The net income that would have been if the allowance method had been used is:$696,200.
Net incomeUsing this formula
Net income=Net income+Accounts uncollectible-(Sales×Estimated sales rate)
Let plug in the formula
Net income=$715,000+$48,600-($6,740,000×1%)
Net income=$715,000+$48,600-$67,400
Net income=$696,200
Therefore The net income that would have been if the allowance method had been used is:$696,200.
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Answer: 693700
Explanation:
Apply the 1% to the sales of 6,740,000.
( 6,740,000 x .01 ) = 67,400
Subtract by the original write off 48,600 from the total
( 67,400 - 48600 ) = 18,800
Subtract this from the reported net income.
( 712,500 - 18800 ) = 693,700
Hope this helps.
Between 1986 and 2018, the top marginal personal income tax rate was 40 percent or less compared to 70 percent or more prior to 1981. Compared to the earlier time period, in recent years the share of personal income taxes paid by high income taxpayers a. has been virtually unchanged. b. has been lower. c. has been higher. d. increased in the late 1980s, but has been falling ever since.
When compared to the earlier time period, the share of income paid as taxes by high income earners b. has been lower.
How has the percentage of income tax paid changed?Before 1981, high earners could pay as much as 70% of their earnings as taxes to the government.
Since 1986 however, high earners have not paid more than 40% of their earnings which shows that they are paying percentages on their income.
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________ occurs when an agency, rather than acting in the public interest, becomes too favorable toward the organized interests or corporations it is supposed to be regulating.
When an agency acts in the interests of corporations it is meant to be regulating, this is called Regulatory capture.
What is regulatory capture?In order to ensure that corporations don't act in ways that threaten the public, regulatory agencies are tasked with moniotirung their moves.
When these agencies stop regulating these companies and instead becomes favorable to them, then the agency has been captured in what is called regulatory capture.
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You wish to retire in 13 years, at which time you want to have accumulated enough money to receive an annual annuity of $28,000 for 18 years after retirement. during the period before retirement you can earn 9 percent annually, while after retirement you can earn 11 percent on your money. what annual contributions to the retirement fund will allow you to receive the $28,000 annuity
Explanation:
If A = { a , c , e } , B = { b , c , d ) and C = { a , c , d , f ) , find n ( A cap B cap C )
Consider an economy with only two goods: bread and wine. In 2000, the typical family bought 4 loaves of bread at 50 cents per loaf and 2 bottles of wine for 9 dollars per bottle. In 2015, bread cost 75 cents per loaf and wine cost 10 dollars per bottle. The CPI for 2015 ( using 2000 as base year) is a) 100 b) 115 c) 126 d) 130
Based on the cost of bread and wine in those two years, the CPI for 2015 can be calculated to be B. 115.
What is the CPI in 2015?Find the total cost of goods in 2000:
= (4 x 50 cents) + (2 x 9)
= $20
Total cost in 2015:
= (4 x 75 cents) + (2 x 10)
= $23
The CPI in 2015 is:
= 23 / 20 x 100
= 115
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which of the following items are initially recorded as an expense on the income statement?
The items that are initially recorded as an expense on the income statement are:
a. Research and development costsb. Advertising costsWhat is an Income Statement?This refers to financial information that stores all the inflows and income that occurred over a period of time.
Hence, we can see that from the complete text, there are lists of items and the Research and development costs and Advertising costs are initially included as expenses in the income statement.
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a simple contract is defined as an informal contract made without the formalities of a seal. true false
It is true that a simple contract is defined as an informal contract made without the formalities of a seal.
What is simple contract?This is a contract between two parties which could be oral or written. It is to be noted that parties to simple contract have intended to be legally bound by it.
Some of the examples of simple contracts are:
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Under what circumstances does fair use apply
Answer:
Fair use protects the usage of copywritten content under the condition that the content is criticizing or parodying said content
Explanation:
Depreciation by two methods
a computer system acquired on january 1 at a cost of $35,000 has an estimated useful life of five years. assuming that it will have no residual value.
a. determine the depreciation for each of the first two years by the straight line method.
b. determine the depreciation for each of the first two years by the double-declining-balance method.
Years Straight line method Double declining-balance method
Year 1 $7,000 $14,000
Year 2 $7,000 $ 8,400
What is depreciation?Depreciation refers to the monetary value of an assets that decreases over time due to use, wear and tear or obsolescence.
Explanation:- A). Straight line method = (cost of computer - residual value) / Estimated useful life
= ($35,000 - 0) / 5
= $7,000
Note:- Depreciation amount in straight line method would remain the same for every year.
Straight line depreciation = (Depreciation/ Cost of computer) *100
= (7,000/ 35,000)* 100 = 20%
B). Double-declining-balance method = 2* straight line method ( i.e. 2*20%) = 40%
Year 1 = $35,000* 40% = $14,000
Year 2 = $21,000( $35,000- 14,000) *40% = $8,400
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On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n)
When it comes to the cost of goods manufactured schedule, the raw materials inventory (ending) would appear as a subtraction from raw materials available for use.
How is ending raw materials treated?The Cost of goods manufactured requires that the cost of raw materials that are used be calculated.
As the raw materials ending inventory is for raw materials that were not used, the it has to be subtracted from the raw materials available for use to find the materials used.
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supplies expense is ______ and supplies is ______ for the amount of supplies used during the period that were originally recorded as an asset when purchased.
Supplies expense is debited and supplies is credited for the amount of supplies used during the period that were originally recorded as an asset when purchased.
What is supply?It should be noted that supply simply means the amount of goods and services that the seller is willing to sell at a price.
In this case, supplies expense is debited and supplies is credited for the amount of supplies used during the period that were originally recorded as an asset when purchased.
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In the IS-LM model when government spending rises, in the short-run equilibrium, in the usual case the interest rate __________ and output ___________
In the IS-LM model when government spending rises, in the short-run equilibrium, in the usual case the interest rate rises and output rises.
What Is the IS-LM Model?The IS-LM version, which stands for "investment-savings" (IS) and "liquidity preference-cash supply" (LM) is a Keynesian macroeconomic version that suggests how the marketplace for monetary goods (IS) interacts with the loanable finances marketplace (LM) or cash marketplace.
It is represented as a graph wherein the IS and LM curves intersect to reveal the short-run equilibrium among hobby charges and output.
Your question is incomplete, but most probably your full question was:
In the IS-LM version while authorities spending rises, in short-run equilibrium, withinside the typical case, the interest rate ______ and output ______.
rises; fallsrises; risesfalls; risesfalls; fallsHence, the appropriate alternative is rises; rises.
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Are imports to Russia subject to VAT?
Answer:
yes
Explanation:
they pay 20 percent and is paid directly to Russia
Answer:
The Russian import VAT 20% has to be paid. The tax has to be paid directly to the Russian customs .The customs is one of the contributaries of development.In and out of goods may charged at the same VAT of 20%.
By Sk.
Spice Inc.'s unit selling price is $45, the unit variable costs are $30, fixed costs are $113,000, and current sales are 9,900 units. How much will operating income change if sales increase by 5,900 units
The Increase in operating income is $159500.
How to calculate the income?Proposed
Unit sales = 9900 + 5900 = 15800
Sales = 15800 × 45 = 711000
Variable expenses = 15800 × 30 = 474000
Contribution margin = 711000 - 474000 = 237000
Fixed cost = 113000
Operating income = 124000
Current
Unit sales = 9900 l
Sales = 9900 × 45 = 445500
Variable expenses = 9900 × 30 = 297000
Contribution margin = 445500 - 297000 = 148500
Fixed cost = 113000
Operating income = 35500
Increase in operating income:
= 35500 + 124000
= 159500
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Suppose an economy is at its steady-state equilibrium and there is a permanent reduction in the saving rate of the economy. In this case, as the economy approaches its new steady state, capital per worker will _____ and output per worker will _____.
In this case, as the economy approaches its new steady-state, capital per worker will increase and output per worker will decrease. This condition is true according to the Solow Growth Model.
What is the Solow Growth Model?The Solow Growth Model references Long-Run Economic Growth in relation to Savings and Investment.
According to this model, an increase in savings translates to positive economic indicators such as reduced employment and increment in national income.
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Which firm is most likely to be a natural monopoly?
A pharmaceutical industry is most likely to be a natural monopoly
What are natural Monopoly?A natural monopoly is a type of market that is established on a large scale basis.
It is mostly managed by an individual because of the running cost and the industry will supply goods related to them.
Therefore, A pharmaceutical industry is most likely to be a natural monopoly
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in which situation is a country most likely to choose a fixed exchange rate for its currency
Kaylee's refrigerator suddenly breaks down. It's old and would be expensive to repair, so she decides to buy a new one. Kaylee chooses a refrigerator with a 12-month, no-interest financing offer. The sales agreement lists the sale price, the amounts and dates of payments, the APR that will apply if Kaylee doesn't pay off the refrigerator in 12 months, and a lot of other information. The law that requires sellers to provide this information to purchasers is
Kaylee's refrigerator suddenly breaks down. It's old and would be expensive to repair, so she decides to buy a new one. The law that requires sellers to provide this information to purchasers is "The Truth-in-Lending Act". This is further explained below.
What is The Truth-in-Lending Act?Generally, In 1968, Congress passed and President Nixon signed the Truth in Lending Act (TILA) to protect customers from dishonest lenders.
In conclusion, Kaylee's fridge has broken down unexpectedly. Being too old and costly to fix, she opts to replace it instead. The "Truth-in-Lending Act" is the piece of legislation that mandates vendors provide this data to buyers.
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When starting to produce podcasts, one of the greatest expenses you will have initially is for:
A. A microphone
B. An advertising budget
C. Increasing bandwidth
D. Video production
Answer:
b
Question
When starting to produce podcasts, one of the greatest expenses you will have initially is for:
A. A microphone
B. An advertising budget
C. Increasing bandwidth
D. Video production
neither tom ________ manny has emailed the document to jerusha.
Neither tom nor manny has emailed the document to jerusha.
What is email?Email contains information or message that is sent electronically.
Neither agrees with nor in a sentence as they both act as conjugate and this means neither of the two emailed Jerusha.
Therefore, Neither tom nor manny has emailed the document to jerusha.
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Max owns a townhouse in Sacramento. He is in the process of leasing it to Hannah. The contractual lease states Hannah Scott will be leasing Max Thomas' townhouse for two years beginning July 1. She will be paying $1,000 per month due by the first of each month. The lease clearly states Max will be the landlord of the townhouse and Hannah the tenant. Is there a minimum requirement for a California lease missing
The minimum requirement for a California lease that is missing in the contractual lease between Max and Hannah Scott is the absence of a sufficient description of the property.
What are the minimum requirements for a California lease?A California lease requires a sufficient description of the property, for example, an address, which gives it a legal description.
Other requirements for a California lease include:
Rental amountDuration of the rental periodPayment due datesDeposits or feesCondition of the property at the beginning of the leaseMaintenance expectations.Question Completion with Answer Options:a. No, the lease has met all of the minimum lease requirements of the state of California.
b. Yes, the missing minimum requirement is the absence of the issue of a security deposit.
c. Yes, the missing minimum requirement is the absence of any assignment and subleasing options.
d. Yes, the missing minimum requirement is the absence of a sufficient description of the property, such as an address and/or a legal description.
Thus, the minimum requirement for a California lease that is missing in the contractual lease between Max and Hannah Scott is the absence of a sufficient description of the property.
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A sudden and widespread disruption of financial markets that occurs when people lose faith in the liquidity of financial institutions and markets is a(n):
When people lose faith in the liquidity of financial institutions and markets as a result of a disruption, this is called a Financial Panic.
What is a financial panic?This arises when people try to remove as much of their money as possible from financial institutions and markets because they don't trust that they can easily get their cash if they leave it there.
It is caused by a disruption to financial markets and the largest one was the Great Depression of 1929.
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Expenses follow the same debit and credit rules as a.the drawing account b.liabilities c.revenues d.the capital account
Expenses follows the same rule of the debit and credit as that of the Drawing account.
What is Drawing Account?The Drawing account is the account in which the transactions of the money withdrawn from the business is recorded. The money is withdrawn by the owner of the business.
The golden rule of the accounting says that the debit the expenses and losses and credit the income and gains.
A debit to the drawing account and a credit to the cash account constitute the standard accounting entry for the drawings account (or whatever asset is being withdrawn).
It reflects the capital's deductibility from the overall equity of the company.
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true or false: positive economics encourages value judgments.
The statement "positive economics encourages value judgments." is False because Instead of relying on subjective assessments, positive economists look at hard evidence. This is further explained below.
What is positive economics?Generally, positive economics is simply defined as Positive economics seeking to provide an unbiased evaluation of the field. This entails looking into the past as opposed to the present situation.
In conclusion, a value judgment is one's opinion of something's quality according to one's own criteria and weightings.
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James has $1500 to open a checking account. He can maintain a monthly balance of at least $1000. He plans to use the ATM four times per month at his local branch. He does not overdraft his account and plans to use direct deposit. He also plans to pay his bills online and he averages 8 bills per month. Bank Account Terms and Conditions James wants an account with the lowest fees. Which checking account would be best for James
Based on James's preferences and the conditions offered by the banks, the best checking account for James would be Account A.
Which account should James pick?James would be able to use the ATM as many times as he wants with Account A as they have no ATM fees.
He wouldn't have to pay annual fees, online billing fees, and monthly fees because he is using direct debit. There will also be no overdraft fees as he doesn't overdraft his account. Account A is therefore best.
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A small island country has recently begun an initiative aimed at attracting more businesses to revitalize the economy. An increase in bed and breakfasts, resorts, casinos, hotels, and restaurants has created several jobs, as well as brought in more tourist dollars. However, the island’s president isn't satisfied and has announced a special effort to attract small- to medium-size suppliers and manufacturers. Why do you think he wants to put additional emphasis on businesses that produce goods rather than provide services?
Service jobs have higher salaries than manufacturing jobs.
Manufacturers pay more in taxes.
Manufacturing has the most significant multiplier effect.
Service businesses conflict with manufacturing.
Option (b) Manufacturing has the most significant multiplier effect.
Manufacturing is the basic to produce any product or to start any business. As in the case study we studied small island country has taken initiative to attract more and more business. On the other hand, president has announced a special effort to attract small- to medium suppliers and manufactures because to firstly balance everything in the economy like reduce unemployment, providing proper wages so that workers would encourage to perform best in their fields.Once the everything is balanced then it can lead to hike in the economy.Learn more about this here-
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In early April, an investor buys 1 XYZ Oct 60 call for $9 and sells 1 XYZ Jul 70 call for $4. If the investor buys back the Jul call for $1 and sells the Oct call for $12, what will the pretax profit or loss be?
Answer:
$600 profit
Explanation:
bought Oct Call at $9 and sold at $12 = $3 profit
sold Jul Call at $4 and bought back at $1 = $3 profit
total profit $6 per option x 100 shares = $600
When a country allows international trade and becomes an exporter of a good, Question 11 options: domestic producers of the good become better off. domestic consumers of the good become worse off. the gains of the winners exceed the losses of the losers. All of the above are correct.
The likely outcome when a country allows international trade and becomes an exporter of a good is that the Domestic producers of the good are better off.
Who are the Domestic producers?These are the manufacturing firms in the exporting countries.
Hence, when the country allows international trade and becomes an exporter of a good, the Domestic producers of the good are better off because they produces more for exportation purpose.
Therefore, the Option A is correct.
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Losses in asset values due to adverse changes in interest rates are borne initially by the
Losses in asset values due to adverse changes in interest rates are borne initially by the equity holders
Who are the equity holders?Equity holders are individual that owns a particular asset that has liabilities attached to them
Equity is expressed as difference between liabilities and assets of a business.
Hence we can conclude that losses in asset values due to adverse changes in interest rates are borne initially by the equity holders
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Which buyer agreement document provides the greatest advantage for you in your relationship with a potential buyer
Answer:
the buyer document is a contract documents
The buyer agreement document that provides the greatest advantage for you in your relationship with a potential buyer is a contract.
What is a contract?A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of their relationship. It establishes the rights and obligations of each party and provides a framework for resolving disputes. A contract can be written or verbal, but written contracts are generally preferred as they provide clear evidence of the parties' intentions.
If you enter into a contract with your potential buyer, the buyer will have a legal obligation to buy your product or service at a predetermined price and date. So, it guarantees that sale would happen.
Therefore, the buyer agreement document that provides the greatest advantage for you in your relationship with a potential buyer is a contract.
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Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it: Multiple select question. reaches broad and diverse groups allows them to connect directly with customers allows them to reach specific groups more directly is costly, but worthwhile in reaching specific customers
Many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it allows them to connect directly with customer.
What is social responsibility?It should be noted that social responsibility is when a company monitors and does things that will be beneficial to the public.
In this case, many corporate executives reported that they use social media to communicate their socially responsible activities to customers because it allows them to connect directly with customer.
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Answer:
reaches broad and diverse groups
allows them to connect directly with customers
allows them to reach specific groups more directly
Explanation:
