Discuss the VAT regime in Trinidad and the impact of VAT on the country’s economy.A good paper should cover, but not limited, to the following:• VAT registration• Time of supply• Place of supply• VAT rates• VAT Filing requirements & reporting obligations• Penalties• Legislative Authority of VATEnsure that all sources are properly referenced.Part BABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad.The company has recorded the following transactions in February 2022: -Sales to local customers- $1,300,000 (VAT inclusive)- Sales to local customers- $1,000,00 (VAT exclusive)- Sales to customers located aboard- $700,000- Purchases $750,000 (VAT inclusive)- Purchases $500,000 (VAT exclusive)- Imports of $75,000 inclusive of J$15,000 VATCalculate the GCT payable/refundable for February 2022? When should ABC file this VAT Return?
Answers
ABC Juice Limited should file their VAT return for February 2022 by the 25th day of the following month, which in this case would be March 25th, 2022.
Value Added Tax (VAT) was introduced in Trinidad and Tobago on January 1st, 2016. The VAT regime in Trinidad requires businesses with an annual turnover above a certain threshold to register for VAT, charge VAT on taxable supplies, and file VAT returns. The standard VAT rate in Trinidad is 12.5%, with reduced rates of 0% and 7% for certain goods and services. VAT returns must be filed on a monthly basis, and penalties may be imposed for late filing or underpayment.
Part B:
To calculate the GCT payable/refundable for February 2022, we need to subtract the input tax credit from the output VAT charged. Based on the information given, the output VAT charged for sales to local customers inclusive of VAT is $162,500 (1,300,000 / 8) + $125,000 (1,000,000 / 8) = $287,500. The output VAT charged for sales to customers located abroad is $87,500 (700,000 / 8). The total output VAT charged is $375,000. The input tax credit is $88,750 ($750,000 / 8 + $15,000). Therefore, the GCT payable is $286,250 ($375,000 - $88,750).
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Related Questions
Futura Company purchases the 69,000 starters that it installs in its standard line of farm tractors from a supplier for the price of $10.80 per unit. Due to a reduction in output, the company now has idle capacity that could be used to produce the starters rather than buying them from an outside supplier. However, the company’s chief engineer is opposed to making the starters because the production cost per unit is $11.20 as shown below: Per Unit Total Direct materials $ 4.00 Direct labor 3.20 Supervision 1.70 $ 117,300 Depreciation 1.20 $ 82,800 Variable manufacturing overhead 0.60 Rent 0.50 $ 34,500 Total product cost $ 11.20 If Futura decides to make the starters, a supervisor would have to be hired (at a salary of $117,300) to oversee production. However, the company has sufficient idle tools and machinery such that no new equipment would have to be purchased. The rent charge above is based on space utilized in the plant. The total rent on the plant is $83,000 per period. Depreciation is due to obsolescence rather than wear and tear. Required: What is the financial advantage (disadvantage) of making the 69,000 starters instead of buying them from an outside supplier?
Answers
Financial advantage (disadvantage) of making the 40,000 starters instead of buying them from an outside supplier is: $89,700.
Financial advantage (disadvantage)First step is to calculate the relevant cost of making starters
Relevant cost= Direct materials+ Direct labor+ Variable manufacturing overhead+ Supervision
Relevant cost=($4×69,000)+ ($3.20×69,000) +($0.60×69,000) + $117,300
Relevant cost=$276,000+$220,800+$41,400+$117,300
Relevant cost=$655,500
Second step is to calculate the relevant cost of buying starters
Relevant cost=$10.80 × 69,000
Relevant cost=$745,200
Third step is to calculate the financial advantage
Financial advantage=$745,200-$655,500
Financial advantage=$89,700
Therefore the financial advantage is $89,700.
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can 1$ be adequate consideration? why or why not?
Answers
Answer:
Yes
Explanation:
a payment of something is the value made in exchange for performance of a contract that is acceptable for a contract to be binding
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A city is considering a plan to ease traffic congestion by offering to eliminate tolls on cars with 3 or more passengers in them. An
economic analysis is done on the plan. Which conclusion, if reached in this analysis, would weigh against adopting the plan?
A)
Reduced toll revenues would threaten public road maintenance budgets.
B)
Peak traffic times would be spread out over a larger portion of the day,
Typical travel speeds on the toll roads would increase 5% during rush
hours
D)
Average numbers of miles commuting would remain level, due to indirect
routes caused by carpooling
Answers
Answer:
A)
Reduced toll revenues would threaten public road maintenance budgets.
Explanation:
If cars will more than three people will not pay tall chargers, the city will collect fewer revenues from the toll stations as some cars will not pay. A significant decline in revenues that can affect road maintenance can influence the city to weigh against implementing that proposal.
Spreading the peak time traffic and increasing speeds is what the city hopes to achieve. The city would be happy if the average number of miles commuted remain the same. The only negative effect that could halt the implementation of the plan is reduced revenues.
Answer:A) reduce total revenues would threaten public road maintenance budgets.
Explanation:
Which of the following best describes a way to use your website to improve the guest experience?
A personal call to the room after check-in to welcome guests
Easy-to-navigate menus with clear shortcuts for booking
Opportunities to accumulate user-generated content
Use of digital key cards for contactless check-in and room entry
Answers
The most effective strategy to use your website to enhance the visitor experience is to provide opportunities for user-generated material to gather. As a result, choice (C) is appropriate.
What is meant by guest experience?The interactions you have with your visitors from the time they arrive until they check out are referred to as the guest experience. This phrase is frequently used in the hospitality sector to describe how well your customers are treated.
A positive guest experience is at the very heart of hospitality. Additionally, it should be a key component of your hotel's operations since, if done well, it will encourage clients to leave favorable internet reviews and even become devoted regulars.
Hence, option (C) is accurate.
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The rate of return on the common stock of Lancaster Woolens is expected to be 18 percent in a boom economy, 8 percent in a normal economy, and only 2 percent in a recessionary economy. The probabilities of these economic states are 12 percent for a boom and 10 percent for a recession. What is the variance of the returns on this common stock
Answers
Answer:
Variance of the return on this common stock is 0.15%
Explanation:
Note: See the attached excel file for the calculation of the variance of the returns on this common stock.
Note that the probability of a normal economy can be obtained as follows:
Probability of normal economy = 100% - Probability of a boom - Probability of a recession = 100% - 12% - 10% = 78%
These probabilities are used in the attached excel file.
After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. What behavioral characteristic does Shrum have as the basis for her decision making? Please explain your answer.
Answers
After Polly Shrum sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. Shrum has fear of regret. She is hesitant to examine stock prices out of concern that they may have increased and she may have lost out on possible gains.
To prevent the fear of regret, the investor may become less risk-averse in the future and may purchase any stock recommended by the media without completing any background investigation. During lengthy bull markets, regret theory leads some investors to continue to invest aggressively, dismissing warning signals of a coming disaster.
According to regret theory, people anticipate remorse if they make the wrong option and take it into account while making decisions. Fear of regret may either deter or motivate people to act. Regret theory has the potential to influence an investor's rational conduct, diminishing their capacity to make financial decisions that benefit them rather than damage them.
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Explain why intellectual property rights are important in a society that allows its
Citizens freedom of ownership.
Answers
Answer:
Individuals have used their time, creativity, and skills to develop intellectual property, just as others have used their time and skills to make products or to provide services. Intellectual property protection is critical to fostering innovation. Without protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development.
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What is labour mobility
Answers
Answer:
Labour mobility is the ability and willingness of people to shift from one job to another or from one location to another in order to work.
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Which of the following is an Internet job search “don’t”?
a.
Use all types of job sites
b.
Apply for jobs that you are not qualified for
c.
Take advantage of the special features available on job sites
d.
Customize your cover letter and résumé
Answers
An Internet job search “don’t” is Apply for jobs that you are not qualified for.
What is Internet job search?The internet job search is an application engine that allows perspective job seekers search for available jobs, using the internet.
Internet job search has to do with searching for available jobs or vacancy that suit you qualifications and experience online.With Internet unemployed candidate can find or search for available jobs or vacancy posted by hiring managers or employers.To apply for jobs that your are qualified means that you have all the requirements that the job role entails and your qualifications, skills and experiences suit the job.Applying for jobs your are best qualified for is the best as this will enables you to show case your skills and experience.Learn more about Internet job search here: https://brainly.com/question/11183908
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Answer:
b
Explanation:
right on edge
Brody Corp. uses a process costing system. Beginning inventory for January consisted of 1,900 units that were 46% completed. 10,300 units were started during January. On January 31, the inventory consisted of 530 units that were 76% completed. How many units were completed during the period
Answers
Answer:
11,670
Explanation:
Calculation for How many units were completed during the period
Beginning inventory 1,900
Add units started 10,300
Less ending inventory equals completed units 530
Units completed 11,670
(1,900+10,300-530)
Therefore How many units were completed during the period were 11,670
The production of 0d submarines and 0a hospitals..
A) Increases the available resources
b) is productively efficient given the available resources
c) is productively impossible given the available resources
d) is productively ineffient given the available resources.
Answers
The production of 0d submarines and 0a hospitals is productively in effient given the available resources. The answer is OPTION D.
When a company isn't producing at its lowest possible cost per unit, it exhibits inefficient production. The average cost of production, or unit cost, is calculated by dividing all production costs by the quantity of units produced. An economy might produce a lot of boots with low manufacturing costs.
If they were all for the left foot, it would be allocatively inefficient because no one would profit from this. When a different resource allocation may boost output of any good by even one unit while maintaining the same level of other products, that resource allocation may be deemed inefficient.
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HITECH provides a ____ day window during which any violation not due to willful neglect may be corrected without penalty.
Answers
HITECH provides a 30-day window during which any violation done but not due to willful neglect (purposely) can be corrected without being penalized.
Preventing the application of fines for any infringement that is remedied within 30 days, provided that the infraction was not the result of deliberate negligence.
According to section 13410(d) of the HITECH Act, this interim final rule brings the HIPAA enforcement rules into compliance with these legislative modifications. Regarding the enforcement elements of the HITECH Act that are not yet in place under the relevant legislative provisions, this interim final rule does not make any changes.
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Stock Y has a beta of .9 and an expected return of 11.2 percent. Stock Z has a beta of .5 and an expected return of 7.2 percent. What would the risk-free rate have to be for the two stocks to be correctly priced
Answers
Answer:
Required risk free rate for two stocks to be correctly priced would be 2.20%.
Explanation:
In order to determine this, the Capital Asset Pricing Model (CAPM) formula is used as follows:
Rs = Rf + (Beta * MR) .................................... (1)
Where;
For Stock Y:
Rs = Expected return on stock = 11.2%, or 0.112
Rf = Risk free return = ?
Beta = 0.9
MR = Market risk premium = ?
Substituting the values into equation (1), we have:
0.112 = Rf + (0.9 * MR) ................................. (2)
For Stock Z:
Rs = Expected return on stock = 7.2%, or 0.072
Rf = Risk free return = ?
Beta = 0.5
MR = Market risk premium = ?
Substituting the values into equation (1), we have:
0.072 = Rf + (0.5 * MR) ................................. (3)
If we deduct equation (3) from equation (2) and solve for MR, we have:
(0.112 - 0.072) = (Rf - Rf) + (0.9MR - 0.5MR)
0.04 = 0 + 0.4MR
MR = 0.04 / 0.4
MR = 0.10, or 10%
Substituting MR = 0.01 into equation (2) and solve for Rf, we have:
0.112 = Rf + (0.9 * 0.10)
0.112 = Rf + 0.09
Rf = 0.112 - 0.09
Rf = 0.022, or 2.20%
Therefore, required risk free rate for two stocks to be correctly priced would be 2.20%.
List a minimum of four reasons why you might be rejected for a job offer.
Answers
Answer:
1. You don't have enough experience for the job.
2.There was a better candidate for the job.
3.You didn't take an interview seriously.
4.Your not professional enough.
5.You might have a criminal record and this job you are applying for doesn't want someone with a bad record.
6.You don't have any recommendations.
7.Your previously bosses say that you aren't a good employee.
8.You aren't punctual. (on time)
You misidentified the post for which you applied. You made a horrible first impression. You lack the necessary experience for the position. A better applicant was available for the position.
What are the methods of accepting and rejecting Job offers ? You weren't serious about the interview. You lack professionalism. This job you are seeking for might not want someone with a criminal record since you might have one. You lack any recommendationsAccept the job:
There are many different ways to accept a job, and frequently, people do so because they are attracted to the conditions that the employer is offering, such as the pay or the work schedule.
The ideal technique to accept it is in person, outlining what you anticipate from the business and expressing gratitude for the chance.to cooperate with them
Reject the position:
A lot of people turn down jobs due to unstable economic conditions, negative company references, demanding schedules, or a counteroffer from another employer.
The ideal method to turn down a job is to send an email explaining why you can't do it without getting into too much detail, without using many words, or in a stilted, official manner.
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The regular selling price is $22 per unit. Costs are $16 per unit, which consists of $8 direct labor per unit, $3 direct materials per unit, $2 variable overhead per unit, and $3 fixed overhead per unit. Sales are low because of a recession. A large retail chain offered to buy 1,000 units from you at a discounted price of $16. Assume that you have enough spare capacity to fulfill this special order. If you accept the special order in the short term, profit will: Group of answer choices decrease by $6,000 decrease by $3,000 increase by $6,000 increase by $3,000 remain the same
Answers
Answer:
decrease by $6,000
Explanation:
The computation of the profit in the case when the special order is accepted is shown below:
given that
Regular selling price = 22
Discounted selling price= 16
number of units to be sold =1000
Now
discount = 1000 ×($22 - $16)
= $6,000
Hence, profit decreases by $6000
Therefore the option first is correct
The same would be considered
Robin owns a horse stable and gives riding lessons for children at Pony Camp. His business operates in a competitive industry. Robin gives riding lessons to 20 children per month. His monthly total revenue is $6,000. The marginal cost of the 20th child is $250. In order to maximize profits, Robin should give riding lessons to more than 20 children per month. give riding lessons to fewer than 20 children per month. continue to give riding lessons to 20 children per month. We do not have enough information to answer the question.
Answers
Option A. The conclusion that we can make is that Robin should give riding lessons to more than 20 children per month.
How to solve for the solution6000/20
= 300
300 is greater than 250
Hence we can see that the marginal cost is less than the marginal revenue that Robin gets from the venture.
What is Marginal revenue?This is the term that is used to refer to the additional revenue that he business would obtain based on the fact that they produced an additional unit of a particular service.
In this question we can see that when Q = 20, MC is 250
What this tells us is that at a current output level, marginal revenue is greater than marginal cost, hence the firm would not be maximizing its profit.
When profit is maximized, then we would be having marginal revenue to be equal to marginal cost. MR = MC. Therefore The conclusion that we can make is that Robin should give riding lessons to more than 20 children per month.
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Many graduates choose to go to a community college or a trade school after graduation to save money on tuition. Typically, a trade school program takes two years to complete and ends with
an apprenticeship in the student's chosen trade to provide hands-on training.
How does the decision to go to a trade school rather than a university affect the long-term financial goals of an individual? IE.1.4
O It leads to less hands-on training and less difficulty finding a job.
O It creates less debt from tuition and the ability to enter the workforce sooner.
O It leads to more hands-on training and more difficulty finding a job.
O It creates more debt from tuition, and trade school takes longer to complete.
Answers
Going to a trade school rather than a university can positively affect the long-term financial goals of an individual by Option B. It creates less debt from tuition and the ability to enter the workforce sooner.
One of the primary advantages of choosing a trade school is the lower cost of tuition compared to a traditional university. Trade schools typically have lower tuition fees, making them more affordable for many students. This translates to less debt burden, allowing individuals to start their careers with a smaller financial obligation.
Additionally, trade school programs are typically shorter in duration, typically taking two years to complete. This means that students can enter the workforce and start earning sooner compared to the longer duration of university programs. By gaining early entry into the workforce, individuals have the opportunity to start earning and saving money earlier, contributing to their long-term financial goals.
Furthermore, trade school programs often emphasize hands-on training and practical skills development. This prepares students directly for their chosen trade and enhances their employability. They gain specific, job-related skills that are in demand, which can make it easier for them to find employment in their field upon completion of the program.
In contrast, attending a university often involves higher tuition costs, longer program durations, and a broader education rather than a focused trade-specific curriculum. While universities provide valuable knowledge and opportunities for certain careers, trade schools offer a more cost-effective and streamlined path for individuals seeking hands-on training and immediate entry into the workforce. Therefore, the correct option is B.
The question was incomplete, Find the full content below:
Many graduates choose to go to a community college or a trade school after graduation to save money on tuition. Typically, a trade school program takes two years to complete and ends with an apprenticeship in the student's chosen trade to provide hands-on training. How does the decision to go to a trade school rather than a university affect the long-term financial goals of an individual? IE.1.4
A. It leads to less hands-on training and less difficulty finding a job.
B. It creates less debt from tuition and the ability to enter the workforce sooner.
C. It leads to more hands-on training and more difficulty finding a job.
D. It creates more debt from tuition, and trade school takes longer to complete.
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SECTION A QUESTION MULTIPLE CHOICE 1 Choose the correct answer and write down only the correct letter in the ta provided. For Example: 1.1-A 111 Choose the correct formula of the accounting equation C. A. A QE L BOE-A-L C. L OE-A ADE-L 1.1.3. If the cost price of a product is R909, the mark up is 40%, the selling price will be A R1250 B. R360 D. 1.1.2. The price that is paid for goods that are bought for resale is called... price A cost 8 mark-up C profis D. selling CR2160 D. R540 1.1.4 if a i cheque counterfoll Invoice receipt credit note (1) WER SHEET (1
Answers
If the cost of a product is R 909 then the selling price, based on the markup would be d. R 1, 272.60.
The price that is paid for goods that are bought for resale is called the A. cost price.
How to find the selling price ?The markup is 40%, so we need to calculate 40% of the cost price, which is R909:
Markup amount = 0.40 x R909 = R363.60
Now, add the markup amount to the cost price to get the selling price:
Selling price = Cost price + Markup amount = R909 + R363.60 = R1272.60
So, the selling price of the product is R1, 272.60
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critcism of modern management theory
Answers
Critics argue modern management theory is rigid, short-sighted, lacks inclusivity, and limits employee empowerment and engagement.
Modern management theory has received its fair share of criticism. One critique is its overemphasis on rigid hierarchical structures, which can stifle creativity and hinder employee autonomy. Another criticism is the focus on short-term financial gains, often at the expense of long-term sustainability and employee well-being. Critics argue that this approach neglects the importance of social and environmental factors in organizational success. Additionally, modern management theory is often criticized for its lack of inclusivity and failure to address issues of diversity and equity. Furthermore, some argue that the reliance on top-down decision-making and command-and-control structures limits employee engagement and empowerment. These criticisms highlight the need for a more flexible, holistic, and human-centered approach to management that takes into account the complex dynamics of organizations and their impact on individuals and society.For more such questions on Modern management theory:
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Which of the following is the index used to measure changes in gross domestic product?
A) implicit GDP price deflator
B) producer price index (PPI)
C) wage-price spiral
D) consumer price index (CPI)
Answers
Answer:
implicit GDP price deflator.
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.:
Salaries:
Sales salaries $402,000
Warehouse salaries 210,000
Office salaries 165,000
$777,000
Deductions:
Income tax withheld $135,975
Social security tax withheld 46,620
Medicare tax withheld 11,655
Retirement savings 17,094
Group insurance 13,986
$225,330
Tax rates assumed:
Social security 6%
Medicare 1.5%
State unemployment (employer only) 5.4%
Federal unemployment (employer only) 0.6%
Required:
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
A. December 30, to record the payroll.
B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $40,000 is subject to unemployment compensation taxes.
2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
A. On page 11 of the journal: December 30, to record the payroll.
B. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all salaries are subject to unemployment compensation taxes.
Answers
Answer:
1) December 30, 202x, wages expense
Dr Wages expense 777,000
Cr Federal income taxes withheld payable 135,975
Cr OASDI taxes withheld payable 46,620
Cr Medicare taxes withheld payable 11,655
Cr Retirement savings (401k) payable 17,094
Cr Group insurance payable 11,655
Cr Wages payable 551,670
December 30, 202x, payroll tax expense
Dr OASDI taxes expense 46,620
Dr Medicare taxes expense 11,655
Dr FUTA taxes expense 240
Dr SUTA taxes expense 2,160
Cr OASDI taxes payable 46,620
Cr Medicare taxes payable 11,655
Cr FUTA taxes payable 240
Cr SUTA taxes payable 2,160
2) December 30, 202x, wages expense
Dr Wages expense 777,000
Cr Federal income taxes withheld payable 135,975
Cr OASDI taxes withheld payable 46,620
Cr Medicare taxes withheld payable 11,655
Cr Retirement savings (401k) payable 17,094
Cr Group insurance payable 11,655
Cr Wages payable 551,670
January 5, 202y, payroll tax expense
Dr OASDI taxes expense 46,620
Dr Medicare taxes expense 11,655
Dr FUTA taxes expense 4,662
Dr SUTA taxes expense 41,958
Cr OASDI taxes payable 46,620
Cr Medicare taxes payable 11,655
Cr FUTA taxes payable 4,662
Cr SUTA taxes payable 41,958
The lowest amount a manufacturer can pay factory workers is an example of
an incentive.
a price floor.
a price ceiling.
an elastic service.
Answers
Answer:
The answer to this question is given below in the explanation section.
Explanation:
The correct answer to this question is the price floor.
The Price floor is the lowest amount that is imposed by the government or group-imposed lowest price limit for a product or service. The government uses the price floor to keep prices at a certain level from going to low. So price floors for workers set by the government that the employer should not pay less than the set amount.
while other options are not correct because::
The price ceiling is the high amount set by the government or the by other groups for a product or service.
An incentive is an amount or something that can be given to employees or someone for motivation or encouraging them to do something.
An elastic service is given by amazon to develop and run the application with different tools etc.
Answer:price floor
Explanation:
gains and losses relating to debt securities classified as trading are presented in the in the periods in which fair value changes, regardless of whether they are realized or unrealized.
Answers
Gains and losses relating to debt securities classified as trading are presented in the Income Statements in the periods in which fair value changes, regardless of whether they are realized or unrealized.
An income statement is one of the three significant budget summaries utilized for revealing an organization's monetary execution over a particular bookkeeping period. The other two key assertions are the monetary record and the income proclamation.
The pay explanation centers around the income, costs, gains, and misfortunes of an organization during a specific period. Otherwise called the profit and loss (P&L) proclamation or the assertion of income and cost, a pay explanation gives significant experiences into an organization's tasks, the productivity of its administration, failing to meet expectations areas, and its presentation comparative with industry peers.
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Correct Question -
Gains and losses relating to debt securities classified as trading are presented in the ____ _____ in the periods in which fair value changes, regardless of whether they are realized or unrealized.
Identify 3 current human rights violations to living in a safe and healthy way in South Africa
Answers
The right-fullness of South Africans was severely hampered by corruption, extreme poverty, high unemployment, and violent crime. In addition, the quality and accessibility of these rights were harmed by cuts to health and education services. Study of South Africa's apartheid-era human rights and medical systems.
Assault and torture committed while in police custody, incarceration without charge or trial, and restriction orders are only a few examples of human rights violations that have a terrible impact on the health of those who experience them. The South African Police are charged by the Constitution with the following duties: preventing, combating, and looking into crime; upholding public order; safeguarding the people of the Republic and their property.
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Collateral will not matter in the loan process if
which of the following occurs?
A. The person defaults on a loan.
B. Another item is bought in place of the original item.
C. A person makes all of their loan payments on time.
D. The bank gathers information in order to approve a loan.
Answers
In the event that the bank gathers data before approving a loan, collateral won't be taken into consideration. Option (D) is right as a result.
In the financial industry, collateral is a valuable asset that a borrower pledges as security for a loan.
For instance, the house bank is used as collateral when a home buyer gets a mortgage. The automobile is used as collateral for a car loan. When a company seeks bank funding, the company may use valuable property or equipment as loan collateral.
In the event of a default, the lender may take possession of the collateral and sell it to repay its losses.
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Which of the following should be included in an individual taxpayers federal gross income
Answers
Answer:
I believe your wages, dividends, business income, capital gain, retirement distributions as well as other income should all be included in an individual gross business income
Explanation:
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Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Answers
Based on the cost of production by Stam Company, the overhead rate which is applied to the jobs are:
Data and Calculations:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $33,600 $41,900
Direct labor used (in March) $24,600 $20,300
Overhead applied (March) $12,300 $10,150
Costs during April
Direct materials used $139,000 $226,900 $102,000
Direct labor used $94,200 $161,500 $107,300
Overhead applied $55,600 $77,500 $52,500
($94,200 × 50%) ($161,500 × 50%) ($107,300 × 50%)
Job 306 - $47,100
Job 307 - $80,750
Job 308 - $53,650
The overhead rate applied for Job 306 in April is:
= Direct labor cost x 50%
= 94,200 x 50%
= $47,100
The overhead applied for Job 307 in April is:
= 161,500 x 50%
= $80,750
The overhead for Job 308 in April is:
= 107,300 x 50%
= $53,650
Hence, based on the cost of production by Stam Company, the overhead rate applied to the jobs are calculated above.
The given question is incomplete, the complete question is-
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 4. Prepare a schedule of cost of goods manufactured for the month end April 30. Stam Company Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured.
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Plum Corporation began the month of May with $1,400,000 of current assets, a current ratio of 1.90:1, and an acid-test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a perpetual inventory system).
May 2 Purchased $75,000 of merchandise inventory on credit.
8 Sold merchandise inventory that cost $55,000 for $150,000 cash.
10 Collected $26,000 cash on an account receivable.
15 Paid $29,500 cash to settle an account payable.
17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.
22 Declared a $1 per share cash dividend on its 69,000 shares of outstanding common stock.
26 Paid the dividend declared on May 22.
27 Borrowed $120,000 cash by giving the bank a 30-day, 10% note.
28 Borrowed $135,000 cash by signing a long-term secured note.
29 Used the $255,000 cash proceeds from the notes to buy new machinery.
Required
Prepare a table showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital, after each transaction. Round ratios to two decimals.
Answers
Answer:
Plum Corporation
(1) current ratio = Current assets/current liabilities
(2) acid-test ratio = (Current asset -Inventory)/Current liabilities
(3) working capital = Current assets minus Current liabilities
(4) acid-test assets = quick assets
May 2 Purchased $75,000 of merchandise inventory on credit.
Current Assets: $1,400,000 + $75,000 = $1,475,000
Current Liabilities: $737,000 + $75,000 = $812,000
Inventory: $147,000 +$75,000 = $222,000
(1) current ratio = $1,475,000/$812,000
= 1.82:1
(2) acid-test ratio = $1,475,000 - $222,000/$812,000
= 1.54:1
(3) working capital = Current Assets - Current Liabilities
= $1,475,000 - $812,000
= $663,000
May 8 Sold merchandise inventory that cost $55,000 for $150,000 cash.
Current Assets: $1,475,000 -55,000 + 150,000 = $1,570,000
Current Liabilities: $812,000
Inventory: $222,000 - 55,000 = $167,000
Quick Assets = $1,570,000 - 167,000 = $1,403,000
(1) current ratio = $1,570,000/$812,000
= 1.93
(2) acid-test ratio = $1,403,000/$812,000
= 1.73
(3) working capital = $1,570,000 - $812,000
= $758,000
May 10 Collected $26,000 cash on an account receivable.
Current Assets: $1,570,000 ($26,000 - $26,000) = $1,570,000
Current Liabilities: $812,000
Inventory: 167,000
Quick Assets = $1,570,000 - 167,000 = $1,403,000
(1) current ratio = $1,570,000/$812,000
= 1.93
(2) acid-test ratio = $1,403,000/$812,000
= 1.73
(3) working capital = $1,570,000 - $812,000
= $758,000
May 15 Paid $29,500 cash to settle an account payable.
Current Assets: $1,570,000 - $29,500 = $1,540,500
Current Liabilities: $812,000 - $29,500 = $782,500
Inventory: 167,000
Quick Assets = $1,540,500 - 167,000 = $1,373,500
(1) current ratio = $1,540,500/$782,500
= 1.97:1
(2) acid-test ratio = $1,373,500/$782,500
= 1.76:1
(3) working capital = $1,540,500 - $782,500
= $758,000
May 17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.
Current Assets: $1,540,500 - $5,000 = $1,535,500
Current Liabilities: $782,500
Inventory: 167,000
Quick Assets = $1,535,500 - 167,000 = $1,368,500
(1) current ratio = $1,535,500/$782,500
= 1.96:1
(2) acid-test ratio = $1,535,500/$782,500
= $1.96:1
(3) working capital = $1,535,500 - $782,500
=$753,000
May 22 Declared a $1 per share cash dividend on its 69,000 shares of outstanding common stock.
Current Assets: $1,535,500
Current Liabilities: $782,500
Inventory: 167,000
Quick Assets = $1,535,500 - 167,000 = $1,368,500
(1) current ratio = $1,535,500/$782,500
= 1.96:1
(2) acid-test ratio = $1,535,500/$782,500
= $1.96:1
(3) working capital = $1,535,500 - $782,500
=$753,000
May 26 Paid the dividend declared on May 22.
Current Assets: $1,535,500 -$69,000 = $1,466,500
Current Liabilities: $782,500
Inventory: 167,000
Quick Assets = $1,466,500 - 167,000 = $1,299,500
(1) current ratio = $1,466,500/$782,500
= 1.87:1
(2) acid-test ratio = $1,299,500/$782,500
= 1.66:1
(3) working capital = $1,466,500 - $782,500
= $684,000
May 27 Borrowed $120,000 cash by giving the bank a 30-day, 10% note.
Current Assets: $1,466,500 + $120,000 = $1,586,500
Current Liabilities: $782,500 + $120,000 = $902,500
Inventory: 167,000
Quick Assets = $1,586,500 - 167,000 = $1,419,500
(1) current ratio = $1,586,500/$902,500
= 1.76
(2) acid-test ratio = $1,419,500/$902,500
= 1.57
(3) working capital = $1,586,500 - $902,500
= $684,000
May 28 Borrowed $135,000 cash by signing a long-term secured note.
Current Assets: $1,586,500 + $135,000= $1,721,500
Current Liabilities: $902,500
Inventory: 167,000
Quick Assets = $1,721,500 - 167,000 = $1,554,500
(1) current ratio = $1,721,500/$902,500
= 1.91:1
(2) acid-test ratio = $1,554,500/$902,500
= 1.72
(3) working capital = $1,721,500 - $902,500
= $819,000
May 29 Used the $255,000 cash proceeds from the notes to buy new machinery.
Current Assets: $1,721,500 - $255,000 = $1,466,500
Current Liabilities: $902,500
Inventory: 167,000
Quick Assets = $1,466,500 - 167,000 = $1,299,500
(1) current ratio = $1,466,500/$902,500
= 1.62:1
(2) acid-test ratio = $1,299,500/$902,500
= 1.44:1
(3) working capital = $1,466,500 - $902,500
= $564,000
Explanation:
a) Data and Calculations:
May 1, Current Assets = $1,400,000
Ratio of current assets to current liabilities = 1.90:1
Acid -test ratio = 1.70:1
Therefore, current liabilities = $1,400,000/1.9 = $737,000
Current Assets minus Inventory/$737,000 = 1.7
Therefore, current assets minus inventory = $737,000 * 1.7 = 1,253,000
Inventory = Current Assets - (Current assets -inventory)
= $1,400,000 - $1,253,000
= $147,000
Full Question attached
Answer and Explanation:
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[The following information applies to the questions displayed below.]
On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.
Assuming the market interest rate on the issue date is 9%, the bonds will issue at $293,938.
2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024.
(Interest Expense does not equal 12800)
Answers
To record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024, we need to consider the issuance of the bonds and the accrual of interest expense.
1. Bond Issue on January 1, 2024:
Date Account Debit Credit
--------------------------------------------------------
January 1, 2024 Cash $293,938
Bonds Payable $320,000
To record the issuance of $320,000 face value bonds at a discounted price of $293,938.
2. Semiannual Interest Payment on June 30, 2024:
Date Account Debit Credit
--------------------------------------------------------
June 30, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from January 1, 2024, to June 30, 2024.
3. Semiannual Interest Payment on December 31, 2024:
Date Account Debit Credit
--------------------------------------------------------
December 31, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from July 1, 2024, to December 31, 2024.
Please note that the interest expense amount mentioned in the question might be incorrect. Based on the information provided, the interest expense should be $12,800 for each semiannual interest payment, resulting in a total of $25,600 for the year 2024.
PLZ HELP GIVEING BRAINLIST 1. Jamal volunteers his time after school to walk the dogs at a local animal shelter. Jamal does not get paid for this time, even though he spends about two hours there every day. Although he is not making money, list one way that volunteering in this way could be beneficial to Jamal in the future. Also list one way that Jamal is benefitting his community.
2. Amber is busy creating her resume. When she gets to the part about providing references, she is not sure who to put down. She knows her brother will give her a good reference, since he knows her very well. Her guidance counselor at school also offered to provide a reference for her, so she is thinking of adding him. Which option would be better for Amber to use on her resume? Explain the reason for your answer.
3. Now that Amber has her resume finished, it is time for her to begin her job search. List one place where Amber could look to find job openings, two things Amber should do after finding a job she wants to apply for, and what she should wear if she is called in for an interview.
4. You are on a job interview for your dream position. The interviewer asks if you have experience working with Microsoft Excel, a computer software program that allows you to create and customize spreadsheets to analyze data. You have never used Microsoft Excel, but you do know what it is. How would you answer? Why? Explain your reasoning.
5. Grant and Cara are coworkers at a design firm. Grant is so good at his job that he does not like to listen to the opinions of others. Cara is not as experienced as Grant and it takes her a little bit longer to complete design tasks, but she is a good listener and tries to make changes that her co-workers suggest. Which person would you rather work with? Give two reasons for your answer. Why might co-curricular, extra-curricular, career preparation, or extended learning experiences have been important in helping prepare the person you chose to have those qualities that are desirable in the workplace
Answers
Answer:
1. One way it could benefit Jamal in the future is that he will have gained practical skills and experience if a job hires him or something. One way he is benefiting the community is helping out the shelter so that they don't have to walk all the dogs and he’s doing a good deed.
2. Her guidance counselor will be the best option. Getting reference from her brother that knows her very well has nothing to do with her needing a reference for her resume. Her counselor knows about her educational background , so I personally think her counselor should be the reference.
3. She could look at jobs that require a resume, like a restaurant. Amber should be on lookout for a phone call or email and she should be prepared. She should also wear a white button up shirt with a black long skirt or a pair of black pants.
4.I would say no but I'm a quick learner and I can learn how to use it very fast. I wouldn’t tell a story and say I have because when i get ready to use it i may not know how, so it is important to be honest about it.
5.I would choose Cara because she listens to others' opinion about the task. Putting in others' opinions really matters, especially when it comes to working with a partner or two. I would rather work with Cara even though Grant is quick, he doesn't put in and listen to others’ opinions.
Answer: 1. One way it could benefit Jamal in the future is that he will have gained practical skills and experience if a job hires him or something. One way he is benefiting the community is helping out the shelter so that they don't have to walk all the dogs and he’s doing a good deed.
2. Her guidance counselor will be the best option. Getting reference from her brother that knows her very well has nothing to do with her needing a reference for her resume. Her counselor knows about her educational background , so I personally think her counselor should be the reference.
3. She could look at jobs that require a resume, like a restaurant. Amber should be on lookout for a phone call or email and she should be prepared. She should also wear a white button up shirt with a black long skirt or a pair of black pants.
4. I would say no but I'm a quick learner and I can learn how to use it very fast. I wouldn’t tell a story and say I have because when I get ready to use it I may not know how, so it is important to be honest about it.
5. I would choose Cara because she listens to others' opinions about the task. Putting in others' opinions really matters, especially when it comes to working with a partner or two. I would rather work with Cara even though Grant is quick, he doesn't put in and listen to others’ opinions.
Explanation: I did the assignment and these where the best answers I could find.
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