Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $5,200, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift cards are redeemed within one year. Gift cards totaling $1,300 were presented for redemption during 2021 for meals having a total price of $2,100. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted in January.
Required:
a. Prepare the appropriate journal entries (in summary form) for the gift certificates sold during 2011 (keeping in mind that, in actuality, each sale of a gift certificate or a meal would be recorded individually).
b. Determine the liability for gift certificates to be reported on the December 31, 2011, balance sheet.
c. What is the appropriate classification (current or noncurrent) of the liabilities at December 31, 2011? Why?
Answers
Answer:
A. Dr Cash 5,200
Cr Deferred revenue 5,200
Dr Cash 884
Dr Deferred revenue 1,300
Cr Sales revenue 2,100
Cr Sales taxes payable 84
B. $3,900
C. Sales tax liability - CURRENT $84
Sales taxes payable (4% × $2,100) = $84
Sales tax liability - NON CURRENT $0
Liability gift certificates - CURRENT $2,860
Liability gift certificates – NON CURRENT $1,040
Explanation:
A. Preparation of the appropriate journal entries (in summary form) for the gift certificates sold during 2011
Dr Cash 5,200
Cr Deferred revenue 5,200
Dr Cash 884
($2,100 + $84 – $1,300)
Dr Deferred revenue 1,300
Cr Sales revenue 2,100
Cr Sales taxes payable 84
(4% × $2,100)
B. Calculation to Determine the liability for gift certificates to be reported on the December 31, 2018, balancesheet.
Liability for gift certificates=(5,200- 1,300)
Liability for gift certificates= $3,900
Therefore the liability for gift certificates to be reported on the December 31, 2018, balancesheet will be $3,900
C. Calculation for the appropriate amount for each classification (current or noncurrent) of the liabilities at December 31, 2018
Sales tax liability - CURRENT $84
(4% × $2,100=$84)
Sales tax liability - NON CURRENT $0
Liability gift certificates - CURRENT $2,860
Liability gift certificates – NON CURRENT $1,040
($5,200 × 20%=1,040 )
Calculation for Liability gift certificates at December 31
Estimated current liability$ 4,160
($ 5,200 × 80%)
Less Gift certificates redeemed(1,300)
Current liability at December 31 $2,860
Related Questions
What is one benefit of a savings account?
Answers
Explanation:
the benefits of a savings account is to be secure from thief
On June 30, Joanna Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $38,000; at retail $50,000; net sales $40,000; and ending inventory at retail $10,000. Compute the estimated cost of the ending inventory using the retail inventory method. The estimated cost of the ending inventory
Answers
Answer: 7600
Explanation:
The estimated cost of the ending inventory would be calculated as thus'
First, we have to calculate the cost to retail percentage which will be:
= cost/retail price
= 38000/50000
= 0.76
The cost of sales would be:
= net sales × cost to retail percentage
= 40000 × 0.76
= 30400
Then, the ending inventory would then be:
= 38000-30400
= 7600
The estimated cost of the ending inventory is $7,600.
First step
Cost to retail percentage= Cost/Retail price
Cost to retail percentage = 38000/50000
Cost to retail percentage = 0.76
Second step
Cost of sales= Net sales × Cost to retail percentage
Cost of sales= 40000 × 0.76
Cost of sales= 30400
Third step
Estimated cost of ending inventory=38,000-30,400
Estimated cost of ending inventory= 7,600
Inconclusion the estimated cost of the ending inventory is $7,600.
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Can you empathize with customers concerns.
Answers
Answer:
I need more do you need a paper or what?
Explanation:
Empathy is the best way for you to show your customers that you really care. And while it's not always possible for customer service representatives to solve a customer's problem, showing empathy helps customers to feel that their concerns matter. It reinforces that they are valued by your company.
When it comes to sales and customer service, cognitive empathy plays a huge role. Dealing with customers, especially if they have a problem or complaint, can be solved much faster and easier by using empathetic statements and showing consideration.
The dictionary defines empathy as: the action of understanding, being sensitive, and vicariously experiencing the feelings, thoughts, and experiences of another. In the context of customer service, this means putting yourself in your customer’s shoes. And trying to address their concerns of what they’re going through. Offering empathy in customer service starts with personalization.
It reflects positively on the brand when Customers feel like they are being heard, Their concerns are being taken into consideration and That the company is doing everything it can to help them.
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Ms. Tanja Umstead is 46 years old and lives in Richmond, British Columbia. She is in good health
and works in the sales department of a large publicly traded company.
Employment Information
1. Tanja's 2022 salary is $93,500. In addition, she was awarded a year-end bonus of $12,000, all
of which is payable in January 2023.
2.
Tanja's employer sponsors a defined benefit RPP. In 2022, Tanja and her employer each
contribute $4,150 to the plan. In addition, her employer withheld maximum El contributions of
$953 and maximum CPP contributions of $3,500.
3. Her employer offers to pay the tuition for employees taking foreign language courses. Tanja is
taking an intensive course in spoken Chinese at a British Columbia university. The course is
a course of personal interest and is not related to Tanja's employment. The tuition fee for the
course is $3,600, all of which is paid for by her employer. The duration of the course is eight
months.
4. Tanja is provided with disability insurance by an employer-sponsored plan. In 2022, as a
consequence of an automobile accident, she was unable to go to work for one month and
receives benefits of $6,500. Starting in 2020, Tanja has contributed $340 per year for the plan's
coverage. Her employer made a matching contribution in each year.
5. Tanja's employer provides her with an automobile that was purchased several years ago at
a cost of $39,500. In 2022, the car is driven 41,000 kilometres, 34,000 of which were for
employment purposes and 7,000 for personal use. Tanja is required to pay her own operating
costs, which for 2022 totalled $7,240. Except for the one month that she was off from work,
the car was available to Tanja throughout the year. During the one month that she was off, the
car was left in her employer's garage as required by her employer's policy.
6.
Tanja's employer provides all of its employees with financial counselling services. The cost to
the company of the services provided to Tanja was $450.
7.
As a result of winning a sales contest, Tanja received a one-week trip to Las Vegas. The value
of this trip in Canadian dollars was $5,620.
8.
In 2020, Tanja received options to acquire 250 shares of her employer's common stock at a
price of $25 per share. When the options were granted, the shares were trading at $25 per
share. In 2022, Tanja exercises all of the options. On the exercise date, the shares are trading
at $32 per share. Tanja still owns the shares on December 31, 2022.
Required: Calculate Tanja's 2022 minimum taxable income
Ignore any GST/HST & PST considerations.
Answers
From the information given about 46 year old Ms Tanja, her minimum taxable income for 2022 will be $85,877.
Determining the minimum taxable incomeFirst consider various sources of income and deductions. In steps:
Employment Income:
Salary: $93,500Year-end bonus: $12,000Registered Pension Plan (RPP) Contributions:
Tanja's contribution to RPP: $4,150Employer's contribution to RPP: $4,150Employment Insurance (EI) Contributions:
Maximum EI contributions withheld by the employer: $953Canada Pension Plan (CPP) Contributions:
Maximum CPP contributions withheld by the employer: $3,500Employer-Paid Tuition Fees:
Tuition fee for the Chinese language course: $3,600Disability Insurance Benefits:
Benefits received due to the automobile accident: $6,500Employee Contributions to Disability Insurance:
Annual contribution to the plan: $340Automobile Usage:
Employment-related kilometers driven: 34,000Personal use kilometers driven: 7,000Operating costs: $7,240Financial Counselling Services:
Cost of services provided by the employer: $450Sales Contest Prize:
Value of the Las Vegas trip: $5,620Stock Options:
Options granted to acquire 250 shares at $25 per shareExercise of options when shares were trading at $32 per shareTo calculate the taxable income, this can be done in three stages.
First Calculate Gross Income:
Employment Income:
Salary: $93,500Year-end bonus: $12,000Total Employment Income: $105,500RPP Contributions:
Tanja's contribution: $4,150
Employer's contribution: $4,150
Total RPP Contributions: $8,300
EI Contributions:
Maximum EI contributions withheld: $953
CPP Contributions:
Maximum CPP contributions withheld: $3,500Gross Income: $105,500 + $8,300 - $953 - $3,500 = $109,347Secondly, Calculate Employment-Related Automobile Benefit:
Determine the standby charge:
Cost of the automobile: $39,500Standby charge rate (based on the cost): 2% per monthNumber of months the car was available to Tanja: 12 monthsStandby Charge: ($39,500 × 2%) × 12 = $9,480
Determine the operating cost benefit:
Operating costs paid by Tanja: $7,240
Personal use percentage: 7,000 / 41,000 = 17.07%
Operating Cost Benefit: $7,240 × 17.07% = $1,237
Total Automobile Benefit: Standby Charge + Operating Cost Benefit = $9,480 + $1,237 = $10,717
Thirdly, Calculate Taxable Income:
Gross Income - RPP Contributions - EI Contributions - CPP Contributions - Automobile Benefit = Taxable Income
$109,347 - $8,300 - $953 - $3,500 - $10,717 = $85,877
Therefore, Tanja's minimum taxable income for 2022 is $85,877.
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Do you think teams are a valuable new management technique that will endure, or are they just a fad that will be replaced with something else in the near future?
Answers
Teams are a valuable management technique that is likely to endure, but their implementation may change as the needs of organizations and the workforce evolve.
Are teams valuable management techniques that will endure?Teams have been a valuable management technique for decades, and their popularity has only increased over time. Teams can bring together individuals with different skills and perspectives, enabling them to work collaboratively to achieve a common goal. Additionally, teams can foster innovation and creativity, as well as promote a sense of ownership and accountability among team members.
There is no reason to believe that teams will become less important in the future. In fact, with the rise of remote work and the need for organizations to be more agile and adaptable, teams are likely to become even more prevalent. However, it is possible that the way teams are managed and organized may evolve over time, as new technologies and management theories emerge.
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performance.
Below is the information relating to production and sale of the
threeproducts for the year ending 31 December 2019:
Particulars
Krollers
Bags
Output sold (000)
Unit sales and costs
Selling price
Direct materials
Direct labour
Fixed production costs
Selling and distribution
Costs
Layers
Bags
1,200
Shs
1,050
Shs
Broilers
Bags
1,300
Shs
200,000 185,000 180,000
90,000 100,000
60,000 50,000
28,000 24,000
7,000 7,000
80,000
45,000
30,000
7,000
Administrative costs
5,000 5,000
6,000
Management accountant further advised that shutting down the
production line of feed concentrate for Kroilers will save 20% of the
total annual fixed costs.
Required:
Advise SIL's management, on whether the production line of
feed concentrate for Kroilers should be shut down.
(9 marks)
Answers
Based on the information provided, I recommend that SIL does not shut down the production line of feed concentrate for Kroilers
How to explain the informationThe decision to shut down a production line is a complex one that should be made on a case-by-case basis.
In the case of SIL, the management accountant has advised that shutting down the production line of feed concentrate for Kroilers will save 20% of the total annual fixed costs. This would result in a net profit increase of Shs. 2,800,000 (20% of 28,000,000). However, there are a number of other factors that need to be considered.
Based on the information provided, I recommend that SIL does not shut down the production line of feed concentrate for Kroilers. The financial benefits of the closure would be offset by the costs of job losses, lost sales, and damage to the company's reputation. The company should explore other options, such as finding a way to reduce costs without closing the production line.
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Target market demographics can help you determine which ____________________ would be most effective for marketing.
A) business card fonts
B) social media platforms
C) style of flyers
Answers
Target market demographics can help you determine which social media platforms would be most effective for marketing. Thus, the correct answer is option B.
A target market is a group of people who have been selected as the most likely potential purchasers for a product based on factors such as age, income, and lifestyle.
When a company creates, packages, and advertises its product, identifying the target market is an important element of the decision-making process and helpful in marketing. Everyone who can be defined as belonging to a given age group, income level, gender, occupation, and education level is included in the target market demographics.
Therefore, the appropriate answer is option B.
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Determine the missing amounts in each of these four separate situations a through d.
a
b
с
d
$
2,816
625 $
4.375
3,313 $
11,264
11,864
Supplies available-prior year-end
Supplies purchased during current year
Total supplies available
Supplies available-current year-end
Supplies expense for current year
5.000
14,577
(1,075)
(3,296)
22,296
(800)
12,439
3,013
Answers
The determination of the missing amounts in each of these four separate situations, a through d, is as follows:
a b c d
Supplies available-prior year-end $2,816 $625 $4,375 $3,313
Supplies purchased (current year) 11,264 11,864 5,000 14,577
Total supplies available $14,080 $12,489 $9,375 $17,890
Supplies available-current year-end (1,075) (3,296) (800) (12,439)
Supplies expense for current year $13,005 $9,193 $8,575 $5,451
What are end-of-year adjustments?
The end-of-year adjustments are the changes made to the items of the balance sheet and income statements to ensure that the year-end financial reports accurately reflect the company's accounts in accordance with the accrual concept and the matching principle of US GAAP.
Thus, the missing amounts have been determined, but note that the amounts may not be accurate because the question was not complete.
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You see me now 4 kkt
Answers
Answer:
ncvbhrdfh
Explanation:
Answer:
hgfjttfgk,jnhlkgfk,hjlhj
Explanation:
In 2018, Southwestern Corporation completed the treasury stock transactions listed below.
February 2: Reacquired 67,000 shares at $11.70.
March 17: Sold 17,000 treasury shares at $13.85.
May 17: Sold 22,000 treasury shares at $7.85.
Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago. Prepare the journal entries to record the above transactions.
Answers
Answer:
realy sorry but i don't know pardon mr for this
soooooooooooorrryyyyyy
Suppose a person who is developing a card game crowdfunds $40,000 and holds this as cash for future expenses. If this $40,000 comes from donors' checking accounts, by how much will the money supply fall if the reserve ratio is 10 percent?
A. The Money Supply will decrease by $___.
I've tried 4000, 40000, 36000, 44000, 400000, and everything else you can think of. Someone please help answer this!
Answers
According to the given details, the money supply will decrease by $400,000
Money supply
Money supply refers all the currency and other liquid instruments in a country's economy on the date measured.
Given,
Suppose a person who is developing a card game crowdfunds $40,000 and holds this as cash for future expenses.
Here we need to find the decreasing rate in money supply.
While we looking into the given question, we have identified the following values,
Account balance = $40,000
Reserve ratio = 10%
Now, the decreasing rate is calculated as,
Decrease rate = Account balance[1/reserve ratio]
Now, we have to apply the values on the formula, then we get
Decrease rate = 40000[1/0.10]
When we simplify it, then we get the decrease rate as,
Decrease rate = $400,000
Therefore, the money supply will decease by $400,000.
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During your presentation, you realize that you are talking too fast. This is a
problem of
O Content challenges
Organizational challenges
Presentation skills challenges
Answers
Answer:
Presentation skills challenges
Explanation:
Presentation can be defined as an act of talking or speaking formally to an audience in order to explain an idea, piece of work, project, and product with the aid of multimedia resources or samples.
Basically, any speaker who wish to create an effective presentation should endeavor to interact frequently with the audience by holding a conversation.
This ultimately implies that, to create an effective presentation, speakers are saddled with the responsibility of interacting more often with the audience by taking questions, making a joke, getting them to repeat informations loud at intervals etc.
If during your presentation, you realize that you are talking too fast. This is a problem of presentation skills challenges.
Hence, speakers are advised to be passionate and show enthusiasm during their presentation because it would enhance their ability to speak confidently and as such leading to an engaging presentation.
GUYS PLS PLS HELPPPPPPPPPP Hi guys can you pls help me with this Application Exercise in Principles of Marketing? I am really confused. It’s attached below! And due tmrw! This is what my instructor said. “There are two questions with four parts each in the Application Exercise”. Pls pls helppp! Brainliest for best answer! PLSSSSSSSSSS HELPPPPPPPPPP
Answers
An application exercise in the principles of marketing could involve creating a marketing plan for a hypothetical product or service.
What is a marketing plan?A marketing plan is a comprehensive document that outlines an organization's overall marketing strategy and goals. It is a roadmap that helps businesses to identify their target audience, understand their competition, and determine the most effective way to promote their products or services. A well-developed marketing plan typically includes a market analysis, SWOT analysis, positioning statement, marketing mix (product, price, place, promotion), and a timeline for implementation. The plan should also include metrics for measuring success and adjustments to the strategy based on performance. Ultimately, a marketing plan is crucial for businesses to effectively communicate their message, attract customers, and achieve their sales goals.
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A company is considering a new plan for its capital structure. Which of the following is true if, under the new plan, the company's weighted average cost of capital exceeds the expected return?
Answers
When a company is considering a new plan for its capital structure and the company's weighted average cost of capital exceeds the expected return, the true statement is B. The company's proposed capital structure may put it at risk of bankruptcy.
What is the risk of bankruptcy?The risk of bankruptcy is the probability of a firm becoming insolvent because it is unable to service its debts.
Servicing debts means paying interest on bonds and loans.
But when the expected return is less than the company's weighted average cost of capital, the ability of the company to service debts is questionable.
Thus, it is TRUE that when the company's weighted average cost of capital exceeds the expected return, the true statement, it faces bankruptcy risks.
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Question Completion with Answer Options:A. The company's value will increase.
B. The company's proposed capital structure may put it at risk of bankruptcy.
C. The company is over-leveraged.
D. The company's cost of capital is still at a comfortable level.
At the end of each month, a company pays its employees. Payroll information below is for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $7,000 in January. Salaries $ 1,000,000 Federal and state income taxes withheld 170,000 Federal unemployment tax rate 0.80 % State unemployment tax rate (after FUTA deduction) 5.40 % Social Security (FICA) tax rate 7.65 %
Required:
Record salaries expense and payroll tax expense for the January pay period.
Answers
Answer:
January 31, 202x, wages expense
Dr Wages expense 1,000,000
Cr Federal income taxes withheld payable 170,000
Cr FICA taxes withheld payable 76,500
Cr Cash 246,500
Taxes are generally paid the next month, that is why they are recorded as payable. This applies to both withheld taxes and payroll taxes.
January 31, 202x, payroll expense
Dr FICA taxes expense 76,500
Dr FUTA taxes expense 8,000
Dr SUTA taxes expense 54,000
Cr FICA taxes payable 76,500
Cr FUTA taxes payable 8,000
Cr SUTA taxes payable 54,000
How would implementing the cost-volume-profit analysis benefit a company? As a manager, which income statement format do you find more useful - the traditional financial accounting method or the contribution margin method? Why?
Answers
It provides insights into the relationship between sales volume, costs, and profitability, helping managers make informed decisions about pricing, production levels, and cost management.
CVP analysis allows managers to determine the breakeven point, the level of sales needed to cover all costs, and to assess the impact of changes in sales volume, costs, or prices on the company's profitability. This analysis can guide strategic planning, budgeting, and resource allocation.
As a manager, I find the contribution margin method of income statement format more useful than the traditional financial accounting method. The contribution margin method separates costs into fixed and variable components, allowing for a clearer understanding of how changes in sales volume affect profitability.
It highlights the contribution margin ratio, which indicates the proportion of each sales dollar available to cover fixed costs and contribute to profits.
This format enables managers to analyze cost behavior, identify cost-saving opportunities, and evaluate the financial impact of different sales scenarios. It provides a more focused view of the underlying profitability drivers and aids in decision-making related to pricing, product mix, and cost control.
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Which of the following best explains why a country might specialize in the production of a good?
O Consumers in the country only demand a single good.
O The country believes it is generally better to do one thing really well than multiple things.
The country cannot produce other goods and services.
Specialization allows the country to exchange for more of other goods than it could produce.
Answers
The best explanation for why a country might specialize in the production of a good is specialization allows the country to exchange for more of other goods than it could produce (option D).
Specialization in the production of a particular good enables a country to take advantage of its available resources, labor, and technology to produce that good more efficiently and at a lower cost compared to other countries. As a result, the country can sell its specialized good to other countries in exchange for other goods that it needs but cannot efficiently produce on its own.
For example, if a country specializes in the production of coffee, it can produce coffee beans at a lower cost and higher quality than other countries due to its favorable climate and available resources. The country can then trade its coffee for other goods that it cannot produce as efficiently, such as electronics or machinery.
Specialization also leads to increased productivity and efficiency, as workers can focus on producing a specific good and become highly skilled in that area. This can lead to technological advancements and innovations, which can further improve production efficiency and competitiveness in the global market.
In conclusion, specialization allows a country to leverage its strengths in the production of a specific good, trade it for other goods it needs, and increase productivity and competitiveness.
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Many employment contracts have mandatory arbitration clauses.
False
True
Answers
Which of the following statements is true of the corporate strategy of an organization
Answers
Answer:
I need the choices to choose from.
Explanation:
Currency is a medium of exchange for goods and services. Are Edubucks a form of currency?
Answers
Based on the explanation below, EduBucks is not a form of currency but a program or plan.
What is EduBucks?EduBucks is a program or plan that aims to enhance and supplement academic learning by offering financial assistance to teachers who want to perform innovative classroom projects that raise students' knowledge of the importance of water in Southern California.
EduBucks is also the educational credit program offered by InfoComm International to its members.
Therefore, EduBucks is not a form of currency but a program or plan.
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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $470,000. During 2021, Halifax sold merchandise on account for $13,200,000. Halifax's merchandise costs is 60% of merchandise selling price. Also during the year, customers returned $524,000 in sales for credit, with $289,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.
Required:
1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at vear end.
2. What is the amount of the year-end refund liability after the adjusting entry is recorded?
Answers
Purchase returns and allowances are not reflected on the balance sheet as liabilities since they are not obligations.
Liabilities are exactly what?The balance sheet's right side is devoted to things categorized as liabilities, which include obligations like as loans, accounts payable, mortgages, deferred income, bonds, warranties, and cumulative expenses. You can contrast assets and liabilities. Liabilities are things you owe money to or that you own; assets are things you possess or have borrowed money from.
A refund is due to what account?According to Accounting Coach, refunds are handled in accounting using the sales returns and allowances account, a contra-revenue account.
The consideration amount for which the reporting company does not anticipate being entitled is the amount of the refund obligation since it will be given back to customers. At every reporting date, the refund obligation is reassessed to account for changes in the projected returns, and revenue is subsequently adjusted.
Refund Liability A/c- (Dr.) $289,000
Actual Return A/c $289,000
Inventory A/c- (Dr.) (60% of $289,000) $173,400
Inventory Estimated Return $173,000
Sales Return A/c- (Dr.) ($524,000 - $289,000) $235,000
Actual Return A/c $235,000
Inventory A/c- (Dr.) (60% of $235,000) $141,000
COGS $141,000
4% of $13,200,000 = $528,000 - $235,000= $293,000
$293,000 + $289,000 - $470,000= $112,000
Sales return A/c- (dr.) $112,000
Refund liability A/c $112,000
Inventory Estimated return ($112,000 x 60%) $67,200
COGS $67,200
Returns Liability $470,000
Actual Return ($289,000)
Adjustment needed $112,000
$293,000
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What can HR professionals do to mitigate concerns about pregnancy discrimination in the workplace? What does the law say companies need to do to avoid violating the rights of pregnant employees?
Answers
With our combined efforts as one HR, there is no cause we cannot influence. Knowing the law and interacting with expectant women are the greatest ways to stop pregnancy prejudice.
Employers place a high premium on discouraging pregnancy prejudice. The Pregnancy Discrimination Act of 1978's new EEOC rules have made it a particularly controversial topic in today's society. The best thing you can do to defend yourself in court is to train all managers or supervisors, but especially those who are directly in charge of supervising workers.
When you learn that a coworker is pregnant, you must show her respect and use caution. You should merely express gratitude to the worker for informing you. Offer pregnancy prejudice your support and assure her that, if necessary, you would make accommodation's that are reasonable in nature for her.
Never indicate that an employee's pregnancy is a burden on the company, and neither should your supervisors. Before approaching a pregnant employee, ask a member pregnancy prejudice of your human resources team any questions you may have about what to ask or not ask.
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Mrs. Harriett age 62, has the following receipts, accruals and expenses for the 2023
year of assessment:
Income R
Salary per month R18 000
Bonus for the year R22 000
Interest per annum from a local bank R23 000
Foreign interest R56 000
Dividends per annum from a South African Company R120 000
Foreign dividends per annum R45 000
Rental income per month R12 000
Gifts from friends on his 62nd birthday R3 700
Trade income from a part time business R180 000
Uniform allowance per annum R9 000
Annuity from a trust per annum R26 000
Commission per annum from a part time job R80 000
Inheritance of a building (market value) (Note 1) R550 000
Royalty from a book per annum R60 000
Foreign pension R120 000
Proceeds from the sale of a farm (Note 2) R600 000
War and disability pension (Note 3) R150 000
Restraint of trade receipt R350 000
Know-how receipt for her employer R120 000
Expenses:
Trade expense R22 000
Rental expense R19 000
Fees expenses for her children R19 000
Food and electricity expense for her household R4 500
Salaries/wages for her employee at the part-time business R60 000
Notes:
2
1) During the year, she inherited a building from her late Uncle. His Uncle started
in the Will that this building should never be sold by any member of the family.
2) Mrs. Harriett acquired this farm in 2008 at a cost of R200 000. She then sold
this farm during the 2019 year of assessment for the amount mentioned above.
3) Mrs. Harriett had been a member of the SANDF, she left the organization due
to an injury she sustained during war confrontation with Namibian Air Force.
Required:
You are required; to calculate the tax payable by Mrs. Harriett Norway for the
2023 year of assessment.
2023 tax year (1 March 2022 – 28 February 2023)
Answers
Tax payable by Mrs. Hariett for the given years are -
0% on the first R100,000
10% on the portion between R100,001 and R500,000
20% on the portion between R500,001 and R1,000,000
To calculate the tax payable by Mrs. Harriett for the 2023 year of assessment, we need to consider her various sources of income, expenses, and deductions. Please note that I will provide an estimation of the tax payable based on general tax rules. Actual tax calculations may vary depending on the specific tax laws and regulations of the country in question.
Here's a breakdown of Mrs. Harriett's income, expenses, and deductions:
Income:
Salary per month: R18,000 x 12 = R216,000
Bonus for the year: R22,000
Interest per annum from a local bank: R23,000
Foreign interest: R56,000
Dividends per annum from a South African Company: R120,000
Foreign dividends per annum: R45,000
Rental income per month: R12,000 x 12 = R144,000
Gifts from friends on her 62nd birthday: R3,700
Trade income from a part-time business: R180,000
Uniform allowance per annum: R9,000
Annuity from a trust per annum: R26,000
Commission per annum from a part-time job: R80,000
Inheritance of a building (market value): R550,000
Royalty from a book per annum: R60,000
Foreign pension: R120,000
Proceeds from the sale of a farm: R600,000
War and disability pension: R150,000
Restraint of trade receipt: R350,000
Know-how receipt for her employer: R120,000
Expenses:
Trade expense: R22,000
Rental expense: R19,000
Fees expenses for her children: R19,000
Food and electricity expense for her household: R4,500
Salaries/wages for her employee at the part-time business: R60,000
Deductions:
Medical expenses (if applicable)
Retirement annuity contributions (if applicable)
Now, let's calculate the taxable income and the tax payable based on the tax rates applicable for the 2023 tax year in Norway. Please note that I will assume the tax rates based on general knowledge and not specific to Norway's tax rates.
Calculate the taxable income:
Total Income: R216,000 + R22,000 + R23,000 + R56,000 + R120,000 + R45,000 + R144,000 + R3,700 + R180,000 + R9,000 + R26,000 + R80,000 + R550,000 + R60,000 + R120,000 + R600,000 + R150,000 + R350,000 + R120,000 = R3,260,700
Total Expenses: R22,000 + R19,000 + R19,000 + R4,500 + R60,000 = R124,500
Taxable Income: R3,260,700 - R124,500 = R3,136,200
Apply the applicable tax rates to the taxable income:
Based on the assumed tax rates, let's assume a progressive tax structure with the following tax brackets and rates:
0% on the first R100,000
10% on the portion between R100,001 and R500,000
20% on the portion between R500,001 and R1,000,000
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explain ownership and affiliation
Answers
Answer:
\(\large{\boxed{\underline{\bf{\red{Ownership:}}}}}\)
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties.\(\large{\boxed{\underline{\bf{\pink{Affiliation:}}}}}\)
Affiliate is used primarily to describe a business relationship wherein one company owns less than a majority stake in the other company's stock. Affiliations can also describe a type of relationship in which at least two different companies are subsidiaries of the same larger parent company.3
Hame and explain
of skills that should be possess by an entrepreneur
Answers
Answer:
1. Curiosity. Great entrepreneurs are tasked with identifying new problems, identifying potential niche opportunities, refactoring their existing business processes, and innovating. This necessitates a passion for various fields of study and business cases that are outside of one's comfort zone.
2. Time management. Prioritization, milestone definition, execution, and iteration are all critical. None of this would be possible without the proper project management and time allocation methodologies in place to complete the work.
3. Strategic thinking. Learning to break down a problem to its simplest components and identify growth opportunities. Inventive problem-solving and spotting the low-hanging fruit. Defining an MVP's scope and testing concepts in a short amount of time and on a tight budget.
a corporation has taken out a loan to finance a new operation. What is the name of that type of financing called? A .Collateral financing B. debt financing C. bank financing D. retained earnings financing?
Answers
Since the corporation took out a loan, the name of that type of financing is called debt financing.
What are the two major funding options for corporations?The two primary funding options for corporations are debt financing and equity financing.
Debt financing entails taking a loan from a bank or selling fixed-income securities like bonds.
Equity financing is the practice of raising funds through the selling of shares.
As the corporation took out a loan, the name of that type of financing is called debt financing.
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Question 5 Shop A charges $275.00 for an oil change and has a gross oil profit percent of 39.1% for its total oil gross profit 96. Shop B charges $275.00 for an oil change and has a gross oil profit percent of 28.4% for its total oil gross profit . Both shops pay $21.25 per gallon of oil. What is the Profit per Lube for Shop B?
Answers
To calculate the Profit per Lube for Shop B, we need to determine the total profit made from each oil change and then divide it by the amount of oil used.
First, we need to find the total oil gross profit for Shop B. We know that Shop B charges $275.00 for an oil change and has a gross oil profit percent of 28.4%. This means the gross oil profit is calculated as a percentage of the total price.
Gross oil profit for Shop B = 28.4% of $275.00
= (28.4/100) * $275.00
= $78.10
Next, we need to calculate the amount of oil used for each oil change. We are given that both shops pay $21.25 per gallon of oil.
Amount of oil used for each oil change = $275.00 / $21.25 per gallon
= 12.94 gallons (rounded to two decimal places)
Finally, we can calculate the Profit per Lube for Shop B by dividing the total oil gross profit by the amount of oil used.
Profit per Lube for Shop B = Gross oil profit for Shop B / Amount of oil used
= $78.10 / 12.94 gallons
≈ $6.03 per gallon
Therefore, the Profit per Lube for Shop B is approximately $6.03 per gallon.
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I am starting a new company as the sole owner. My company will go into people's homes after a fire or flood and clean up and repair any damage. I plan on having 10 employees and hope to expand outside of Raleigh in the future. Should I open my business as a "sole proprietorship" or as an "LLC"?
Answers
Answer:
LLC
Explanation:
Sole proprietorships don't have employees
The board of directors of Herbalife Nutrition approved a 2-for-1 stock split. After the split, how many shares of Herbalife stock will an investor have if he owned 1,020 shares before the split
Answers
If the board of directors of Herbalife Nutrition approved a 2-for-1 stock split. After the split, the number of shares of Herbalife stock will an investor have if he owned 1,020 shares before the split is:2,040 shares.
Using this formula to find the number of shares
Number of shares before the split = Number of shares owned × Stock split
Let plug in the formula
Number of shares before the split = 1,020 shares × 2/1
Number of shares before the split = 2,040 shares
Therefore we can conclude that the number of shares before the split is 2,040 shares.
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Why do you think the Federal government taxes long-term capital gains and qualified dividends at a lower rate than earned
and other types of unearned income?
Answers
Answer:
The justification for a lower tax rate on capital gains relative to ordinary income is threefold: it is not indexed for inflation, it is a double tax, and it encourages present consumption over future consumption. ... Future personal consumption, in the form of savings, is taxed, while present consumption is not.
Explanation: