Answer and Explanation:
The journal entries are shown below:
For the month of January
Cash $480,000
To Mortgage Payable $480,000
(Being the mortgage payable is recorded)
For recording this we debited the cash as it increased the assets and credited the mortgage payable as it also increased the liabilities
For the month of February
Mortgage Payable $400
Interest Expense $4,000 {($480,000 × 10%) ÷ 12 months}
To Cash $4,400
(Being the cash paid is recorded)
For recording this we debited the mortgage payable and interest expense as it decreased the liabilities and increased the expenses and credited the cash as it decreased the assets
Now the balance left is
Beginning balance of Mortgage Payable $480,000
Less: February Deduction (400)
Ending Balance of Mortgage Payable $479,600
in the cash book, every cash receipt is______ and every cash payment is_______
Consider ADs and More, an advertising agency. Which of the following would be more likely to be a variable cost? O brochures for customers office rent insurance premiums Previous Next JUN 22 Ads and More, an advertising agency, hired a photographer for a 3 day shoot for a client's ad campaign. Which best describes Ads and More's situation? Ads and More was able to change some of its variable cost and is under short term conditions. Ads and More was able to change some of its fixed cost and is under long term conditions. Ads and More was able to change some of its variable cost and is under long term conditions. Previous Next UN 22 If average variable cost decreases and then increases, it must be true that production is increasing O remaining at current levels. decreasing Previous Next JUN 22
For a marketing firm like Ads and More, variable costs are more likely to include consumer brochures and insurance fees.
It is difficult to tell from Ads and More's circumstance, where they engaged a photographer for a three-day shoot for a client's advertising campaign, whether they are operating under short-term or long-term conditions or whether they were able to alter some of their fixed or variable costs. It must be true that production is declining at some time during the production process if the average variable cost lowers and subsequently increases. Production must indeed be declining at some point in the production cycle. Ads & More's circumstances, where they hired a photographer for a 3-day shoot for a client's advertising campaign, don't provide us enough details to tell whether they are in short- or long-term conditions or whether they were able to change some of their fixed or variable costs.
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Factors Production are common to all productive activities regardless of the economic system. true or false
Companies report people to credit agencies if they iffail to pay their bills on time.
• borrow too much money.
•
fail to use
different types of credit.
O use large amounts
of credit at once.
Companies report people to credit agencies if they fail to pay their bills on time. Option A
What is Credit agency?Credit agency are companies that gathers information about creditors.
They help in given detail report of credit facilities that is available to an individual and can determine if an individual is Worthy of been borrowed money.
Therefore,
Companies report people to credit agencies if they fail to pay their bills on time
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How does a 12 year old get a lot of money
Answer:
babysitting, walking dogs, mowing lawns, shoveling snow,
Explanation:
Answer:
Explanation:
1)) babysitting
2)) small bussiness
3)) pet sitting
4)) yard work
5)) house sitting
6)) household work
7)) odd jobs
GL!
The board of directors of Herbalife Nutrition approved a 2-for-1 stock split. After the split, how many shares of Herbalife stock will an investor have if he owned 1,020 shares before the split
If the board of directors of Herbalife Nutrition approved a 2-for-1 stock split. After the split, the number of shares of Herbalife stock will an investor have if he owned 1,020 shares before the split is:2,040 shares.
Using this formula to find the number of shares
Number of shares before the split = Number of shares owned × Stock split
Let plug in the formula
Number of shares before the split = 1,020 shares × 2/1
Number of shares before the split = 2,040 shares
Therefore we can conclude that the number of shares before the split is 2,040 shares.
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what is the best way to make money as a teen
Answer:
wash car in the neighborhood, become an influencer, help around the house if your guardian give you money, get a job that is easy for you if you are above 16 year old
if under 16 or the legal age in your state to start working then the best way to make money is babysitting. Though if old enough, then apply at a local business in your town. ex: restaurant, second hand store etc
What is the name of the legal system that gives judicial decisions the force of law? A Commmon Law B European Law C Civil Law
Answer:
the answer is A) common law
What does feedback include?
you need to have $32000 in 7 years. you can earn an annual interest rate of 3 percent for the first 4 years, and 3.6 percent for the next 3 years. How much do you have to deposit today?
Answer:
$22,569.48 is amount i must have to deposit today
Explanation:
FV = Future Value , PV = Present Value , r = rate of interest , n= no of period
PV = FV / (1 + r )n
PV = 32000 / (1 + 3%)^4*(1+3.6%)^3
PV= $32,000/ (1 + 0.03)^4*(1+0.036%)^3
PV= $32,000/ (1.03)^4*(1.036%)^3
PV= $32,000/ (1.03)^4*(1.036)^3
PV= $32,000/ 1.12550881 * 1.111934656
PV= $32,000/ 1.251492251
PV = $22,569.47514
PV = $22,569.48
$22,569.48 is amount i must have to deposit today
Use the drop-down menu to select the qualification best demonstrated in each example. Virgil is on time every day to his job as a Packaging Machine Operator. Lily analyzes a product's supply chain to identify ways to make it more efficient. Chase manages shipping schedules so products are sent on time. Zaida helps another worker get products ready for shipping.
Answer:
Dependability, critical-thinking skills, organizational skills, and teamwork.
Explanation:
I got it right.
Answer:
Noting here you answer is UP there ↑↑↑↑
Explanation:
Whispering Winds Corp. purchased a delivery truck for $34,000 on January 1, 2022. The truck has an expected salvage value of $5,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 16,100 in 2022 and 11,700 in 2023.
Answer: $0.29 per mile
Explanation:
Truck is to be driven for 100,000 miles.
It has a cost of $34,000 and a salvage value of $5,000.
Useful life is 8 years.
Depreciable cost per mile under units-of-activity method = (Cost price - Salvage value) / Miles to be driven
= (34,000 - 5,000) / 100,000
= $0.29 per mile
Changes in the market environment impact _____
how competitive the marketplace is
how many offerings are available
how many marketing communication channels are used
how consumers behave
Changes in the market environment impact how competitive the marketplace is, how many offerings are available, how many marketing communication channels are used, and how consumers behave.
Aspects of the business landscape are significantly impacted by changes in the market environment. First and foremost, they have an impact on the level of market competition because changes in variables like technology, rules, and consumer preferences can affect how businesses compete with one another.
Changes in the market environment can also have an impact on the variety and range of goods and services that are offered to customers. New technologies and trends have an impact on how businesses communicate with their target audiences through marketing channels. Last but not least changes in the market environment such as those in the economy in social trends and in technological advancements have a significant impact on consumer behavior causing changes in buying patterns and preferences.
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Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:
Date
Face Amount
Term
Interest Rate
1. Mar. 6 $75,000 60 days 4%
2. Apr. 7 40,000 45 days 6%
3. Aug. 12 36,000 120 days 5%
4. Oct. 22 27,000 30 days 8%
5. Nov. 19 48,000 90 days 3%
6. Dec. 15 72,000 45 days 5%
Required:
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year.
2. Journalize the entry to record the dishonor of Note (3) on its due date.
3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Assume a 360-day year.
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.
Answer 23%
Explanation:
1. The (a) the due date and (b) the amount of interest due at the maturity of the six notes receivable by Water Closet Co. are as follows:
Due Date Interest at
Maturity
1. May 5 $500
2. May 22 $300
3. Dec 10 $600
4. Nov 21 $180
5. Feb 17 $360
6. Jan 29 $450
2. The Journal Entry to record the dishonor of Note 3 on December 10 is as follows:
December 10:
Debit Accounts Receivable $36,600
Credit Notes Receivable $36,000
Credit Interest Receivable $600
To record the dishonor of Note 3 on its due date.3. The adjusting Journal Entries to record the accrued interests on Notes 5 and 6 on December 31 are as follows:
December 31:
Debit Interest Receivable $168
Credit Interest Revenue $168
To accrue interest due on Note 5.Debit Interest Receivable $160
Credit Interest Revenue $160
To accrue interest due on Note 6.4. The Journal Entries to record the receipt of the amounts due on Notes 5 and 6 in January and February are as follows:
January 29:
Debit Cash $72,450
Credit Notes Receivable $72,000
Credit Interest Receivable $160
Credit Interest Revenue $290
To record the receipt of cash on note 6.February 17:
Debit Cash $48,360
Credit Notes Receivable $48,000
Credit Interest Receivable $168
Credit Interest Revenue $192
To record the receipt of cash on note 5.Data and Calculations:Date Face Amount Term Interest Rate Due Date Interest at
Maturity
1. Mar. 6 $75,000 60 days 4% May 5 $500
2. Apr. 7 40,000 45 days 6% May 22 $300
3. Aug. 12 36,000 120 days 5% Dec 10 $600
4. Oct. 22 27,000 30 days 8% Nov 21 $180
5. Nov. 19 48,000 90 days 3% Feb 17 $360
6. Dec. 15 72,000 45 days 5% Jan 29 $450
3. Accrued Interests on December 31:
Note 5: $168 ($48,000 x 3% x 42/360)
Note 6: $160 ($72,000 x 5% x 16/360)
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C. Assume Trinidad has the comparative advantage in producing peanut butter and Jamaica has the comparative advantage in producing soft drinks. What reasons could the Jamaican government have for choosing to produce peanut butter rather than importing it from Trinidad?
The Jamaican government has chosen to produce peanut butter instead of importing it from Trinidad. When countries increase production in areas of comparative advantage and trade with each other.
An agent has a comparative advantage over others in producing a particular good if it can produce the good at a lower relative opportunity cost or subsistence price, i.e. at a lower relative marginal cost before the transaction. increase.
For example, if a country can produce both cheese and chocolate, it can determine how much effort is expended in producing each product. A country has a comparative advantage in chocolate production if it takes 1 labor hour to produce 10 units of cheese and 1 labor hour to produce 20 units of chocolate.
The advantage of comparative advantage is the ability to produce goods or services at a lower opportunity cost. A comparative advantage gives companies the opportunity to sell their goods and services at lower prices than their competitors, thereby generating stronger sales margins and greater profitability.
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Sam and Dave form an LLC that is taxed just like a partnership or pass through entity. Sam and Dave each own 50% of the
LLC. At the end of the year, the LLC has net income of $100,000. Sam and Dave decide to pay one half of the net income to
themselves as an agreed distribution. The remaining amounts stay in the LLC bank account. As a result
The LLC will pay income and social security tax on $100,000 and Sam and Dave will have to pay a dividend tax of 20% on their
distributions.
The LLC will pay tax on the $100,000 to the IRS as an entity level tax.
Sam will have to pay income and social security tax on $25,000
Dave will have to pay income and social security tax on $50,000
Based on the fact that Sam and Dave decided to pay themselves half of the net income, Dave will have to pay income and social security tax on $50,000.
What will happen to Sam and Dave?When an LLC is formed, it is taxed on a pass-through basis which means that its income is treated as income of its partners as sole proprietors.
This means that the $100,000 net income will be treated as income for the Sam and Dave. Both of them will therefore pay income and social security taxes on $50,000 each which will be their share.
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How can a firm obtain the expertise needed to produce and market its products in another part of the world?
A firm can obtain the expertise needed to produce and market its products in another part of the world by contracting a Training Firm that is domicile in the country market.
What service will be performed by the Training Firm?These training companies specialize in various aspects of running a business including producing products and marketing them effectively.
Hence, the new firm can contract such a firm to come into your business and teach them the personnel and skills they need to produce and sell your product in another country.
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Marginal shows how much money can be made if a producer sells one additional unit of a good.
Answer:
Marginal revenue
Explanation:
Marginal revenue is the additional income attributed to the sale of an extra unit. It is the income a business generates by selling one more unit of a product. Marginal revenue (MR) is compared to Marginal cost( MC) to determine if a business should continue with production and selling activities. If marginal revenue is greater or equal to marginal costs, the company should proceed with production and selling.
Answer:
revenue
Explanation:
a firm has total interest charges of $10,000 per year, sales of $1 million, a tax rate of 40 percent, and a net profit margin of 6 percent. What is the firm's times interest earned ratio
Answer:
10400
Explanation:
The firm's times interest earned ratio is 10.
What is interest?
Someone borrows money during a hard time, they are paying additional amount, which is an interest. In monetary terms, interest is a yearly percentage of the loan amount. Different categories, including simple interest, compound interest, and annual interest, are used to categorize the loan.
The given amount is:
Interest charge = $10,000Sales = $1,000,000Tax rate = 40%Net profit margin = 6%firm's net income:
Net income = sales × net profit margin.
Net income = $1,000,000 × 6%
Net income = $60, 000
earnings before interest and taxes (EBIT)
EBIT = \(\frac{Net income}{1 - tax rate}\)
EBIT = \(\frac{60,000}{1 - 40}\)% (1 - 40%)
EBIT = 1000, 000
The firm's times-interest-earned ratio (TIE):
TIE = \(\frac{EBIT}{Interest charge}\)
TIE = \(\frac{100, 000}{10, 000}\)
TIE = 10
As a result, the times interest earned ratio is 10.
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Question 2. (6)
Briefly explain why Investors, Competitors and Suppliers take interest in
accounting information related to a business. (Please include examples)
Answer:
They like googIe
Explanation:
The following information was available for Sandhill Company on December 31 2022: Beginning inventory $104000; Ending inventory $136000; cost of goods sold $744000; and sales $1080000. Sandhill's days in inventory is
a. 71.99 days
b. 40.56 days
c. 58.87 days
d. 49.80 days
Answer:
Explanation:
Days in inventory = (Average Inventory/Cost of Goods Sold)* 365
Where:
Average Inventory = (Beginning Inventory + Ending Inventory)/2
Average Inventory = ($104,000 + $136,000)/2 = $120,000
Hence:
Days in inventory = ($120,000/$744,000)*365 = 58.87 days
Mars Electronic Company receives cash from a stockholder, John Tilden, and issues common stock to him. The two accounts involved in this transaction are ________.
Select one:
A.
Common Stock and Accounts Payable
B.
Common Stock and Accounts Receivable
C.
Accounts Payable and Cash
D.
Cash and Common Stock
The two accounts involved in this transaction are Cash and Common Stock. Thus the correct option is D.
What is Stockholder?A stockholder is referred to as an individual who purchases the stock of any company and holds the authority of selling that stock. The stockholders who own a higher percentage in any company will receive voting rights.
A remaining right to a company's present and future earnings is represented by its common stock. In the account of this, shareholders are referred to as co-owners of a business.
In the given case, Mars electronic companies receive cash from the stockholder and issue common stock to him refer as a transaction of Cash and Common Stock
Therefore, option D is appropriate.
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A taxpayer who claims a bad debt in the year the debt becomes worthless has how lomg to file an amended return
Answer: You must deduct a bad debt in the year it becomes worthless. If you realize you could have reported and taken a deduction for an unpaid debt years ago but didn't, you generally have only three years to amend your return in order to claim it on your tax return.
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Kate was turned down for a job because of a bad credit report. The creditor is required to give her the name of the credit bureau that supplied the report, according to
the:
Fair Credit Reporting Act.
Fair Credit Billing Act.
Truth in Lending Law.
Equal Credit Opportunity Act
The creditor is required to give Kate the name of the credit bureau that supplied the report under the Fair Credit Reporting Act (FCRA). The FCRA is a federal law that regulates the collection, use, and disclosure of consumer credit information. Under the FCRA, creditors are required to provide consumers with a copy of their credit report upon request. They are also required to provide consumers with the name and address of each credit bureau that has provided them with a report within the past two years.
The other laws you mentioned are also important, but they do not specifically address the issue of providing consumers with the name of the credit bureau that supplied their report. The Fair Credit Billing Act (FCBA) regulates the billing practices of creditors and credit card companies. The Truth in Lending Law (TILA) requires lenders to disclose certain information to borrowers, such as the annual percentage rate (APR) and the total amount of interest that will be charged on a loan. The Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating against borrowers on the basis of race, color, religion, national origin, sex, marital status, age, or because they receive income from a public assistance program.
Discuss and highlight the main features of a Bill of Lading, types of Bill of Lading, and the purpose, usefulness and limitation of such bills in global trade and commerce.
A bill of lading (/ˈleɪdɪŋ/) (sometimes abbreviated as B/L or BOL) is a document issued by a carrier (or their agent) to acknowledge receipt of cargo for shipment. Although the term historically related only to carriage by sea, a bill of lading may today be used for any type of carriage of goods.[1] Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise.[2] The other two documents are a policy of insurance and an invoice.[3] Whereas a bill of lading is negotiable, both a policy and an invoice are assignable. In international trade outside the United States, bills of lading are distinct from waybills in that the latter are not transferable and do not confer title. Nevertheless, the UK Carriage of Goods by Sea Act 1992 grants "all rights of suit under the contract of carriage" to the lawful holder of a bill of lading, or to the consignee under a sea waybill or a ship's delivery order.

Bill of lading
A bill of lading must be transferable,[4][5] and serves three main functions:
it is a conclusive receipt,[6] i.e. an acknowledgement that the goods have been loaded;[7] and
it contains or evidences[8] the terms of the contract of carriage; and
it serves as a document of title to the goods,[9] subject to the nemo dat rule.
Typical export transaction use Incoterms terms such as CIF, FOB or FAS, requiring the exporter/shipper to deliver the goods to the ship, whether onboard or alongside. Nevertheless, the loading itself will usually be done by the carrier himself or by a third party stevedore.
You are offered an investment that will pay you $250 in one year, $520 the next year, and $750 at the end of the third year. How much is this investment worth if the interest rate is 11%?
Answer: $1,196
Explanation:
Based on the information and the values that are provided in the question, the worth of the investment of the rate of interest is 11% will be calculated as:
=(250 / 1.11) + (520 / 1.11²) + (750 / 1.11³)
= 225.23 + 422.04 + 548.39
= $1,195.66
= $1196 approximately
The worth of the investment will be $1196.
The postal service of St. Vincent, an island in the West Indies, recently introduced a limited edition deluxe souvenir sheet priced at $15.00 each. The initial market response was quite positive, with an increase in unit sales compared to the regular souvenir sheets. The postal service sold a total of 50,000 units of the deluxe souvenir sheet.
Based on the given information, calculate the following:
What was the postal service's increase (decrease) in total contribution margin when it sold 50,000 deluxe souvenir sheets at $15.00 each, compared to selling 80,000 regular souvenir sheets at $8.00 each?
By what percentage did the St. Vincent post office increase the selling price for the deluxe souvenir sheet compared to the regular souvenir sheets? Additionally, calculate the percentage increase in unit sales for the deluxe souvenir sheet compared to the regular souvenir sheets. (Round your answers to one-tenth of a percent.)
If the postal service wants to maintain the same total contribution margin per unit for the deluxe souvenir sheets as it did for the regular souvenir sheets, what selling price should they set for the deluxe souvenir sheet? (Round your answer to the nearest whole dollar.)
Calculate the number of deluxe souvenir sheets the postal service would need to sell at the price determined in question 3 to equal the total contribution margin earned by selling 80,000 regular souvenir sheets at $8.00 each. (Round your answer to the nearest whole number.)
Please show your calculations and provide explanations for each answer.
1. the postal service experienced an increase in total contribution margin of $7.00
2. The unit sales for the deluxe souvenir sheets decreased by 37.5% compared to the regular souvenir sheets.
3. The postal service should set the selling price for the deluxe souvenir sheet at $15.00
4. The exact number of deluxe sheets is 45.
Calculation of the increase (decrease) in total contribution margin:
The contribution margin is calculated as the selling price minus the variable cost per unit. Given the information, we have:
Selling price of regular souvenir sheets: $8.00
Selling price of deluxe souvenir sheets: $15.00
Number of regular souvenir sheets sold: 80,000
Number of deluxe souvenir sheets sold: 50,000
To calculate the increase (decrease) in total contribution margin, we need to compare the contribution margin of the two scenarios:
Contribution margin regular souvenir sheets = Selling price - Variable cost
= $8.00 - Variable cost
Contribution margin deluxe souvenir sheets = Selling price - Variable cost
= $15.00 - Variable cost
To find the increase (decrease), we'll subtract the contribution margin of regular souvenir sheets from that of deluxe souvenir sheets:
Increase (decrease) in contribution margin = Contribution margin deluxe - Contribution margin regular
= ($15.00 - Variable cost) - ($8.00 - Variable cost)
= $15.00 - $8.00
= $7.00
So, the postal service experienced an increase in total contribution margin of $7.00 when selling 50,000 deluxe souvenir sheets compared to selling 80,000 regular souvenir sheets.
2. Calculation of the percentage increase in selling price and unit sales:
Percentage increase in selling price = [(Selling price deluxe - Selling price regular) / Selling price regular] * 100
= [(15.00 - 8.00) / 8.00] * 100
= 87.5%
Therefore, the St. Vincent post office increased the selling price for the deluxe souvenir sheet by 87.5% compared to the regular souvenir sheets.
Percentage increase in unit sales = [(Unit sales deluxe - Unit sales regular) / Unit sales regular] * 100
= [(50,000 - 80,000) / 80,000] * 100
= -37.5%
The unit sales for the deluxe souvenir sheets decreased by 37.5% compared to the regular souvenir sheets.
3. Calculation of the selling price for the deluxe souvenir sheet to maintain the same total contribution margin per unit:
To maintain the same total contribution margin per unit, the selling price for the deluxe souvenir sheet should be equal to the selling price for the regular souvenir sheet plus the increase in contribution margin per unit:
Selling price deluxe = Selling price regular + Increase in contribution margin
= $8.00 + $7.00
= $15.00
So, the postal service should set the selling price for the deluxe souvenir sheet at $15.00 to maintain the same total contribution margin per unit.
4. Calculation of the number of deluxe souvenir sheets to be sold to equal the total contribution margin earned from selling 80,000 regular souvenir sheets:
Total contribution margin from selling regular souvenir sheets = Contribution margin regular * Number of regular sheets sold
= ($8.00 - Variable cost) * 80,000
To calculate the number of deluxe souvenir sheets to be sold, we'll set the total contribution margin equal to that of regular sheets and solve for the number of deluxe sheets:
Contribution margin deluxe * Number of deluxe sheets = Contribution margin regular * Number of regular sheets
($15.00 - Variable cost) * Number of deluxe sheets = ($8.00 - Variable cost) * 80,000
Simplifying the equation:
Number of deluxe sheets = (Contribution margin regular * Number of regular sheets) / (Contribution margin deluxe)
= ($8.00 - Variable cost) * 80,000 / ($15.00 - Variable cost)
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Recommended methods to protect yourself from identity
theft and fraud include____
A. Placing a credit freeze with the credit bureaus is the correct answer.
Answer:
A. Placing a credit freeze with the credit bureaus is the correct answer.
Explanation:
mark please
Mazu Mavuso is a 43-year-old South African resident who was employed by Veg & Fruit Limited, a South African company, until 30 November 2022. On 30 November 2022, Veg & Fruit Limited ceased its operations and the pension fund that Veg & Fruit Limited established for its employees also closed down. The Veg & Fruit Limited pension fund paid out R80 000 to Mazu Mavuso during the 2023 year of assessment. All Mazu Mavuso's pension fund contributions have been deducted in the determination of his taxable Income. Mazu Mavuso also decided to join a retirement annuity fund, to which he made a total contribution of R7 000 during the 2023 year of assessment. For the 2023 year of assessment, Mazu Mavuzo's receipts and expenses were as follow: Salary Director's fees earned Local dividends from South African companies Local interest from a non 'tax free investment' Pension fund contributions at 6.5% of his salary Retirement annuity fund contributions Qualifying medical expenses paid Donation to a qualifying section 18A Public Benefit Organisation R 720 000 110 000 45 000 24 500 ? 7 000 61 630 6 000 Calculate Mazu Mavuso’s taxable income for the 2023 year of assessment. (25 marks) 1.2) Calculate Mazu Mavuso’s total normal tax liability for the 2023 year of assessment. Assume that Mazu Mavuso had a taxable income of: • R770 900 before any retirement fund lump sum withdrawal benefits. • R843 900 after any retirement fund lump sum withdrawal benefits. (17 marks) Competency Framework Reference: E1.2 Interpretation of tax legislation b) Demonstrate the ability to apply the principles of tax interpretation to any new or unfamiliar tax legislation. E1.3 Application of tax legislation to calculate tax obligation a) Analyse the taxpayer’s tax profile. c) Apply the relevant law to the facts, determine the tax position and compute the tax payable (VAT or normal tax) for individuals and companies.
Explanation:
to calculated this question to solve
Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04
The solution to the given question when we consider total cost and total revenue, given in the following table:
The Financial TableQuantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit
------- | -------- | -------- | -------- | -------- | --------
0 | 5 | 5 | 0 | 0 | -5
1 | 11 | 6 | 6 | 6 | 1
2 | 17 | 6 | 12 | 6 | 5
3 | 24 | 7 | 18 | 6 | 4
4 | 31 | 8 | 24 | 6 | -7
5 | 39 | 8 | 30 | 6 | -9
6 | 47 | 8 | 36 | 6 | -11
7 | 55 | 8 | 42 | 6 | -13
As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.
Therefore, the answer to the question is 3.
In summary:
The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.Read more about marginal revenue here:
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