Answer:
$6150
Explanation:
These are the details of Melissa's income
Salary = $54000
Interest income = 500
Itemized deductions = $ 2500
Non refundable credit = $400
Withheld federal income tax = $5000
We have to calculate the amount of her tax return for year 2020
Taxable income = 54000+500-2500
= $52500
Tax rate 22%
Tax on taxable income = 52500x0.22
= 11550
Minus non refundable credit = 11550-400
Minus federal tax withheld = 11550-400-5000
= $6150
An analysis of the company's insurance policies provided the following facts.
Policy Date of Purchase Months of Coverage Cost
A April 1, 2017 24 $10,824
B April 1, 2018 36 9,576
C August 1, 2019 12 8,424
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)
Required:
So what would my adjusting journal entry be?
Answer:
Adjusting Journal in the year of payment:
December, 2017: Policy A
Debit Insurance Expense $4,059
Credit Prepaid Insurance $4,059
To record the insurance expense for the year (9 months).
December, 2018: Policy A and B
Policy A:
Debit Insurance Expense $5,412
Credit Prepaid Insurance $5,412
To record insurance expense for the year, 12 months.
Policy B:
Debit Insurance Expense $2,394
Credit Prepaid Insurance $2,394
To record insurance expense for the year, 9 months.
December, 2019:
Policy A:
Debit Insurance Expense $1,353
Credit Prepaid Insurance $1,353
To record insurance expense for the year, 3 months.
Policy B:
Debit Insurance Expense $3,192
Credit Prepaid Insurance $3,192
To record insurance expense for the year, 12 months.
Policy C:
Debit Insurance Expense $3,510
Credit Prepaid Insurance $3,510
To record insurance expense for the year, 5 months.
Explanation:
a) Data and Calculations:
Policy Date of Purchase Months of Cost Monthly
Coverage Cost
A April 1, 2017 24 $10,824 $451 ($10,824/24)
B April 1, 2018 36 9,576 $266 ($9,576/36)
C August 1, 2019 12 8,424 $702 ($8,424/12)
b) The insurance expenses recorded under the three policies have been determined using the monthly rates. In each year, the months covered are taken into consideration when computing the insurance expense for the year. In this way, only the expenses incurred for the period are accounted for, in accordance with the accrual concept of accounting.
At the beginning of the year, Cann Co. started construction on a new $2 million addition to its plant. Total construction expenditures made during the year were $200,000 on January 2, $600,000 on May 1, and $300,000 on December 1. On January 2, the company borrowed $500,000 for the construction at 12%. The only other outstanding debt the company had was a 10% interest rate, long-term mortgage of $800,000, which had been outstanding the entire year. What amount of interest should Cann capitalize as part of the cost of the plant addition
Answer:
$72,500
Explanation:
The computation of the amount of interest capitalized is as follows:
= ($500,000 × 12%) + ($625,000 - $500,000) × 10%
= $60,000 + $12,500
= $72,500
The Average expenditure for the year is
= ($200,000 × 12 ÷ 12) + ($600,000 × 8 ÷ 12) + ($300,000 × 1 ÷ 12)
= $200,000 + $400,000 + $25,000
= $625,000
One current answer to the historical struggle within management to balance the things of production and the humanity of production is social business, including the use of social media. Please indicate if the social media benefits listed below aid a thing of production or the humanity of production. Social media benefit Thing of production Humanity of production Improve efficiency Facilitate collaboration
Answer:
Humanity of production
Explanation:
On January 1, 2012, Sunland Company purchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $40200. Sunland has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $160000. As a result of this sale, Sunland should recognize a gain of
Answer:
$54,820
Explanation:
The computation of the gain is shown below;
But before that following calculations must be done
Annual depreciation as per the straight-line method
= ($690,000 - $40,200) ÷ (10 years)
= $64,980
Now accumulated depreciation for 9 years is
= $64,980 × 9 years
= $584,820
Now the book value is
= $690,000 - $584,820
= $105,180
Now the gain is
= Sale value - book value
= $160,000 - $105,180
= $54,820
A motel had the following business on a particular week. Number Occupied Type of room Sun Mon Tues Wed Thu Fri Sat Rate per night Nightly 60 60 60 60 60 $80 5-day Week 90 90 90 90 90 $64 7-day Week 50 50 50 50 50 50 50 $48 Weekend only 130 130 $56 If there are 200 rooms and the operating costs are $20,000 plus a cleaning fee of $5 per room per day, compute the profit during the one-week period. Group of answer choices $57,360 $57,059 $64,160 $64,160
Answer:
Total profit for week = $57360
Explanation:
To calculate the profit for one-week period, we first need to calculate the revenue for one week period based on the given occupancy.
We will first calculate the revenue for every day and add it to calculate the revenue for the week.
Sunday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Monday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Tuesday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Wednesday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Thursday = 60 * 80 + 90 * 64 + 50 * 48 => $12960
Friday = 50 * 48 + 130 * 56 => $9680
Saturday = 50 * 48 + 130 * 56 => $9680
Total revenue for one week = 12960 * 5 + 9680 * 2 => $84160
To calculate the profit, we will first calculate the total cost.
Total cost = 20000 + (5 * 200 * 5 + 5 * 180 * 2)
Total cost = $26800
Total profit for week = 84160 - 26800
Total profit for week = $57360
in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand and supply implication caused by the outbreak, for an in-depth analysis of the discussion topic you may use all of the resources available to you. what impact would you expect on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods
Answer:
High demand
Low supply
High prices
Explanation:
The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.
List at least one of each transaction related to all of the following business events:
a. Purchase of goods or services for cash
b. Providing services for cash
c. Providing services on account
d. Purchase of goods or services on account
e. Payment of a previously recorded expense
f. Receipt of a previously recorded revenue earned
Answer:
a. Purchase of goods or services for cash
Transaction: Cash paid towards the dresses and shoes for security guards.
Accounts affected: Cash and Purchases
b. Providing services for cash
Transaction: Cash received against Bill raised towards Security services to M/s Major Computers for November month
Accounts affected: Cash and Service Revenues
c. Providing services on account
Transaction: Bill raised towards Security services to M/s Prime innovators for November month
Accounts affected: Accounts Receivables and Service Revenues
d. Purchase of goods or services on account
Transaction: Purchases the dresses and shoes for security guards on credit form M/s Immediate Dress.
Accounts affected: Accounts Payable and Purchases
e. Payment of a previously recorded expense
Transaction: Payment of bill raised by M/s Immediate Dress towards purchase of security guards dresses and shoes last month.
Accounts affected: Accounts Payable and Cash
f. Receipt of a previously recorded revenue earned
Transaction: Received payments towards Bill raised to M/s Prime innovators for Security services for November month
Accounts affected: Accounts Receivables and Cash
