In: Economics
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Marc and Michelle are married and earned salaries this year of $60,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $3,000 to a qualified Individual Retirement Account, and Marc paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. What is Marc and Michelle’s taxes payable or refund due? |
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In: Accounting
During the current year, merchandise is sold for $8,920,000. The cost of the goods sold is $6,065,600. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
What is the amount of the gross profit? Round your answer to the nearest dollar.
$
Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number.
%
Will the income statement always report a operating income?
In: Accounting
The Hamilton’s house is valued at $390,000. The mortgage was for $347,100 with a 5-year term, amortized over 25 years at 3.4%.
Please Calculate the Monthly Mortgage Payment:
They have made 20 payments on the mortgage. Please calculate the balance owing on the loan.
In: Finance
Depreciation by units-of-activity Method
Prior to adjustment at the end of the year, the balance in Trucks is $419,400 and the balance in Accumulated Depreciation—Trucks is $124,880. Details of the subsidiary ledger are as follows:
| Truck No. |
Cost |
Estimated Residual Value |
Estimated Useful Life |
Accumulated Depreciation at Beginning of Year |
Miles Operated During Year |
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| 1 | $83,000 | $12,450 | 220,000 | miles | — | 33,000 | miles | |||
| 2 | 115,400 | 13,848 | 280,000 | $23,080 | 28,000 | |||||
| 3 | 96,000 | 13,440 | 200,000 | $76,800 | 20,000 | |||||
| 4 | 125,000 | 15,000 | 420,000 | $25,000 | 50,400 | |||||
a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value.
Round the rate per mile to two decimal places. Enter all values as positive amounts.
Truck No. |
Rate per Mile (in cents) |
Miles Operated |
Credit to Accumulated Depreciation |
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| 1 | $ | 33,000 | $ | |||
| 2 | $ | 28,000 | $ | |||
| 3 | $ | 20,000 | $ | |||
| 4 | $ | 50,400 | $ | |||
| Total | $ | |||||
Feedback
b. Journalize the entry to record depreciation for the year.
In: Accounting
New lithographic equipment, acquired at a cost of $940,000 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $105,750. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected. In the first week of the fifth year, the equipment was sold for $151,924. Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double declining- balance method. Round your answers to the nearest whole dollar. 2. On January 1, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. 3. On January 1, journalize the entry to record the sale, assuming that the equipment was sold for $105,874 instead of $151,924. Refer to the Chart of Accounts for exact wording of account titles.
In: Accounting
In a survey of 2272 adults in a recent year, 1210 say they have made a New Year's resolution.
What is a 90% confidence intervals
what is a 95% confidence intervals for the population proportion.
Interpret the results and compare the widths of the confidence intervals.
In: Statistics and Probability
A Manufacturing is producing $4,000,000 worth of goods this year and expects to sell $4,100,000. The firm actually sells $3,900,000 worth of goods. It is also planning on purchasing $2,000,000 in new equipment during the year. At the beginning of the year, the company has $400,000 in inventory in its warehouse. Answer the following based on the information above and show all your work:
a) Calculate desired investment
b) Calculate realized investment
c) Calculate desired end of the year inventories
d) Calculate realized end of the year inventories
e) Calculate unplanned inventory investment
f) Calculate Y
g) Calculate E
h) Based on your answers above, should the government follow expansionary or contractionary policies and what kinds? Why?
In: Economics
discuss the importance of childhood immunizations and list the schedule for the first year of life.?
In: Nursing
1. You are an accounting student at Berkeley College and will not graduate for another year. But because of your excellent grades so far, you have been able to land a job in the purchasing department of a retailer. One of the purchasing agents in your company is negotiating for the receipt of a very large order of uninsured goods from a supplier. The purchasing agent is able to get a better deal on the goods if they are shipped FOB shipping point rather than FOB destination. The agent doesn’t know the difference between these two concepts. He also doesn’t understand why choosing one over the other should make any difference to the company. As a student of accounting at Berkeley College, you know well the difference between these 2 concepts and you know why one would be a better choice over the other in the case of uninsured goods. Please explain these two concepts in this discussion and tell the purchasing agent which shipping method is preferable and why. In addition to your response, please comment to at least one classmate’s post including information from Chapter 6 in your eText.
2. Explain the difference between the Perpetual and Periodic inventory systems and let us know why anyone would use Periodic inventory in this computerized age.
In: Accounting