consumers that expect the price of a good to go up are likely to
a. wait to buy the good
b. demand more of the good
c. buy the good Now
d. buy a substitute
Answer:
c. Buy now
Explanation:
Since they know that the price would go up in the future, they would better off buying now
Who collects income tax that is payable to the federal government?
Income tax that is payable to the federal government is collected by the
.
Answer:
Explanation:
Internal Revenue Service (IRS). The IRS is a federal agency within the U.S. Department of Treasury that is responsible for enforcing the federal tax laws and collecting taxes from individuals and businesses. The IRS also provides taxpayers with guidance on their tax obligations and assists them with filing their taxes.
It is responsible for ensuring compliance with the tax laws and enforcing penalties if individuals or organizations fail to pay the taxes they owe. Additionally, the IRS provides taxpayer services to assist individuals and businesses with understanding and meeting their tax obligations.
Financial information is presented below: Operating expenses $ 63000 Sales returns and allowances 14000 Sales discounts 6000 Sales revenue 196000 Cost of goods sold 98000 The amount of net sales on the income statement would be
Answer: 176,000
Explanation:
The amount of net sales on the income statement will be calculated thus:
Sales Revenue = 196000
Less: Sales Discount = 6000
Less: Sales returns and allowances = 14000
Therefore, net sales will be:
= 196000 - 6000 - 14000
= 176000
Before computerization or data analytics, how would you companies find that they had duplicate payments?
Answer:
Before computerization or data analytics, companies would have had to manually review their payment records and invoices to identify duplicate payments.
Explanation:
This would involve manually checking for discrepancies in amounts, payment dates, and other key data points. This process was time consuming and error-prone, but necessary to ensure that the company was not double paying for goods or services.
The first year of operations for a company was Year 1. The net income for Year 1 was $20,200 and dividends of $12,100 were paid. In Year 2, the company reported net income of $34,200 and paid dividends of $5,100. At the end of Year 1, the company had total assets of $152,000. At the end of Year 2, the company had total assets of $ $242,000. What is the amount of retained earnings at the end of Year 2
Answer:
$37,200
Explanation:
The amount of retained earnings is calculated by using the formula below;
Amount of retained earnings = Net income - Dividends paid
In year 1, the amount of retained earnings
= $20,200 - $12,100
= $8,100
In year 2, the amount of retained earnings
= $34,200 - $5,100
= $29,100
Therefore, the amount of retained earnings at the end of year 2
= Amount of retained earnings for year 1 + Amount of retained earnings for year 2
= $8,100 + $29,100
= $37,200
1. A family with a gross monthly income of $8,500 is considering a $250,000, 30 year, 6.25% fix rate conventional mortgage to buy a $300,000 house. Move-in costs include the down payment, a $1,600 loan origination fee, 1 discount point, $3,500 in third party fees, 14 months of mortgage insurance premium, 2 months of property taxes, and 14 months of hazard insurance. The family estimates annual real estate taxes as 1.2%, annual hazard insurance as 0.4%, and annual maintenance as 1% of the purchase price. The annual private mortgage insurance premium is estimated as 1% of the loan amount. The household has monthly installment payments of $500 and is in the 35% marginal tax bracket. The lender requires that the housing expense ratio be no higher than 28%, and the monthly payment ratio no higher than 36%.
a) Can this family qualify for the loan?
b) What is the total amount of the move-in costs?
2. A family with a gross monthly income of $11,000 is considering a $357,000, 30 year, 7% mortgage to buy a house priced at $375,800. The annual private mortgage insurance premium is estimated as 0.78% of the loan amount. Move-in costs include the down payment, a 1% loan origination fee, 1 discount point, $5,400 in third party fees, 14 months of mortgage insurance premium, 6 months of property taxes, and 14 months of hazard insurance. The family estimates annual real estate taxes as 1.25%, annual hazard insurance as 0.4%, and annual maintenance as 1% of the purchase price. The household has a monthly installment payment of $1,000 and is in the 28% marginal tax bracket. Maximum housing expense ratio is 28%, while maximum total monthly payment ratio is 36%.
a) Can this family qualify for the loan?
b) What is the total amount of the move-in costs?
What kind of capacity problems do many secondary schools periodically experience? What are some alternatives to deal with those be useful? Explain using examples
B MC Qu. 10-176 (Algo) The following labor standards have been ... The following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.9 hours Standard labor rate $ 15.95 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 11,000 hours Actual total labor cost $ 173,030 Actual output 1,650 units What is the labor rate variance for the month
Answer:
Direct labor rate variance= $2,420 favorable
Explanation:
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (15.95 - 15.73)*11,000
Direct labor rate variance= $2,420 favorable
Actual rate= 173,030/11,000= $15.73
Chios Corporation issued 10-year, 8% interest-bearing bonds payable at face value for $36,000 on January 1, 2020. At that time, Chios Corporation elected to account for the bonds payable using the fair value option method. At December 31, 2020, the fair value of the bonds payable was $35,640 due to an increase in Chios Corporation's borrowing rate because of a decline in Chios Corporation's credit rating. The entry to adjust the bonds payable under the fair value option method on December 31, 2020 includes a:
Answer: c. debit of $360 Unrealized Gain or Loss-Income
Explanation:
The entry to adjust the bonds payable under the fair value option method on December 31, 2020 will be shown below:
December 31, 2020:
Debit Unrealized gain or loss Income ($36000 - $35640) = $360
Credit Fair Value Adjustment = $360
(To record fair value adjustment)
Swifty Corporation produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.3 pounds and 0.1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $0.10 per pound, and receiving and handling costs are $0.07 per pound. The hourly wage rate is $12.00 per hour, but a raise which will average $0.30 will go into effect soon. Payroll taxes are $1.20 per hour, and fringe benefits average $2.40 per hour. Standard production time is 1.5 hour per unit, and the allowance for rest periods and setup is 0.5 hours and 0.4 hours, respectively. The standard direct labor hours per unit is:_________
Answer:
Swifty Corporation
The standard direct labor hours per unit is:_________
= 0.6 hours.
Explanation:
a) Data and Calculations:
Materials required per unit = 2.6 pounds
Allowance for waste per unit = 0.3 pounds
Allowance for spoilage per unit = 0.1 pounds
Standard materials per unit = 3 pounds (2.6 + 0.3 + 0.1)
Purchase price per pound = $1.96 ($2 - 0.04)
Freight costs per pound = $0.10
Receiving and handling costs per pound = $0.07
Hourly wage rate = $12 per hour
Possible raise in hourly wage = $0.30
Payroll taxes = $1.20 per hour
Fringe benefits average = $2.40 per hour
Standard production time per unit = 1.5 hour
Allowance for rest periods = 0.5 hours
Allowance for setup = 0.4 hours
The standard direct labor hours per unit = 0.6 hours(1.5 - 0.5 - 0.4)
Companies often require non-disclosure agreements from their employees because a non-disclosure agreement
allows the employer to release private information about employees if necessary
identifies all the different ways an employee could violate company policies
maintains employee trust, which is needed for productivity and therefore profitability
provides for a documented exchange of information between employees and employers
Answer:
Allows the employer to release private information about employees if necessary
Explanation:
Companies often require non-disclosure agreements from their employees because a non-disclosure agreement (NDA) is a legally binding contract that establishes a confidential relationship between two or more parties. The purpose of a non-disclosure agreement is twofold: confidentiality and protection. An NDA creates the legal framework to protect ideas and information from being stolen or shared with competitors or third parties. Breaking an NDA agreement triggers a host of legal ramifications, including lawsuits, financial penalties, and even criminal charges. NDAs offer a level of protection to businesses so that even accidental breaches are covered.
Answer:
its a cuh i took the test
Explanation:
On December 31, 2020, Clarkson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Clarkson purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Clarkson sold 6,000 of the treasury shares on September 30, 2021, for $47 per share. Net income for 2021 was $180,905. Also outstanding at December 31, 2020, were fully vested incentive stock options giving key executives the option to buy 50,000 common shares at $40. These stock options were exercised on November 1, 2021. The market price of the common shares averaged $50 during 2021. Required: Compute Clarkson's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.) Basic EPS Diluted EPS
Answer:Basic Earnings per share =0.93
Diluted Earnings per share = 0.83
Explanation:
basic earnings per share = (net income - preferred dividends) / weighted average stocks
Net income $180,905
Less Preference Dividend (30,000× $50×7%) ($105,000)
Attributable to Holders of Common Stock $75,905
Also, Weighted Average Number of Common Stocks is given as
Common Stocks 1 January 100,000
(outstanding sharesx 12/12)
add common Stocks September 30, 2021 1,500
(sold 6000 treasury stocks x 3/12)
less Common Stocks February 28, 2021 (20,000)
(purchased -24,000 treasury stocks x 10/12 )
Weighted Average Number of Common Stocks 81,500
Basic Earnings per share = $75,905/ 81,500 =0.93
B)
Diluted earnings per share = (net income - preferred dividends) / (weighted average stocks + diluted stocks) =
Net income $180,905
Less Preference Dividend(30,000× $50×7%) (($105,000)
Earnings To Holders of Common Stock $75,905
Also, Adjusted Weighted Average Number of Common Stocks
Weighted Average Number of Common Stocks 81,500
Add
diluted stocks = [($50 - $40) / $50] x 50,000 = 10,000
Adjusted Weighted Average Number of Common Stocks 91,500
Diluted Earnings per share = $75,905 /91,500 =0.83
Which is true of categories in a budget?"
All individuals should have the same budget categories.
Individuals may have different categories based on age, lifestyle, and income.
Answer: Individuals may have different categories based on age, lifestyle, and income.
Explanation:
At different ages people have different needs.
If someone is found to be participating
in Insider Trading, the result could be
A. a promotion
B. award-winning
C. jail time
Answer:
jail time will be a perfect answer for your question.
A candy company has 115 pounds of cashews and 140 pounds of peanuts which they combine into two different mixes. The deluxe mix has half cashews and half peanuts and sells for $7 per pound. The economy mix has one third cashews and two thirds peanuts and sells for $4.70 per pound. How many pounds of each mix should be prepared for maximum revenue?
Answer:
you should prepare 180 pounds of the deluxe mix and 75 pounds of the economy mix
Explanation:
maximize 7d + 4.7e
constraints
0.5d + ¹/₃e ≤ 115
0.5d + ²/₃e ≤ 140
d ≥ 0
e ≥ 0
d and e are integers
using solver, the maximum profit is 180d + 75e, and the maximum profit is $1,612.50
Blue Spruce Corp. had the following transactions.
1. Sold land (cost $8,240) for $10,300.
2. Issued common stock at par for $21,200.
3. Recorded depreciation on buildings for $12,400.
4. Paid salaries of $7,200.
5. Issued 1,200 shares of $1 par value common stock for equipment worth $8,100.
6. Sold equipment (cost $10,800, accumulated depreciation $7,560) for $1,296.
For each transaction above, prepare the journal entry.
Answer:
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
Cr Additional Paid-in Capital $6,900
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
Explanation:
Preparation of the journal entry.
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
($10,300-$8,240)
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
(1,200*$1)
Cr Additional Paid-in Capital $6,900
($8,100-$1,200)
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
($10,800-$7,560-$1,296)
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
A schedule of machinery owned by Waterway Industries is presented below:
Total Cost Estimated Salvage Value Estimated Life in Years
Machine X $593000 $40000 14
Machine Y 816000 82000 10
Machine Z 301000 61000 6
Waterway computes depreciation by the composite method. The composite rate of depreciation (in percent) for these assets is :_________
a. 8.44.
b. 8.94.
c. 13.74.
d. 10.17.
Answer:
b. 8.94%
Explanation:
Cost Salvage Depreciable cost Life Depreciation
Machine X 593,000 40,000 553,000 14 39,500
Machine Y 816,000 82,000 734,000 10 73,400
Machine Z 301,000 61,000 240,000 6 40,000
1,710,000 1,527,000 152,900
Composite Rate = Total Depreciation/Total Cost
Composite Rate = 152,900 / 1,710,000
Composite Rate = 0.089415205
Composite Rate = 8.94%
King Street Corporation has a pre-credit U.S. tax of $119,000 on $514,000 of taxable income. The company has $220,000 of foreign source taxable income and paid $74,000 of income taxes to the Italian government on this income. All of the foreign source income is treated as foreign branch income for foreign tax credit purposes. Calculate the company's foreign tax credit on its tax return will be: (Do not round intermediate calculations. Round your answer to nearest whole dollar amount.)
Answer:
King Street Corporation
The company's foreign tax credit on its tax return will be:
= $66,000.
Explanation:
a) Data and Calculations:
Pre-credit U.S. tax = $119,000
Taxable income = $514,000
Foreign source taxable income = $220,000
Foreign income taxes paid = $74,000
U.S income tax on the foreign taxable income = $66,000 ($220,000 * 30%)
b) The foreign tax credit is equal to the lesser of the foreign income taxes paid to the foreign government or the income tax payable on the foreign source taxable income.
A manufacturing firm is planning on expanding its existing operations. The expansion project is significant and will require the firm to house the expansion in a different location. The firm is considering building on a lot they own across town. The lot is currently vacant and it was paid for nearly 20 years ago. Given this information, which of the following statements is correct?
a) The lot is not an incremental cash flow because it is not being utilized at this time.
b) The lot is an incremental cash flow because it represents an opportunity cost.
c) The lot is an incremental cash flow because it represents a sunk cost.
Answer:
The lot is an incremental cash flow because it represents an opportunity cost.
Explanation:
The importance of cash flow for project use is that It is a change in the firm's total future cash flow that is as a result of a direct output or consequence of the decision of that particular project.
Incremental cash flows
This is commonly refered to as tbe said difference obtained between or when there is a firms future cash flows with a project and those without a project. As it is used for a project evluation, it comprises of any and all changes in the firm's future cash flows that are a direct consequence of taking the project.
An Opportunity cost?
This is simply refered to as the most essential or valuable alternative (other choice) that is given up if a particular investment is undertaken by an organization or firm.
In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2021 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased will be viewed as having been retired, reassuming the status of unissued shares. As part of the change, treasury shares held were reclassified as retired stock. At December 31, 2020, UMCâs balance sheet reported the following shareholdersâ equity:
($ in millions)
Common stock, $1 par $200
Paid-in capitalâexcess of par 800
Retained earnings 956
Treasury stock (4 million shares at cost) (25)
Total shareholdersâ equity $1,931
Required:
Identify the type of accounting change this decision represents and prepare the journal entry to effect the reclassification of treasury shares as retired shares.
Answer:
UMC Corporation has change its treatment of shares repurchase from treasury shares to shared being retired on purchase. This change is known as change in accounting principle.
Date General Journal Debit'mil Credit'mil
Dec 31 Common stock (4*$1) $4
Paid-in-capital-excess of par $16
(800/200)*4
Retained earnings (25-20) $5
Treasury stock $25
(To record reclassification of treasury shares as retired shares)
How Goods Market will be in Equilibrium according to saving and investment approach
This method states that the equilibrium annual income is established at a level where planned saving (S) equals planned investment (I). If there is a difference in revenue from the market equilibrium, i.e., if it was planned.
What is a Market?A market is made up of various buildings, institutions, institutions, and processes that allow people to exchange goods and services.
The targeted savings graphs meet at the interest income in a satisfactory competitive equilibrium, or the wanted values of saves and investments are similar to both the absolute measurements of savings and investments as reported in the national income as well as product records and also the desired values.
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Classifying items on the indirect statement of cash flows [10 min]
Destiny Corporation is preparing its statement of cash flows by the indirect method. Destiny has the following items for you to consider in preparing the statement:
a. Increase in accounts payable
b. Payment of dividends
c. Decrease in accrued liabilities
d. Issuance of common stock
e. Gain on sale of building
f. Loss on sale of land
g. Depreciation expense
h. Increase in inventory
i. Decrease in accounts receivable
j. Purchase of equipment
Requirement
1. Identify each item as a(n):_______.
Operating activity—addition to net income (O+), or subtraction from net income (O-)
Investing activity—addition to cash flow (I+), or subtraction from cash flow (I-)
Financing activity—addition to cash flow (F+), or subtraction from cash flow (F-)
Activity that is not used to prepare the indirect cash flow statement (N)
Answer:
a. Increase in accounts payable
Identification: O+
b. Payment of dividends
Identification: F-
c. Decrease in accrued liabilities
Identification: O-
d. Issuance of common stock
Identification: F+
e. Gain on sale of building
Identification: O-
f. Loss on sale of land
Identification: O+
g. Depreciation expense
Identification: O+
h. Increase in inventory
Identification: O-
i. Decrease in accounts receivable
Identification: O+
j. Purchase of equipment
Identification: I-
An unconfined aquifer with a head of 120 ft (from the bottom of the aquifer) was evaluated using a pumping test. After the head reached the steady state, A total of 24,000 cubic foot of water was pumped out in a period of 6 hours. At a distance of 1,000 ft from the pumping well, the drawdown was 40 ft; and at a distance of 5,000 ft it was 20 ft. Find the permeability (in ft/sec, and cm/sec) of the aquifer assuming that steady-state conditions prevail. (pay attention to the relation drawdown and head; use the formula I discussed in class).
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The management of Zesty Corporation is considering the purchase of a new machine costing $400,000. The company s desired rate of return is 10%. The present value factors for $1 at compound interest of 10% for 1 through 5 years are 0.909, 0.826, 0.751, 0.683, and 0.621, respectively. In addition to the foregoing information, use the following data in determining the acceptability in this situation: The cash payback period for this investment is:______
a. 4 years
b. 5 years
c. 2 years
d. 3 years
Answer:
d. 3 years
Explanation:
Missing question: 'Year Income from Operations Net Cash Flow. 1 $100,000 $180,000, 2 40,000 120,000, 3 20,000 100,000, 4 10,000 90,000, 5 10,000 90,000"
Year Income from Net cash Investment Unrecovered Investment
Operations Flow at the end of year
0 400,000 400,000
1 100,000 180,000 220,000
2 40,000 120,000 100,000
3 20,000 100,000 -
4 10,000 90,000 (90,000)
5 10,000 90,000 (180,000)
Entire investment is recovered by the end of 3 year. So, pay back period is 3 Years.
What type of tort action requires proof of fault?
A. Ultrahazardous activity
B. Strict liability
C. Negligence
D. Intentional tort
Answer:
C Negligence
Explanation:
Negligence is the most common basis for a civil tort claim. It alleges the fault of the defendant based on four elements: duty, breach of duty, causation and damages.
Answer:
Negligence
Explanation:
The reason is because Negligence requires proof of fault or evidence to make a party liable. Without evidence to show proof of fault, the tort action required is no longer negligence. However, in this case the answer still remains as negligence.
A self assessment tool that identifies your strengths, skills, and interests is called a(n) ___.
A. interest inventory
B. entrance exam
C. psychological evaluation
D. standardized test
A self assessment tool that identifies your strengths, skills, and interests is called an interest inventory. The Option A is correct.
What does an interest inventory mean?An interest inventory, also known as an interest test, is a testing instrument designed to measure and evaluate an individual's level of interest in, or preference for, a variety of activities. Direct observation of behavior, ability tests, and self-reporting inventories of interest in educational, social, recreational, and vocational activities are examples of testing methods.
The activities typically represented in interest inventories are related to various occupational areas, and these instruments and their outcomes are frequently used in vocational guidance.
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Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $150,000; total liabilities, $98,000; Turner, Capital, $4,500; Roth, Capital, $15,000; and Lowe, Capital, $32,500. The cash proceeds from selling the assets were sufficient to repay all but $38,000 to the creditors.
Required:
a. Calculate the loss from selling the assets.
b. Allocate the loss from part a to the partners.
c. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency.
Answer:
Turner, Roth, and Lowe Partnership
a. The Loss from selling the assets = $90,000
b. Allocation of the loss to the partners:
Turner = $18,000 (2/10 * $90,000)
Roth = $27,000 (3/10 * $90,000)
Lowe = $45,000 (5/10 * $90,000)
c. Capital contribution by partners to cover capital deficiency:
Turner Roth Lowe Total
Capital contribution $13,500 $12,000 $12,500 $38,000
Explanation:
a) Data and Calculations:
Total assets, $150,000
Total liabilities, $98,000
Turner, Capital, $4,500
Roth, Capital, $15,000
Lowe, Capital, $32,500
Liabilities + Equity $150,000
Cash proceeds from sale of assets = $60,000 ($98,000 - $38,000)
Loss from selling the assets = $90,000 ($150,000 - $60,000)
Loss sharing ratio = 2:3:5
Loss sharing:
Turner = $18,000 (2/10 * $90,000)
Roth = $27,000 (3/10 * $90,000)
Lowe = $45,000 (5/10 * $90,000)
Capital Deficiency =
Turner Roth Lowe
Capital accounts $4,500 $15,000 $32,500
Loss sharing (18,000) (27,000) (45,000)
Capital Deficiency ($13,500) ($12,000) ($12,500)
Capital contribution $13,500 $12,000 $12,500
b) After contributing to the capital deficiencies to the tune of $38,000, the remaining liabilities will be settled.
What is usually the best way to display date if you have more than 10 results? a. bar graph, b. pie chart, c. line graph, d. none of the above
The best way to display data if you have more than 10 results is usually a bar graph (a).
A bar graph is a chart that uses horizontal or vertical bars to show comparisons among categories. It is a useful tool for visualizing data and comparing values across different categories.
For example, if you have data on the number of people who prefer different types of music, you could use a bar graph to show the relative popularity of each type of music. The bars in the graph would represent the number of people who prefer each type of music, and the height of the bars would correspond to the number of people.
Bar graphs are effective for displaying data when you have more than 10 results because they allow you to easily compare the values of different categories at a glance. They are also easy to read and understand, making them a popular choice for presenting data.
Option b, pie chart, is not usually the best way to display data if you have more than 10 results because pie charts can become cluttered and difficult to read when there are too many slices.
Option c, line graph, is not usually the best choice for displaying data with more than 10 results because line graphs are better suited for showing trends over time rather than comparing values across different categories.
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Comprehensive Problem- Chapter 4 Bas Baladi for the marketing of cooperative agricultural products is a company based in Ramallah. It operates two separate major divisions: Organic Food division, and Beverage division. On December 31, 2021, Bas Baladi had $327,000 operating Income. Required: a) Based on the below information (A-G). Use the following format to prepare the statement of comprehensive income. (Assume the tax rate is 20%) Note: Some of the items provided will not affect the statement of comprehensive income. A During 2021, the entity discovered that there's an error in the calculation of pension expense for 2020. The error overstated income before tax by $17,000. B Flood in Ramallah's farmland caused the company a loss of $11,000. They received insurance coverage of $6,500. Assume floods are common in Ramallah. C Bas Baladi decided to dispose of the Beverage division at the beginning of 2021. The Beverage division recognized a loss from operations of $150,000 before tax for the year ended 31 December 2021. The division was sold for $1,000,000, while the carrying value of the division's assets was $900,000. D In 2020 Bas Baladi purchased 10,000 shares of Padico stock at $1.2 per share. The stocks were categorized as a trading security. During 2021, the company received cash dividends of $0.05 per share. E Until 2021, the company has used weighted average, and on January 1, 2021. It has decided to switch to FIFO. The cumulative effect of this change is $60,000 before tax. F. The company suffered a $10,000 loss before tax from foreign currency translation of its subsidiary's financial statements. G Minority interest in net income amounted to $22,480.
Answer:
Explanation:
Statement of Comprehensive Income
For the year ended December 31, 2021
Net income:
Operating income $327,000
Adjustment for error in pension expense (17,000)
Loss from flood (4,500)
Loss from disposal of Beverage division (150,000)
Gain from sale of Beverage division 100,000
Cumulative effect of change in accounting principle (60,000)
Loss from foreign currency translation (10,000)
Total comprehensive income $131,000
Tax Expense (20%* $131,000) $26,200
Net income after tax $104,800
Minority interest in net income $22,480
Net income attributable to owners $82,320
Note:
-A: Error in pension expense, overstated income before tax by $17,000
-B: Flood in Ramallah caused a loss of $11,000, Insurance coverage received $6,500
-C: Beverage division recognized a loss from operations of $150,000 before tax, The division was sold for $1,000,000, Carrying value of the division's assets was $900,000
-D: Purchased 10,000 shares of Padico stock at $1.2 per share, classified as trading security, received cash dividends of $0.05 per share
-E: Change in accounting principle from weighted average to FIFO, cumulative effect $60,000 before tax
-F: Loss from foreign currency translation of subsidiary's financial statements $10,000
-G: Minority interest in net income $22,480
It's worth noting that the above statement is showing the comprehensive income, which is an important way of presenting the financial results of a company, as it includes all the transactions and events, whether or not they are included in the company's net income, or whether or not they are reported in the company's statement of financial position.
there is a complementarity between passenger and freight transport system. with some exceptions, such as busses and pipelines, most transport modes have developed to handle both freight and passenger traffic. in some cases both are carried in the same vehicle and in some cases the different modes join to deliver a complete service. what are the advantages of joint operations?
Some of the advantages of the joint operations are:
access to new markets and distribution networks.increased capacity.sharing of risks with a partner.access to new knowledge and expertiseaccess to greater resources etc.What does joint operations means in transportation?In transportation, joint operations typically refers to the coordination and cooperation between multiple transportation providers or agencies in order to provide more efficient and comprehensive service to customers.
This can include sharing resources, coordinating scheduling and routing, and cooperating on marketing and fare structures. This operations can take many forms, such as partnerships between bus and rail companies, or between public and private transportation providers.
The main goal of this operation is often to provide more seamless and convenient transportation options for customers, and to make more efficient use of resources.
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