If a transferor is concerned about shielding his assets from a creditor, (A) he should create a testamentary bypass trust. So that the asset will safe because there is an agreement letter.
In economic and business, A bypass trust or also known as AB trust, generally can be defined as a legal arrangement that allows married couples to avoid estate tax on certain assets when one spouse passes away. Based on the, bypass trust or also known as AB trust, When one spouse dies, the estate's assets are split into two separate trusts. Bypass trusts are used in the United States as a legitimate tool to circumvent gift tax, and to minimize taxation of assets upon death of a married couple.
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Minimum earned income for additional child tax credit
The minimum earned income required for the additional child tax credit is $2,500. For each qualifying child, you might be eligible for the Child Tax Credit depending on your annual income and eligibility. Parents and guardians who make more money may qualify for partial credit.
What are input tax credits and their features?The credit for paying input taxes on the inputs used in the production of goods and products that a manufacturer receives is known as an input tax credit. A dealer will also be qualified for an input tax credit.
It is intended that both the Child Tax Credit and the Additional Child Tax Credit will be advantageous to work parents with low to moderate incomes. Families must earn at least $2,500 in income in order to be eligible for the ACTC.
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the advent of containerization has group of answer choices slowed down the globalization of markets and production. made the economies of the world's nation-states less intertwined. significantly lowered the costs of shipping goods over long distances. made moving goods from one mode of transport to another extremely labor-intensive. increased costs of coordinating and controlling a global organization.
The answer is option c., significantly lowered the costs of shipping goods over long distances.
What exactly does containerization entail?Containerization is a form of virtualization whereby all of an application's components are combined into a single container image and are then able to execute in separate user space on the same common operating system. Containers are very well suited for automation because they are light and portable.
Containerization and Kubernetes: what are they?Without running any virtual servers for any applications, Kubernetes containerization automates the deployment, scaling, and management of containers using the Kubernetes open source platform.
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Government Llevies a 4% excise tax on restaurant meals. It is considering reducing the rate to 2% on meals served in restaurants that ban cigarette and cigar smoking and to increase the rate to 5% in restaurants that allow smoking. Which of the following statements is true? a. The rate change would improve the convenience of the tax. b. Both the rate change would improve the convenience of the tax and the rate change is intended to affect social behavior are true. c. The rate change is intended to affect social behavior. d. The rate change would improve the neutrality of the excise tax.
The correct statement based on the question above is option C. The rate change is intended to affect social behavior. It is because the tax rate that increases can reduce the number of smokers in public places.
The decision that government takes to reduce the tax rate to 2% for restaurants that not allowing cigarette and cigar smoking and increase the tax rate to 5% for restaurant that allows smoking can affect social behavior.
It has a possibility there's more restaurants will not allow cigarette and cigar smoking. It also can reduce the number of smokers in public places.
It all means that regulation can affect social behavior.
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The executives at Purple Inc. hold a meeting where they decide the best way to showcase their products. They have a brainstorming session to identify the best geographical areas to conduct business that will bring them maximum profits. They also identify their competitors and decide whether they would be able to withstand top companies selling similar products. The executives at Purple Inc. are discussing a(n) ___________.
The executives at Purple Inc. are discussing a(n) Corporate strategy. It is because they are discussed about the best way to showcase their products.
Corporate strategy is a unique framework, goal, or plan that is long-term in nature, designed with the objective to gain a competitive advantage over other companies that sell similar products.
Functional Strategy is a plan on how each department in the organization can function and achieve its strategic objectives.
An emergent strategy is a design of action that develops over time in an organization in the lack of a specific plan.
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Sunnripe Company manufactures and sells two types of beach towels, standard and deluxe. Sunnripe expects the following operating results next year for each type of towel: Standard Deluxe Sales $450,000 $50,000 Variable expenses (total) $360,000 $20,000 Sunnripe expects to have a total of $57,600 in fixed expenses next year. What is Sunnripe's break-even point next year in sales dollars? A) $72,000 B) $144,000 C) $192,000 D) $240,000
Sunnripe's break-even point therefore equals $288,000 + $96,000, = $384,000. D) $384,000 is the right response.
What exactly are variable costs?Rent, mortgage payments, and car payments are examples of fixed expenses that typically cost the same amount each month, whereas variable expenses fluctuate from to month (dining out, medical expenses, groceries, or anything you buy from a store).
What are examples of fixed and variable expenses?Fixed costs: These are expenses like your monthly rent or mortgage payments that largely never change. Unpredictable costs: These are expenses like eating out or auto repairs that fluctuate or are unpredictable. Fixed costs remain the same over a specified period of time. Variable costs may increase or decrease based on the results of the business.
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Type II (Show all your work, otherwise no credit will be given)
Problem 1 (20 points). The following represents a project with known activity times. All times
are in weeks.
Activity
A
B
C
D
E
F
G
Immediate
Predecessor
A
B
C, D
B
E, F
Time
4
3
32
2
7
453
Find a critical path by drawing PERT chart indicating activity, time, ES, EF, LS, LF in each of
the node that we did in the class.
If there are two predecessors to the activity, the one with latter EF time will give you the activity's ES.
What does the accounting term credit mean?A credit is an adjustment made to an organization's accounts that reflects a decline in assets or an increase in the cost as well as a reduction in costs.or an growth in salary (as opposed to a debit that does the opposite).Therefore, a credit results in higher net earnings on the income statement of the business, whereas a debit results in lower net income.
Why is credit important?The relationship here between borrower and their lender is called credit. The lendor lends money to the borrower. Borrowed money is returned with interest once the borrower has accumulated it. The majority of people still view credit as an
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Hollie manages a skating rink where most of the employees are high school students. Hollie believes the employees are careless, apathetic, and spend too much time loafing. Hollie is a Theory X manager.
A. True
B. False
Hollie manages a skating rink where most of the employees are high school students. Hollie believes the employees are careless, apathetic, and spend too much time loafing. Hollie is a Theory X manager.
The above statement is true.
Top-level managers, middle managers, first-line managers, and team leaders are the four most prevalent categories of managers. These jobs differ not just in their day-to-day tasks, but also in their organizational function and the sorts of personnel they oversee.
An organization has two tiers of management: top and first-line. Explanation: An organization's managers are divided into four levels: top, middle, first-line, and team leaders. Mintzberg came to the conclusion that managers had three sorts of roles: interpersonal, analytical, and critical.
Managers who subscribe to Theory X are inclined to assume that: most workers know more about their job than the boss. Higher-order wants are largely associated with work satisfaction.
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As a result of winning the Gates Energy Innovation Award, you are awarded a growing perpetuity. The first payment will occur in a year and will be for $25,000.
You will continue receiving monetary awards annually with each award increasing by 5 percent over the previous award, and these monetary awards will continue forever. If the appropriate interest rate is 13 percent, what is the present value of this award?
Question content area bottom
Part 1
The present value of the award is
$
The present value of the award from the Gates Energy Innovation Award, $ 312, 500 .
How to find the present value ?The perpetuity that you received from winning the Gates Energy Innovation Award, is called a growing perpetuity.
The formula for finding the present value of this growing perpetuity is:
= Initial cash flow / ( Discount Rate - Growth Rate)
= 25, 000 / ( 13 % - 5 % )
= 25, 000 / 8 %
= $ 312, 500
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As a manager at HKDL, how would you keep the theme park employees motivated?
As a manager I would keet the people motivated by using rewards as a motivation
How to keep the people motivatedAs a manager at Hong Kong Disneyland (HKDL), there are several ways to keep theme park employees motivated:
Recognition and rewards: Recognize and reward employees for their hard work and contributions to the organization. This can be done through bonuses, promotions, or other incentives.
Clear communication: Keep employees informed about the company's goals and progress, and involve them in decision-making. This will help them feel more invested in the success of the organization.
Professional development: Provide opportunities for employees to develop new skills and advance in their careers. This will help them feel more engaged and motivated in their work.
Employee engagement: Create a positive work environment where employees feel valued and respected. Encourage teamwork, collaboration and open communication.
Employee welfare: Provide benefits and perks that help employees balance their work and personal lives, such as flexible working hours, childcare support, and health insurance.
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Consider a firm that employs some resources that are owned by the firm. When economic profit is zero, accounting profit is equal to the implicit costs of using owner-supplied resources.
Consider a firm that employs some resources that are owned by the firm. When economic profit is zero, accounting profit is equal to the implicit costs of using owner-supplied resources.
Any cost that has already occurred but isn't necessarily displayed or reported as a distinct item is known as an implicit cost. It stands for an opportunity cost that develops when a business devotes internal resources to a task without receiving any direct payment for the usage of such resources.
Any cost that has already occurred but isn't necessarily displayed or reported as a distinct item is known as an implicit cost. It stands for an opportunity cost that develops when a business devotes internal resources to a task without receiving any direct payment for the usage of such resources.
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Suppose a project under consideration will earn returns equal to current investments but its expected returns are less certain (i.e., riskier). Financial managers would accept this project for investment.
True/False
False. Suppose a project under consideration will earn returns equal to current investments but its expected returns are less certain (i.e., riskier). Financial managers will not accept this project for investment.
Expected return is the amount of profit or loss that an investor can expect from an investment.
The expected rate of return is calculated with the aid of using multiplying the ability results with the aid of using the possibilities of them happening after which summing the ones results.
Expected returns cannot be guaranteed.
The expected return for a portfolio containing multiple investments is the weighted average of the expected returns for each investment.
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BuyCo holds 25 percent of the outstanding shares of Marqueen and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with this investment amounts to $10,000 per year. For 2014, Marqueen reported earnings of $100,000 and declares cash dividends of $30,000. During that year, Marqueen acquired inventory for $50,000, which it then sold to BuyCo for $80,000. At the end of 2014, BuyCo continued to hold merchandise with a transfer price of $32,000.
a. What Equity in Investee Income should BuyCo report for 2014?
b. How will the intra-entity transfer affect BuyCo
Equity in investee income: Equity income accrual ($100,000
(a) The equity method of accounting will only report the increase to equity from earnings and the decrease to equity hom amortization and intra ently profts.
Company B will take 20% of Company M's enigs because of the outstanding stock purchase it made. Also due to the purchase Company will pay amortization costs of $10,000 a year because of the patent Company M owns. In 2014 Company Meamed $100,000 and increased the equity of Company B's Investment. Calculate the increase to equity from earnings as the amount times percent owned.
$100,000 0.25-$25,000
Abo in 2014 Company M purchased inventory for $50,000 and sold & Company B for $80,000. Company B stil holds $32,000 worth of the inventory and can set it for that value. Company M's gross profil wit increase the equity owned by Company B. Calculate the gross proft percentage as the difference in sale price and cost divided by sale price:
$80,000-$50,000 $80,000 -0.375
Calculate the gross profit made on the remainder of the transferable inventory,
$32,000*0.375 -$12,000
Calculate the amount of profit that Company stands to make:
$12,000 x 0.25-$3,000
The $3,000 in intra-entity profits will decrease the equity income for Company B because they have not sold it yet Calculate equity income as the sum of increases and decreases to equity for Company B
$25,000-$10,000-$3,000-$12,000
Company B will report 512,000 in Equity in investee income in 2014
(b) The equity that Company holds will increase by the $3,000 in 2013. This wit not matter if the company uses it or sets it off
(c) With the equity method of accounting the reportings would have remained the same. If Company B sold the remainder of the $32,000 in inventory back to Company M then this is st considered intra-entity
profits. The equity would have stis remained with Company M until Company B sold it back
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The Malcolm Baldrige Award criteria category that includes continuous improvement programs, employee training, and functioning of teams is O Leadership Strategic planning Information and analysis Human resource development and management Business results During World War II, quality Meant inspecting products to ensure that they met specifications Encompassed the entire organization o Was defined as it had been for more than 100 years Became customer driven Became more statistical in nature
The Malcolm Baldrige Award criteria category that includes continuous improvement programs, employee training, and functioning of teams is Human resource development and management. During World War II, quality Encompassed the entire organization.
The Malcolm Baldrige Award is a national award that was established by the US Congress in 1987 to recognize organizations for their performance excellence in various areas, including leadership, strategic planning, customer focus, and workforce development.
The category that includes continuous improvement programs, employee training, and the functioning of teams is "Human resource development and management".
This category recognizes the importance of investing in the development and management of human resources as a key element of achieving organizational performance excellence.
The criteria for evaluating this category include employee involvement, employee satisfaction, and effective use of teams.
During World War II, quality was defined in a broader manner. The war effort required that products be produced quickly and to high standards, leading to a greater focus on quality control.
Quality became more comprehensive, encompassing the entire organization, including its leadership, processes, and people. Quality also became customer-driven, with a focus on meeting the needs and expectations of the customer.
Additionally, quality became more statistical in nature, with the use of statistical techniques for controlling and improving the quality of products.
Hence, the correct answer is d and b.
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--The given question is incorrect; the correct question is
"The Malcolm Baldrige Award criteria category that includes continuous improvement programs, employee training, and functioning of teams is
a. Leadership
b. Strategic planning
c. Information and analysis
d. Human resource development and management
e. Business results
During World War II, quality
a. Meant inspecting products to ensure that they met specifications
b. Encompassed the entire organization
c. Was defined as it had been for more than 100 years
d. Became customer driven
e. Became more statistical in nature"--
Which of the following is a key distinction between variable whole life and variable universal life products?
A Variable whole life allows policy loans from the cash value.
B Variable universal life has a fixed premium.
C Variable whole life has a guaranteed death benefit.
D Variable universal life is regulated solely through FINRA.
Variable whole life has a guaranteed death benefit.
A key distinction between variable whole life and variable universal life products is Variable universal life has a fixed premium. The correct option is B.
What is a universal life product?A form of permanent life insurance is universal life insurance. As long as the insured person maintains coverage by making premium payments and complying with all other policy conditions, they are protected for the duration of their life under a universal life policy.
While universal life offers long-term protection, whole life is permanent. Your whole life insurance premiums are set and never increase. You can depend on the life insurance benefits going to your beneficiaries as long as you keep paying them.
Thus, the ideal selection is option B.
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Mishoe Corporation has provided the following contribution format income statement.
Assume that the following information is within the relevant range Sales (1,000 units) S 50,000
Variable expenses 32,500
Contribution margin 17, 500
Fixed expenses 12, 250 The break-even point in unit sales is closest to: A) 650 units B) 0 units C)700 units D) 895 units
The correct alternative is (D) If income increase, the dollar extend in internet working profits can be computed by multiplying the contribution margin ratio with the aid of the greenback extend in sales.
What takes place if the contribution margin is now not adequate to cowl constant expenses?
If the contribution margin is no longer adequate to cover constant expenses, there will be a internet loss for the period. Contribution Margin Ratio: Sales, variable fees and contribution margin are all variable, and consequently may be expressed as a percentage of revenue.
What occurs to contribution margin when constant fees increase?If the fixed expenses for a firm increase, the margin stays unaffected due to the fact the contribution margin is ascertained through deducting the complete variable cost from the sales revenue.
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A microbusiness that permits the owner to follow a desired pattern of living refers to which of the following?a. Gazelleb. Microbusinessc. Lifestyle businessd. High-potential venture
Option (c), Lifestyle business is a microbusiness that enables its owner to lead a desired way of life.
A lifestyle business is what?A lifestyle business is one that is founded on a person's passion and generates sufficient revenue to allow the proprietor to work from home and live comfortably.
What sets a lifestyle business apart from the competition?Here are a few more characteristics of a lifestyle business:
The proprietor of the business is free to work whenever they want.great level of freedom (location, time, and financial)It does not require high initial costs.It immediately begins to generate revenue.generates ongoing revenue.Rapid growth is not the main goal.Learn more about microbusiness: https://brainly.com/question/12804986
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Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are debit or credit 
Received cash for services rendered to a client
Paid cash on account
A company's records must balance in order for debits and credits to be used in bookkeeping. By decreasing liability, revenue, or equity accounts, debits boost asset or cost accounts. The inverse is true of credits.
What is Debit vs Credit: Bookkeeping Basics ?A company's records must balance in order for debits and credits to be used in bookkeeping. By decreasing liability, revenue, or equity accounts, debits boost asset or cost accounts. The inverse is true of credits. Every debit input must be matched by a credit entry for the same monetary amount when recording a transaction, and the opposite is true as well.For double-entry bookkeeping to work, debits and credits are essential. They are entries made in the general ledger of a business that track every dollar that enters and leaves the company as well as every dollar that moves between the various accounts.You'll learn how to use debits and credits to keep your books balanced in this guide, along with a detailed explanation of each.To Learn more About bookkeeping Refer To:
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To protect its domestic automotive industry, the United States enacts a(n) ________ by taxing imported automobiles to make the price of U.S.-produced cars more competitive; while also enacting a(n) ________ by taxing imported oil for the purpose of raising money for the U.S. government.
Multiple Choice
A. protective tariff; revenue tariff
B. revenue tariff; embargo
C. import quota; protective tariff
D. sanction; import quota
To protect its domestic automotive industry, the United States enacts a(n) protective tariff by taxing imported automobiles to make the price of U.S.-produced cars more competitive; while also enacting a(n) revenue tariff by taxing imported oil for the purpose of raising money for the U.S. government.
What is difference between revenue tariff and protective tariff?A revenue tariff is a tax imposed on imported goods to raise government revenue. It is typically designed to be neutral and does not provide a competitive advantage for domestic goods over imported goods.
While a protective tariff are tax imposed on imported goods to protect domestic industries from foreign competition. It raises the price of imported goods, making them less competitive with domestic goods, and thus protects domestic producers.
In summary, a revenue tariff is primarily aimed at generating government revenue, while a protective tariff is primarily aimed at protecting domestic industries from foreign competition.
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Stella, a salesperson, plans to gift the customers who buy products worth $500 and more. In this scenario, in the context of ethical standards, Stella should _____.
Stella, a salesperson, plans to gift the customers who buy products worth $500 and more. In this scenario, in the context of ethical standards, Stella should ensure that it does not violate the policies of the customers.
Policies refer to a set of guidelines and principles that organizations and institutions use to dictate and regulate their operations, management, and decision-making processes. They serve as a framework for action and decision-making, helping to ensure that the organization is aligned with its goals and objectives.
Policies may address a range of topics, including ethical and legal issues, risk management, human resources, finance, and technology. They are developed through a collaborative process and are reviewed and updated regularly to ensure they remain relevant and effective. Policies are critical to ensuring consistency and fairness in decision-making, promoting transparency and accountability, and maintaining the credibility and reputation of the organization. Adherence to policies helps to build trust and credibility with stakeholders, including employees, customers, and the public.
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On December 31 Wintergreen, Inc., issued $150,000 of 7 percent, 10-year bonds at a price of 93.25. Wintergreen received $139,875 when it issued the bonds (or $150,000 ~.9325). After recording the related entry, Bonds Payable had a balance of $150,000 and Discounts on Bonds Payable had a balance of $10,125. Wintergreen uses the straight-line bond amortization method. The first semiannual interest payment was made on June 30 of the next year. Complete the necessary journal entry for June 30 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
The necessary journal entry for June 30 will be:
Debit Interest Expenses $5756.
Credit Discount on bond payable $506
Credit Cash $5250
How to explain the journalThe act of maintaining or creating records of any transactions, whether they are financial or not, is known as journal entry. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
Interest paid will be:
= 150000 × 7% × 6/12
= $5250
Discount amortized = $10125 / 20
= $506
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a good example of collecting behavioral data would be when a store uses scanners to read bar codes on products selected by consumers.
This statement is True, a good example of collecting behavioural data would be when a store uses scanners to read barcodes on products selected by consumers.
Barcodes are a machine-readable representation of data that are widely used to identify products and track their inventory. They are typically represented by a series of black and white bars of varying widths and spaces. The most common type of barcode is the one-dimensional (1D) barcode, which is a linear representation of data that is read by a barcode scanner.
Other types of barcodes include two-dimensional (2D) barcodes, which store more information in a smaller space than 1D barcodes, and QR codes, which are commonly used for mobile applications. Barcodes have greatly improved supply chain efficiency and have become a standard for product identification and tracking in various industries, including retail, manufacturing, and healthcare.
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Complete questions: -
A good example of collecting behavioural data would be when a store uses scanners to read bar codes on products selected by consumers. T/F.
this economic system rewarded successful spanish conquistadors. headright encomiendas fiefdoms free labor
The Encomienda system was the economic structure that rewarded the successful Spanish conquistadors.
What is the straightforward meaning of economic?Physics is the study on scarcity and how it affects how resources are used, how commodities and services are produced, how production and welfare increase over time, and a broad range of other complex issues that are crucial to society.
What is an example in the economy?As an illustration, as corn crop output rises, farmers lower the crop's price to boost the sale of their harvest. If there is an excess of supply compared to demand, such as the amount of grain required to feed the nation's population, output must be squandered, which costs farmers money.
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during 2020, the beach restaurant had sales revenues and food costs of $800,000 and $600,000, respectively. during 2021, beach plans to introduce a new menu item that is expected to increase sales revenues by $100,000 and food costs by $40,000. assuming no changes are expected for the other food items, operating profits for 2021 are expected to increase by:
Assuming no changes are expected for the other food items, operating profits for 2021 are expected to increase by 60000.
What is operating profits?The total revenue generated by a company's core business operations for a specific time period, before deducting interest and taxes, is what is known as operating profit. It also does not include any profits from ancillary investments, like earnings from other companies in which the company owns a stake. When expenses exceed revenue from the core of the business, an operating loss results.
Operating profit eliminates all auxiliary variables from the calculation, making it a highly accurate indicator of a company's health. Operating profit accounts for asset-related depreciation and amortisation, which are accounting techniques that come from a company's operations. This is because operating profit includes all costs that are required to keep the business operating.
Operating profit for 2021 are expected to increase by = Expected increase in revenue - expected increase in cost.
= 100000-40000
= 60000
Increase in operating profit would be 60000.
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The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2:SuppliesCash flow from investing act.Prepaid insuranceService revenueOther operating expensesSupplies expenseInsurance expenseBeginning common stockCash flow from operating act.Common stock issued$ 1,000(5,200)1,20065,20041,0001,1002,10040,00015,6005,000Beginning retained earningsCash flow from financing act.Rent expenseDividendsCashAccounts receivablePrepaid rentUnearned revenueLandAccounts payable$ 9,300(5,000)2,5003,00048,00014,2004,8006,40024,00017,000RequiredUse the accounts and balances from Barker Company to construct an income statement.
The Income Statement from the account balances of Barker Company shows a net income of is $18,500.
What is a income statement?An income statement, also known as a profit and loss account, is one of a company's financial statements that shows the company's revenues and expenses over a specific time period. It describes how revenues are converted into net income or profit.
The income statement of Barker Company is shown below:
Revenue
Service Revenue $65,200
Total Revenue $65,200
Expenses
Other operating expenses $41,000
Supplies Expense $1,100
Insurance expense $2,100
Rent Expense $2,500
Total Expenses $46,700
Net Income $18,500
($65,200-$46,700)
Therefore, the net income calculated from the income statement is $18,500.
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Use the appropriate CMS-approved consumer sales presentation from beginning to end, read the presentation notes or talking points, and, if/when you use the MA/MAPD/PDP sales video, it should be in conjunction with the approved sales presentation.
Select one:
True
false
The statement is True because the appropriate CMS-approved consumer sales presentation from beginning to end, read the presentation notes or talking points.
An programme used to manage material, a content management system (CMS) enables numerous contributors to generate, update, and publish information. As with a website, a CMS often uses a database to store content and a presentation layer to display it.
A salesman will frequently provide a prospect with a description of the product or service, along with a value proposition and solution, as well as instances of past customer successes.
In order to manage and distribute digital content, a CMS is an application that enables numerous people to contribute, create, edit, and publish without the need for a developer.
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in researching a tax issue, eric finds that the u.s. circuit court of appeals for the federal circuit previously has ruled in favor of his tax position, whereas the 11th circuit (eric's circuit) previously has ruled against his tax position. if eric is contemplating litigating his tax position with the irs, he should prefer to have his case first tried by the u.s. tax court.
If a taxpayer loses a case at the Circuit Court level, he is granted an automatic appeal hearing with the Supreme Court. 1. Revenue rulings and revenue procedures are examples of primary authorities.
What is Tax court?
The Tax Court is one of the courts in which taxpayers can bring suit to contest IRS determinations, and it is the primary court in which taxpayers can do so without prepaying any portion of the disputed taxes. The Tax Court is composed of 19 presidentially appointed members. The TCC is a Superior Court of Record established pursuant to the Tax Court of Canada Act, before which individuals and companies may litigate against the Government of Canada on matters arising under legislation wherein the Court has exclusive original jurisdiction. Taxpayers who sue the IRS in U.S. Tax Court can expect a very high probability of at least partial success. Approximately 85% of tax court cases reach a settlement before even going to trial. If the taxes and penalties from an audit total more than $50,000 for any one audited year, your case is called a “regular tax court case.”
This means you won't qualify for the simplified small-case procedures. But unlike a small case, you may appeal a regular-case decision to a higher court if you lose.
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A taxpayer is automatically given a hearing on his appeal to the Supreme Court if he loses a case in Circuit Court. 1. Primary authorities include revenue rulings and revenue procedures.
What is Tax court?One of the courts where taxpayers can file a lawsuit to challenge IRS rulings is the Tax Court, and it is the only court where they can do so without paying any of the disputed taxes in advance. 19 presidentially appointed members make up the Tax Court. The Tax Court of Canada (TCC) is a Superior Court of Record created in accordance with the Tax Court of Canada Act.
Individuals and corporations may file lawsuits against the Government of Canada there for disputes arising from laws over which the Court has exclusive original jurisdiction. There is a very high likelihood that taxpayers suing the IRS in U.S. Tax Court will succeed, if not completely. Pre-trial settlements are reached in about 85% of tax court cases.Your case is referred to as a "regular tax court case" if the total of the taxes and penalties from an audit exceeds $50,000 for any one audited year.
You therefore are not eligible for the streamlined small-case procedures. However, unlike a small case, you can appeal a regular case decision to a higher court if you lose.
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you decide to start operating a business selling friendship bracelets online in your own name and with your own address. you do not have or use an official business name for moniker. you are a sole proprietor.
a. true
b. false
The given statement, you decide to start operating a business selling friendship bracelets online in your own name and with your own address. you do not have or use an official business name for moniker. you are a sole proprietor, is true.
Who is sole proprietor?A sole proprietorship is a sort of business structure where the owner and the company are regarded as one legal entity because only one person owns and operates the company. In a sole proprietorship, the owner has total control over the company and is eligible to receive all earnings. The owner is personally liable for all business debts and obligations, putting their personal assets at risk in the event that the company is sued or unable to pay its bills.
A sole proprietorship has several benefits over other business arrangements, including simplicity in creation, total control and flexibility, and lower costs. Without the need for outside interference, the owner is free to operate the company and make decisions as they see fit.
Unlimited personal liability, which entails the owner's personal accountability for the entirety of the company's debts and obligations, the challenge of acquiring money, and the business's finite lifespan due to its dependence on the owner's life are disadvantages.
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Chris drives 10 miles to save $10 on a grocery purchase. however he refuses to drive 10 miles to sale $10 on a new laptop. His behavior is best explained by A. Mental accounting and diminishing sensitivity B. Context effect C. Anchoring D. semiorder
Chris drives 10 miles to save $10 on a grocery purchase. however he refuses to drive 10 miles to sale $10 on a new laptop, his behavior is best explained by Mental accounting and diminishing sensitivity.
The concept of mental accounting aims to explain how people code, classify, and assess economic outcomes. Richard Thaler is the one who first gave the idea a name. Budgeting and categorization of expenses are two topics covered by mental accounting. People set aside money in their minds for specific expenses or expense categories.
Low probabilities are often given more weight than they would under expected utility, according to diminishing sensitivity. This overweighting is in line with risk aversion for low probability losses and risk seeking for low probability returns (like buying lottery tickets) (such as insurance).
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In 2020, Stuart loses his job when his employer closes due to the COVID-19 pandemic. Because Stuart is struggling to pay his monthly expenses, he arranges a decrease in his mortgage from $160,000 to $120,000 with his mortgage lender. His basis in the home is $200,000 and the fair market value at the time of the mortgage reduction is $250,000.
1. What amount of the cancellation of debt must Stuart include in his income in 2020?
$fill in the blank 1
2. What is Stuart’s basis in his home after applying exclusion provisions (if any)?
According to the Mortgage Forgiveness Debt Relief Act of 2007, debt forgiveness on a primary residence may be excluded from income up to a limit of $2 million. In this case, the debt forgiveness of $40,000 is within the limit and can be excluded. Therefore, Stuart's basis in the home remains at $200,000, which is the original basis before the mortgage reduction.
The amount of the cancellation of debt that Stuart must include in his income in 2020 is calculated as follows:
Original mortgage amount: $160,000
Reduced mortgage amount: $120,000
Cancellation of debt income: $160,000 - $120,000 = $40,000
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exercise 1-14 (algo) calculate the balance of retained earnings (lo1-3) during its first five years of operations, walter consulting reports net income and pays dividends as follows. required: calculate the balance of retained earnings at the end of each year. note that retained earnings will always equal $0 at the beginning of year 1.
The balance of retained earnings at the end of each year is $50,000, $110,000, $175,000, $250,000, and $337,500, respectively.
Year 1: (Net Income - Dividends) = 0 + Retained Earnings = 0 + (100,000 - 50,000) = 0 + 50,000 \s= $50,000
Retained Earnings in Year 2 are equal to $50,000 plus (Net Income - Dividends) ($120,000 - 60,000) ($50,000 + 60,000) ($110,000).
Retained Earnings in Year 3 are $110,000 plus (Net Income - Dividends) at $110,000 plus (130,000 - 65,000) at $110,000 plus 65,000 at $175,000 each year.
Retained Earnings in Year 4 are 175,000 plus (Net Income - Dividends) which is 175,000 plus (150,000 - 75,000) which is 175,000 plus 75,000 which is $250,000.
Retained Earnings in Year 5 are equal to 250, plus (Net Income - Dividends) 250, plus (175,000 - 87,500) 250, plus 87,500, which comes to $337,500.
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