At December 31, 2020, the end of its first year of operations, Franklin SA chose to use the revaluation framework allowed under IFRS. Franklin's ledger shows Equipment $750,000 and Accumulated Depreciation Equipment $150,000. Required: Independent appraisers determine that the plant assets have a fair value of $800,000. Record the entry of revaluation, using the elimination method (AZ).
Answers
To record the revaluation of equipment using the elimination method, the following journal entry would be made:
Date: December 31, 2020
Equipment (AZ) $750,000
Accumulated Depreciation - Equipment $150,000
Revaluation Surplus (AZ) $150,000
Equipment (AZ) $150,000
Explanation:
In this entry, the original cost of the equipment and its accumulated depreciation are eliminated from the books. The Accumulated Depreciation - Equipment account is debited to remove the previous depreciation recorded, and the Equipment account is credited to remove the original cost.
Next, the revaluation surplus is recorded. Revaluation Surplus is a separate equity account used to capture the increase in the fair value of the equipment. It is credited for the difference between the fair value and the carrying amount of the equipment.
Finally, the Equipment account is debited for the revalued amount of $800,000, and the Revaluation Surplus account is credited for the same amount.
After this entry, the Equipment account will show a new carrying amount of $800,000, and the Revaluation Surplus account will reflect the increase in the fair value of $50,000 ($800,000 - $750,000).
Please note that the "(AZ)" notation indicates that this entry is using the elimination method, which is commonly used when revaluing assets under IFRS
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Related Questions
4 points You forecast the following levels in year 1: Accounts Receivable =$124,000; Accounts Payable =$46,000; and Inventory =$52,000. If each of these begins at a level of $0 in year zero, what year 1 incremental cash flow reflects the change in NWC? Enter your answer in dollars and be sure to use a negative sign ( − if the answer is a cash outflow. Type your answer...
Answers
When there is an increase in NWC, it represents a cash outflow, so the value will be negative. Therefore, the year 1 incremental cash flow reflecting the change in NWC is -$130,000.
To calculate the change in net working capital (NWC) for Year 1, we need to determine the difference between the NWC levels at the end of Year 1 and Year 0.
Net Working Capital (NWC) can be calculated using the formula:
NWC = Accounts Receivable + Inventory - Accounts Payable
Let's calculate the NWC levels for Year 1 and Year 0 and find the change:
For Year 0:
Accounts Receivable = $0
Accounts Payable = $0
Inventory = $0
NWC(Year 0) = $0 + $0 - $0 = $0
For Year 1:
Accounts Receivable = $124,000
Accounts Payable = $46,000
Inventory = $52,000
NWC(Year 1) = $124,000 + $52,000 - $46,000 = $130,000
To find the change in NWC, we subtract NWC(Year 0) from NWC(Year 1):
Change in NWC = NWC(Year 1) - NWC(Year 0)
= $130,000 - $0
= $130,000
Therefore, the Year 1 incremental cash flow that reflects the change in NWC is $130,000.
Since the question asks for the year 1 incremental cash flow reflecting the change in NWC, we need to express this change as a cash flow. When there is an increase in NWC, it represents a cash outflow, so the value will be negative.
Therefore, the year 1 incremental cash flow reflecting the change in NWC is -$130,000.
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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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How does the concept of "idealization" contribute to the author's key argument regarding crushes?
A
The author argues that most crushes are idealized and therefore cannot be considered real love.
B
The author argues that crushes, romantic or identity, involve the projection of idealized traits that a person values and desires onto another person (i. E. The crush).
C
Idealized celebrities and celebrity crushes can give teenagers an unrealistic understanding of individuals; this makes it more difficult for them to accept flaws.
D
Idealized relationships in popular media encourage adolescents and teenagers to seek out romance, causing them to have more frequent crushes
Answers
The author argues that crushes, romantic or identity, involve the projection of idealized traits that a person values and desires onto another person (i.e., the crush).
This concept of "idealization" is crucial to the author's key argument regarding crushes. The author suggests that individuals tend to focus on the positive qualities and attributes they perceive in their crushes while disregarding or downplaying their flaws or negative aspects. By idealizing the object of their crush, individuals create an image of an ideal partner or person that aligns with their desires and preferences.
This idealization contributes to the author's argument by highlighting that crushes are often based on an idealized version of the person, rather than a realistic understanding of who they truly are.
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does the effectiveness of monetary policy depend on inflation expectations
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Monetary policy is a powerful tool used by central banks to stabilize the economy. The effectiveness of monetary policy is dependent on the inflation expectations. The central bank's monetary policy can only work well if it can influence the behavior of economic agents who play a crucial role in determining inflation expectations.A central bank has to consider inflation expectations while making monetary policy decisions. Inflation expectations can be defined as a measure of future inflation that economic agents expect. They have a direct impact on the price level and interest rates, making it important for monetary policy.The effectiveness of monetary policy depends on inflation expectations because it influences how people and businesses behave. Monetary policy actions only have a limited effect on inflation when people have high inflation expectations. Economic agents do not change their behavior based on a central bank's policy if they expect higher inflation in the future. In such cases, monetary policy actions might even have the opposite effect, leading to higher inflation.
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How do I quit my job as cashier already wrote resignation letter
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A price-taking firm is one of a ______ number of firms producing a product that is identical to that of every other firm in the industry and providing ______ of total market supply.
Answers
It should be noted that price-taking firm is one of a large number of firms producing a product that is identical , though providing only fraction of total market supply.
What is a price-taker firm?
A price-taker can be regarded as individual or firm that doesn't have control over the prices of goods or services sold.
This is because, they usually have small transaction sizes as well as trade at whatever prices.
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Hall, a divorced person and custodian of her 12-year-old child, filed her 2021 federal income tax return as head of a household. She submitted the following information to the CPA who prepared her 2021 return: The divorce agreement, executed in 2016, provides for Hall to receive $3,000 per month, of which $600 is designated as child support. After the child reaches 18, the monthly payments are to be reduced to $2,400 and are to continue until remarriage or death. However, for the year 2021, Hall received a total of only $5,000 from her former husband. Hall paid an attorney $2,000 in 2021 in a suit to collect the alimony owed. In June 2017, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought in 1985, was $4,000, and market value on the date of the gift was $3,000. Hall sold her stock in July 2017 for $3,500. The donor paid no gift tax.During 2017, Hall spent a total of $1,000 for state lottery tickets. Her lottery winnings in 2017 totaled $200.Hall earned a salary of $25,000 in 2017. Hall was not covered by any type of retirement plan, but contributed $2,000 to an IRA in 2017.In 2017, Hall sold an antique that she bought in 1995 to display in her home. Hall paid $800 for the antique and sold it for $1,400, using the proceeds to pay a court‐ordered judgment.Hall paid the following expenses in 2017 pertaining to the home that she owns: realty taxes, $3,400; mortgage interest, $7,000; casualty insurance, $490; assessment by city for construction of a sewer system, $910; interest of $1,000 on a personal, unsecured bank loan, the proceeds of which were used for home improvements. Hall does not rent out any portion of the home. Hall's $2,000 contribution to an IRA should be treated as
a. A deduction from adjusted gross income not subject to the 2% of adjusted gross income floor.
b. A deduction from adjusted gross income subject to the 2% of adjusted gross income floor.
c. An adjustment to income in arriving at adjusted gross income.
d. Non-deductible, with the interest income on the $2,000 to be deferred until withdrawal.
Answers
The $2000 contribution to an IRA should be treated as an An adjustment to income in arriving at adjusted gross income.
The reason Hall has to go with this option
The individuals that are not in a retirement plan of a company have the option of deducting their cash contributions to their own retirement accounts.
They are able to do this given that the money is 6000 dollars or a hundred percent of their gross income.
Taxes are not paid on interest in this type of account till the earnings from the retirement plan is distributed.
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how will an increase in private savings in the united states most likely affect financial capital flows and the value of the dollar in foreign exchange markets? responses the united states will experience financial capital inflows, and the dollar will appreciate. the united states will experience financial capital inflows, and the dollar will appreciate. the united states will experience financial capital inflows, and the dollar will depreciate. the united states will experience financial capital inflows, and the dollar will depreciate. the united states will experience financial capital outflows, and the dollar will appreciate. the united states will experience financial capital outflows, and the dollar will appreciate. the united states will experience financial capital outflows, and the dollar will depreciate. the united states will experience financial capital outflows, and the dollar will depreciate. the united states will experience no change in financial capital flows, and the value of the dollar will not change.
Answers
The correct response is "the United States will experience financial capital outflows, and the dollar will appreciate."
What is capital outflow?
Capital outflows refer to the movement of financial capital from one country to another, typically when investors and savers in one country invest in assets or securities in another country. This can occur for a variety of reasons, such as seeking higher returns, diversifying investment portfolios, or reducing exposure to domestic risks. Capital outflows can have implications for exchange rates, interest rates, and economic growth in both the source and destination countries.
When private savings increase in the United States, individuals and businesses have more funds to save or invest. This leads to an increase in the supply of loanable funds, which can lead to a decrease in interest rates. Lower interest rates make investment less attractive in the United States relative to other countries, leading to a decrease in financial capital inflows and an increase in financial capital outflows. As a result, the value of the dollar appreciates because foreigners need to buy dollars to invest or save in the United States.
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You buy a new commercial stove for $9,000 and estimate that it will enable you to deliver 20 additional meals per night at an average price of $20. Assuming 25% food cost and no additional costs to using the new stove, how long will it take the stove to pay for itself? a)30 days, b) 90 days, c)180 days, d)365 days
Answers
Answer:
a)30 days
Explanation:
For the stove to repay itself, it will have to reach the break-even point.
the costs associated with the are the cost $9000
The gains from the stove: 20 meals per night at $20.
the cost per mean is 25% of the selling price
=25/100 x 20
=0.25 x20
=$5
The profits per meal = $20 -$5 = $15
Profits for 20 meals = $15 x 20 =$300
Dairy income from the stove is $300
To recover the cost, it will take $9000/$300 days.
=30 days
Answer:
30 days
Explanation:
when consumed, many goods and services have an impact on other people not using the product. Which word describes this impact ?
A. appreciation
B. depreciation
C. externality
D. inflation
Answers
Answer:
Explanation:
depreciation
When consumed, many goods and services have an impact on other people not using the product. Depreciation word describes this impact. The correct option is B.
What does it mean to deprecate a product?Application developers who have already subscribed to a product may still use it after it is deprecated, but no new developers may do so. We disapprove of this use of company funds for political activities. to say that you disapprove of something.
In order to maintain backward compatibility and give programmers time to bring affected code into compliance with the new standard, features are deprecated rather than immediately removed. The following are some of the primary causes of depreciation: A more potent substitute feature has taken the place of the former feature.
Thus, the ideal selection is option B.
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Joan is the proprietor of a manufacturing company. She purchased a machine worth $1,000 for the business on credit. How will this transaction affect the accounting equation? A. Assets ↑ (1,000) = Liabilities↑ (1,000) + Owners’ Equity B. Assets = Liabilities ↑ (1,000) + Owners’ Equity ↓ (1,000) C. Assets ↑ (1,000) = Liabilities + Owners’ Equity ↓ (1,000) D. Assets = Liabilities ↑ (1,000) + Owners’ Equity ↑ (1,000)
Answers
The effect of the purchase of the machine by Joan, on the accounting equation, is A. Assets ↑ (1,000) = Liabilities↑ (1,000) + Owners’ Equity
How is the accounting equation affected ?The accounting equation is:
Assets = Liabilities + Owner's equity
When Joan purchased a machine, this would go to the assets as machinery are fixed assets. As the assets increase, there would need to be a source of this increase.
In this case it is liabilities as Joan bought the machine on credit which means the company now owes money for the purchase of the machinery.
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Explain in detail two engagments. ASAP
Answers
Answer:
easy a
Explanation:
easy a
Look up the following words. Give the etymology of each. State what kind of term, such as mathematical, scientific, political science, history, etc. Include the name of the dictionary consulted as well as the publisher and publishing date.
ideological:
constructivist:
Marxist:
Vector:
axiomatic:
azimuth:
matrix:
hypothesis:
theory:
phenomena:
Answers
Answer:
1). Ideological: Greek origin, meaning a form. It is largely employed in historical context.
2). Constructivist: Russian, derived from the word 'konstruktivizm' meaning to reference to an abstract art movement. It is used in both political and historical disciplines.
3). Marxist: The word Marxist is used to denote a firm follower of the principles and teachings of Karl Marx. The word is commonly employed in social sciences.
4). Vector: Latin origin, the word gives the meaning convey. It is used in mathematics.
5). Axiomatic: Greek origin, meaning of 'self-evident' or 'thought to be fitting.' The word is used in mathematics.
6). Azimuth: Arabic origin using the word 'meaning , and samt, direction.' It is employed in science and geography for describing the celestial or heavenly bodies.
7). Matrix: Latin origin, meaning 'a breeding mother.' The term is commonly employed in both science and mathematics.
8). Hypothesis: Greek origin, formed with words 'Hupo'(means under) and 'thesis'(means placing). This is used in science to check the validity of a truth.
9). Theory: It comes from Greek word Theoria, stands for 'speculation or contemplation' It is used in science, mathematics, and other disciplines as well.
10). Phenomena: Derived from 'Phasinomenon', a Greek word , which stands for 'things appearing to view.' The word is most likely used in science to detail natural occurrences.
Douglas Harper's 'Online Etymological dictionary', 2000.
if an investor purchases a security today for $9.00 and sells it tomorrow for $7.50, his capital gain will be
Answers
If an investor purchases a security today for $9.00 and sells it tomorrow for $7.50, his capital gain will be -$1.50.
The capital gain is calculated by subtracting the purchase price from the selling price. In this case, the selling price of $7.50 is lower than the purchase price of $9.00, resulting in a negative capital gain. A negative capital gain indicates a loss on the investment rather than a gain. It's important to note that capital gains or losses are realized when an investment is sold or disposed of. In this scenario, the investor incurred a loss of $1.50 per share.
Capital gains and losses play a significant role in investment performance and taxation. Positive capital gains are typically subject to taxes, while capital losses can be used to offset capital gains and potentially reduce tax liability. However, in the case of a negative capital gain, as in this example, the investor may have incurred a loss that cannot be offset against other gains. The specific tax implications would depend on the investor's tax jurisdiction and applicable tax laws. It is advisable for investors to consult with a tax professional for personalized guidance on their individual tax situation.
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which of the following identifies the goods or services of a specific business, person, or organization?
Answers
The term that helps in identification of goods as regards this question is B: Trademark.
A trademark can be regarded as an intellectual property, which helps in offering of protection for a brand.It identity the source where the goods/service comes from, and distinguish it from someone else business.Therefore, option B is correct.
CHECK THE COMPLETE QUESTION;
Which of the following identifies the goods or services of a
specific business, person, or organization?
Trademark
License
Fair use designation
Copyright
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your skills, knowledge, and actions add value to your organizational goals (department and company). in today’s ever-changing workplace what actions are you taking to stay abreast of your organizational changes and stand out from the others? write one thing about your current work style that you might change in order to be more effective in your current or desired position? why? post a response to two classmates’ discussion posts. provide detailed examples and feedback.
Answers
Businesses will continuously identify and cultivate new business ideas and prospects with the support of their ability to accept change. Any business can advance into new domains brought about by the new ways of functioning by having excellent change strategies.
What exactly is the workplace changing?Change at work is anything that interferes with established work practices, team members, job roles, or particular job responsibilities. Here are a few instances of change you could encounter at work:
You and your team must adjust to a new manager when your current one is promoted or quits the organization. The new manager may have a different management style and set of expectations.new employee: If your team hires a new member, you should give them some time to get to know you and assist them in adjusting to their new position.New role: When a department is reorganized or someone is internally promoted in your company, new positions are createdTo know more about Workplace changes, visit: https://brainly.com/question/17215125
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as long as the mp is positive, the tp will be increasing. true false
Answers
The statement "as long as the mp is positive, the tp will be increasing" is false because marginal product and total product are not directly related.
The given statement "as long as the mp is positive, the tp will be increasing" is false because the relationship between mp and tp is not necessarily a direct one. MP (marginal product) refers to the change in output resulting from a change in the input. TP (total product), on the other hand, is the total output resulting from a specific amount of input. While a positive MP may contribute to an increase in TP, there are other factors that can affect TP as well, such as diminishing returns.
Therefore, a positive MP does not necessarily guarantee an increase in TP. The given statement is false.
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Walter is in dire need of $482. Out of other alternatives, he decides to take a cash advance on his credit card. His credit card has a cash advance fee of 3.4%. How much is his advance fee?
Answers
Walter needs $482 in urgent, and his credit card has a cash advance fee of 3.4%. Hence, his advance fees would be 3.4% of $482 which is $16.39.
What does place when you obtain a cash advance?A cash advance is a loan that your credit card company provides. When you obtain a cash advance, you are borrowing funds from the available credit on your credit card. This loan must be repaid, and the amount transferred cannot be greater than the balance that is currently available on your credit card.
What dangers exist with cash advances?When you take out a cash advance, especially one for a sizable sum, your utilization rate may rise, which could lower your credit score. One of the risks of credit card cash advances is a lower credit score. Cash advance grace periods do not exist.
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Why is organic manure used in soil? Explain briefly.
Answers
Explanation:
the supply plant nutrients including micronutrients they improve soil physical properties like structure of water holding capacity etc. they increase the availability of nutrients.
HURRY IM TIMED. A BLANK
is capable of producing outcomes that surpass the scope and efficiency of many individual efforts
team
computer
temporary worker
none of the above
Answers
TEAM
Answer:
team
Explanation:
got it right on my quiz
Which of the following are objects that can fulfill needs or wants?
A. Economics
B. Goods
C. Services
D. Tools
Answers
Answer:
the word objects makes me think B. also, wants can be fulfilled by objects, not tools or economics.
Explanation:
The objects that fulfill the needs or wants are goods. Thus, option (B) is correct.
What is need?The term needs refers to the basic necessity or the requirement of the person in order to survive. The basic need of the person is food, shelter and clothing. The term needs and wants to become together. As the once the needs of the person is fulfilled, the wants arises.
Need is something without which the person cannot survive in the world, whereas without fulfillment of the wants the person can survive. In today's economy, the terms wants and needs are often yet inaccurately used.
The needs and wants of an individual can be fulfilled through the goods and services. Various companies and corporation are today working to satisfy the needs and desire of the customers.
Therefore, it can be concluded that Goods are things that satisfy needs or desires. Hence, option (B) is correct.
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For some time, Bloomingdale's relied on standard types of training to enhance employees' awareness of such topics as workplace safety and loss prevention. Such training typically included classroom sessions, store huddles, pre-shift meetings, and instructional posters. But these efforts were not always effective despite the good intentions. For instance, the training did not really inspire employees to focus on the key issues covered, and it was often difficult to measure the impact of the instruction provided. The firm recognized that something different must be done to enhance its safety record—this involved increasing associates' knowledge of safety, rather than focusing exclusively on traditional training as a "quick fix. "
The company started using Axonify, a training platform that incorporates active gamification and other entertaining activities to increase employee knowledge. Learning can also be customized based on the personal needs of employees. This enables individuals to build confidence by working on their knowledge areas that need improvement. Much of these activities could also be integrated real time into the work environment.
Bloomingdale's developed a four-stage process to make the transition from traditional training to ongoing learning. First, learning activities were included in shift work to spark daily awareness of safety and customer service issues. The Employee Knowledge Platform enabled employees to learn during short periods of downtime, using mobile devices or point-of-sale instruments. Associates were able to learn while they did their jobs, instead of receiving training at one time. Next, the training was delivered in small modules, with gamified elements that appealed to associates. When individuals mastered one set of information, the platform would move on to other topics—when remedial work was needed, it was provided until associates mastered the information.
Bloomingdale's also allowed for some customization in the learning system because different stores and departments often dealt with very different challenges and opportunities. This customization led to greater engagement across the various areas of the organization. Finally, the effectiveness of the learning was measured with the Employee Knowledge Platform, which helped Bloomingdale's determine its impact on important outcomes (i. E. , individual behaviors and results). This allowed managers to get a gauge of how well associates, teams, and stores were learning and applying the information on the job.
Not only does Bloomingdale's have an engaging training program that motivates a tech-oriented workforce, but the company also has a way of measuring its impact on the business as a whole. The approach has been very effective. The company has saved millions of dollars by decreasing the number of safety claims it addresses.
Zorosis, a jewelry store, recently discarded its traditional employee training modules and upgraded to an innovative online learning system in which employees are now required to access their training material. To facilitate an ongoing learning process that would keep employees motivated to learn, the store should ensure that:
a. Its training content is delivered in an exhaustive manner to enable deep learning.
b. It allows for customization in its learning system.
c. It curbs the use of gamified activities on the platform to avoid careless use.
d. It avoids learning activities during periods of downtime.
Answers
The best way for Zorosis to ensure that their ongoing learning process will be a success is to ensure that b. It allows for customization in its learning system.
What should Zorosis do?The online learning platform that Zorosis plans to implement should be able to be customizable to the various challenges that employees can face.
This allows the employees to apply what they have learnt in various areas that will ensure business success.
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if the mean is 32 and the median is 40 what would be value of mode
Answers
Answer:
Step-by-step po:
3 Median = Mode + 2 Mean
Given: Mean = 30 / Mode = 40
Now: 3 Median = Mode + 2 Mean
=> 3 Median = 40 + 2 (30)
=> 3 Median = 40 + 60
=> 3 Median = 100
=> Median = 100/3
=> Median = 33.3
Explanation:
What is the basic economic problem that societies must solve?(1 point)
A)How to allocate resources in order to best satisfy the needs and wants of people.
B)Who will consume the goods and services?
C)What goods and services should be produced?
D)How will the goods and services be produced?
Answers
Answer:
A) How to allocate resources in order to best satisfy the needs and wants of people.
Explanation:
None of the other answers matter if that isn't the starting question.
Answer:
How to allocate resources in order to best satisfy the needs and wants of people.
Explanation:
The amount of interest accrued is added to the note payable account and reported in the liabilities section of the balance sheet.
a. true
b. false
Answers
Communication response time must be faster than in the past to succeed in the modern workplace. please select the best answer from the choices provided t f
Answers
Based on current workplace trends, a faster communication time is needed to succeed so this is True.
What does the modern workplace require?The modern workplace is characterized by faster processes and the need to stay ahead of competitors.
As a result, it is required that communication response times should be faster in order to be successful.
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What is one purpose of writing a business plan before entering the market to prove that the new company will be successful to show that the enterprise is realistically based?
Answers
A business plan is a document that details a company's goals and how to achieve those goals. A business plan establishes a written roadmap for a company in terms of marketing, finance, and operations. Both start-ups and established companies use business plans.
One of the biggest mistakes business plans make is unrealistic financial projections. Assuming that a start-up will be profitable quickly is often a naive mistake made by budding entrepreneurs. Most start-ups should expect to be in the red for at least his first year in business.
A good business plan guides you through every step of starting and running your business. Use your business plan like a GPS to build, run, and grow new ventures. It's a way of thinking and detailing all the key elements of running a business.
A good business plan guides you through all the stages of starting and running your business. Use your business plan like a GPS to build, run, and grow new ventures. This allows you to ponder and detail all the important elements of your business.
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What will be the end result for the taxpayer who filed his federal income tax return.
Answers
If your federal gross income was $12,950 or more and you're under 65, you must submit a single status tax return. If your federal gross income was $14,700 or more and you are 65 years of age or older, you must file.
What is the status of federal filing?
Determines the tax rate applied to income. Head of household, married filing jointly, married filing separately, single, and qualified widow(er) with dependent child are the five filing statuses. A tax year is the 12-month period of time that a tax return covers. The tax year for people in the US is from January 1 to December 31 and includes taxes due on income earned during that time. The Where's My Return? feature is the easiest method to find out if you've received a tax refund. After receiving an e-filed return, taxpayers have 24 hours to start monitoring the status of their refund. After the return is processed and a refund is approved, the program also offers a customized refund date.
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Astume that in the market for good X, local government levies a per unit tax on suppliers. Over time, if the number of substitutes for good x decreases, then this affects the slope of good X s demand curve. Which statement is a true statement about the burden of this tax: a. the change in slope has no effect on the producer burden, but increases the consumer burden b. the change in slope has no effect on the producer burden, but decreases the consumer burden c. the change in slope decreases the consumer burden and increases the producer burden d. the change in slope increases the consumer burden and decreases the producer burden
Answers
The true statement is the change in slope increases the consumer burden and decreases the producer burden (option D)
What is the true option?Burden of tax refers to who pays for the tax that has been levied on a good or service.
The more elastic the demand for a good is, the more the burden of the tax would be borne by suppliers and the less elastic the demand for a good is, the more the burden of the tax would be borne by consumers.
When the supply of substitutes for good X declines, the demand for good X would increase and the demand for good X would become more inelastic. Thus, the burden of tax for the good can be shifted more to consumers.
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Selected information regarding a company's most recent quarter follows (all data in thousands). Ending work in process inventory $ 700 cost of goods manufactured $ 890 direct labor $ 400 direct materials used $ 230 beginning work in process inventory $ 310 what was manufacturing overhead for the quarter?
Answers
Answer:
27
Explanation:
68