Only corporations pay an excise tax. Instead of wages, investment profits are subject to an excise tax. On goods, there is an excise tax.
What distinguishes income taxes from payroll taxes?Income taxes are based on an individual's salary, whereas payroll taxes are itemized deductions from a person's paycheck. Income taxes are paid by workers each time they get paid, while payroll taxes are taken out of a person's salary once a year.
What are excise taxes used for?An excise tax is a tax imposed by the government on particular goods and services, typically with the intention of reducing their consumption or compensating for the associated social costs. Dissimilar to conventional deals charges — which apply to expansive areas of business — extract charges target things like fuel, tobacco, and guns.
To learn more about excise tax here
https://brainly.com/question/22358769
#SPJ1
review question what types of taxes and deductions are factored into the difference between your gross pay and your net pay?
The Taxes and deductions that are factored into the difference between your gross pay and your net pay include Income Tax, Social Security Tax.
Payroll deductions are stipends withheld from a hand's total earnings to pay levies, embellishments, and benefits, like health insurance. Net pay means take-home pay or the quantum workers earn after all payroll deductions are abated from their gross pay.
Gross pay is what workers earn before levies, benefits, and other payroll deductions are withheld from their stipend. The quantum remaining after all withholdings are reckoned for is net pay or take-home pay. An income duty is a duty assessed on individualities or realities in respect of the income or gains earned by them.
Income duty generally is reckoned as the product of a duty rate times the taxable income. The Social Security duty is applied to income earned by workers and tone- employed taxpayers. Payroll deductions are stipends withheld from a hand's total earnings to pay levies, beautifiers, and benefits, like health insurance.
To know more about Tax,
brainly.com/question/26316390
#SPJ4
based on the financial data listed, what was triad's total net assets before posting net income for the year?
Based on the financial data listed, the triad's total net assets before posting net income for the year was $250,000.
Financial statements (or financial reports) are kinda records of the financial activities and position of a business, person, or alternative entity. Relevant financial info is conferred in a very structured manner and in a form that is straightforward to understand. They usually embody four basic financial statements in the middle of a management discussion and analysis: A balance sheet or statement of monetary position, reports on a company's assets, liabilities, and owner's equity at a given purpose in time.
An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a declared period. A profit and loss statement provides information on the operation of the enterprise. These include sales and therefore the varied expenses incurred throughout the declared period.
Learn more about Financial statements here: https://brainly.com/question/26240841
#SPJ4
what would be the greatest opportunity cost for a talented college football player to remain in college for another year rather than enter the nfl draft?
The greatest opportunity cost is that the player will forfeit being selected by scouts during the playoffs.
What is opportunity cost?The opportunity the benefit that a person forgoes by selecting one option over another is called the cost.
The value or benefit forfeited by engaging in a specific activity in comparison to engaging in an alternative activity is known as the opportunity cost of that activity.
More efficiently it entails forfeiting the chance to engage in a different activity if you select one.
In conclusion, opportunity costs can be exemplified for any situation where a company will do something, but will have to give up something
Learn more about opportunity cost here:
https://brainly.com/question/1549591
#SPJ1
if rice is an inferior good, a decrease in income will cause the equilibrium price of rice to rise. group of answer choices false true
The true fact based on the statement on question is shift the demand curve for rice to the right.
What is the cause of the equilibrium price?With everything else remaining the same, an increase in demand will result in a rise in the equilibrium price and an increase in supply. Reduced demand will result in a drop in the equilibrium price and a reduction in supply. If the demand curve shifts to the left, the quantity demanded could either fall or rise (shifting rightward). The new equilibrium will be at a lower quantity and price if the demand curve shifts left. The new equilibrium will have higher quantity and price if the demand curve moves right.
Learn more about equilibrium price: https://brainly.com/question/26075805
#SPJ4
a local attorney was appointed guardian of a property owner with no known relatives, who required care in a nursing home. the property owner has no will or any money available for expenses and hasn't paid any property taxes in the past four years. what would the state file to eventually collect the unpaid back taxes?
To eventually recover the unpaid back taxes, the state would file a tax lien file. ( Option D )
- When you disregard or refuse to pay a tax debt, the government will have a legal claim against your property known as a federal tax lien. The government's interest in everything of your possessions, including real land, personal property, and financial assets, is safeguarded by the lien.
- Tax liens are a major issue. You most likely haven't fully paid your federal or state income taxes if you have a lien on your home or other property. Although liens don't immediately result in property seizures, they are just one step away from levies, and levies are serious business. You've come to the right place if you have queries about liens.
To know more about tax lien, kindly click on the link below :
https://brainly.com/question/24355685?referrer=searchResults
#SPJ4
- The complete question is :
A local attorney was appointed guardian of a property owner with no known relatives, who required care in a nursing home. The property owner has no will or any money available for expenses and hasn't paid any property taxes in the past four years. What would the state file to eventually collect the unpaid back taxes?
A) Mechanic's lien
B) Real estate probate lien
C) Mortgage lien
D) Tax lien
which type of pension plan is required to pay out a certain sum, generally based on a percentage of salary upon retirement and the number of years of service?
Pension plan required to pay out a certain sum .............. :
- Defined benefits.
How do defined benefit plans work?An agreed-upon monthly benefit is guaranteed under a defined benefit plan. A specific financial figure, such as $100 per month at retirement, may be specified in the plan as the guaranteed benefit. Or, more frequently, a benefit is determined by a plan formula that takes characteristics like pay and service into account. For instance, 1 percent of the average income for the previous five years of work is taken into account for each year of employment with a company. Within specific parameters, government insurance offered by the Pension Benefit Guaranty Corporation protects the benefits in the majority of traditionally defined benefit plans (PBGC).
To know more about defined benefit plan, visit:
https://brainly.com/question/28603314
#SPJ1
at the broadest level, the financial system moves the economy’s scarce resources from
The network of economic institutions known as the financial system works to match one person's savings with another person's investments. It transfers limited economic resources from savers to borrowers.
Hence, the financial system moves scarce resources from savers to borrowers.
A financial system is defined as an organization that typically connects one person's savings with another person's investments. The economy's limited resources are transferred from savers to borrowers in this process. The financial system is made up of many financial entities that manage the borrowing and saving operations. By managing economic funds, it binds the two together.
To know more about financial system, refer to:
https://brainly.com/question/27961174
#SPJ4
shannan, who is single, earns wages of $350,000 in 2022. how much will shannan have to pay in medicare taxes?
$5,075 will Shannan have to pay in Medicare taxes.
Thus, the correct option is A.
All personnel, employers, and self-employed individuals are required to pay the Medicare tax, which is a portion of gross wages used to guide Medicare.
The american Medicare fitness system is financed through a Medicare levy. Medicare component A, which presents health center coverage for seniors and people with disabilities, is paid for using tax dollars. medical institution, hospice, and nursing facility care are all covered in fees.
In 2022, the Medicare tax could be 2.9%. every birthday party can pay 1.45% of this sum, which is divided equally between the company and the employee. The sum is deducted from every employee's paycheck.
In principle, Social safety and Medicare taxes have to be paid through all employees, whether they are individuals or foreigners. some nonresident aliens with unique visas who paintings within the usa are excluded, however.
Learn more about Medicare taxes, here
brainly.com/question/29032156
#SPJ4
Math
Can you thech me about being a businessman and now it’s not even that bad I am going to
Determine whether customers will actually purchase your goods or services before investing any money. The most significant action you take might be this.
Who is Businessman?This can be accomplished by confirming your market. In other words, besides your family and friends, who else will purchase your goods or services.
Be willing to say who you are and what you do with conviction and without apology. Embrace and use the most effective online tools available to broadcast your news.
Free industry research is available, which you can find. For more information, read articles in the industry that use computer science data . However, the most crucial method.
Therefore, Determine whether customers will actually purchase your goods or services before investing any money. The most significant action you take might be this.
To learn more about Businessman, refer to the link:
https://brainly.com/question/887012
#SPJ1
if a customer needs 150 chairs per day and a company operates 7 hours a day, what must be the operational takt time? 4.2 minutes/chair 3.3 minutes/chair 2.8 minutes/chair d. 1.5 minutes/chair
Option A. 4.2 minutes/chair. There are two things you need: D stands for the item's average daily client demand. W stands for the daily total of all workable seconds. W / D in seconds equals Takt time (T).
A process's output has a 60-second Takt time. Station 4 has an 80-second production limit. It goes over the Takt time and cannot keep up. A shop may work for 430 minutes each day. The client requires 300 units each day. Takt time is equal to 430/300, or 1.433 minutes, for each unit. On an assembly process, a manager wishes to set up a Kanban system. 30 units per hour are what the consumer needs. 60 / 30 = 2 mins. A process's output has a 60-second Takt time. Station 4 has an 80-second production limit. It goes over the Takt time and cannot keep up. A shop may work for 430 minutes each day. The client requires 300 units each day.
To learn more about Takt time please click on below link
https://brainly.com/question/878270
#SPJ4
business provides historical, current, and predictive views of business operations and environments and gives organizations a competitive advantage in the marketplace. a. exploration b. indexing c. differentiation d. intelligence
Business intelligence provides historical, current, and predictive views of business operations and environments and gives organizations a competitive advantage in the marketplace. So option d. is correct.
Business Intelligence represents the technical infrastructure that collects, stores, and analyzes company data. BI parses data and produces reports and information that help managers to make better decisions. Software companies produce BI solutions for companies that wish to make better use of their data. BI tools and software come in a wide variety of forms such as spreadsheets, reporting/query software, data visualization software, data mining tools, and online analytical processing (OLAP).
Learn more about business intelligence here:
https://brainly.com/question/25192968
#SPJ4
a company with 91,000 authorized shares of $8 par common stock issued 37,000 shares at $15. subsequently, the company declared a 2% stock dividend on a date when the market price was $31 per share. what is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
The amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend is $223,200. This is calculated by taking the market price of the stock ($31 per share) multiplied by the number of authorized shares (91,000) multiplied by the stock dividend (2%) which equals $223,200.
The stock dividend is beneficial for shareholders because the increase in number of shares allows them to receive a higher portion of the company's profits. This increase in paid-in capital will led to help the company for raising more funds in the future, as it will appear that the company is worth more and it will become little easy to attract investors. The stock dividend also help in retaining current shareholders, as they will be given additional shares which is profitable to them after selling.
To know more about retained earnings click here
https://brainly.com/question/14529006
#SPJ4
according to the short-run phillips curve, a decrease in unemployment is expected to be accompanied by
According to the short-run Phillips curve, a decrease in unemployment is expected to be accompanied by an increase in inflation.
What does Short- and Long-run Philips curves suggest?The Phillips curve illustrates the correlation between unemployment and inflation.
The long-run Phillips curve is a vertical line that shows that in the long run, there is no stable trade-off between inflation and unemployment. The short-run Phillips curve, on the other hand, is roughly L-shaped to represent the early inverse relationship of the two variables. When unemployment rates rise, inflation falls; when unemployment rates fall, inflation rises.Increment in aggregate demand cause a rise in real output in the presence of a fixed aggregate supply curve. As output rises, so does unemployment. based on the number of people in the world. As a result, the short-run Phillips curve depicts a real, inverse relationship between unemployment and inflation, but this relationship can exist only in the short run.Economic history has proven that there is no stable trade-off between unemployment and inflation in the long run.
To know more about Philips curve, check out:
brainly.com/question/28005556
#SPJ1
sheehan inc. is deciding whether to invest in a project today or to postpone the decision until next year. the project has a positive expected npv, but its cash flows might turn out to be lower than expected, in which case the npv could be negative. no competitors are likely to invest in a similar project if the firm decides to wait. which of the following statements best describes the issues that the firm faces when considering this investment timing option? a. waiting would probably reduce the project's risk. b. the investment timing option would not affect the cash flows and therefore would have no impact on the project's risk. c. since the project has a positive expected npv today, this means that it should be accepted in order to lock in that npv. d. since the project has a positive expected npv today, this means that its expected npv will be even higher if the firm chooses to wait a year. e. the more uncertainty about the future cash flows, the more logical it is to go ahead with this project today.
The project has a positive projected NPV today, which suggests that if the company decides to wait a year, its expected NPV would be even greater.
What Is Net Present Value (NPV)?The difference between the present value of cash inflows and outflows over time is known as net present value (NPV). The profitability of a proposed investment or project is examined using NPV in capital budgeting and investment planning.
Describe the formula of NVP?Formula:
a. Net Present Value (NPV) is calculated as follows: Cash flow / (1 + i)t - original investment
b. NPV = Today's value of the invested capital less Today's value of the projected cash flows.
c. ROI is calculated as (Total benefits - Total Costs) / Total Costs.
To know more about Cash Flow visit:
https://brainly.com/question/10922478
#SPJ4
on the bank reconciliation, an error in recording a check is a.a bank statement adjustment or a company books adjustment b.a bank statement adjustment c.a company books adjustment d.none of these choices
The book balance should be adjusted for errors in recording. Add the amount of the error if the item cleared the bank for less than the amount recorded in the books.
Add the amount of the error if the item sold for more than what was recorded in the books.
What adjustments are made during the bank reconciliation?
Adjust the bank statements by adjusting the balance to reflect the corrected amount. You must add or subtract bank errors, outstanding checks, and deposits in transit for this to be done. Amounts that have been received and recorded by the business but have not yet been recorded by the bank are referred to as deposits in transit.
To learn more about bank statements here:
https://brainly.com/question/22786262
#SPJ4
. today you buy option 1 and sell option 2; (i.e. bear put vertical spread). at expiration the stock price equals $134. what is your profit or loss (on a per share basis)?
A profit of $ 4 at expiration the stock price equals $134 when you buy option 1 and sell option 2.
Strike Price = $ 140 , Premium = $ 4
Strike Price = $ 130 , Premium = $ 2
Expiration market price = $ 134
So , option 2 expires worthless and will not be exercised.
Payoff on Option 1 = ( $ 140 - $ 134 )
= $ 6
Profit = ( Payoff of option 1 - Payoff of option 2 - Premium on option 1 +
Premium on option 2 )
= ( $ 6 - $ 0 - $ 4 +$ 2 )
= $ 4
An income that is given to the owner in a successful market production process is known as profit in accounting. Profit is a metric of profitability, which is of primary concern to the owner in the process of market production that generates money. Various profit metrics are frequently used.
learn more about stock price here
https://brainly.com/question/1674639
#SPJ4
elaine romberg prepares her own income tax return each year. a tax preparer would charge her $80 for this service. over a period of 9 years, how much does elaine gain from preparing her own tax return? assume she can earn 4 percent on her savings.
Elaine Romberg can make 4% on her savings of $600.81 if she files her own income taxes each year. A tax preparer would charge her $80 for this service.
Savings x F/A Factor (80 x 8.583) = $600.81 for the future value of the overall gain.
To ensure that taxpayers are paying the proper amount of tax at the proper time and obtaining the proper tax allowances and tax reliefs, policy actions and individual conduct are referred to as tax compliance. Tax is defined as a mandatory financial charge or other sort of levy imposed by a governmental organization on a taxpayer (an individual or legal entity) in order to finance government spending and other public expenses (regional, local, or national).
The first taxes known to history occurred in Ancient Egypt between 3000 and 2800 BC. [4] In addition to missing payments on time, breaking the law also includes evading or opposing taxation.
Learn more about Tax here
https://brainly.com/question/16423331
#SPJ4
advertising, like any part of the promotional mix, can be managed by following several steps, including which of these?
Executing & Evaluating can handle advertising, just like they can manage any other element of the promotional mix.
Marketing a company's products or services by paid advertising in mass media, such as billboards, radio, television, newspapers, and digital media, is known as advertising.The promotion component of the marketing mix is essential because it raises consumer awareness of your brand and your products by concentrating on the right target market. As a result, the market will see greater demand, which will increase sales for your company.Your promotion mix is the culmination of a variety of communication tactics and strategies you use to present your company, products, or services to your target market. Effective advertising is essential as it assists in attracting customers.
learn more about advertising here:
brainly.com/question/1658517
#SPJ4
g if the required reserve ratio is 10%, how much can a bank lend out if its deposits total $2 million?
If its deposits total $2 million. The answer is 72.9 dollars.The sum of money held by a bank might be referred to as excess reserves.
This sum of money may be loaned to individuals or other organisations in order to increase profits by adding a particular level of interest to the amount of money that will be distributed.In the situation above, the bank has $41,000,000 in excess reserves. As a result, the bank will be willing to extend a loan of $41,000,000.
Bank lend out a bank with a reserve ratio of 10% can lend the remaining 90% of its deposits to other banks while keeping 10% aside for emergency payments. 81 dollars, or 90% of 81 dollars,therefore be lent by the second bank.According to this criteria, the second bank has $72.9 to lend (90% of 81).
To know more about Reserve ratio visit:
https://brainly.com/question/14329207
#SPJ4
which of the following have derived demand? choose one or more: a.a cup of coffee b.a coffee maker c.a barista
A barista have derived demand so the correct option of the given question is option C.
Demand in economics refers to the quantity of a good that consumers are prepared and able to purchase at various prices during a particular time.
The link between price and quantity demand is sometimes referred to as the demand curve. A product's demand is influenced by a number of variables, such as perceived need, price, perceived quality, convenience, substitutes provided, customer preferences, and available funds.
The underlying connection between supply and demand is determined by the potential price of a good and the quantities that would be purchased at those levels.
Since the relationship is frequently negative, a rise in price will usually cause a decrease in the quantity demanded. This negative link is physically represented by the consumer demand curve's descending slope.
learn more about demand here
https://brainly.com/question/13320101
#SPJ4
employers are required to withhold which of the following taxes from employees? a.fica tax and state and federal unemployment taxes b.fica tax c.federal unemployment tax d.state unemployment tax
Employers are required to withhold FICA (Federal Insurance Contributions Act) tax from employees. The correct option is b.
What is FICA tax?The Federal Insurance Contributions Act which stands for FICA is a law that outlines that taxes should be withheld from paychecks and used to fund the Social Security and Medicare programs. Both employees and employers are affected by the FICA tax. The law that created the FICA tax was passed in 1935. The funds are used to provide retirement savings and insurance programs for working Americans.
The FICA tax is designed to provide support for retirees who qualify for benefits.
Learn more about FICA, here:
https://brainly.com/question/17276403
#SPJ1
Rules and regulations created by an agency such as the federal communications commission are called?
Rules and regulations created by an agency such as the federal communications commission are called administrative law.
Administrative law is a branch of civil law. It affects the relationship between the people and the government. It determines the organization and power of leaders and judges to enforce the law. It is often associated with operations and processes and is put into place under the control of local regulatory agencies.
It determines the organization's power and responsibility of the supervisory board. It includes the law on the executive power, the judicial role of the governing body, the legal responsibility of the government and the power of the legislature. the same four to take care of the leaders. He supervises the president and ensures that the public administration is fair.
For more such questions on administrative law:
https://brainly.com/question/29318336
#SPJ4
how would investment model researchers explain why women in an abusive relationship often return to their abusive partners?
According to the Investment Model, a person's dedication to a romantic relationship is influenced by their level of relationship pleasure, their opinion of the caliber of potential romantic mates, and the amount they are now investing in the union.
If you continue to be in an emotionally or verbally abusive relationship, you may experience long-term effects such as persistent discomfort, despair, or concern.
Abusers frequently arrange a financial condition that makes leaving difficult to impossible. Sometimes, survivors want the abuse to stop, not the marriage. Because she fell in love with the abuser and thought he would change, the survivor could go back to the abuser.
It is common to think about returning to an emotional abuser, but doing the following three actions may give you the clarity and bravery you need. Asking yourself if you are considering returning out of fear and taking note of how you have been feeling since terminating the relationship are two of the stages.
To learn more about abusive relationships
https://brainly.com/question/16702685
#SPJ4
Cooperation among oligopolies runs counter to the public interest, because it leads to underproduction and high prices. In an effort to bring resource allocation closer to the social optimum, public officials attempt to force oligopolies to compete instead of cooperating. Suppose that two major u.s. insurance corporations negotiate a merger agreement so that a financial crisis is less likely to cause either firm to face bankruptcy. This merger could potentially be stopped by a lawsuit brought by which of the following American institutions?
a. The Defense Department
b. The Commerce Department
c. The Justice Department
d. The Interior Department
(c). The Justice Department. According to the description provided above, the merger may be halted by a lawsuit filed by the Justice Department.
The Justice Department has more than 115,000 workers and more than 40 different component entities under the direction of the US Attorney General. The Department has field offices in every state and territory in the United States as well as in more than 50 other nations around the world. It is headquartered in Washington, D.C., in the Robert F. Kennedy Building. The Department of Justice is charged with a variety of duties. We strive daily to defend the rule of law, safeguard civil rights, and keep our nation secure from all external and internal dangers.
learn more about Justice Department here:
https://brainly.com/question/16047810
#SPJ4
an agreement between two duopolists to function as a monopolist usually breaks down because
To make more money, each duopolist wants a larger share of the market.
How can duopolists benefit from a price match strategy?
First, price-matching reduces businesses' incentives to lower prices in order to attract customers who don't pay for search. Second, price-matching reduces the marginal benefit of search for consumers who have positive search costs, leading them to accept higher prices.
Which three kinds of agreements are there?
Contracts with a set price. Contracts with a cost plus Time and materials contracts.Learn more about duopolist here:
https://brainly.com/question/17241149
#SPJ4
Peter drucker was a 20th-century socialist, opposed capitalism and believed that managers were more of a hindrance than a help to most organizations.
a. true
b. false
Peter drucker was a 20th-century socialist, opposed capitalism and believed that managers were more of a hindrance than a help to most organizations. This statement is false.
One of the most well-known and renowned management thinkers, Peter Drucker is still referenced by managers all over the world. Drucker's renowned book, The Practice of Management, was released in 1954. He was a prolific writer and one of the first to portray management as a separate job with its own responsibilities.
Business managers, according to Drucker, should embrace the "spirit of performance" by acting with a high degree of moral and ethical integrity, concentrating on results, empowering staff, going above and beyond their financial commitments to shareholders, and ultimately advancing the common good.
The correct answer is option b.
Know more about Peter Drucker here
https://brainly.com/question/11147306
#SPJ4
to restore public confidence in the banking system, wilson supported the establishment of a:______.
To restore public confidence in the banking system, wilson supported the establishment of a Federal Reserve system.
Wilson campaigned for the Federal Reserve Act of 1913 in response to the call for reform, which established twelve regional reserve banks under the jurisdiction of the Federal Reserve Board, a new federal organization whose members were chosen by the president. The nation's money supply and interest rates may be modified under this new federal structure. The amount of money in circulation would increase or decrease in accordance with the business cycle because it was permitted to create currency based on both government assets and "commercial paper" (loans given to firms by banks).
The Federal Reserve was also given the authority to modify the interest rates, or the discount rate, charged to its member banks for funds placed in the branch reserve banks, which would indirectly regulate the interest rates that banks charged their borrowers. The new approach may also establish a reserve fund for times of economic crisis by determining the amount of money banks would need to maintain as an offset against deposits (the reserve requirement). The most significant domestic accomplishment of the Wilson administration was undoubtedly the passage of this law, which still serves as the basis for controlling the country's banks, credit, and money supply. It was achieved through significant compromise between agrarian and financial interests.
To know more about Federal Reserve:
https://brainly.com/question/19273629
#SPJ4
when using a roth plan, you invest your money after paying taxes, and the investment grows tax-free.
True - When using a roth plan, you invest your money after paying taxes, and the investment grows tax-free.
That is, when you contribute to a Roth IRA with money that you have already paid taxes on, there is no additional tax due when you remove funds from the account in retirement.
A Roth IRA is an individual retirement account that accepts after-tax contributions. While there are no tax benefits for the current tax year, after you turn 59 [tex]\frac{1}{2}[/tex] and the account has been open for five years, your contributions and earnings can grow tax-free and you can withdraw them without paying taxes or penalties.
For such more question on Roth IRA:
brainly.com/question/12455165
#SPJ4
ones company consistently delivers on-time as promised to customers. this type of performance is critical to:
Ones company consistently delivers on-time as promised to customers. this type of performance is critical to: developing reliability based trust.
Reliability is defined because the chance that a product, gadget, or service will carry out its meant characteristic appropriately for a designated time period, or will operate in a defined surroundings with out failure.
There are 4 factors to the reliability definition: 1) characteristic, 2) possibility of achievement, 3) length, and, 4) surroundings. Maintainability is related to reliability, as while a product or device fails, there can be a technique to repair the product or device to operating condition.
The purpose of reliability concept is to estimate mistakes in dimension and to signify ways of improving checks in order that mistakes are minimized. The principal assumption of reliability principle is that measurement errors are basically random.
Learn more about developing reliability here : https://brainly.com/question/14631145
#SPJ4
a company has three products in its ending inventory. specific per unit data at the end of the year for each of the products are as follows: product 1 product 2 product 3 cost $ 35 $ 105 $ 65 selling price 85 165 115 costs to sell 8 70 25 required: what unit values should the company use for each of its products when applying the lower of cost or net realizable value (lcnrv) rule to ending inventory?
The unit values the company should use for each of its products when applying the lower of cost or net realizable value rule to ending inventory are is $35, $95 and $65 respectively.
Product 1:
NRV = $85 - $8 = $77
Cost = $35
Cost is lower than NRV
Product 1 at cost $35
Product 2:
NRV = $165 - $70 = $95
Cost = $105
NRV is lower than cost
Product 2 at NRV $95
Product 3:
NRV = $115 - $25 = $90
Cost = $65
Cost is lower than NRV
Product 3 at cost $65
Inventory must be valued at the lesser of its laid-down cost and the amount for which it is likely to be sold — its net realisable value — according to generally accepted accounting principles (NRV). This is known as the lower of cost and net realisable value, abbreviated as LCNRV.
It is calculated by first determining the expected selling price of an asset and then subtracting all costs associated with the asset's eventual sale. NRV = Expected selling price - Total production and selling costs, to put it in formulaic terms.
To learn more about Non-return value, here
https://brainly.com/question/24177656
#SPJ4