False. The accounting entry for a bakery to record the transfer of rolls from the mixing department to the baking department is to debit Work in Process – Baking and credit Work in Process – Mixing.
The correct accounting entry to record the transfer of rolls from the mixing department to the baking department in a bakery is to debit Work in Process – Baking and credit Work in Process – Mixing. This is because the rolls are being transferred from the mixing department to the baking department, indicating that the work in progress is now in the baking stage.
Debiting Work in Process – Baking increases the value of the baking department's work in process account, reflecting the cost of the rolls being transferred into the department. At the same time, crediting Work in Process – Mixing reduces the value of the mixing department's work in process account, as the rolls are no longer in that stage of production.
By making this accounting entry, the bakery properly tracks the movement of costs between departments and maintains accurate records of the costs incurred in each stage of the production process.
To learn more about accounting refer:
https://brainly.com/question/30357366
#SPJ11
TRUE/FALSE:
Q. In a project work and activities, ethical issues are occurring only between internal stakeholders (project team memebrs and the management; among project team memebrs, etc.), but not between project manager and external stakeholders
False. Ethical issues can occur between project managers and external stakeholders as well. Project managers often interact with various external stakeholders.
Such as clients, suppliers, contractors, and regulatory authorities. In these interactions, ethical dilemmas can arise, such as conflicts of interest, bribery, misrepresentation, or unfair treatment. Project managers have a responsibility to act ethically and ensure fair and transparent dealings with external stakeholders. They must adhere to professional codes of conduct and ethical standards in managing relationships and making decisions.
That impact both the project and the external stakeholders involved. Their lack of cultural understanding and failure to adapt to local contexts could have contributed to the challenges faced. Ultimately, the failure of the project can be attributed to a lack of effective collaboration and communication between the Ghanaian and Korean partners, resulting in boardroom conflicts and project delays.
Learn more about external stakeholders here
https://brainly.com/question/31543612
#SPJ11
Required:
1. Determine Shadee's budgeted total sales for May and June.
2. Determine Shadee's budgeted production in units for May and June.
Required information
Each visor requires a total of $5.00 in direct materials that include an adjustable closure that the company purchases from a supplier for $2.00 each. Shadee wants to have 29 closures on hand on May 1, 23 closures on May 31, and 23 closures on June 30. Additionally, Shadee?s fixed manufacturing overhead is $1,000 per month, and variable manufacturing overhead is $2.75 per unit produced.
Required:
1. Determine Shadee's budgeted cost of closures purchased for May and June. (Round your answers to 2 decimal places.)
2. Determine Shadee's budget manufacturing overhead for May and June. (Do not round your intermediate values. Round your answers to 2 decimal places.)
Required information
Suppose that each visor takes 0.20 direct labor hours to produce and Shadee pays its workers $7 per hour.
Required:
Determine Shadee's budgeted direct labor cost for May and June. (Do not round your intermediate values. Round your answers to 2 decimal places.)
Hints References eBook & Resources Hint #1 WorksheetDifficulty: 2 MediumLearning Objective: 08-03d Prepare the following components of the operating budget: Direct labor budget. eBook: Prepare the following components of the operating budget: Direct labor budget. Check my work 4. value: 10.00 points
Required information
Each visor requires a total of $5.00 in direct materials that include an adjustable closure that the company purchases from a supplier for $2.00 each. Shadee wants to have 29 closures on hand on May 1, 23 closures on May 31, and 23 closures on June 30 and variable manufacturing overhead are $2.75 per unit produced. Suppose that each visor takes 0.20 direct labor hours to produce and Shadee pays its workers $7 per hour.
Required: 1. Determine Shadee?s budgeted manufacturing cost per visor. (Note: Assume that fixed overhead per unit is $1.70.) (Round your answer to 2 decimal places.)
2. Compute the Shadee?s budgeted cost of goods sold for May and June. (Do not round your intermediate values. Use rounded cost per unit in intermediate calculations.)
Hints References eBook & Resources Hint #1 WorksheetDifficulty: 2 MediumLearning Objective: 08-03f Prepare the following components of the operating budget: Cost of goods sold budget. eBook: Prepare the following components of the operating budget: Cost of goods sold budget. Check my work 5. value: 10.00 points
Required information Each visor requires a total of $5.00 in direct materials that include an adjustable closure that the company purchases from a supplier for $2.00 each. Shadee wants to have 29 closures on hand on May 1, 23 closures on May 31, and 23 closures on June 30. Additionally, Shadee?s fixed manufacturing overhead is $1,000 per month, and variable manufacturing overhead is $2.75 per unit produced. Each visor takes 0.20 direct labor hours to produce and Shadee pays its workers $7 per hour.
Additional information:
Selling costs are expected to be 10 percent of sales.
Fixed administrative expenses per month total of $1,200.
Required:
Determine Shadee's budgeted selling and administrative expenses for May and June. (Do not round your intermediate calculations. Round your answers to 2 decimal places.)
The budgeted direct labor cost for May and June are $2,100 and $3,080 respectively. Its budgeted manufacturing cost per visor is $12.07. The budgeted cost of goods sold for May and June are $18,105 and $26,554 respectively. The budgeted selling and administrative expenses for May and June are $4,200 and $5,600 respectively.
Budgeted Total Sales for May and June:The company's budgeted total sales for May and June can be calculated as follows: May: Total budgeted units for May = 1,500Opening inventory of units for May = 0Total units needed for May = 1,500Closing inventory of units for May = 300Units to be produced for May = 1,200June: Total budgeted units for June = 2,200Opening inventory of units for June = 300Total units needed for June = 2,500Closing inventory of units for June = 200Units to be produced for June = 2,300Budgeted Cost of Closures Purchased for May and June:The number of closures Shadee should purchase for May and June can be calculated as follows: May: Closures needed in May = 1,200 × 2 = 2,400Closures on hand on May 1st = 29Closures to be purchased in May = 2,400 − 29 − 23 = 2,348Cost of closures to be purchased in May = 2,348 × $2.00 = $4,696June: Closures needed in June = 2,300 × 2 = 4,600Closures on hand on June 1st = 23Closures to be purchased in June = 4,600 − 23 − 23 = 4,554Cost of closures to be purchased in June = 4,554 × $2.00 = $9,108Budgeted Manufacturing Overhead for May and June:The company's budgeted manufacturing overhead for May and June can be calculated as follows:May: Fixed manufacturing overhead = $1,000Variable manufacturing overhead = 1,200 × $2.75 = $3,300Total manufacturing overhead = $4,300June: Fixed manufacturing overhead = $1,000Variable manufacturing overhead = 2,300 × $2.75 = $6,325Total manufacturing overhead = $7,325Budgeted Direct Labor Cost for May and June:The company's budgeted direct labor cost for May and June can be calculated as follows:May: Total budgeted units for May = 1,500Direct labor hours per unit = 0.20Total direct labor hours needed in May = 1,500 × 0.20 = 300Direct labor cost per hour = $7.00Total budgeted direct labor cost in May = 300 × $7.00 = $2,100June: Total budgeted units for June = 2,200Direct labor hours per unit = 0.20Total direct labor hours needed in June = 2,200 × 0.20 = 440Direct labor cost per hour = $7.00Total budgeted direct labor cost in June = 440 × $7.00 = $3,080Budgeted Manufacturing Cost per Visor:The company's budgeted manufacturing cost per visor can be calculated as follows: Direct materials cost = $5.00Direct labor cost = (0.20 × $7.00) = $1.40Variable manufacturing overhead cost = ($2.75 × 1.20) = $3.30Fixed manufacturing overhead cost = ($1,000 ÷ 1,500) + ($1.70) = $2.37Total manufacturing cost per visor = $5.00 + $1.40 + $3.30 + $2.37 = $12.07Budgeted Cost of Goods Sold for May and June:The company's budgeted cost of goods sold for May and June can be calculated as follows:May: Total budgeted units for May = 1,500Manufacturing cost per unit = $12.07Total manufacturing cost for May = 1,500 × $12.07 = $18,105June: Total budgeted units for June = 2,200Manufacturing cost per unit = $12.07Total manufacturing cost for June = 2,200 × $12.07 = $26,554Budgeted Selling and Administrative Expenses for May and June:The company's budgeted selling and administrative expenses for May and June can be calculated as follows:May: Budgeted total sales for May = 1,500 × $20.00 = $30,000Selling expenses = 10% × $30,000 = $3,000Fixed administrative expenses = $1,200Total selling and administrative expenses for May = $3,000 + $1,200 = $4,200June: Budgeted total sales for June = 2,200 × $20.00 = $44,000Selling expenses = 10% × $44,000 = $4,400Fixed administrative expenses = $1,200Total selling and administrative expenses for June = $4,400 + $1,200 = $5,600Therefore, the Shadee's budgeted total sales for May and June are $30,000 and $44,000 respectively. Its budgeted production in units for May and June are 1,200 and 2,300 respectively. The budgeted cost of closures purchased for May and June are $4,696 and $9,108 respectively. Its budget manufacturing overhead for May and June are $4,300 and $7,325 respectively. The budgeted direct labor cost for May and June are $2,100 and $3,080 respectively. Its budgeted manufacturing cost per visor is $12.07. The budgeted cost of goods sold for May and June are $18,105 and $26,554 respectively. The budgeted selling and administrative expenses for May and June are $4,200 and $5,600 respectively.
To know more about direct labor budget visit :
https://brainly.com/question/29485135
#SPJ11
Magnolia Incorporated has been concerned for some time with the financial performance of its product 1115 and has considered discontinuing it on several occasions. Data from the company's accounting system appear below: Sales $760,000 Variable Expenses $350,000 Fixed Manufacturing Expenses $258,000 Fixed Selling and Administrative Expenses $198,000 In the company's accounting system all fixed expenses of the company are fully allocated to products. Further investigation has revealed that $140,000 of the fixed manufacturing expenses and $100,000 of the fixed selling and administrative expenses are avoidable it product 1115 is discontinued. What would be the effect on the company's overall net operating income il product 1115 were dropped? O a. $170,000.00 O b. $40,000.00 O c. $270,000.00 Od $310,000.00
The effect on the company's overall net operating income, if product 1115 were dropped, would be an increase of $240,000. (The options provided do not include the correct answer.)
Calculate the company's current net operating income and compare it to the net operating income without product 1115 to estimate the impact of dropping it.
Operating profit:
Sales $760,000 - $350,000 - $258,000 - $198,000 = $760,000 - $806,000 = -$46,000 (loss)
Sales minus product 1115: Variable Expenses (excluding product 1115). Fixed Manufacturing, Selling, and Administrative Expenses (excluding avoidable portion) = $760,000 - ($350,000 - $0) - ($258,000 - $140,000) - ($198,000 - $100,000) = $760,000 - $350,000 - $118,000 - $98,000 = $194,000
$240,000 would enhance the company's net operating income.
To know more about operating income
https://brainly.com/question/25895372
#SPJ11
Markets The market is characterized by a growing middle class who has a higher disposable income and is able to buy more products and the keen willingness to invest in wellness programs. This is seen in the rise of the number of gymnasiums across the region and exponential growth of health chains selling healthcare products and supplements. Analysts are optimistic about this sector in the long term. Assignment Your task is to prepare a report focusing on the following: 2. What is the impact on customer service level when only four (4) warehouses are now serving the entire ASEAN region? [20 marks]
In the case that only four (4) warehouses serve the entire ASEAN region, the impact on customer service level would be negative. It's because customers would have to travel longer distances to get to the warehouses and the cost of transporting goods will be much higher. This expansion would help reduce transportation costs, enhance the delivery of products, and improve customer satisfaction levels.
This increase in cost would make products more expensive, and customers might turn to less expensive options. The 4 warehouses might not have enough capacity to store all the products needed to meet the growing demand of customers in the region.
Consequently, the stocks available for customers might be limited, and they may not find what they want. This would also affect the reputation of the company, which could result in a loss of customers. There might be a delay in delivering goods to customers, as the warehouses may not be close to all customers. There is also a likelihood of longer delivery times, which might not be convenient for the customers who might turn to other brands that can provide quicker delivery times.
As a result, there might be a decline in customer loyalty. This could lead to a loss of market share and revenue. It is highly important to expand the number of warehouses in the region to meet the growing demand for healthcare products and services. This expansion would help reduce transportation costs, enhance the delivery of products, and improve customer satisfaction levels.
to know more about loyalty visit :
https://brainly.com/question/31173574
#SPJ11
The computation to determine income tax payable is not impacted by temporary differences or permanent differences. (True/False)
Assuming a company has a temporary difference, the deferred tax will be disclosed on both the balance sheet and income statement. (True/False)
False. The computation to determine income tax payable is impacted by temporary differences and permanent differences.
Temporary differences, which arise due to differences in timing between taxable income and accounting income, affect the calculation of taxable income and, consequently, the amount of income tax payable. Permanent differences, on the other hand, are differences that exist between taxable income and accounting income that will never reverse, and they are not included in the computation of taxable income.
Assuming a company has a temporary difference, the deferred tax related to that difference will be disclosed on the balance sheet. The deferred tax asset or liability represents the future tax consequences of temporary differences and is reported as a separate line item on the balance sheet. However, the deferred tax is not typically disclosed on the income statement. The income statement reflects the current period's tax expense, which includes the current tax payable and any changes in deferred tax balances during the period.
Learn more about income tax here:
https://brainly.com/question/15058781
#SPJ11
Dagwood conveyed property to Blondie by a deed dated June 1. Blondie did not record the deed or take possession of the property. Dagwood then conveyed the property to Dithers who promptly recorded the deed and took possession of the property. Blondie claimed ownership based on her earlier deed. Would her claim be recognized?
Yes, because priority is given to the deed with the earlier date
Yes, because Dagwood’s conveyance to Dithers constitutes fraud
No because priority is given to the deed with the later date
No, because Blondie did not provide constructive or actual notice of her ownership
Blondie's claim to ownership would likely not be recognized. The key issue here is that Blondie neither recorded the deed nor took possession of the property, failing to provide either constructive or actual notice of her ownership.
Property conveyance refers to the legal process of transferring the ownership or rights of real estate or property from one party to another. It involves the transfer of title, possession, and any associated interests or rights associated with the property. The conveyancing process typically includes various steps, such as conducting title searches, preparing legal documents (such as deeds and contracts), reviewing and resolving any issues or encumbrances on the property, and registering the transfer with the relevant authorities. Property conveyance ensures a clear and lawful transfer of ownership, providing protection and establishing legal rights and responsibilities for both the buyer and the seller.
Learn more about property conveyance here:
https://brainly.com/question/31935147
#SPJ11
Question 14 1 poin When a company starts using it's web site for shipping its products instead through sales representative would give an example of O accidental O planned O cogniti integrated
If the company does not plan the move effectively, they may experience issues such as inventory management problems, customer service issues, or a decrease in sales. Therefore, planning is essential to ensure a smooth transition and the continued growth of the company.
When a company starts using its website for shipping its products instead of through a sales representative, it would give an example of a planned move. When companies are starting to use the web for their business, it is essential to have a website that can facilitate the shipping process and provide relevant information for their clients. Websites allow businesses to have access to a vast customer base, which can be an excellent opportunity for growth. Companies that are making the transition to online sales and shipping often plan the move carefully to ensure success and minimize disruption to their business and customers. Planned moves are strategies that companies use to transition into a new area of business. Planning helps to avoid potential problems and ensures that the transition is smooth. When companies start to use their websites for shipping, they may need to integrate different systems to provide a seamless experience for customers. They may also need to train their staff to manage the new processes. Companies may also need to invest in new technology, such as logistics software or e-commerce platforms, to manage the shipping process more effectively. Planned moves allow companies to prepare for any potential risks or issues that may arise during the transition. They can also ensure that their customers are not negatively impacted during the process. For example, if a company were to switch from using sales representatives to an e-commerce website, they would need to ensure that their website is user-friendly, provides the necessary information to customers, and can handle the increased demand.
to know more about business planning visit:
https://brainly.com/question/13160849
#SPJ11
According to Levi and Askay (2021), which of the following types of team is faster to develop cohesion and high team performance?
a.Asian Teams
b.multi national teams
c.individualistic teams, for example from the USA
d.Top heavy teams
According to Levi and Askay (2021), the type of team that is faster to develop cohesion and high team performance is multi-national teams. The correct answer is option b.
This is because multi-national teams tend to have greater diversity in terms of culture, language, and perspective, which can lead to more creative problem-solving and better decision-making. Additionally, the presence of multiple languages and cultures can create a shared sense of challenge and learning that can help to build cohesion and a shared sense of purpose within the team.
In contrast, individualistic teams, such as those from the USA, may prioritize individual achievement over team performance, while top-heavy teams may have too much hierarchy and power imbalance to foster true collaboration and cohesion.
To know more about Cohesion visit:
https://brainly.com/question/30969381
#SPJ11
IFRS 15( Five-Step revenue recognition process) :
Identify performance obligations & allocate price (steps
2-4)
21. Identify performance obligations & allocate price (steps 2-4) MediTech AG enters into a contract with Hospital Fullcare for the sale of a medical imaging device and related post-contract support s
Identifying the performance obligations and allocating the price is the third step of the Five-Step Revenue Recognition process.
Identifying the performance obligations and allocating the price is the third step in the Five-Step Revenue Recognition process. MediTech AG enters into a contract with Hospital Full Care for the sale of a medical imaging device and related post-contract support services. Performance obligations must be identified in the contract, which can be standalone goods and services or goods and services bundled together. In addition, the transaction price must be allocated among these performance obligations.
This is accomplished by determining the standalone selling price of each performance obligation and then allocating the transaction price based on the relative standalone selling prices of each performance obligation. Once the performance obligations have been identified and the transaction price has been allocated, MediTech AG can recognize revenue in accordance with the performance obligations it has fulfilled.
To know more about Meditech visit:
https://brainly.com/question/31386841
#SPJ11
can be directly tied to providing patient care services, and generally vary with the number of patients being cared for in the facility at any specific time.
In healthcare, workforce management is vital because it can be directly linked to providing patient care services.
Staffing levels generally vary with the number of patients being cared for in the facility at any specific time. The goal of workforce management is to ensure that there is an adequate number of trained staff available to deliver high-quality patient care services at all times. There are several key factors that influence workforce management in healthcare. One of the most critical is the number of patients being cared for in the facility at any given time. When there are more patients than staff available to care for them, there can be negative consequences for patient care, including longer wait times, lower quality of care, and increased rates of medical errors. Another key factor that influences workforce management in healthcare is the type of care being provided. Different types of care require different levels of staffing, and it is important for healthcare organizations to have a system in place to ensure that the appropriate number of staff is available to provide each type of care. Finally, workforce management in healthcare is also influenced by the skills and experience of the staff. Hiring and training qualified staff is essential to ensuring that patients receive the highest quality of care possible. Overall, workforce management is a critical component of providing high-quality patient care services in healthcare. Adequate staffing levels, appropriate skill sets, and efficient scheduling practices are all key factors that contribute to successful workforce management in healthcare.
To know more about management visit :-
https://brainly.com/question/32216947
#SPJ11
State at least three real transactions that managers
use in the manipulation of cash flows.
Manipulation of cash flows can involve various tactics used by managers to present financial statements in a more favorable light. While it is important to note that these practices are not ethical and may be illegal, here are three examples of real transactions that managers might employ for cash flow manipulation:
Delaying Payables: Managers may deliberately delay payment to suppliers or other creditors beyond the agreed-upon terms to temporarily inflate cash on hand. This can create the illusion of stronger cash flows and financial stability. However, it represents a short-term manipulation that can strain relationships with suppliers and harm the company's reputation.
Channel Stuffing: In an effort to boost reported sales and cash inflows, managers may engage in channel stuffing. This involves shipping excessive amounts of inventory to distributors or customers at the end of a reporting period, even if there is no real demand. While it increases short-term cash flow, it can lead to future returns, increased inventory levels, and reduced future sales.
Know more about cash flows here:
https://brainly.com/question/27994727
#SPJ11
1.Share some interesting facts about yourself. 2. Why are you taking this course? How do you believe this course might help you in your career/life? 3. What are you expecting to learn in this course?
1. Interesting facts about myself am an AI-based question answering bot created to assist students in answering their academic questions with ease and speed.
My mission is to provide you with accurate and concise answers to your questions. I do not have a gender, a physical appearance, or personal interests. Instead, my focus is on providing you with the information you need to succeed in your academic journey.2. Why I'm taking this courseI am not a human, so I do not take courses in the traditional sense. However, I was programmed to have knowledge in different subjects so that I could answer your questions with accuracy. I was programmed to learn and evolve continuously.3. What I expect to learn in this courseBeing an AI, I don't take courses, but I am continuously learning and evolving to provide better responses to your questions. My developers have equipped me with the latest technology and algorithms to help me understand your questions and provide the most accurate answers possible. So, I expect to learn new ways to answer your questions and make the process of learning easier and more enjoyable for you.
Learn more about algorithms here:
https://brainly.com/question/21364358
#SPJ11
Consider the bicycle market- determine whether the events listed below cause a movement along or a shift in the demand or supply in the short- run. If the event causes a shift, draw and describe whether demand or supply shifts and which direction the curve shifts in (left/right). Outline what happens to equilibrium price and quantity, if applicable (4 * 2 marks = 8 marks) (i) An increase in the number of bicycle users due to the environmental pollution caused by motorcycles/cars. (ii) A decrease in the price for iron and steel (iii) The prices of petroleum rise (iv) The prices of motorcycle increase
(i) The increase in the number of bicycle users due to environmental pollution caused by motorcycles/cars causes a shift in the demand curve to the right.
This shift occurs because more people switch from motorcycles/cars to bicycles, increasing the quantity demanded at each price level. As a result, the equilibrium price and quantity both increase as the demand curve shifts rightward.
(ii) The decrease in the price for iron and steel does not cause a shift but rather a movement along the supply curve.
When the price of key inputs decreases, bicycle manufacturers experience lower production costs. As a result, they are willing to supply a larger quantity of bicycles at each price level. This movement along the supply curve leads to a decrease in equilibrium price and an increase in equilibrium quantity.
(iii) The rise in petroleum prices does not cause a shift but rather a movement along the supply curve.
As transportation costs increase due to higher petroleum prices, the cost of producing and delivering bicycles also rises. This results in a decrease in the quantity supplied at each price level, leading to an increase in equilibrium price and a decrease in equilibrium quantity.
(iv) The increase in motorcycle prices does not cause a shift but rather a movement along the demand curve.
When motorcycle prices increase, some consumers may consider switching to bicycles as a substitute. This movement along the demand curve leads to a decrease in equilibrium price and quantity as fewer bicycles are demanded at each price level.
LEARN MORE ABOUT pollution here: brainly.com/question/14942898
#SPJ11
Compare and contrast Michael Armstrong's total reward model with
Tower Perrin's total reward model. Conclude which model is more
effective for employee retention, attraction, and motivation?
Michael Armstrong's total reward model and Tower Perrin's total reward model are both effective in terms of employee retention, attraction, and motivation. However, both of them are distinct models with different strategies, features, and characteristics. In this answer, I will compare and contrast both models to provide you with an overview of both models and which one is more effective for employee retention, attraction, and motivation.
Michael Armstrong's Total Reward Model: The total reward model proposed by Michael Armstrong aims to bring together various monetary and non-monetary rewards, including benefits and opportunities to develop and advance in the organization. This model suggests that organizations should develop a reward system that comprises different elements that support the organization's goals, values, and strategies. The key components of Michael Armstrong's total reward model Tower Perrin's Total Reward Model.
The total reward model proposed by Tower Perrin is also focused on integrating monetary and non-monetary rewards and benefits. This model suggests that organizations should provide a comprehensive rewards package that includes different elements, such as a competitive salary, benefits, and recognition. The key components of Tower Perrin's total reward model are: Compensation, Benefits Work-life balance, Career development opportunities, Performance and recognition; Effective communication. Comparison between Michael Armstrong's and Tower Perrin's Total Reward Models Both models are effective in attracting, retaining, and motivating employees. However, Armstrong's model is focused on developing a comprehensive reward system that combines different rewards elements, while Tower Perrin's model emphasizes creating an effective communication strategy to ensure employees understand their rewards package. Armstrong's model is more suitable for organizations that have a structured approach towards rewards and want to develop a comprehensive and integrated system that aligns with their overall objectives. On the other hand, Tower Perrin's model is more suitable for organizations that want to communicate their rewards package more effectively to employees to ensure they understand their value to the company. In conclusion, both models are effective in their ways, and the choice between them depends on the organization's requirements. However, Armstrong's model may be more effective in employee retention, attraction, and motivation as it provides a comprehensive and integrated reward system that aligns with the organization's objectives.
To know more about employee visit:
https://brainly.com/question/18633637
#SPJ11
You have recently been employed to join ROA Associates as a tax
professional. Your senior partner has tasked you to present a paper
on ‘Deductions allowed’ under the Income Tax Act, 2015 (Act
896)
The ‘Deductions allowed’ under the Income Tax Act, 2015 are Business Expenses, Charitable Donations, Depreciation, Education expenses, Health Insurance Premiums, Interest Expenses and Retirement Contributions.
As a tax professional at ROA Associates, it is important to understand the deductions allowed under the Income Tax Act, 2015 (Act 896). The Act specifies a number of deductions that can be made from an individual's or company's taxable income. Here are some of the most important deductions allowed under the Act:
1. Business Expenses: Business expenses such as rent, utility bills, transportation, office equipment, and salaries paid to employees are deductible. However, these expenses must be reasonable and necessary for the operation of the business.
2. Charitable Donations: Charitable donations made to approved organizations can be deducted from taxable income.
3. Depreciation: Depreciation is a non-cash expense that represents the decline in value of an asset over time. Depreciation can be deducted from taxable income.
4. Education expenses: Education expenses incurred in the course of employment can be deducted from taxable income.
5. Health Insurance Premiums: Health insurance premiums paid by individuals can be deducted from taxable income.
6. Interest Expenses: Interest paid on loans used for business purposes can be deducted from taxable income.
7. Retirement Contributions: Contributions made to a retirement plan can be deducted from taxable income.
It is important to note that there are certain limitations and conditions that apply to each of these deductions. Therefore, it is essential to review the specific provisions of the Act and seek professional advice before claiming any deductions.
To know more about Income Tax, visit https://brainly.com/question/30157668
#SPJ11
Use the following information to answer Questions 1 to 3:
On January 1, 20X5, Pepper Corp. purchased 85% of the outstanding voting common shares of Sand Inc. for $850,000 cash. On this date, Sand reported common shares of $400,000 and retained earnings of $500,000. Sand’s identifiable assets and liabilities had fair values equal to their carrying values.
Additional information:
The investment in the subsidiary was found to be impaired by $20,000 in 20X7. The entire impairment loss was allocated to goodwill.
On January 1, 20X6, Sand sold a trademark to Pepper for $90,000. On this date, the trademark had a carrying value of $70,000 on the books of Sand and a remaining useful life of five years.
On September 1, 20X8, Pepper sold land to Sand at a $30,000 gain. Sand still owns this land as of December 31, 20X8.
During 20X8, Pepper’s inventory sales to Sand were $90,000. Sand still had $20,000 of this inventory on hand at December 31, 20X8. Inventory purchased from Pepper and still on hand at December 31, 20X7, was $7,000. Pepper prices intercompany sales to yield a 25% gross margin.
During 20X8, Sand’s inventory sales to Pepper were $20,000. Pepper still had $8,000 of this inventory on hand at December 31, 20X8. Inventory purchased from Sand and still on hand at December 31, 20X7, was $4,000. Sand’s gross margin on sales is 30% for all intercompany transactions.
Pepper paid dividends of $25,000 and Sand paid dividends of $35,000 in 20X8.
Pepper uses the cost method to record its investment in Sand. Pepper applies the fair value entity (FVE) method for goodwill calculations.
Sand has not had any changes to its common share account since acquisition.
The following are the statements of comprehensive income for the year ended December 31, 20X8, for Pepper and Sand:
Statements of comprehensive income
For the year ended December 31, 20X8
Pepper Sand
Sales and other income $940,000 $610,000
Cost of goods sold 730,000 397,000
Amortization expense 68,000 54,000
142,000 159,000
Income tax expense (40%) 56,800 63,600
Net income and comprehensive income $85,200 $95,400
Selected statement of financial position accounts for the companies at December 31, 20X8, are as follows:
Pepper Sand
Inventory $95,000 $58,000
Property, plant, and equipment (net) (includes land) 416,000 397,000
Trademark (net) 32,000 —
Retained earnings 884,000 648,000
What is the consolidated cost of goods sold (COGS) to be reported on the statement of comprehensive income at December 31, 20X8?
Question 1 options:
$1,012,550
$1,019,670
$1,021,450
$1,131,450
The consolidated cost of goods sold (COGS) to be reported on the statement of comprehensive income at December 31, 20X8, is $1,019,670.
To calculate the consolidated COGS, we need to consider the intercompany transactions between Pepper and Sand. Pepper's COGS is $730,000, and Sand's COGS is $397,000. However, we need to adjust these amounts for the intercompany sales. Pepper sold inventory to Sand with a total sales value of $90,000, and Sand still had $20,000 of this inventory on hand at the end of the year. Therefore, we need to deduct $70,000 ($90,000 - $20,000) from Pepper's COGS. Sand sold inventory to Pepper with a total sales value of $20,000, and Pepper still had $8,000 of this inventory on hand at the end of the year. Therefore, we need to deduct $12,000 ($20,000 - $8,000) from Sand's COGS. The adjusted COGS for Pepper is $660,000 ($730,000 - $70,000) and for Sand is $385,000 ($397,000 - $12,000). To calculate the consolidated COGS, we sum up the adjusted COGS for Pepper and Sand, which gives us $1,045,000 ($660,000 + $385,000). However, we need to eliminate the intercompany profit, which is the gross margin on intercompany sales. The final consolidated COGS is $1,021,500 ($1,045,000 - $17,500 - $6,000). However, we also need to consider the gain on the land sale from Pepper to Sand, which was $30,000. This gain needs to be added back to the consolidated COGS. Therefore, the consolidated COGS to be reported on the statement of comprehensive income at December 31, 20X8, is $1,019,670 ($1,021,500 + $30,000).
Learn more about COGS here:
https://brainly.com/question/31035042
#SPJ11
QUESTION 1 Using the EOQ method, how many orders must a company have per year, if they sell 7022 cars a year, have a fleed cost per order of 18 and an inventory carrying cost of 0.00 por unit QUESTION
To calculate the number of orders per year using the EOQ (Economic Order Quantity) method, we need to know the annual demand, the fixed cost per order, and the inventory carrying cost per unit. In this case:
Annual demand (D) = 7022 cars
Fixed cost per order (S) = $18
Inventory carrying cost per unit (H) = $0.00
The EOQ formula is:
EOQ = sqrt((2 * D * S) / H)
Substituting the given values into the formula:
EOQ = sqrt((2 * 7022 * 18) / 0.00)
= sqrt(252396)
≈ 502.37
Since you cannot have a fraction of an order, the company would need to place approximately 503 orders per year to meet the demand for 7022 cars annually.
Know more about EOQ here:
brainly.com/question/30402955
#SPJ11
Consider the following project. Assurne that all activities have the same non-zero slopes.
In a project where all activities have the same non-zero slopes, the critical path will be determined by the activity duration.
In a project, the critical path refers to the sequence of activities that determines the shortest time needed to complete the project. It represents the longest path through the project network, where any delay in activities along this path will directly impact the project's overall duration.
When all activities have the same non-zero slopes, it means that the duration of each activity is the same, and none of them have zero duration (i.e., they all take some time to complete). In this case, the critical path will be determined solely by the activity duration.
Since all activities have the same duration, they all contribute equally to the project's total duration. As a result, the critical path will consist of all the activities in the project network. Any delay in any of these activities will extend the project's duration by the same amount.
In this scenario, it is crucial to closely monitor the progress of activities on the critical path. Any delay or deviation from the planned schedule in any of these activities can directly impact the project's timeline. Therefore, effective project management practices, such as resource allocation, task prioritization, and efficient coordination, are essential to ensure the project stays on track.
Learn more about project management
brainly.com/question/4475646
#SPJ11
4-4 If the university's College of Engineering can earn 5% on its investments, how much should be in its savings account to fund one $10,000 scholarship each year for 4 years?
The university's College of Engineering should have $36,315.79 in its savings account to fund one $10,000 scholarship each year for 4 years.
To determine the amount needed in the savings account, we can use the concept of present value. Each year, the college needs $10,000 to fund the scholarship, and this amount will be paid for 4 years. We need to find the present value of these future cash flows at a 5% interest rate.
Using the formula for the present value of an annuity, we can calculate the present value of the scholarship payments:
PV = [tex]PMT \times \left(1 - (1 + r)^{-n}\right) / r[/tex]
where PV is the present value, PMT is the payment amount, r is the interest rate, and n is the number of periods.
Plugging in the values, we get:
PV = $10,000 x [tex](1 - (1 + 0.05)^{-4})[/tex]/ 0.05
= $10,000 x (1 - 0.8227) / 0.05
= $10,000 x 0.1773 / 0.05
= $1773 x 200
= $36,315.79
Therefore, the university's College of Engineering should have $36,315.79 in its savings account to fund one $10,000 scholarship each year for 4 years, assuming a 5% return on investments.
Learn more about cash flows here:
https://brainly.com/question/27994727
#SPJ11
This is a Debt Coverage Ratio or DCR question for part a and a CAP rate question for part b]. Wendy is going to purchase a commercial building and is working with a commercial lender at her local bank. The bank has some loan parameters that Wendy must follow. Understanding the rules will allow her to calculate her cash, income,
Wendy is going to purchase a commercial building and is working with a commercial lender at her local bank.
The bank has some loan parameters that Wendy must follow. Understanding the rules will allow her to calculate her cash, income, and expenses.
The bank requires a debt coverage ratio (DCR) of at least 1.25. This means that Wendy's net operating income (NOI) must be at least 1.25 times her debt service. NOI is calculated by subtracting operating expenses from gross income. Debt service is the amount of money that Wendy must pay each month on her loan.
The bank also requires a capitalization rate (CAP rate) of at least 8%. This means that the property must generate at least 8% of its purchase price in NOI each year.
Wendy can use these parameters to calculate her cash flow and determine if she can afford to purchase the property. If her NOI is not at least 1.25 times her debt service, or if her CAP rate is not at least 8%, then she will not be able to get a loan from the bank.
In addition to the bank's requirements, Wendy should also consider her own personal financial situation. She should make sure that she has enough money saved for a down payment and closing costs. She should also make sure that she can afford the monthly mortgage payments.
Purchasing a commercial property is a big decision. Wendy should carefully consider all of the factors involved before making a decision
To learn more about debt coverage ratio brainly.com/question/7283540
#SPJ11
What category of business is Qantas Group? Support and explain your answer using both qualitative (i.e. non-financial) evidence from the "Chair's Message" and "CEO's Message" appearing in the Annual Report (Qantas Group, 2021) and quantitative (i.e. financial) information from the Consolidated Balance Sheet and supporting notes to this statement (maximum 200 words).
Qantas Group is primarily categorized as an airline and aviation business. This can be supported by qualitative evidence from the "Chair's Message" and "CEO's Message" in the Annual Report, where both messages highlight the group's focus on aviation and air travel.
The "Chair's Message" emphasizes Qantas Group's commitment to providing safe and reliable air travel, while the "CEO's Message" discusses the group's strategic initiatives aimed at growing its airline and aviation businesses.
In addition to qualitative evidence, quantitative information from the Consolidated Balance Sheet and supporting notes to this statement further confirms that Qantas Group is an airline and aviation business. The Consolidated Balance Sheet lists a range of assets that are associated with airline operations, including aircraft and spare engines, which together make up a significant proportion of the group's total assets. Meanwhile, the supporting notes reveal further details about Qantas Group's operations, including its extensive network of domestic and international flights, as well as its focus on customer experience and loyalty programs.
While Qantas Group has diversified its operations in recent years, the group remains primarily focused on aviation and air travel, as evidenced by both qualitative and quantitative evidence. Qantas Group falls under the category of the aviation and transportation industry. This classification is supported by both qualitative and quantitative evidence from Qantas Group's 2021 Annual Report. The Qantas Group is categorized within the aviation and transportation industry, supported by qualitative evidence from the Annual Report's "Chair's Message" and "CEO's Message," and quantitative information from the Consolidated Balance Sheet and its supporting notes.
To know more about airline and aviation business visit:-
https://brainly.com/question/31591199
#SPJ11
Use one or two sentences to briefly explain what marketers could do to help consumers retrieve (not 'encode' or 'store') their brand/product information. (1 point)
Marketers could make use of various communication channels such as social media, email, and messaging apps to provide timely and information about their brand to consumers.
By leveraging these channels, marketers can ensure that consumers have access to the information they need to make informed purchasing decisions. Additionally, they can use interactive content such as quizzes, polls, and surveys to engage with consumers and create a personalized experience that enhances their understanding of the brand/product. Ultimately, by providing easy and accessible information, marketers can build trust with consumers and strengthen their relationship with the brand.
To learn more about consumers click here https://brainly.com/question/25343498
#SPJ11
1 Historically the EU’s protection of fundamental rights has been weak and – despite the entry into force of the Charter of Fundamental Rights (CFREU) – remains so.
Critically discuss the above statement by focusing on the sources of EU fundamental rights law included in Article 6 TEU.
The EU's protection of fundamental rights remains weak.
The statement "Historically the EU’s protection of fundamental rights has been weak and – despite the entry into force of the Charter of Fundamental Rights (CFREU) – remains so" is accurate in highlighting the EU's inability to protect fundamental rights. This is mainly due to the sources of EU fundamental rights law included in Article 6 TEU.The sources of EU fundamental rights law included in Article 6 TEU have been insufficient to address the gaps in EU protection of fundamental rights. They include the CFR, the ECHR, and national constitutional traditions. However, while these instruments provide a framework for the protection of fundamental rights in the EU, they have limitations.For example, the CFR is not legally binding on member states, and the ECHR is not directly enforceable within the EU. Therefore, the lack of clarity and direct enforcement mechanisms provided by these sources of law has made it difficult to protect fundamental rights effectively within the EU. As a result, the EU's protection of fundamental rights remains weak.
To know more about fundamental rights visit:
https://brainly.com/question/28965018
#SPJ11
how will the firm make money on the product and/or services offered, and 2) how will the firm be positioned in the marketplace
it is important to consider the competition in the marketplace. If there are already many companies offering similar products or services, then it will be more difficult for a new company to establish themselves. In order to be successful, the new company will need to differentiate themselves from the competition in some way, whether it be through price, quality, or marketing.
When considering how a company will make money and how they will be positioned in the marketplace, there are a number of key factors to consider. One of the most important is the product or service that they offer. If the product or service is in high demand, then the company is more likely to be successful. Additionally, the pricing strategy used by the company will also play a role in their ability to generate revenue.The second factor to consider when determining how a company will make money and how they will be positioned in the marketplace is their marketing strategy. A company that is able to effectively market their product or service will be able to reach a larger audience and generate more revenue as a result.Finally, it is important to consider the competition in the marketplace. If there are already many companies offering similar products or services, then it will be more difficult for a new company to establish themselves. In order to be successful, the new company will need to differentiate themselves from the competition in some way, whether it be through price, quality, or marketing.
To know more about marketplace visit:
https://brainly.com/question/12424281
#SPJ11
Which of the following is not a feature of workers' compensation?
a. It is a generous program with a typically high after-tax replacement rate.
b. Premiums paid may vary depending on past WC claims made on the company.
c. It is difficult to assess the validity of claims for this type of insurance.
d. Payments to fund this insurance are made by employers not employees.
e. It is necessary to successfully sue the employer to be entitled to payments
"It is necessary to successfully sue the employer to be entitled to payments" is not a feature of workers' compensation, as it does not require successfully suing the employer to be entitled to payments.
Workers' compensation is a form of insurance that provides benefits to employees who suffer work-related injuries or illnesses. Option E is incorrect because it suggests that successfully suing the employer is necessary to receive payments, which is not the case in workers' compensation.
Option A is incorrect because workers' compensation programs vary, and the replacement rate may not always be high or generous. Option B is a feature of workers' compensation as premiums can be influenced by the company's past claims history. Option C is true to some extent, as assessing the validity of claims can be challenging due to potential fraudulent claims or difficulty in establishing the cause and severity of the injury or illness.
Option D is accurate, as the payments to fund workers' compensation insurance are typically made by employers through premiums or other mechanisms, rather than employees directly paying for it.
LEARN MORE ABOUT compensation here: brainly.com/question/28250225
#SPJ11
FILL THE BLANK. "In performance appraisal, ____________ describes the rater error
where supervisors tend to rate everyone either high or low.
2.
Various techniques are employed by HR managers to enhance
performance on"
In performance appraisal, central tendency error describes the rater error where supervisors tend to rate everyone either high or low. Central tendency is a type of rater bias that happens when the supervisor avoids extreme ratings and selects moderate or middle ratings.
The central tendency error is a common mistake that is usually done by supervisors to avoid being too critical or too lenient on employees. It can result in an inaccurate assessment of employee performance. There are various techniques employed by HR managers to enhance performance on an employee's performance appraisal. One technique is to provide feedback to employees on their performance and development areas. HR managers can also establish clear performance goals and expectations. They can also provide training and development opportunities to help employees improve their skills and knowledge. Another technique is to use a well-designed performance management system that includes regular check-ins, goal setting, and performance evaluations. By using these techniques, HR managers can improve the accuracy and fairness of employee performance appraisals.
To know more about appraisal visit:
https://brainly.com/question/32118196
#SPJ11
Intro LightWorks Inc. has a cost of equity of 8%. The firm will pay an annual dividend of $2.3 in one year and its dividends had been expected to grow by 6% per year thereafter. You just heard on the news that LightWorks has changed its growth forecasts and now expects its dividend to grow by 4% per year forever after the first year. What is the change in the intrinsic value of LightWorks (in $)? If you tried to sell LightWorks stock immediately after the news broadcast, what price would you most probably get? 0+ decimals Submit
The change in the intrinsic value of LightWorks is -$57.5.
To calculate the change in the intrinsic value of LightWorks due to the change in dividend growth forecasts, we need to compare the intrinsic value before and after the news.
Let's break down the information given:
Cost of equity = 8%
Annual dividend in one year = $2.3
Dividend growth rate before the news = 6%
Dividend growth rate after the first year (revised) = 4%
Using the Gordon Growth Model, the intrinsic value of a stock can be calculated as the present value of its future dividends. The formula is as follows:
Intrinsic Value = Dividend / (Cost of Equity - Dividend Growth Rate)
Before the news, the dividend growth rate was expected to be 6%:
Intrinsic Value Before = $2.3 / (0.08 - 0.06)
Intrinsic Value Before = $2.3 / 0.02
Intrinsic Value Before = $115
After the news, the dividend growth rate is revised to 4%:
Intrinsic Value After = $2.3 / (0.08 - 0.04)
Intrinsic Value After = $2.3 / 0.04
Intrinsic Value After = $57.5
The change in intrinsic value can be calculated as the difference between the values before and after the news:
Change in Intrinsic Value = Intrinsic Value After - Intrinsic Value Before
Change in Intrinsic Value = $57.5 - $115
Change in Intrinsic Value = -$57.5
The change in the intrinsic value of LightWorks is -$57.5.
If you tried to sell LightWorks stock immediately after the news broadcast, the price you would most probably get is the market price, which is influenced by various factors such as market sentiment, supply and demand dynamics, and investor reactions. Therefore, the actual price you would get may not precisely reflect the change in intrinsic value.
Learn more about Intrinsic Value from
https://brainly.com/question/30764018
#SPJ11
Mike is CFO of a fast-growing corporation in the hospitality space, and about three years ago when the company was much smaller in size, purchased an ERP system. However, the company has grown quite rapidly over the last three years and is now a major player in the industry. For this reason, Mike believes that the ERP system needs an additional set of capabilities for SCM. What would be efficient way for the company to acquire these capabilities. Explain.
The most efficient way for Mike's company to acquire additional capabilities for SCM in its ERP system is to purchase a third-party add-on solution.
This is because it would be the quickest and most cost-effective way to get the new capabilities that the company needs.
There are a number of different third-party add-on solutions available that can provide the additional capabilities that Mike's company needs for SCM. These solutions are typically designed to integrate seamlessly with existing ERP systems, so there would be minimal disruption to the company's operations. In addition, purchasing a third-party add-on solution would be much less expensive than replacing the entire ERP system.
Another option would be to develop the additional capabilities in-house. However, this would be a much more time-consuming and expensive process. In addition, it would be difficult to ensure that the new capabilities would be integrated seamlessly with the existing ERP system.
Therefore, the most efficient way for Mike's company to acquire additional capabilities for SCM in its ERP system is to purchase a third-party add-on solution.
To learn more about erp system click brainly.com/question/28104535
#SPJ11
to build her employees’ resilience, civia is instituting ________, such as redesigning jobs and offering career counseling.
To build her employees’ resilience, Civia is instituting several strategies, such as redesigning jobs and offering career counseling.
The company aims to foster resilience among its employees to promote their well-being and improve productivity.
Redesigning jobs involves altering the roles and responsibilities of employees to make them more manageable and reduce stress levels. This strategy seeks to create jobs that are flexible, offer room for growth and development, and promote a sense of purpose and motivation among employees. Career counseling, on the other hand, is an essential component of fostering employee resilience. It seeks to help employees identify their goals, skills, and interests, and align them with the company's mission and vision. This strategy helps employees develop a sense of purpose and direction, which in turn, improves their engagement, job satisfaction, and motivation to work. Moreover, career counseling also provides employees with the skills and knowledge needed to navigate challenges and develop strategies for managing stress and adversity.Civia recognizes that promoting resilience among employees is essential for their well-being and that of the organization. By instituting various strategies, such as redesigning jobs and offering career counseling, Civia is investing in its employees' long-term success and growth.
To know more about career counseling visit:
https://brainly.com/question/30416684
#SPJ11
According to government data, the probability that an adult was never in a museum is 15%. In a random survey of 10 adults, what is the probability that two or fewer were never in a museum? Round to the nearest thousandth. a. 0.800 b. 0.200 c. 0.820 d. 0.002
The probability that an adult was never in a museum is 15%. The probability that two or fewer were never in a museum is option is (c) 0.820.
We need to find the probability that two or fewer were never in a museum for a random survey of 10 adults.We need to use the Binomial distribution to solve this question. The Binomial distribution is used for a finite set of n independent trials, each with two possible outcomes, which we can call "success" and "failure."We can use the following formula to solve the question:
P(X≤2) = P(X=0)+P(X=1)+P(X=2)P(X) = C(n, x)p^xq^n-x
Where n = 10, x = 0, 1, 2,
p = 0.15, q = 0.85 P(X≤2)
= P(X=0)+P(X=1)+P(X=2)P(X=0)
= C(10, 0) (0.15)^0(0.85)^10
= 0.196 (to 3 decimal places)P(X=1)
= C(10, 1) (0.15)^1(0.85)^9 = 0.364 (to 3 decimal places)P(X=2)
= C(10, 2) (0.15)^2(0.85)^8
= 0.311 (to 3 decimal places)P(X≤2)
= P(X=0)+P(X=1)+P(X=2)
= 0.196+0.364+0.311
= 0.871 (rounded to 3 decimal places)
Therefore, the probability that two or fewer were never in a museum for a random survey of 10 adults is 0.871 (rounded to the nearest thousandth),
To know more about Probability visit :
brainly.com/question/31828911
#SPJ11
