Answer:
20%
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has
Real GDP in 2015 = ( $2 x 250) + ($3 x 300) + ($4 x 400) = $3000
Real GDP in 2016 = ( $2 x 200) + ($3 x 400) + ($4 x 500) = $3600
Growth rate in real GDP = $3600 / $3000 - 1 = 0.2 = 20%
n January 1, 2021, Bradley Recreational Products issued $150,000, 9%, four-year bonds. Interest is paid semiannually on June 30 and December 31. The bonds were issued at $145,153 to yield an annual return of 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare an amortization schedule that determines interest at the effective interest rate. 2. Prepare an amortization schedule by the straight-line method. 3. Prepare the journal entries to record interest expense on June 30, 2023, by each of the two approaches. 5. Assuming the market rate is still 10%, what price would a second investor pay the first investor on June 30, 2023, for $15,000 of the bonds
Answer:
I prepared an excel spreadsheet for questions 1 and 2 because there is not enough room here.
3) June 30, 2023, fifth coupon payment (under effective interest rate)
Dr Interest expense 7,367
Cr Cash 6,750
Cr Discount on bonds payable 617
June 30, 2023, fifth coupon payment (under straight-line method)
Dr Interest expense 7,356
Cr Cash 6,750
Cr Discount on bonds payable 606
5) we can use the approximate yield to maturity formula in order to determine the market value of a $1,000 bond on June 30, 3023:
0.1 = {45 + [(1,000 - MV)/3]} / [(1,000 + MV)/2]
0.1 x [(1,000 + MV)/2] = 45 + 333.33 - 0.333MV
50 + 0.05MV = 378.33 - 0.333MV
0.383MV = 328.33
MV = 328.33 / 0.383 = $857.26
if the investor is willing to purchase $15,000 of the bonds, then the purchase price = 15 x $857.26 = $12,858.90 ≈ $12,858.90
Explanation:
the journal entry to record the issuance of the bonds:
Dr Cash 145,153
Dr Discount on bonds payable 4,847
Cr Bonds payable 150,000
Which Decision Support System is a "calendar-driven process and offers the basis for informed affordability assessment?"
Answer: Planning, Programming, Budgeting and Execution system (PPBE).
Explanation:
The decision support system that is a "calendar-driven process and offers the basis for informed affordability assessment is the Planning, Programming, Budgeting and Execution system (PPBE).
The Planning, Programming, Budgeting, and Execution (PPBE) is simply used in the allocation of resources.
What are the major chemical components of the cell membrane?
Answer:
The answer is below
Explanation:
The cell membrane is a biological term that describes a form of cell protection, which lies in the middle of the cell interiors and their outer surface. It is sometimes defined as Plasma Membrane.
Hence, in this case, the correct answer is that the major chemical components of the cell membrane are the following
1. cholesterol
2. glycolipids
3. phospholipids
4. proteins
In many cases, the causes of scope creep reflect a misfit between ____.Multiple Choicetraditional project management methods being applied to high uncertainty projectsagile project management methods being applied to projects with stable, static scopetraditional project management methods being applied to projects with high certaintyagile project management methods being applied to projects with high predictability
Answer:
The correct answer is: traditional project management methods being applied to high uncertainty projects
Explanation:
Scope creep are common in projects, but they can raise concerns because they mean increased time and expense.
Scope increase may occur when there is a mismatch between traditional project management methods being applied to projects of high uncertainty.
This mismatch can mean that the control is inflexible and being a project of high uncertainty, it is quite possible that there will be changes during the project that include other processes and ways to achieve the expected objective.
This situation can cause frustration among stakeholders and waste of time and money, which can be avoided with more effective control and greater clarity about the project's objectives.
Things that are required in order to live are wants. a. True b. False
Answer:
false. Because you NEED them you dont want them.
Which of the following statements about cost drivers in ABC systems is FALSE? 1. cost driver for a cost pool should have a cause and effect relationship to the costs in the pool 2. the cost drivers should be duration drivers 3. 100% correlation between the cost driver activity and the variation in the cost is not necessary 4. the cost driver activities can be quantified
Answer:
2. the cost drivers should be duration drivers
Explanation:
There are two types of cost drivers, transaction drivers and duration drivers:
transaction drivers are calculated by determining how many times did an activity occur, e.g. how many machine setups were carried out.duration drivers are calculated based on the time it takes for an activity to occur, e.g. how many machine hours were sued to produce certain product.A company uses a process costing system. Its Assembly Department's beginning inventory consisted of 51,600 units, 75% complete with respect to direct labor and overhead. The department completed and transferred out 123,500 units this period. The ending inventory consists of 41,600 units that are 25% complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $28,000 and overhead costs of $36,000 for the period. Assuming the weighted average method, the direct labor cost per equivalent unit (rounded to the nearest cent) is:
Answer:
$0.28
Explanation:
The computation of direct labor cost per equivalent unit is shown below:-
Equivalent production for a period = Units that are completed during the period + Equivalent units in process at the end of period
= $123,500 + (41,600 × 25%)
= $123,500 + 10,400
= $133,900
Total costs = Beginning cost + Current cost
= $9,300 + $28,000
= $37,300
Cost per equivalent unit = Total costs ÷ Total equivalent units completed
= $37,300 ÷ $133,900
= $0.28
The primary issue that aroused Taylor to create a more scientific approach to management was ________.
A) worker efficiency
B) worker effectiveness
C) worker absenteeism and turnover
D) workplace safety
E) worker/management relations
Answer:
A) worker efficiency
Explanation:
Frederick Winslow Taylor who is theorist base his scientific approach to management on how to have "increased productivity" by using systematic approach and break the work into units in an organization. This scientific approach is sometimes reffered to as "Taloyrism"
It should be noted that The primary issue that aroused Taylor to create a more scientific approach to management was worker efficiency.
Bulluck Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or Rate Direct materials 3.5grams$1.00per gram Direct labor 0.7hours$11.00per hour Variable overhead 0.7hours$2.00per hour The company reported the following results concerning this product in July. Actual output 3,000units Raw materials used in production 11,370grams Actual direct labor-hours 1,910hours Purchases of raw materials 12,100grams Actual price of raw materials purchased$1.20per gram Actual direct labor rate$11.40per hour Actual variable overhead rate$2.10per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for July is:
Answer:
$2,090 Favourable
Explanation:
According to the given situation, the computation of labor efficiency variance for July is shown below:-
Labor efficiency variance = Standard rate × (Standard hours - Actual hours)
= $11 × ((0.7 × 3,000) - 1,910)
= $11 × 190
= $2,090 Favourable
Therefore for computing the labor efficiency variance for July we simply applied the above formula.
An economy where the government sets prices, determines what and how many items will be produced, and assigns
jobs to all citizens is called a ______ economy.
A command
B. traditional
C. barter
D. market
If a government sets prices in an economy and determines what will be produced, and how it will be produced, this is an A. Command economy.
What happens in a command economy?The government controls every resource in the nation which means that they decide what will be produced.
They also decide how those goods will be produced, and assign different roles to people in the economy.
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Problem 6-09A a1-a2, b (Part Level Submission) Oriole Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 4 $140 July 6 3 July 11 7 $150 July 14 6 July 21 8 $161 July 27 5 Collapse question part (a1) Partially correct answer. Your answer is partially correct. Try again. Calculate the average cost per unit at July 1, 6, 11, 14, 21
Answer:
Oriole Co.
Purchases Date Units Unit Cost Sales Units Average cost
July 1 4 $140 $140
July 6 3 $140
July 11 7 $150 $148.75
July 14 6 $148.75
July 21 8 $161 $159.64
July 27 5 $159.64
Explanation:
a) Data:
Purchases Date Units Unit Cost Sales Units
July 1 4 $140
July 6 3
July 11 7 $150
July 14 6
July 21 8 $161
July 27 5
Average cost per unit = Total cost divided by units available for sale. For July 1 and 6, the unit cost equal the average cost.
For July 11 and 14, the total cost = $140 + $1,050(7 * $150) = $1,190 and the average cost = $148.75 ($1,190/8 units).
For July 21 and 27, the total cost = $148.75 + $1,288 (8* $161) = $1,436.75 and the average cost = $159.64 ($1,436.75/9).
Many businesses today offer loyalty programs to customers, because gaining customers for life is a goal that enables firms to be more profitable. The Marriott hotel chain loyalty programs are popular since customers can accumulate points that can be redeemed for upgrades or free room stays. Marriott also encourages members to complete their profiles by indicating the size of bed they prefer (double or king), type of pillow (foam or feather), handicap accessible needs, or other preferences. The profile information enables each hotel to utilize this information and provide the right type of room amenities for each guest. The loyalty program is an example of _______.
Answer: c. customer relationship management
Explanation:
Customer relationship management refers to efforts taken by the firm to improve the way the company treats or relates with its customers.
As the goal of all businesses should be to retain customers for life, managing Customer relationships in such a way that they feel well taken care of enough to be loyal is a key way of doing this.
This is what Marriott is doing. By taking care to understand and to appreciate their customers, they are taking care of them such that they will want to keep coming back for life.
Dianne Doolittle has opened a client’s QuickBooks Online company from her Client Dashboard in QuickBooks Online Accountant. She wants to see which apps are connected to the client’s account. Where can she find this information without logging out of the client’s QuickBooks Online account? Where can she find this information without logging out of the client’s QuickBooks Online account?
Options;
Gear icon > Account and Settings > Billing and SubscriptionsClient Overview > Company SetupClient Overview > Common IssuesLeft navigation > AppsAnswer:
Left navigation > AppsExplanation:
Interestingly, in QuickBooks Online a provision was recently made to find the apps connected to an account, by clicking the Left navigation pane, then Apps.
However, one can just go to https://apps.intuit.com.
Select My Apps> then a list of apps connected to the QuickBooks Online company would be displayed.
There are different types of QuickBooks Online. Where can she find this information without logging out of the client’s QuickBooks Online account is the left navigation>apps.
QuickBooks Online consist of five versions which are Self-Employed, Simple Start, Essentials, Plus, and Advanced.
QuickBooks Online Accountant is known to be a free accounting software for accounting professionals.
QuickBooks Online is known to be cloud-based services and runs by using the internet.
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You have developed the following data on three stocks: Stock A has a standard deviation of .15 and a Beta of .79. Stock B has a standard deviation of .25 and a Beta of .61. Stock C has a standard deviation of .20 and a Beta of 1.29. If you are a risk minimizer, you should choose Stock _____ if it is to be held in isolation and Stock _____ if it is to be held as part of a well-diversified portfolio.
Answer:
B. A;B
Explanation:
Options includes.
A. A;A
B. A;B
C. B;A
D. C;A
E. C;B.
For Stock in Isolation Standard Deviation should be chosen Hence Stock A must be chosen.
For Stock in a well diversified portfolio lower the beta higher is the standard deviation of a well diversified portfolio. Should B should be chosen.
Which of the following is an example of a realistic job preview (RJP)? Check all that apply. a) When Mary has her first interview for a job as a police officer, she is shown a video that tells her how rewarding policework can be, but it also outlines how difficult it can be to work night shirts b) When he is recruited to be a tax accountant at Deloitte, Hans is told that it is a great job and company with a lot of career opportunities but also warned that during March and April it is common to have to work some evenings and weekends to get all of the tax filing work done. c) When she is recruited to be a trash truck driver for Waste Management, Trisha is told only potential negative things about the job, including the smell, early hours, and frequent traffic. d) When she is interviewed for a sales associate role at Verizon, Tina is told only positive things about the company.
The correct answers are A and B
Explanation:
Realistic Job Previews or RJPs provide objective information about a job including its challenges or negative aspects, as well as its advantages or positive aspects. This is essential to allow candidates to have a realistic perspective about a job before applying to it. In this context, only option A and B are Realistic Job Previews because these two options explain the positives and negatives of a job (police officer and tax accountant), while other options only focus on the negative or the positive, which is biased
You believe you will spend $47,000 a year for 13 years once you retire in 26 years. If the interest rate is 7% per year, how much must you save each year until retirement to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) g
Answer:
Annual deposit= $8,896.79
Explanation:
Giving the following information:
You believe you will spend $47,000 a year for 13 years once you retire in 26 years.
The interest rate is 7% per year.
First, we need to calculate the total amount required:
FV= 47,000*13= $611,000
Now, using the following formula, we can determine the annual deposit:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (611,000*0.07) / [(1.07^26) - 1]
A= $8,896.79
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 $ 100 Cost of goods sold $ 60 $ 55 Net income $ 20 $ 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's 2021 profit margin is (rounded):
Answer:
17.4%
Explanation:
Calculation for Dowling's 2021 profit margin
Using this formula
Profit Margin = Net Income/ Net Sales
Let plug in the formula
Profit Margin=$20/$115
Profit Margin= 0.1739 ×100
Profit Margin= 17.4%
Therefore Dowling's 2021 profit margin will be 17.4%
When Dollar General buys more than 50% of the stock of another company, Dollar General is called the parent of that company, and the company whose stock has been purchased is known as a subsidiary of Dollar General. All of Dollar General's subsidiaries are wholly owned (100%) by Dollar General. What is meant by the term "consolidated," as in the "Consolidated Statements of Income," "Consolidated Balance Sheets," etc.? (You may have to do a little research to answer this question).
Answer:
Dollar General
Consolidated means that the financial statements of the parents have been combined with the financial statements of its subsidiaries so that the combined entities are presenting a single set of financial statements, as if they were one entity, which they are in the group sense.
Explanation:
For example, the income statement of Dollar General will be combined or consolidated with the income statement of one or all of its subsidiaries so that the investor has a view of the consolidated net income of the group. To achieve this, some transactions that were done with inter-group companies will be eliminated, especially when the transactions have not been completed with entities outside the group. For example, inventories bought from one company by another in the group, which have not been sold to the outside of the group will be eliminated so that the group does not assume to have made profits from itself.
When financial statements are said to be consolidated, it means that the financial statements of both the parent and the subsidiary companies have been combined.
Reasons for presenting Consolidated financial statements It is required by accounting standards and by law in some jurisdictions. It allows stakeholders to see the complete overview of the company - both parent and subsidiaries.Financial statements should be consolidated when there is a parent company which results from owning more than 50% of a company like Dollar General.
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2. Gross domestic product that has been adjusted for inflation is known as
Answer:
GDP
Explanation:
The gross domestic product that has been adjusted for inflation is known as Real gross domestic product.
What is inflation?Inflation refers to the rise in the general price of goods and services for common or daily use.
Real gross domestic product refers to an inflation-adjusted measure that reflects the value of all goods and services produced in a year.
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number 53 934 is divisible by which of the following number brain
Answer:
The number 53,934 is divisible by the following numbers:
-1 --- 53.934 / 1 = 53.934
-2 --- 53,934 / 2 = 26,967
-3 --- 53.934 / 3 = 17.978
-6 --- 53.934 / 6 = 8.989
-89 --- 53,934 / 89 = 606
-101 --- 53,934 / 101 = 534
-178 --- 53,934 / 178 = 303
-202 --- 53,934 / 202 = 267
-267 --- 53,934 / 267 = 202
-303 --- 53.934 / 303 = 178
-534 --- 53,934 / 534 = 101
-606 --- 53.934 / 606 = 89
-8989 --- 53.934 / 8.989 = 6
-17978 --- 53.934 / 17.978 = 3
-26967 --- 53.934 / 26.967 = 2
-53934 ---- 53.934 / 53.934 = 1
Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows:Price Quantity Demanded (Qd) Quantity Supplied (Qs)$4 10,000 tickets 8,000 tickets$8 8,000 8,000$12 6,000 8,000$16 4,000 8,000$20 2,000 8,000Required:a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true?b. What are the equilibrium price and quantity of tickets?c. The college plans to increase total enrollment next year by 5,000 students.
Answer:
a) see attached graph. There is nothing unusual with the supply curve, it is simply fixed. This happens to most services, e.g. there is a fixed number of hotel rooms available for rent, in the short run you cannot add more rooms per night if the demand increases. In order to increase the quantity supplied, you would need to build a larger hotel, or in this case, a larger stadium.
b) the equilibrium price is $8 and the equilibrium quantity is 8,000 tickets
c) if the college plans to increase enrollment, the demand might increase, leading to a higher equilibrium price, but the supply will remain the same until the stadium is expanded.
Explanation:
Price Quantity Demanded (Qd) Quantity Supplied (Qs)
$4 10,000 8,000
$8 8,000 8,000
$12 6,000 8,000
$16 4,000 8,000
$20 2,000 8,000
The equilibrium price is $8 and the equilibrium quantity is 8,000 tickets
There is nothing unusual with the supply curve. In this case, the supply curve shows the relationship between the goods that are supplied at their prices.
The demand and supply schedule is given below:
Price Quantity Demanded (Qd) Quantity Supplied (Qs)
$4 10,000 8,000
$8 8,000 8,000
$12 6,000 8,000
$16 4,000 8,000
$20 2,000 8,000
Therefore, the equilibrium price is $8 and the equilibrium quantity is 8,000 tickets
When the college plans to increase enrollment, there will be an increase in the demand, this will shift the demand to the right and lead to a higher equilibrium price. On the other hand, the supply will remain the same until there is an expansion of the stadium.
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All of the following are examples of natural monopolies except:________.a. Local telephone companies.b. Electricity companies.c. College bookstores.d. Railroad companies.
Answer:
c
Explanation:
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms.
A natural monopoly occurs due to the high start-up costs or a large economies of scale.
Natural monopolies are usually the only company providing a service in a particular region
College bookstores are not monopolies. they do not have high barriers of entry into the industry. start up cost isn't extremely high.
A representative is making a presentation to a married couple, ages 75 and 77, about their need for continuing income as the expected life spans of the general population have increased. The representative is strongly recommending that the couple buy an equity indexed annuity (EIA). Which statement made by the representative would NOT be misleading and fraudulent
Answer:
"EIAs provide a minimum guaranteed rate of return that is guaranteed by the issuing insurance company"
Explanation:
Equity indexed annuities refer to an insurance product in which the product declines and lies between the fixed and variable annuity. Also it provides a return that linked such as the Standard and poor 500 index also if the cap is 10% but it grows by 15% so the customer would get a 10% return.
Therefore the above in the answer and the same is to be considered
And, the rest of the given options shows the misleading and fraudlent.
Identify the following as cash inflows or outflows to a privately-owned water company: well drilling, maintenance, water sales, accounting, government grants, issuance of bonds, energy cost, pension plan contributions, heavy equipment purchases, used equipment sales, stormwater fees, and discharge permit revenues.
Answer:
Cash Inflow would be cash coming into the company and Cash Outflow would be going out.
Cash InflowWater Sales Government Grants - money given to the company by the Government to help in its operationIssuance of bonds - Cash inflow from debt issuanceUsed Equipment sales - cash from sale of used equipmentStormwater fees - paid by customers to take stormwater from propertyDischarge Permit revenueCash OutflowWell drilling - drilling well requires cash expenditureMaintenance - cash expenseAccounting - Administrative expenditureEnergy Cost Pension Plan Contributions - contributing to its employees' pension plans is an expenseHeavy Equipment Purchases - Capital expenditureThe primary reason why businesses invest resources and take risks is to _____.
a. provide jobs
b. improve their products
c. earn a profit
d. produce goods and services
You own a house that you rent for $1,125 per month. The maintenance expenses on the house average $205 per month. The house cost $220,000 when you purchased it 4 years ago. A recent appraisal on the house valued it at $242,000. If you sell the house you will incur $19,360 in real estate fees. The annual property taxes are $2,550. You are deciding whether to sell the house or convert it for your own use as a professional office. What value should you place on this house when analyzing the option of using it as a professional office
Answer:
$222,640
Explanation:
The computation of the value of the house by considering the professional office is shown below:
= Recent appraisal on the house - real estate fees
= $242,000 - $19,360
= $222,640
We simply deduct the real estate fees amount from the recent appraisal amount so that the value of the house could come and the same is to be considered
The value i would place on the house when analyzing the option of using it as a professional office is $222,640
The computation of the value of the house by considering the professional office is to deduct the real estate fees amount from the recent appraisal amount so that the value of the house would be the difference.
= Recent appraisal on the house - real estate fees
= $242,000 - $19,360
= $222,640
Hence, the value i would place on the house when analyzing the option of using it as a professional office is $222,640
In 2021, Cromwell Corporation purchased bonds of Oliver Company at par for $300,000 and classified the investment as available-for-sale. In 2022, the market value declined to $200,000. In 2023, the market value of the investment rose to $230,000, and the investment was sold. How much should Cromwell record as a realized gain or loss in its determination of net income for 2023?
Answer:
$70,000 loss
Explanation:
Cromwell corporation bought bonds of Oliver company at par at $300,000 in the year 2021
In 2022, the market value reduced to $200,000
In the year 2023, The market value rose to $230,000
Therefore the amount that should be recorded be Cromwell corporation as its realized loss or gain in the determination of net income for 2023 can be calculated as follows
= $230,000 - $300,000
= -$70,000
= $70,000 loss
Hence the amount that should be recorded by Cromwell corporation is $70,000 loss
n July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,500 but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year. Required Record entries for the above transactions as stated in the individual statements below, and post corresponding information into the Revenues ledger as appropriate. Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.) Prepare a summary journal entry to record the collection of current taxes as of April 30. Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties. (You may assume that these amounts had been designated Deferred Inflows of Resources.)
Answer:
Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.)
Dr Taxes receivable - current 4,200,000
Cr Allowance for uncollectible current taxes 84,000
Cr Revenues 4,116,000
Prepare a summary journal entry to record the collection of current taxes as of April 30.
Dr Cash 3,900,000
Cr Taxes receivable - current 3,900,000
Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties.
Dr Cash 57,800
Cr Taxes receivable - delinquent 53,000
Cr Interest and penalties receivable 4,800
Dr Deferred inflows of resources 57,800
Cr Revenue 57,800
Which of the following best exemplifies the relationship between a capital good and a consumer?a. A commercial baking oven and loaves of bread.b. A crane and a skyscraperc. A Caterpillar earth-moving front loader and its operatord. A brand new Dell computer and printer
Answer:
A
Explanation:
A capital good is a good that is used to produce another good. examples of capital goods are : tools, buildings, equipment
A consumer good is a good that is directly consumed by final end users e.g. food, clothing, jewellery.
The oven used to make bread is the capital good, while, the bread is the consumer good. Bread is sold to consumers
Pharoah Company has a tax rate of 40 percent and income before non-operating items of $1390000. It also has the following items (gross amounts). Unusual loss $222500 Discontinued operations loss 604500 Gain on disposal of equipment 50000 Change in accounting principle increasing prior year's income 317500 What is the amount of income tax expense Pharoah would report on its income statement
Answer: $245,200
Explanation:
Taxable Income = Income before non-operating items + Unusual Gain + Gain Disposal of equipment - Discontinued operation loss
= 1,390,000 + (-222,500) + 50,000 - 604,500
= $613,000
= Income tax expense = 613,000 * 40%
= $245,200
