2022 to January 1, 2026 = 3
Therefore, we have:
Total compensation expenses = NS * FV = 80,000 * $3 = $240,000
Amount QRS should recognize as compensation expense for 2020 = Total compensation expenses / n = $240,000 / 3 = $80,000
What does a company's customer service department do?
The customer service department is the area of the company that handles the relationship with customers after they buy a product which includes answering questions, managing complaints and fixing issues with the product. According to this, the answer is interact with customers after they have purchased the product.
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Serena purchased 10 shares of GLC, Inc. stock for $200 per share; one year later she sold the 10 shares for $220 a share. Over the year, the price level increased from 135.0 to 143.1. The tax rate on capital gains is 50 percent. If the capital gains tax is on nominal gains, how much tax does Serena pay on her gain?
Answer:
$100
Explanation:
Gain on the stock sale = Value of sold shares - Value of purchased shares
Gain on the stock sale = 10*$220 - 10*$200
Gain on the stock sale = $2,200 - $2,000
Gain on the stock sale = $200
Tax pay on the gain = Gain on the stock sale * Tax rate on capital gains
Tax pay on the gain = $200 * 50%
Tax pay on the gain = $100