The treasury stock method is a common accounting treatment for repurchased shares, where the shares are recorded as an asset on the balance sheet and deducted from the shareholders' equity section.
What is Stock?
Stock refers to the ownership interest in a company or corporation. When a company goes public, it sells shares of stock to investors in order to raise capital. The investors who buy the stock become shareholders and own a portion of the company. Stockholders are entitled to vote on certain corporate matters and may receive dividends if the company decides to distribute profits to its shareholders.
The journal entry to summarize Target's share repurchases in the year ended February 1, 2020, can be reconstructed as follows:
Treasury Stock Account $2,953 million
Cash Account $2,953 million
This entry represents the purchase of 40.4 million shares of common stock at an average price of $73.06 per share.
Target accounts for share repurchases as treasury stock, as indicated by Note 20 in the financial statements.
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3. Following are the particulars available for Z and X, LLP
retained earnings
accounts receivable
supplies
salaries payable
equipment
unearned revenue
accounts payable
cash
prepaid insurance
common stock
a. Calculate the amount of -
• total assets
●
● total liabilities excluding stockholder equity
total stockholders' equity
668
240
500
- 167
1000
475
200
1170
100
1500
(5 Marks)
The total assets are $3,010, total liabilities excluding stockholder equity are $508, and total stockholders' equity is $2,168.
What is Assets?
Assets are economic resources that are owned or controlled by an individual, a company, or an organization. Assets can take many forms, including cash, investments, property, equipment, inventory, and accounts receivable, among others.
Using the given information, we can calculate the total assets, total liabilities excluding stockholder equity, and total stockholders' equity as follows:
Total assets = accounts receivable + supplies + equipment + cash + prepaid insurance
= 240 + 500 + 1000 + 1170 + 100
= 3,010
Total liabilities excluding stockholder equity = accounts payable + salaries payable + unearned revenue
= 200 + (-167) + 475
= 508
Total stockholders' equity = retained earnings + common stock
= 668 + 1500
= 2,168
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Problem 5-46 Straightforward ABC calculations (LO 5-1, 5-2, 5-3, 5-4, 5-5)
1. Machine-related costs for REG line: $135,000
2. Total cost per unit, under ABC, for GMT line: $663.90 5. Cost distortion per unit for ADV line: overcosted by $8.85
Kitchen King's Toledo plant manufactures three product lines, all multi-burner, ceramic cook tops. The plant's three product models are the Regular (REG), the Advanced (ADV), and the Gourmet (GMT). Until recently, the plant used a job-order product-costing system, with manufacturing overhead applied on the basis of direct-labor hours. The following table displays the basic data upon which the traditional costing system was based.
(pic 1 that has 2 tables)
Kitchen King's pricing policy is to set a target price for each product equal to 130 percent of the full product cost. Due to price competition from other appliance manufacturers, REG units were selling at $525, and ADV units were selling for $628. These prices were somewhat below the firm's target prices. However, these results were partially offset by greater-than-expected profits on the GMT product line. Management had raised the price on the GMT model to $800, which was higher than the original target price. Even at this price, Kitchen King's customers did not seem to hesitate to place orders, Moreover, the company's competitors did not mount a challenge in the market for the GMT product line. Nevertheless, concern continued to mount in Toledo about the difficulty in the REG and ADV markets. After all, these were the plant's bread-and-butter products, with projected annual sales of 5,000 REG units and 4,000 ADV units.
Kitchen King's director of cost management, Angela Ramirez, had been thinking for some time about a refinement in the Toledo plant's product-costing system. Ramirez wondered if the traditional, volume-based system was providing management with accurate data about product costs. She had read about activity-based costing, and wondered if ABC would be an improvement to the plant's product-costing system. After some discussion, an ABC proposal was made to the company's top management, and approval was obtained. The data collected for the new ABC system is displayed in the following table.
(pic 2 that has 1 table)
1. Show how the company's overhead rate of $12 per direct-labor hour was calculated.
2. Complete an activity-based costing analysis for Kitchen King's three product lines. Display the results of your ABC analysis in a table similar to Exhibit 5-7 in the text.
3. Prepare a table similar to Exhibit 5-8, which computes the new product cost for each product line under
ABC
1. Prepare a table similar to Exhibit 5-9, which compares the overhead cost, total product cost, and target price for each product line under the two alternative costing systems.
2. Was each of Kitchen King's three product lines overcosted or undercosted? By how much per unit?
The Overhead Absorption Rate and other related information is given below:
1) Overhead Absorption RateOverhead Absorption Rate = Annual Budgeted Overhead cost /Budgeted direct labour hours
=$1,224,000/102,000DLH
=$12 per DLH
Working
a b c= a*b
Product Units DLH/unit Total DLH
REG 5,000 9 45,000
ADV 4,000 11 44,000
GMT 1,000 13 13,000
Totl Budgeted DLH 102,000
DLH = direct labour hours
2)
ABC Analysis
Machine Related 310,500 Machine hours 115,000 $ 2.70 REG 50,000 $ 135,000 5,000 $ 27.00
$ 2.70 ADV 48,000 $ 129,600 4,000 $ 32.40
$ 2.70 GMT 17,000 $ 45,900 1,000 $ 45.90
Total 115,000 $ 310,500
Material Handling 52,500 Production runs 100 $ 525.00 REG 40 $ 21,000 5,000 $ 4.20
$ 525.00 ADV 40 $ 21,000 4,000 $ 5.25
$ 525.00 GMT 20 $ 10,500 1,000 $ 10.50
Total 100 $ 52,500
Purchasing 75,000 Purchase Orders 300 $ 250.00 REG 100 $ 25,000 5,000 $ 5.00
$ 250.00 ADV 96 $ 24,000 4,000 $ 6.00
$ 250.00 GMT 104 $ 26,000 1,000 $ 26.00
Total 300 $ 75,000
Set Up 85,000 Production runs 100 $ 850.00 REG 40 $ 34,000 5,000 $ 6.80
$ 850.00 ADV 40 $ 34,000 4,000 $ 8.50
$ 850.00 GMT 20 $ 17,000 1,000 $ 17.00
Total 100 $ 85,000
Inspection 27,500 Inspection hours 1,100 $ 25.00 REG 400 $ 10,000 5,000 $ 2.00
$ 25.00 ADV 400 $ 10,000 4,000 $ 2.50
$ 25.00 GMT 300 $ 7,500 1,000 $ 7.50
Total 1,100 $ 27,500
Shipping 66,000 Shipments 1,100 $ 60.00 REG 500 $ 30,000 5,000 $ 6.00
$ 60.00 ADV 400 $ 24,000 4,000 $ 6.00
$ 60.00 GMT 200 $ 12,000 1,000 $ 12.00
Total 1,100 $ 66,000
Engineering 32,500 Engineering hours 650 $ 50.00 REG 250 $ 12,500 5,000 $ 2.50
$ 50.00 ADV 200 $ 10,000 4,000 $ 2.50
$ 50.00 GMT 200 $ 10,000 1,000 $ 10.00
Total 650 $ 32,500
Facility 575,500 Machine hours 115,000 $ 5.00 REG 50,000 $ 250,000 5,000 $ 50.00
$ 5.00 ADV 48,000 $ 240,000 4,000 $ 60.00
$ 5.00 GMT 17,000 $ 85,000 1,000 $ 85.00
Total 115,000 $ 575,000
***
1) Activity pool rate = Activity pool cost/Cost driver quantity
2) Activity cost for product = Activity pool rate* Cost driver quantity per product
3) Activity cost per unit/product = Activity cost per product/ unit of production per product
3. Total product cost for each product line as per ABC
Total product cost for each product line
Particulars REG ADV GMT
Direct material $ 129.00 $ 151.00 $ 203.00
Direct labour (Excuding of setup time) $ 171.00 $ 209.00 $ 247.00
REG =9hr*$19
ADV =11 hr*$19
GMT =13hr*$19
Manufactured Overhead (as per ABC)
Machine Related $ 27.00 $ 32.40 $ 45.90
Material Handling $ 4.20 $ 5.25 $ 10.50
Purchasing $ 5.00 $ 6.00 $ 26.00
Set Up $ 6.80 $ 8.50 $ 17.00
Inspection $ 2.00 $ 2.50 $ 7.50
Shipping $ 6.00 $ 6.00 $ 12.00
Engineering $ 2.50 $ 2.50 $ 10.00
Facility $ 50.00 $ 60.00 $ 85.00
Total overhead cost /unit $ 103.50 $ 123.15 $ 213.90
Total product cost /unit $ 403.50 $ 483.15 $ 663.90
4. Comparision
Particulars REG ADV GMT
Manufactured Overhead
As per Traditional costing $ 108.00 $ 132.00 $ 156.00
As per ABC $ 103.50 $ 123.15 $ 213.90
Product Cost
As per Traditional costing $ 408.00 $ 492.00 $ 606.00
As per ABC $ 403.50 $ 483.15 $ 663.90
Sales price (130% of product cost)
As per Traditional costing $ 530.40 $ 639.60 $ 787.80
As per ABC $ 524.55 $ 628.10 $ 863.07
Actual current Selling price $ 525.00 $ 628.00 $ 800.00
5.
Under/over costing of product
Particulars REG ADV GMT
Product Cost
As per Traditional costing $ 408.00 $ 492.00 $ 606.00
As per ABC $ 403.50 $ 483.15 $ 663.90
difference $ 4.50 $ 8.85 $ (57.90)
Under/over costing of product over costing over costing Under costing
6. If machine related cost pools change and facility cost pools are changed.
ABC Analysis
Machine Related 621,000 Machine hours 115,000 $ 5.40 REG 50,000 $ 270,000 5,000 $ 54.00
$ 5.40 ADV 48,000 $ 259,200 4,000 $ 64.80
$ 5.40 GMT 17,000 $ 91,800 1,000 $ 91.80
Total 115,000 $ 621,000
Material Handling 52,500 Production runs 100 $ 525.00 REG 40 $ 21,000 5,000 $ 4.20
$ 525.00 ADV 40 $ 21,000 4,000 $ 5.25
$ 525.00 GMT 20 $ 10,500 1,000 $ 10.50
Total 100 $ 52,500
Purchasing 75,000 Purchase Orders 300 $ 250.00 REG 100 $ 25,000 5,000 $ 5.00
$ 250.00 ADV 96 $ 24,000 4,000 $ 6.00
$ 250.00 GMT 104 $ 26,000 1,000 $ 26.00
Total 300 $ 75,000
Set Up 85,000 Production runs 100 $ 850.00 REG 40 $ 34,000 5,000 $ 6.80
$ 850.00 ADV 40 $ 34,000 4,000 $ 8.50
$ 850.00 GMT 20 $ 17,000 1,000 $ 17.00
Total 100 $ 85,000
Inspection 27,500 Inspection hours 1,100 $ 25.00 REG 400 $ 10,000 5,000 $ 2.00
$ 25.00 ADV 400 $ 10,000 4,000 $ 2.50
$ 25.00 GMT 300 $ 7,500 1,000 $ 7.50
Total 1,100 $ 27,500
Shipping 66,000 Shipments 1,100 $ 60.00 REG 500 $ 30,000 5,000 $ 6.00
$ 60.00 ADV 400 $ 24,000 4,000 $ 6.00
$ 60.00 GMT 200 $ 12,000 1,000 $ 12.00
Total 1,100 $ 66,000
Engineering 32,500 Engineering hours 650 $ 50.00 REG 250 $ 12,500 5,000 $ 2.50
$ 50.00 ADV 200 $ 10,000 4,000 $ 2.50
$ 50.00 GMT 200 $ 10,000 1,000 $ 10.00
Total 650 $ 32,500
Facility 1,150,000 Machine hours 115,000 $ 10.00 REG 50,000 $ 500,000 5,000 $ 100.00
$ 10.00 ADV 48,000 $ 480,000 4,000 $ 120.00
$ 10.00 GMT 17,000 $ 170,000 1,000 $ 170.00
Total 115,000 $ 1,150,000
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during its first week of operations ending january 7, fasttrack sports incorporated completed six transactions with the dollar effects indicated in the following schedule: accounts dollar effect of each of the six transactions ending balance 1 2 3 4 5 6 cash $15,000 $66,000 $(9,000) $(4,800) $(8,700) $(10,000) notes receivable (short-term) 4,800 store fixtures 8,700 operating lease right-of-use assets 141,000 notes payable (due in three months) 66,000 (10,000) long-term lease liabilities 132,000 common stock (15,000 shares) 1,500 additional paid-in capital 13,500 required: 2. prepare a classified balance sheet for fasttrack sports incorporated on january 7.
Each transaction that FastTrack Sports Inc. directed during its most memorable seven-day stretch of tasks interestingly affected the organization's financial records.
The first transaction that FastTrack Sports Inc. conducted was the receipt of cash, which increased the cash balance by $15,000.
The second transaction involved the receipt of notes receivable, which increased the company's short-term notes receivable by 4,800.
The third transaction involved the purchase of store fixtures, which decreased the company's cash balance by $8,700.
The fourth transaction involved the acquisition of land, which increased the company's land balance by $15,000.
The fifth transaction involved the payment of notes payable, which decreased the company's cash balance by $9,000.
The sixth and final transaction involved the issuance of common stock, which increased the company's additional paid-in capital by 13,500.
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What should the business have in place to protect them from being responsible/sued? What is the business liable for? What aren’t they responsible for? If it was your business what would you do? THIS IS DUE SOON PLEASE HELP
Businesses should have several measures in place to protect themselves from being held responsible or sued.
What is the business liable for?Some business measures can include:
Legal compliance: Businesses should ensure that they comply with all relevant laws and regulations in their industry. This includes employment laws, health and safety regulations, and consumer protection laws.
Insurance: Businesses should consider purchasing liability insurance to protect themselves from potential lawsuits. This can include general liability insurance, professional liability insurance, and product liability insurance.
Clear contracts and agreements: Businesses should ensure that all contracts and agreements they enter into with clients, suppliers, and other parties are clear and unambiguous. This can help prevent misunderstandings and disputes down the line.
Strong data protection measures: If the business collects and stores customer data, they should have strong data protection measures in place to prevent data breaches and protect customer privacy.
Employee training: Businesses should provide their employees with appropriate training to ensure they understand their responsibilities and obligations, as well as how to handle potential legal issues.
In terms of liability, businesses can be held responsible for a range of issues, including:
Negligence: If the business fails to take reasonable care, they can be held responsible for any harm caused as a result of that negligence.
Breach of contract: If the business breaches a contract or agreement with another party, they can be held responsible for any resulting damages.
Product liability: If a product sold by the business causes harm to a customer, the business can be held liable.
Employment issues: If the business violates employment laws or discriminates against employees, they can be held responsible.
There are also certain things that businesses are not responsible for, such as:
Acts of nature: Businesses are not responsible for damage caused by natural disasters or other events beyond their control.
Criminal acts: If a third party commits a criminal act against the business or their customers, the business is not typically held responsible.
If it were my business, I would ensure that we have all the necessary legal and insurance measures in place to protect ourselves from potential legal issues. I would also prioritize employee training and data protection to minimize the risk of any potential liability.
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REQUIRED: prepare the Accounting Equation or Journal Entries for the following:
1) On 9/1/19, Strand Corp received a copyright. Cost = $200,000. Copyright had a 7 year legal life
and an estimated useful life of 5 years. Record transaction.
2) Calculate and record Amortization expense for the year 2019 AND 2020
3) Explain the difference between Tangible Assets and Intangible Assets
4) Provide at least 3 examples of Tangible Assets and Intangible Assets
5) Complete E12-12 (page #642) from textbook (see Goodwill notes from Part 4 below)
1. Accounting Equation:
Assets = Liabilities + Equity
Copyright = $200,000 + 0
Journal Entry:
Date: 9/1/19
Copyright Cost Expense Dr. $200,000
Cash Cr. $200,000
2. Amortization Expense Calculation:
Amortization Expense = (Cost - Residual Value) / Estimated Useful Life
Amortization Expense for 2019 = ($200,000 - ($51,500 * 0.49)) / 5 = $19,490
Amortization Expense for 2020 = ($200,000 - ($51,500 * 0.49)) / 5 = $19,490
Journal Entry for 2019:
Date: 12/31/19
Amortization Expense - Copyright Dr. $19,490
Accumulated Amortization - Copyright Cr. $19,490
Journal Entry for 2020:
Date: 12/31/20
Amortization Expense - Copyright Dr. $19,490
Accumulated Amortization - Copyright Cr. $19,490
3. Tangible assets are physical assets that can be seen and touched, while intangible assets are non-physical assets that cannot be seen or touched but have value, such as patents, copyrights, trademarks, and goodwill.
4. Examples of Tangible Assets: land, buildings, equipment, vehicles, inventory
Examples of Intangible Assets: patents, copyrights, trademarks, goodwill, brand names
5. E12-12
On December 31, 2021, the balance sheet of Calhoun Corp. includes the following shareholders' equity accounts.
Common stock, $10 par, 60,000 shares authorized, 40,000 shares issued and outstanding $400,000
Retained earnings 240,000
Total shareholders' equity $640,000
The following items may be reported as other comprehensive income (OCI).
Unrealized gain on available-for-sale securities, net of tax $22,000
Unamortized loss on pension liability, net of tax $11,000
Foreign currency translation gain, net of tax $31,000
Instructions
(a) Prepare the shareholders' equity section of the balance sheet at December 31, 2021.
(b) Assume that Calhoun Corp. decides to disclose comprehensive income in a separate statement. Indicate how OCI items would be reported in the separate statement.
(a) Shareholders' Equity Section:
Common stock $400,000
Retained earnings 240,000
Accumulated other comprehensive income 42,000
Total shareholders' equity $682,000
(b) Comprehensive Income Statement:
Net income $XX
Other comprehensive income:
Unrealized gain on available-for-sale securities, net of tax $22,000
Unamortized loss on pension liability, net of tax ($11,000)
Foreign currency translation gain, net of tax $31,000
Total other comprehensive income $42,000
Total comprehensive income $XX
In a make or buy decision , which of the costs below are relevant ? 1. Fixed costs that will not change regardless of the decision . 2. Fixed costs that can be avoided in the future if the decision is to buy . 3. Only direct material costs . 4. Only conversion costs.
Option (2) "Fixed costs that can be avoided in the future if the decision is to buy" is the correct answer.
In a make or buy decision, relevant costs are those costs that are affected by the decision and can help in making a rational decision.
Fixed costs that will not change regardless of the decision are irrelevant in a make or buy decision since they are sunk costs and cannot be altered by the decision. Fixed costs that can be avoided in the future if the decision is to buy are relevant in the decision-making process as they can be saved by choosing to buy from an external supplier rather than producing internally. Direct material costs and conversion costs are both relevant in a make or buy decision. Direct material costs are the cost of raw materials required to produce a product or service, while conversion costs are the costs of labor and manufacturing overhead needed to convert raw materials into finished products. By comparing the costs of producing internally versus purchasing from an external supplier, a company can determine which option is more cost-effective.
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Maintenance expenses for a bridge on the Ohio River are estimated to be $20,000 per year for the first eight years, followed by two separate $100,000 expenditures in years 12 and 18. The expected life of the bridge is 30 years. If i= 6% per year, what is the equivalent uniform annual expense over the entire 30-year period?
The equivalent uniform annual expense over the entire 30-year period is approximately $16,118.85.
We can use the formula for the present value of an annuity: P = A * (1 - 1 / (1 + i)^n) / i . where P is the present value of the annuity, A is the equivalent uniform annual expense, i is the interest rate per year, and n is the number of years. In this case, we have three different expenses: $20,000 for the first 8 years, $100,000 in year 12, and $100,000 in year 18. To find the present value of these expenses, we need to discount them back to the present using the interest rate of 6%.
PV1 = $20,000 * (1 - 1 / (1 + 0.06)^8) / 0.06 = $119,018.05
PV2 = $100,000 / (1 + 0.06)^12 = $44,968.16
PV3 = $100,000 / (1 + 0.06)^18 = $29,558.09
The total present value of the expenses is:
PV = PV1 + PV2 + PV3 = $193,544.30
Now we can use the same formula to solve for the equivalent uniform annual expense, A: A = P * i / (1 - 1 / (1 + i)^n) . A = $193,544.30 * 0.06 / (1 - 1 / (1 + 0.06)^30) = $16,118.85 .
Therefore, the equivalent uniform annual expense over the entire 30-year period is approximately $16,118.85.
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assuming that the machine was used directly in the production of one of the products that the company manufactures and sells, what factors might management consider in selecting a preferable depreciation method in conformity with the expense recognition (matching) principle ?
While selecting a depreciation method in accordance with the expense recognition principle, management may take into account the nature and estimated life of the asset, the company's financial status, tax consequences, and regulatory requirements.
Management might consider several factors in selecting a preferable depreciation method in conformity with the expense recognition (matching) principle, including the estimated useful life of the machine, the residual value of the machine, the method's impact on the company's income statement and balance sheet, and the tax implications of the method.
The matching principle requires that expenses be recognized in the same period as the revenue they help generate, so selecting a depreciation method that best matches the machine's use to the periods in which it is generating revenue is crucial. This may involve considering the pattern of use over time, and whether it is more appropriate to use a method that front-loads depreciation expenses or spreads them out evenly.
Additionally, tax laws may influence the choice of depreciation method, as some methods may provide more favorable tax treatment than others. Overall, the goal is to select a depreciation method that most accurately reflects the machine's contribution to revenue generation over its useful life, while also considering the financial and tax implications of the method.
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PLEASE HELP. I NEED TO FINISH THIS TODAY OR IM GROUNDED
Beginning to invest early for retirement is beneficial because it allows you to take advantage of the power of compounding returns.
What is beneficial?Beneficial means something that is helpful or advantageous. In general, it refers to something that is good or has a positive effect. For example, good health is beneficial, as it can help us live longer and happier lives. Exercise is also beneficial, as it can keep us strong and help us stay in shape. Education is also beneficial, as it can open doors to new opportunities, help us gain knowledge and skills, and provide us with a better future.
Compounding returns means that the longer you leave your money in an investment, the more it will grow. This is because the returns are reinvested and compounded or multiplied over time. As you invest earlier in life, you will have more time for your money to grow and benefit from compounding returns. Additionally, taxes are generally lower on investments made by younger investors, and investing at a young age can also help to raise your credit score. Finally, younger people often have fewer expenses, making it easier to invest and set money aside for retirement.
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Rank order the vendors, keeping the Seasonal Product Team's needs in mind.
1
M
Rank
2 D
4
P
K
Flexibility
Vendor
O Low Amount
↑ Increasing 10%
Castomer Issues
Quantity Shipped
O
O
Shipped On Time
Moderate Amount
Decreasing 10%
●T
High Amount
D
Since the primary goal of the seasonal team is to guarantee that products are available as and when needed and in the appropriate quantities, the vendor must have some qualities.
These include-
Flexibility to make changes in product demand, Fewer customer issues, Above average ratings in product shipping, And the ability to ship the products on schedule.Analysis of Vendors-
1. The advantages of vendor P-
-P include great flexibility and little customer complaints. The amount transported is small, despite the fact that delivery times are long and rising by 10%. P cannot thus be suggested.
2. Vendor D-
D is very adaptable, customer problems are growing by 10%. Furthermore, despite the great quantity, only a small percentage of the items are delivered on time. D thus cannot be suggested.
3. Vendor K -
K has a modest level of flexibility and some growing customer difficulties (the latter by 10%). While they are delivered on time, the amount sent is fair. K is therefore advised.
Hence keeping the Seasonal Product Team's needs in mind, the vendors K, P, D can be ranked in orders as 1,2,3 respectively.
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the tax liability for a married couple with taxable income of $141,325 is: use the appropriate tax tables and tax rate schedules. note: all answers should be rounded to the nearest dollar.
The tax liability for a married couple with a taxable income of $141,325, filing jointly, can be calculated using the 2021 U.S. federal tax brackets. Here's the breakdown:
1. 10% on income up to $19,900: 0.10 x $19,900 = $1,990
2. 12% on income between $19,901 and $81,050: 0.12 x ($81,050 - $19,900) = $7,338
3. 22% on income between $81,051 and $141,325: 0.22 x ($141,325 - $81,050) = $13,260.50
Now, add up the amounts from each bracket:
$1,990 + $7,338 + $13,260.50 = $22,588.50
Round to the nearest dollar: $22,589
The tax liability for this married couple with a taxable income of $141,325 is approximately $22,589.
The tax liability for a married couple with taxable income of $141,325 is $26,951.50. This can be found by using the appropriate tax tables and tax rate schedules.What are tax tables?Tax tables are the official charts or tables which demonstrate the tax liability or tax refund for taxpayers who file their taxes. To determine the amount of tax payable, you will need to refer to the tax tables that are relevant to the tax year you are completing the return for.Tax rate schedules help determine the tax liability based on the level of taxable income. It applies to taxpayers who earn above a certain amount. The Internal Revenue Service (IRS) annually issues the tax tables and tax rate schedules based on the inflation rate.What are the tax rates for married couples in 2021?In 2021, married couples filing jointly have the following tax rates:For taxable income up to $19,900, the tax rate is 10%.For taxable income over $19,900 up to $81,050, the tax rate is 12%.For taxable income over $81,050 up to $172,750, the tax rate is 22%.For taxable income over $172,750 up to $329,850, the tax rate is 24%.For taxable income over $329,850 up to $418,850, the tax rate is 32%.For taxable income over $418,850 up to $628,300, the tax rate is 35%.For taxable income over $628,300, the tax rate is 37%.Therefore, to determine the tax liability for a married couple with taxable income of $141,325, we need to use the tax rate schedules.
Here's how to calculate the tax liability:Taxable income: $141,325Tax on $81,050 (22% bracket): $17,831.00Tax on $60,275 (24% bracket): $14,401.00Total tax liability: $17,831.00 + $14,401.00 = $26,951.50 (rounded to the nearest dollar).Thus, the tax liability for a married couple with taxable income of $141,325 is $26,951.
The tax liability for a married couple with a taxable income of $141,325, filing jointly, can be calculated using the 2021 U.S. federal tax brackets. Here's the breakdown:
1. 10% on income up to $19,900: 0.10 x $19,900 = $1,990
2. 12% on income between $19,901 and $81,050: 0.12 x ($81,050 - $19,900) = $7,338
3. 22% on income between $81,051 and $141,325: 0.22 x ($141,325 - $81,050) = $13,260.50
Now, add up the amounts from each bracket:
$1,990 + $7,338 + $13,260.50 = $22,588.50
Round to the nearest dollar: $22,589
The tax liability for this married couple with a taxable income of $141,325 is approximately $22,589.
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types of business organizations chapter 8 assessment what are the advatages of a sole proprietorship
Some advantages of a sole proprietorship as a business organization include: simplicity in setting up and dissolving, complete control by the owner, flexibility in decision-making, and potential tax benefits.
The advantages of a sole proprietorship are as follows:Easy to create and terminateA sole proprietorship is the simplest and easiest form of a business to establish, and it does not require much legal paperwork. It can be set up and closed down quickly without much hassle. The proprietor has full control of the business, and he or she has the flexibility to make decisions at will.Tax benefitsA sole proprietorship provides tax benefits. The proprietor is the only one responsible for paying taxes, and he or she is not subject to double taxation as in the case of corporations.
The profits and losses of the business are added to the proprietor's personal tax returns, and the taxes paid are based on the proprietor's tax bracket.Limited LiabilitySole proprietorship is not a separate legal entity from the proprietor. As a result, the proprietor is solely responsible for the company's debts and liabilities. This means that if the company is sued, the proprietor's personal assets are at risk. However, the risks are significantly reduced because the business is small and limited to a single proprietor. Therefore, a sole proprietorship may be preferable to individuals who do not require a lot of capital to start their business.
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Bob's Textile Company sells shirts for men and boys. The average
selling price and variable cost for each product are as follows:
Men's
Selling Price $28.80
Variable Cost $20.40
Boys'
Selling Price $24.00
Variable Cost $16.80
Fixed costs are $38,400.
Required:
a. What is the breakeven point in units for each type of shirt, assuming the sales mix is 2:1 in favor of men's shirts?
b. What is the operating income, assuming the sales mix is 2:1 in favor of men's shirts, and sales total 9,000 shirts?
a. Total Breakeven Point is 11,200 units and b. Operating Income is $217,200.
a. To find the breakeven point in units, we can use the following formula:
Breakeven Point = Fixed Costs / (Selling Price - Variable Cost)
For men's shirts:
Breakeven Point = $38,400 / ($28.80 - $20.40) = 3,200 units
For boys' shirts:
Breakeven Point = $38,400 / ($24.00 - $16.80) = 4,800 units
Since the sales mix is 2:1 in favor of men's shirts, the total breakeven point would be:
Total Breakeven Point = 2(Men's Breakeven Point) + Boys' Breakeven Point
Total Breakeven Point = 2(3,200) + 4,800 = 11,200 units
b. First, let's calculate the total contribution margin per unit for each type of shirt:
Men's: Selling Price - Variable Cost = $28.80 - $20.40 = $8.40
Boys': Selling Price - Variable Cost = $24.00 - $16.80 = $7.20
Since the sales mix is 2:1 in favor of men's shirts, we can calculate the weighted average contribution margin per unit:
Weighted Average Contribution Margin = (2/3)(Men's CM) + (1/3)(Boys' CM)
Weighted Average Contribution Margin = (2/3)($8.40) + (1/3)($7.20) = $8.20
Total operating income can be calculated as follows:
Total Sales = 9,000 shirts x 2/3 (men's shirts) x $28.80 + 9,000 shirts x 1/3 (boys' shirts) x $24.00 = $489,600
Total Variable Costs = 9,000 shirts x 2/3 (men's shirts) x $20.40 + 9,000 shirts x 1/3 (boys' shirts) x $16.80 = $234,000
Total Contribution Margin = $489,600 - $234,000 = $255,600
Operating Income = Total Contribution Margin - Fixed Costs = $255,600 - $38,400 = $217,200
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What is human resource management?
Answer:
Investment in workers, protecting their safety, and effective staffing management are the main priorities of HRM.
Explanation:
The recruitment, hiring, training, compensating, rewarding, motivating, and retaining of personnel are within the purview of human resource management.
Because of the funding fee required for a VA loan, a borrower with no down payment funds saved should ______.
Amortization: Loan repayments by way of equal periodic quantities calculated to pay off the debt at the cease of a fixed period, which includes gathered interest on the brilliant balance.
Which declaration most precisely describes the right of rescission?Right of rescission is the borrower's right to rescind a loan. This proper lasts three enterprise days from the date of loan utility or disclosure, whichever is later.
What facts is listed on the promissory note quizlet?"A promissory note states the mortgage quantity (the principal), the amount of the payments, when and how the repayments are to be made, and the maturity date—when the loan is to be repaid in full."
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difference between capital equipment and operation equipment?
Capital equipment and operating equipment are two types of assets that a company may use to operate its business. The main difference between capital equipment and operating equipment is their purpose and usage.
Capital equipment refers to long-term, high-cost assets that are used to produce goods or services, and are expected to last for a relatively long period of time, typically several years. These assets are usually essential to the company's operations and are not easily replaceable. Examples of capital equipment include machinery, vehicles, computers, and buildings. Capital equipment is usually accounted for as a fixed asset on the balance sheet and is depreciated over time.
On the other hand, operating equipment refers to short-term, low-cost assets that are used on a daily basis to support the company's operations. These assets are often consumable or require frequent replacement due to wear and tear. Examples of operating equipment include office supplies, cleaning equipment, and maintenance tools. Operating equipment is usually accounted for as an expense on the income statement and is deducted from revenue to determine net income.
In summary, capital equipment is a long-term investment that is essential to the company's operations and is expected to last for several years, while operating equipment is a short-term asset that is used on a daily basis and is expected to be replaced frequently.
Before considering any public project, the government should (i) compare the total cost and total benefits of the (ii) conduct a cost-benefit (iii) infer that citizens who vote for a project are willing to pay equally for a. (i) only
b. (ii) only
c. (i) and (ii) only d. (i), (ii), and (iii)
The answer to this question is (d) (i), (ii), and (iii).
Before considering any public project, the government should (i) compare the total cost and total benefits of the (ii) conduct a cost-benefit (iii) infer that citizens who vote for a project are willing to pay equally for it
What is a public project? A public project is a form of investment undertaken by the government to provide public goods and services to the public. A public project is financed by the government or government institutions with the aim of benefiting the public. Infrastructure development, education, and healthcare are examples of public projects. What is a cost-benefit analysis? A cost-benefit analysis (CBA) is a technique that compares the total costs of a project to the total benefits it provides. A cost-benefit analysis assesses the desirability of a public project by weighing the expected costs of the project against its expected benefits. Cost-benefit analysis is important because it helps to ensure that resources are allocated effectively and efficiently.
What can be inferred when citizens vote for a project? When citizens vote for a public project, it can be inferred that they are willing to pay equally for it. It means that the citizens have assessed the benefits of the project and believe that the benefits are worth the cost. Therefore, it is important for the government to compare the total cost and total benefits of a public project, conduct a cost-benefit analysis and infer that citizens who vote for a project are willing to pay equally for it before considering any public project.
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Explain in your what is the difference between a policy and a rule
Answer:
A policy tells you what needs to be done
A rule is something you must do
Explanation:
You are hiring a new project manager to take over a project with several teams that often disagree on what they are supposed to do. Which competency would you feel is most important in a candidate for this situation?
A project manager with strong people management skills would be the most important candidate.
What are people management skills?
People management skill is the ability of an individual to effectively lead and supervise a team of individuals in order to achieve specific goals and objectives.
Someone who is good at communicating effectively, motivating team members, providing constructive feedback, delegating tasks appropriately, and managing conflicts that may arise within the team can be said to have strong people management skills.
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choose the correct
1) The Financial System main function is to
a) Channeling funds from surplus units to deficit units
b) Transfer money from those who haven’t productive use of fund to other who have c) Derive the economy to efficiency
d) All of the above
2) The financial market consider to be
a) The indirect route to transfer funds from surplus to deficit units
b) The direct route to transfer funds from surplus to deficit units
c) Where the surplus units makes deposit
d) Where the deficit units takes loan
3) The balance sheet describe
a) The financial position of the company
b) The operation of the company
c) The sources of finance of the company
d) All of the above
4) In order to calculate the weighted average cost of capital, we obtain
a) Cost of debt
b) Cost of equity
c) Cost of both (debt and equity)
d) None of above
5) The income statement describe
a) The financial position of the company
b) The operation of the company
c) The sources of finance of the company
d) All of the above
6) If the ROA of a company is 17.5% , profit margin is 12.5% and ROE is 30% and the interest on deposits is 18%. It would be better for the investors to invest in: a) the company
b) the bank
c) divided the money into both
d) need more information
7) If the present value of cash flows greater than initial investment, so we shall
a) Accept the project
b) Reject the project
c) Need more information
d) None of the above
8) In the cash flow, it is better for the company to have from operating activity:
a) Positive cash flow
b) Negative Cash flow
c) It doesn’t differ
d) None of the above
9) The financial ratio that measure the management efficiency
a) Return on equity
b) The current ratio
c) The debt to equity
d) Return on Assets
10) The country risk premium will increase if
a) The economic position of the country stable
b) The economic position of the country unstable
c) From one year to another
d) If the political status become stable
11) The first step to obtain make budgeted financial statement
a) Determine expected distributed dividends
b) Determine expected purchase of raw material
c) Determine expected sales revenue
d) Determine expected organization structure
12) The breakeven point for a company reached when :
a) Revenue equal variable cost
b) Revenue equal fixed cost
c) Revenue equal total cost
d) Fixed cost equal variable cost
Multiple Choice Question
If sales = $100,000, turnover = 2.0, and ROI = 10 percent, then
O net income = $5,000 and margin = 5%
O net income = $20,000 and margin = 5%
O net income = $5,000 and margin = 10%
O net income = $10,000 and margin is indeterminable
Answer:
The formula for ROI (Return on Investment) is:
ROI = Net Income / Investment
We know that ROI is 10%, so we can write:
0.10 = Net Income / Investment
We also know that turnover is 2.0, which means that the investment is equal to:
Investment = Sales / Turnover
Substituting the given values, we get:
Investment = $100,000 / 2.0 = $50,000
Now we can solve for net income:
0.10 = Net Income / $50,000
Net Income = 0.10 x $50,000 = $5,000
The formula for margin is:
Margin = Net Income / Sales
Substituting the given values, we get:
Margin = $5,000 / $100,000 = 0.05 = 5%
Therefore, the answer is:
Net income = $5,000 and margin = 5%.
Perpetual Inventory Using LIFO
The following units of a particular item were available for sale during the calendar year:
I understand how to do jan. 1, apr. 19, and part of june 30. but the rest I cant figure out
LIFO (last-in, first-out) is a cost flow assumption used by firms to value their inventory, in which the last goods placed in inventory are the first items sold. As a result, the oldest acquired or generated inventory remains at the conclusion of the term.
Can LIFO be used on perpetual inventory system?The final expenses available at the moment of sale are the first to be withdrawn from the Inventory account and charged to the Cost of Goods Sold account under everlasting LIFO. We cannot wait till the end of the year to estimate the final cost because this is a perpetual system. (as is done with periodic LIFO).
Based on the given information, the schedule of cost of goods sold under LIFO method can be prepared as follows:
Date Quantity Unit Cost Total Cost Cost of Goods Sold Inventory Balance
Jan. 1 4,000 $40 $160,000 - $160,000
Apr. 19 2,500 $44 $110,000 $100,000 $70,000
June 30 2,500 $44 $110,000 - $180,000
Sept. 2 4,500 $46 $207,000 $187,500 $92,500
Nov. 15 2,000 $46 $92,000 $92,000 $500
To calculate the cost of goods sold and inventory balance, we use the LIFO method, which assumes that the last units purchased are the first to be sold.
On Jan. 1, the company had 4,000 units in inventory at a cost of $40 each, which gives a total inventory value of $160,000.
On Apr. 19, 2,500 units were sold. The most recent purchase was on June 30, when 4,500 units were purchased at a cost of $44 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,500 units x $44 = $110,000. The inventory balance is now 4,000 units (Jan. 1 inventory) - 2,500 units (sold) + 4,500 units (purchased) = 6,000 units at a total cost of $270,000. We assume that the units from the Jan. 1 inventory and the June 30 purchase are still in inventory at this point, but the units from the April 19 sale have been sold.
On June 30, 2,500 units were sold. The most recent purchase was on Nov. 15, when 2,000 units were purchased at a cost of $46 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,500 units x $46 = $115,000. The inventory balance is now 4,000 units (Jan. 1 inventory) + 4,500 units (June 30 purchase) - 2,500 units (sold) - 2,000 units (sold) = 4,000 units at a total cost of $184,000. We assume that the units from the Jan. 1 inventory and the June 30 and Nov. 15 purchases are still in inventory at this point, but the units from the April 19 and Sept. 2 sales have been sold.
On Sept. 2, 5,000 units were sold. The most recent purchase was on Nov. 15, when 2,000 units were purchased at a cost of $46 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,000 units x $46 = $92,000. The remaining 3,000 units sold are assumed to come
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When auditing financial statements of a private company, the minimum work an auditor must perform in connection with a company's internal control is best described by which of the following statements?
a Determine whether the company's control policies are designed well enough to prevent material misstatements.
b Perform exhaustive tests of accounting controls and evaluate the company's control system effectiveness.
c Design procedures to search for significant deficiencies in the actual operation of the company's internal control.
d Prepare auditing working papers that document the auditor's understanding of the company's internal control.
The minimum work an auditor must perform in connection with a private company's internal control is best described by statement D: Prepare auditing working papers that document the auditor's understanding of the company's internal control.
This means that the auditor must document their understanding of the company's internal control structure and the extent to which they will rely on it in conducting the audit. This includes evaluating the design of the control system, assessing the risk of material misstatement, and identifying any weaknesses or deficiencies in the control system that may affect the audit. While the auditor may perform additional testing and evaluation of the company's control system, documenting their understanding of the system is the minimum requirement for an auditor in connection with a private company's internal control.
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Given the following information for Vector Company, find its WACC. Assume the company's tax rate is 25 percent. Debt: 45,000, 6.5 percent coupon bonds outstanding, $1,000 par value, 10 years to maturity, selling for 99 percent of par; the bonds make semiannual coupon payments. Common stock: 470,000 shares outstanding, selling for $55 per share; the beta is 1.60. Market: 7.0 percent market risk premium and 3 percent risk-free rate. (Hint: Determine the cost of debt as YTM then use the bond price to determine the market value of debt)
7.83%
8.05%
8.70%
8.36%
7.68%
Suppose the world production possibility frontier (PPF) for raspberries (X) and cheese (Y) is given by X2 + 9Y 2 = 1200, (1) and consumers’ preferences can be represented by U (X, Y ) = XY. (2)
(a) Graph the production possibility frontier (PPF) by plotting at least three numerical points on it.
(b) Think about the general shape of the indifference curves, then on the same diagram use this information to show qualitatively where production and consumption will occur.
(c) On the same diagram, show how the relative prices of raspberries and cheese will be determined.
(d) Use the equations to compute the amounts of X and Y produced and consumed and their relative prices. Check that these numbers and your diagram are generally consistent.
The relative price of raspberries to cheese is determined by the slope of the PPF at the point of production and consumption equilibrium.
(a) To graph the production possibility frontier (PPF), we can use the given equation X2 + 9Y2 = 1200 and solve for Y in terms of X: Y = √(1200 - X2/9). Then, we can choose three numerical points and plot them on a graph, such as (0, 20), (20, 0), and (10, 10/3). Connecting these points gives us the PPF curve.
(b) Based on the consumer preferences represented by U(X,Y) = XY, the indifference curves will have a downward slope and be convex to the origin. This means that consumers prefer combinations of raspberries and cheese that lie on higher indifference curves, further from the origin. Production and consumption will occur at the point where the PPF is tangent to the highest attainable indifference curve. This point represents the efficient allocation of resources and maximizes consumer satisfaction.
(c) The relative prices of raspberries and cheese will be determined by the slope of the PPF. Specifically, the slope of the PPF at any given point represents the opportunity cost of producing one good in terms of the other. The relative price of raspberries to cheese will be equal to the ratio of the marginal cost of producing raspberries to the marginal cost of producing cheese, which is equal to the slope of the PPF.
(d) Using the PPF equation X2 + 9Y2 = 1200 and the consumer preference equation U(X,Y) = XY, we can solve for the efficient allocation of resources by setting the slope of the PPF equal to the slope of the indifference curve, which is given by Y/X = Px/Py, where Px and Py are the prices of X and Y, respectively. Solving for X and Y, we get X = 20√5/3 and Y = 40√5/9. The relative price of raspberries to cheese is given by the slope of the PPF at this point, which is -3/20. Thus, the relative price of raspberries to cheese is 0.15. These numbers are generally consistent with the graph and the economic intuition behind the model.
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. A customer is suing the company for $800,000 in damages because her child was injured in November 2016 while riding an escalator that stopped suddenly in one of its stores. The child was hurt when he tripped and fell while walking “down” an escalator that was going “up.” Legal counsel feels that the child is partially at fault, but that it is probable that the lawsuit will be settled for between $50,000 and $100,000, with $80,000 being the most likely amount. 2. Fallon has discovered that a skateboard it began manufacturing and selling in 2016 has defective bearings, sometimes causing a wheel to fall off. Fallon has issued a “recall” notice in newspapers and magazines in which it offers to replace the bearings. It estimates a cost of $200,000 for these repairs. No lawsuits have been filed for injury claims, although the company feels that there is a reasonable possibility that claims may total as high as $2 million. 3. Fallon has an incinerator behind one of its retail outlets which is used to burn cardboard boxes received in shipments of inventory from suppliers. The state environmental protection agency filed suit against the company in August 2016 for air pollution. Fallon expects to stop using the incinerator and begin recycling. However, its lawyers believe that it is probable that a fine of between $40,000 and $60,000 will be levied against the company, although they cannot predict the exact amount. 4. In early 2016, Fallon signed a contract with a computer vendor to install “state of the art” cash registers in all of its retail outlets. Because of the vendor’s inability to acquire sufficient cash registers, the vendor canceled the contract. Fallon has filed a breach of contract suit against the vendor, claiming $300,000 in damages. The company’s lawyers expect that it will settle the suit “out of court” for $150,000.
Company F took its vendor to court. According to conservatism, estimated gain contingency cannot be recorded before it is earned. Both IFRS and GAAP apply to this principle.
What are IFRS and GAAP?The term "Generally Accepted Accounting Principles" refers to the United States' generally accepted standards for financial reporting. The acronym IFRS refers to a set of internationally accepted accounting standards that are utilized by the majority of nations worldwide.
The reason for IFRS is that elements have normal bookkeeping decides that permit fiscal summaries to be steady, solid, and tantamount between each business in any country.
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Further answer attached below:
which of the following occurs when the promisor indicates before the time for his performance that he is unwilling or unable to carry out the contract?
a.Anticipatory repudiation
b.special damages
c.Constructive condition
d.quasi-contract.
The correct answer is a. Anticipatory repudiation. Anticipatory repudiation occurs when the promisor indicates before the time for his performance that he is unwilling or unable to carry out the contract.
This means that the promisor has essentially breached the contract before the actual performance is due. The non-breaching party can either wait until the time for performance has passed and then sue for breach of contract or treat the anticipatory repudiation as an immediate breach and sue for damages immediately. The non-breaching party can also request assurance from the breaching party that they will perform as agreed, and if the breaching party fails to provide adequate assurance, this can also be considered anticipatory repudiation. Anticipatory repudiation gives the non-breaching party the right to seek damages or to cancel the contract and pursue other remedies.
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Match the following cultural values based on T. Hall's cultural values.
1. High Territoriality versus Low
Territoriality
2. Polychronic versus Monochronic Time |
3. Proximics
4. High Context versus Low Context
a. Mark is an American studying abroad in France. One of the things that he just couldn't get used to is how close everyone stands
b. Sally (from the US) and her friend Mae (Japan) go to the beach one Saturday afternoon. Sally was very particular about the
c. Omar is from Saudi Arabia and his classmate Gunar is from Germany. The two of them are working on a project together and
d. Jennifer is doing in internationship in Argentina. She was very quick to understand the relationships of her co-workers because
Answer:
Based on the given information and T. Hall’s cultural values, the following matches can be made:
High Territoriality versus Low Territoriality: b. Sally (from the US) and her friend Mae (Japan) go to the beach one Saturday afternoon. Sally was very particular about the…
Polychronic versus Monochronic Time: c. Omar is from Saudi Arabia and his classmate Gunar is from Germany. The two of them are working on a project together and…
Proxemics: a. Mark is an American studying abroad in France. One of the things that he just couldn’t get used to is how close everyone stands…
High Context versus Low Context: d. Jennifer is doing an internship in Argentina. She was very quick to understand the relationships of her co-workers because…
How dose a production possibility chart assist in outlining opportunity cost
A production possibility chart aids in comparing the earning potential of various products and detailing opportunity costs.
What does opportunity cost mean?Opportunity costs are the gains lost while deciding on one course of action over another in economics. Essentially, it is the worth of the untraveled way. Opportunity costs are trivial to overlook, yet realising the value of lost opportunities is crucial for wiser business decisions.
What three traits do opportunity costs have?Important ideas. Opportunity cost is the price incurred by choosing one course of action over another. Its cost includes time, effort, and utility in addition to money. When price, time, effort, and usefulness are taken into account, opportunity cost can help people make the best decisions possible.
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please help with this one
Instead of waiting for income tax season to start figuring out what deductions you can claim, you made sure to start keeping track of these items from the very beginning. Create a deduction spreadsheet with the following information from January. Be sure to sort your list by date.
Deduction Category: Travel Expense
Gas from This Town’s Gas’n’Go for flower deliveries:
$25.06 on 1/12/14, $32.01 on 1/23/14, and $40.13 on 1/30/14
Deduction Category: Office Supplies
Paper from This Town’s Office Supply Shop:
$36.00 on 1/2/14
Cleaning supplies from This Town’s Office Supply Shop:
$8.00 on 1/12/14 and $4.50 on 1/16/14
Creating a deduction spreadsheet can be a great way to keep track of expenses and deductions throughout the year, so you're well-prepared come tax season.
Here's an example of what your deduction spreadsheet could look like based on the given information:
Date Deduction Category Expense Description Amount
1/2/14 Office Supplies Paper from This Town’s Office Supply Shop $36.00
1/12/14 Travel Expense Gas from This Town’s Gas’n’Go for flower deliveries $25.06
1/12/14 Office Supplies Cleaning supplies from This Town’s Office Supply Shop $8.00
1/16/14 Office Supplies Cleaning supplies from This Town’s Office Supply Shop $4.50
1/23/14 Travel Expense Gas from This Town’s Gas’n’Go for flower deliveries $32.01
1/30/14 Travel Expense Gas from This Town’s Gas’n’Go for flower deliveries $40.13
In this example, we've organized the expenses by date and categorized them by deduction category to make it easier to find and calculate deductions at tax time. It's important to keep track of all deductible expenses throughout the year so you don't miss out on any potential savings. By being proactive and keeping a detailed record of expenses, you'll be able to file your taxes more efficiently and accurately.
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