Answer: B : No, approval by an individual other than the requestor establishes greater accountability over inventory.
Explanation:
The purpose of reviewing the material requisition slips is to ensure that there is greater accountability in inventory acquisition and this is why it is important that someone else apart from the person requesting approves the inventory request as it will reduce chances of fraud.
If the person requesting could also approve, there is a chance that inventory that is not needed will be ordered and then used for purposes other than to benefit the business but to benefit the person who requested it.
At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner's equity at the end of the year? (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year? g
Answer and Explanation:
Accounting equation is
Total assets = Total liabilities + Shareholder equity
The equity would be
= $800,000 - $300,000
= $500,000
a. The equity would be
Total assets = $800,000 + $150,000 = $950,000
Total liabilities = $300,000 -$60,000 = $240,000
So, the equity is
= $950,000 - $240,000
= $710,000
b. Total assets
Total liabilities = $300,000 + $100,000 = $400,000
Owner equity = $500,000 - $70,000 = $430,000
So, the total assets is
= $400,000 + $430,000
= $830,000
c. Total liabilities equal to
Total assets = $800,000 - $80,000 = $720,000
Total equity = $500,000 + $120,000 = $620,000
So, the total liabilities
= $720,000 - $620,000
= $100,000
Madison Corporation sells three products (M, N, and O) in the following sales mix: 3:1:2. Unit price and cost data are: M N O Unit sales price $ 7 $ 4 $ 6 Unit variable costs 3 2 3 Total fixed costs are $340,000. The contribution margin per composite unit for the current sales mix (round to the nearest cent) is:
Answer:
M = $4
N = $2
O = $3
Explanation:
Contribution margin = Sales - Variable Costs
Therefore,
M N O
Sales $ 7 $ 4 $ 6
Less Variable costs ($ 3) ($ 2) ($ 3)
Contribution $4 $2 $3
Jones and Johnson, a law firm, is expanding to incorporate three conference rooms and two executive waiting lounges in its office. Which of the following dimensions of servicescape is the firm addressing? a. Ambient conditions b. Market deployment and evaluation c. Spatial layout and functionality d. Signs, symbols, and artifacts
Answer:
C)Spatial layout and functionality
Explanation:
from the question, we are informed that Jones and Johnson, which is a law firm, is expanding to incorporate three conference rooms and two executive waiting lounges in its office.
In this case, the dimensions of servicescape that the firm is addressing "Spatial layout and functionality"
Spatial layout and functionality reffered to the way the counters, the machinery as well are been set up. The functionality of it bring about high performance, so as the law firm incorporate three conference rooms it speak about the spatial layout.
Selected current year company information follows: Net income $ 15,953 Net sales 712,855 Total liabilities, beginning-year 83,932 Total liabilities, end-of-year 103,201 Total stockholders' equity, beginning-year 198,935 Total stockholders' equity, end-of-year 121,851 The return on total assets is:
Answer:
Return on total assets =7.09%Explanation:
Return on total asset is the proportion of the total amount invested in assets that is earned as net income. It is a measure of the efficiency of the use of assets to generate profit.
It is calculated as follows:
Return on total assets = Net Profit/Total assets× 100
Note that Total assets = Total liabilities + stockholder's equity
Data:
Total assets = 103,201 + 121,851 = 225,052
Net income = 15,953
Return on total assets = 15,953/225,052 × 100= 7.09%
Return on total assets =7.09%
Beat Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 40,000 Total fixed manufacturing overhead cost $344,000 Variable manufacturing overhead per machine-hour $ 3.90 Recently, Job M759 was completed. It required 60 machine-hours. The amount of overhead applied to Job M759 is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
The amount of overhead applied to Job M759 is closest to: $516
Explanation:
Applied overheads = Predetermined overhead rate × Actual Activity
Where,
Predetermined overhead rate = Budgeted Fixed Overheads ÷ Budgeted Activity
therefore,
Predetermined overhead rate = $344,000 ÷ 40,000 machine hours
= $8.60 per machine hour
Applied overheads (Job M759) = $8.60 × 60 machine-hours
= $516
What type of product modification is likely to make the greatest impact on a food product?
A) Quantity
B) Aesthetic
C) Functional
D) Versatility
E) Texture.
Answer: Aesthetic
Explanation:
The type of product modification that is likely to make the greatest impact on a food product is aesthetic.
Product Modification simply means the improvement of an existing products in such a way that necessary changes are made to the product's nature, size, color, characteristics, nature, packing etc. in order to meet consumers demand. Aesthetic in food products will help the product stand out and beautify it.
Project A is opening a bakery at 10 Center Street. Project B is opening a specialty coffee shop at the same address. Both projects have unconventional cash flows, that is, both projects have positive and negative cash flows that occur following the initial investment. When trying to decide which project to accept, given sufficient funding to accept either project, you should rely most heavily on the _____ method of analysis.
Answer:
The correct approach will be "NPV (Net present value)".
Explanation:
NPV concessions as well as reduce all potential investment returns from the campaign.
⇒ NPV = Present value of cash inflows - Present value of cash outflows
While using the NPV methodology with the appropriate project cost, we can determine is not whether the project is reasonable. Unless the Net present value is positive, the venture can not be dismissed and rejected whether it is poor or negative.
Frank is worried about identity theft. He does not like to give access to his checking account to anyone but the bank.
What is the best option for him to pay his bills?
O Frank should telephone in his payment to the company.
Frank should pay his bill online.
Frank should set up automatic withdrawals for the company he is paying.
O Frank should mail a check to the company.
Answer:
Frank should mail a check to the company.
Explanation:
Got it right on Edge!
Frank should mail a check to the company.
What is a mail?A system for physically delivering postcards, letters, and packages is known as the mail or post. The term "mail" in American English often refers to the government service that collects and delivers letters and packages. Anything that is sent to your mail box or post office box is considered mail, including letters, bills, packages, periodicals, and other items sent by the postal service. The equivalent of mail on the internet is email.
In addition to conveying mail, postal authorities frequently perform other duties. In some nations, a postal, telegraph, and telephone (PTT) service also manages the telephone and telegraph networks in addition to the postal system.
What is a company?A group of people can get together to form a company, which is a legal body used to conduct and manage commercial or industrial business operations. Either public or private companies can exist; the former distributes equity to shareholders on a stock exchange, whereas the latter is privately held and unregulated. Companies have a significant role in the health of an economy by providing jobs and luring in disposable income to fuel expansion. The business lines of an organization rely on its structure, which can be a company, a partnership, or even a sole proprietorship. A company can engage into contracts, sue (or be sued), borrow money, pay taxes, own property, and employ people, among other legal rights and obligations, just like an individual can.
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Wiggins Company has 2,000 shares of $100 par preferred stock, which were issued at par. It also has 35,000 shares of common stock outstanding, and its total stockholders' equity equals $795,000. The book value per common share is:________
a) $16.08.
b) $2271.
c) $21.49.
d) $100.00.
e) $17.00.
Answer:
e) $17.00 shares
Explanation:
Calculation for the book value per common share
First step is to calculate for the Preferred stock claim
Using this formula
Preferred stock claim= Company shares × Par preferred stock
Let plug in the formula
Preferred stock claim= 2,000 shares x $100 par share
Preferred stock claim= $200,000
Second step is to calculate for the Book value per common share using this formula
Book value per common share=(Total stockholders' equity-Preferred stock claim)/Common stock outstanding shares
Let plug in the formula
Book value per common share=($795,000 - $200,000)/35,000 shares = $16 share
Book value per common share=$595,000/35,000 shares
Book value per common share= $17.00 shares
Therefore the book value per common share will be $17 shares
Shares Remaining After Recapitalization Dye Trucking raised $290 million in new debt and used this to buy back stock. After the recap, Dye's stock price is $8.5. If Dye had 75 million shares of stock before the recap, how many shares does it have after the recap? Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Do not round intermediate calculations. Round your answer to two decimal places. million shares
Answer: 40.8824 million
Explanation:
From the question, we are informed that Dye Trucking raised $290 million in new debt and used this to buy back stock and that after the recap, Dye's stock price is $8.5.
If Dye had 75 million shares of stock before the recap, the number of shares that it'll have after the recap goes thus:
The number of shares repurchased is:
= $290million/$8.5
= 34,117,647
= 34.1176 million
Shares after the recap will now be:
= 75 million - 34.1176 million
= 40.8824 million
When Zipcar’s Chairman and CEO Scott Griffith, discusses scaling, planning, market size, potential for cities, and reliable technology as a way of a better way to share cars, he is really focusing on the long-term survival and success of the company. This is indicative of the company’s recognition of what concept?
Answer:
C. sustainability
Explanation:
Since in the question it is mentioned that the Chairman and CEO really wants to focused on survival for a long term and the success of the company so here the company would recognize the Sustainability concept as it deals with how the company sustain that could be done in terms of proper planning through which there is a best use for the resources that are minimum
Therefore, the correct option is C.
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Date ExplanationDebit Credit Balance Dec.31 Direct materials cost1,900,000 1,900,000 31 Direct labor cost210,000 2,110,000 31 Overhead applied684,000 2,794,000 31 To finished goods 2,723,000 71,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31. Its direct materials cost is $22,000. How much direct labor cost and overhead cost are assigned to this job
Answer:
1. Overhead rate = Overhead costs / Direct material costs
Overhead rate = $684,000 / $1,900,000
Overhead rate = 0.36
Overhead rate = 36%
2. How much direct labor cost and overhead cost are assigned to this job?
Total cost of job in process $71,000
Less: Overhead applied $7,920
($22,000 * 36%)
Less: Material cost of job in process $22,000
Direct labor cost $41,080
Hence, direct labor cost is $41,080 and Overhead cost is $7,920
Suppose you make the decision to volunteer for an event in school for an hour this week. This means that you would have to take an hour off from your summer job, for which you earn $10 per hour. You spend $3 in bus fare in order to get to school and $5 for lunch. If you went to work, you would have been able to walk to your job, and lunch would have been provided to you by the office. The opportunity cost of volunteering is:
Answer:
$10 what you would have earned at the job
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
When you decide to volunteer, you would not be able to go to work. The opportunity cost of volunteering is what you would have earned if you were at work
Rio Coffee Shoppe sells two coffee drinks—a regular coffee and a latte. The two drinks have the following prices and cost characteristics: Regular Coffee Latte Sales price (per cup) $ 1.50 $ 2.80 Variable costs (per cup) 0.80 1.70 The monthly fixed costs at Rio are $5,148. Based on experience, the manager at Rio knows that the store sells 80 percent regular coffee and 20 percent lattes. Required: How many cups of regular coffee and lattes must Rio sell every month to break even?
Answer:
Breakeven quantity for regular coffee = 5,883
Breakeven quantity for lattes = 936
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
Breakeven quantity = fixed cost / price – variable cost per unit
fixed cost for lattes = 0.2 x $5,148. = $1,029.60
fixed cost for regular coffee = 0.8 x $5,148. = $4,118.40
Breakeven quantity for regular coffee = $4,118.40 / $ 1.50 - $0.8 = 5,883.4
Breakeven quantity for lattes = $1,029.60 / $ 2.80 - $ 1.70 = 936
Answer:
Rio Coffee Shoppe
Break-even point in units:
Break-even point for firm = Fixed costs/Contribution per unit
= $5,148/$1.80 = 2,860 units
Regular Coffee = 80% of 2,860 = 2,288 units
Lattes = 20% of 2,280 = 572 units
Explanation:
a) Data and Calculations:
Regular Coffee Latte
Sales price (per cup) $ 1.50 $ 2.80
Variable costs (per cup) 0.80 1.70
Contribution $0.70 $1.10
Fixed cost $5,148
Break-even point = Fixed costs/Contribution per unit
Regular Coffee = 80% of $5,148 = $4,118.40
Break-even point = $4,118.4/$0.70 = 5,884 units
Lattes = 20% of $5,148 = $1,029.60
Break-even point = $1,029.60/$1.10 = 936 units
b) The break-even point is the unit of sales required to cover the fixed costs with the contribution so that Rio Coffee Shoppe makes no profit or loss.
Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 32,600 Total fixed manufacturing overhead cost $ 195,600 Variable manufacturing overhead per machine-hour $ 4.00 Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 30 Direct materials $ 550 Direct labor cost $ 1,100 The total job cost for Job T687 is closest to:
Answer:
Total cost= $1,900
Explanation:
Giving the following information:
Total machine-hours 32,600
Total fixed manufacturing overhead cost $ 195,600
Variable manufacturing overhead per machine-hour $ 4.00
Job T687:
Total machine-hours 30
Direct materials $ 550
Direct labor cost $ 1,100
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (195,600/32,600) + 4
Predetermined manufacturing overhead rate= $10 per machine hour
Now, we can determine the total cost:
Total cost= direct material + direct labor + allocated overhead
Total cost= 500 + 1,100 + 10*30
Total cost= $1,900
Use the supply and demand schedules below to answer the following questions: Price Quantity Demanded Quantity Supplied $10 100 20 15 80 40 20 60 60 25 40 80 30 20 100 Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Market equilibrium price: $ Market equilibrium quantity: units b. What is the market price if there is a shortage of 40 units? $
Answer:
$20
60
$15
Explanation:
equilibrium is the point where quantity supplied equals quantity demanded.
Equilibrium price is the price at which quantity supplied equals quantity demanded. = $20
equilibrium quantity is the quantity at which quantity supplied equals quantity demanded. = $60
There is a shortage at the point where quantity demanded exceeds quantity supplied. shortage occurs below equilibrium. At $15, quantity demanded exceeds quantity supplied by 40 units
Identical products, as well as a large number of buyers and sellers, are characteristics of aperfectly competitive market. In such markets, sellers of goodscan influence the prevailing market price, giving them the role of pricemakers in the market. True or False: The market for public utilities, such as gas and electricity, exhibits the two primary characteristics that define perfectly competitive markets.
Answer and Explanation:
Perfect competition is a competitive market where there is a very wide number of buyers and sellers who offer the same or similar goods with great product and service information. Furthermore, this sector has free entry and exit
So it is a perfectly competitive market, also it cannot influence the market price also there are price takers
Also the given statement is false as it represents the monopoly market not the perfect competition market
Why is the answer D?
Explanation:
When gas prices are low, there is less need for alternative fuel cars, so the demand falls. People will be less willing to pay high prices, so the price also falls. And since there's less demand, there doesn't need to be as many cars on the market, so the equilibrium quantity falls.
Exercise 2-54 (Static) Gross Margin and Contribution Margin Income Statements (LO 2-7) The following data are from the accounting records of Niles Castings for year 2. Units produced and sold 85,000 Total revenues and costs Sales revenue $ 264,000 Direct materials costs 68,000 Direct labor costs 34,000 Variable manufacturing overhead 17,000 Fixed manufacturing overhead 44,000 Variable marketing and administrative costs 13,600 Fixed marketing and administrative costs 32,000 Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement.
Answer:
a. Prepare a gross margin income statement.
Sales revenue $264,000
Less Cost of Goods Sold
Cost of Goods Manufactured ($163,000)
Gross Profit $101,000
Less Expenses :
Variable marketing and administrative costs ($13,600)
Fixed marketing and administrative costs ($32,000)
Net Income/ (Loss) $55,400
b. Prepare a contribution margin income statement.
Sales revenue $264,000
Less Cost of Goods Sold
Cost of Goods Manufactured ($119,000)
Contribution $145,000
Less Expenses :
Fixed manufacturing overhead ($44,000)
Variable marketing and administrative costs ($13,600)
Fixed marketing and administrative costs ($32,000)
Net Income/ (Loss) $55,400
Explanation:
Manufacturing Costs Schedule - Absorption Costing
Direct materials $68,000
Direct labor $34,000
Variable manufacturing overhead $17,000
Fixed manufacturing overhead $44,000
Total Manufacturing Costs $163,000
This is the costs of sales for gross margin income statement.
Manufacturing Costs Schedule - Variable Costing
Direct materials $68,000
Direct labor $34,000
Variable manufacturing overhead $17,000
Total Manufacturing Costs $119,000
This is the cost of sales for contribution margin income statement.
Major Manuscripts, Inc., is currently operating at 70 percent of capacity. All costs and net working capital vary directly with sales. The tax rate, the profit margin, and the dividend payout ratio will remain constant. How much additional debt is required if no new equity is raised and sales are projected to increase by 10 percent
The attached data is required to answer the question
Answer:
$535
Explanation:
In this scenario we need to calculate the additional debt required by Major Manuscript
We expect an increase of 10% of sales
Therefore
Total assets projected = 9,420 * 1.10 = $10,362
Accounts payable projected = 2,200 * 1.10 = $2,420
Current long term debt = $260
Current common stock = $2,400
Retained earnings projected = 4,560 +{(360 - 190) * 1.10} = $4,747
Additional debt required = 10,362 - 2,420 - 260 - 2,400 - 4,747
Additional debt required = $535
Below are the simplified current and projected financial statements for Decker Enterprises. All of Decker's assets are operating assets. All of Decker's current liabilities are operating liabilities.
Income Statement Current Projected
Sales na 1,500
Costs na 1,050
Profit before tax na 450
Taxes na 135
Net income na 315
Dividends na 95
Balance sheets Current Projected Current Projected
Current assets 100 115 Current liabilities 70 81
Net fixed assets 1,200 1,440 Long-term debt 300 360
Common stock 500 500
Retained earnings 430 650
Based on the projections, Decker will have:___________.
a.) a financing deficit of $36
b.) a financing surplus of $36
c.) a financing deficit of $255
d.) zero financing surplus or deficit
e.) a financing surplus of $255
Answer:
Decker Enterprises
Based on the projections, Decker will have:___________:
b.) a financing surplus of $36
Explanation:
a) Data and Calculations:
Income Statement Current Projected
Sales na 1,500
Costs na 1,050
Profit before tax na 450
Taxes na 135
Net income na 315
Dividends na 95
Balance sheets Current Projected Current Projected
Current assets 100 115 Current liabilities 70 81
Net fixed assets 1,200 1,440 Long-term debt 300 360
Common stock 500 500
Retained earnings 430 650
Total 1,300 1,555 Total 1,300 1,591
b) Financing surplus 36
c) Decker Enterprises does not need additional financing, but has excess financing because the Liabilities and Equity are greater than the assets.
he following amounts were reported by Howe Company before adjusting its overapplied manufacturing overhead of $16,000. Raw Materials Inventory $80,000 Finished Goods Inventory $120,000 Work in Process Inventory $200,000 Cost of Goods Sold $1,460,000. What is the amount Howe will report as cost of goods sold after it disposes of its overapplied overhead
Answer: $1,444,000
Explanation:
The Cost of Goods sold for a manufacturing company includes the Manufacturing overhead. If the overhead was overapplied, the COGS is inflated and needs a downward adjustment.
COGS after overapplied overhead is disposed of = COGS before disposal - overapplied amount
= 1,460,000 - 16,000
= $1,444,000
Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the payment on August 16 is:_________
a) Debit Merchandise Inventory $8,250; credit Cash $8,250.
b) Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50.
c) Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50; credit Cash $9,652.50.
d) Debit Accounts Payable $8,167.50; credit Cash $8,167.50.
Answer:
b) Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50
Explanation:
Preparation of correct journal entry to record the payment on August 16
Based on the information given we were told that the company made a purchased of the amount of $9,750 of merchandise with terms of 1/10 and as well made returned of the amount of $1,500 worth of the merchandise while the full amount due was paid on August 16 which means that the journal entry to record the payment on August 16 will be :
Debit Accounts Payable $8,250
($9,500-$1,500)
Credit Merchandise Inventory $82.50
(1%×$8,250)
Credit Cash $8,167.50
[(100%-1%)×$8,250)]
If a company is considering the purchase of a parcel of land that was acquired by the seller for $101,000 is offered for sale at $182,000, is assessed for tax purposes at $111,000, is considered by the purchaser as easily being worth $172,000, and is purchased for $169,000, the land should be recorded in the purchaser's books at:
Answer:
$169,000
Explanation:
Based on the information given we were been told that in a situation were a land which was acquired by the seller for the amount of $100,000 was been purchased at the amount of $169,000 which simply means that the land should be recorded in the purchaser's books at the amount of $169,000 which is the costs or amount in which the land was PURCHASED by the company.
How does a company's use of social media reflect audience-centered communication?
Answer:
There is an explanation of why the social media is so important today in the terms of communication regarding the marketing strategy in the companies below.
Explanation:
To begin with, nowadays the with the use of internet and more importantly the social media the companies have to adapt their strategy of communication according to the marketing theory in order to reach to the target audience who are the ones that will provide them with all of their primary profits when they sell. So that is why that social media has become one of the base aspects in which the company has to develop itself and try to to get better at it so that they could approach the consumers with that media of communication that is truly quite effective with the young consumers in the present time. Therefore that the social media reflects the most of the proper communication with the younger consumers nowadays, because it is a fundamental use of every day life for them.
Social media is important to industries to communicate wide to their target audience through advertisement.
Social media is an online platform that facilitates the exchange of information in terms of creation and sharing.
Social media is important to industries to communicate wide to their target audience through advertisement.
This advertisement serves as a form of marketing strategy for companies to engrave their product in the heart of the consumers.
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A company purchased factory equipment for $350,000 at the beginning of the year. It is estimated that the equipment will have a $35,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be Group of answer choices $140,000. $84,000. $126,000. $60,480.
Answer: b- $84,000
Explanation:
Using the Double Decline balance method:
Annual Depreciation Rate = 1/useful Life x 2 = 1/5x2 = 0.4 = 40%
Depreciation for First year
$350,000 X 0.4 = $140,000
Book value after year 1: $350,000 - $140,000 = $210,000
Depreciation for Second year
$210,000 X 0.4 = $84,000
Milo has the following year-end account balances: Accounts Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts Payable, $17,000; Owner’s Equity, $43,000. The Cash account balance was not available at year-end. Given the account balances listed, the balance in the Cash account should be
Answer:
$25,000
Explanation:
Calculation for what the balance in the Cash account should be
First step is to calculate for the Total Assets excluding Cash
Total Assets excluding Cash = $5,000 + $12,000 + $18,000
Total Assets excluding Cash = $35,000
Second step is to find the Total Liabilities & shareholder's equity
Total Liabilities & shareholder's equity = $17,000 + $43,000
Total Liabilities & shareholder's equity == $60,000
Last step is to calculate for the cash balance using this formula
Cash balance = Total Liabilities and shareholder's equity - Total Assets (excluding cash)
Cash balance = $60,000 - $35,000
Cash balance = $25,000
Therefore the balance in the Cash account should be $25,000
Aldricus is a shutterbug. He takes his camera everywhere he goes. He has hung hundreds of pictures on his walls. For Aldricus, photography is a _____.
hobby
career
bore
job
Answer:
hobby
Explanation:
just took the test
Both wages and employment can increase at the same time as long as the:____________
Answer:
supply of labor is lower than the demand
Explanation:
Consider for example a country is in need of Doctors, and the number of available doctors is quite low than the demand; such that hospitals wanting to increase their capacity begin to offer higher wages in other to employ available doctors. This evidently will in the short run lead to an increase in wages and employment for new doctors.
Comet Company is owned equally by Pat and his sister Pam, each of whom hold 165 shares in the company. Pam wants to reduce her ownership in the company, and it was decided that the company will redeem 83 of her shares for $1,660 per share on December 31, 20X3. Pam's income tax basis in each share is $700. Comet has total E&P of $330,000. What are the tax consequences to Pam because of the stock redemption?
Answer: The answer is given below
Explanation:
The following can be gotten from the question
The redemption value of the share = $1660
Less: tax basis = $700
Capital gain: $1660 - $700 = $960
Number of shares that'll b redeemed = 83 shares
Therefore, the capital gain and the tax basis in each of the remaining shares of 700 will be:
= $960 × 83
= $79680