Carol pays a county personal property tax on her automobile of $1,500. The $1,500includes $700 based on the weight of the car and $800 based on the value of thecar. How much of the tax can Carol deduct on her tax return?$800$1,500$700$0

Basic Concept of Direct and indirect tax

Answered: $800 $1,500 $700 $0

Business

Accounting

$800 $1,500 $700 $0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accenting Loss before tax ADD LESS 600100 Dep Expense 60010 ENTERTAINMENT Total Depr 11 Tax losss carry forwarding 100.00 500.00 200.00 (305,600.00) 600.00 200.00 (305,200.00) 20% (61,040.00)
The following accounts are from last year's books of Sharp Manufacturing: Balance (a) Balance (f) (g) Debit Debit Debit Raw Materials. 0 (b) 164,500 10,300 Finished Goods 0 (g) 510,800 49,800 Cost of Goods Sold 461,000 Credit Credit Credit 154,200 Balance (b) (c) (e) 461,000 (b) (c) (d) Debit Debit Work In Process 0 (f) 132,100 168,200 210,500 0 Manufacturing Overhead 22,100 (e) 26,100 156,200 Credit Credit 510,800 210,500 6,100 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year?
Fabrick Company's quality cost report is to be based on the following data: Lost sales due to poor quality Quality data gathering, analysis, and reporting Net cost of spoilage Re-entering data because of keying errors Test and inspection of in-process goods Final product testing and inspection Statistical process control activities Returns arising from quality problems Downtime caused by quality problems What would be the total external failure cost appearing on the quality cost report? $ 15,600 $ 66,900 $ 59,500 $ 26,100 $ 15,800 $ 40,000 $ 40,600 $ 39,400 $ 63,800
Barsness Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for November. Fixed Element Variable Element per Actual Total for per Month Well Serviced November Revenue $4,400 $190, 100 Employee salaries and wages $56,800 $103,400 $ 29,800 $ 35,300 $1,100 Servicing materials $ 700 Other expenses $34,800 When the company prepared its planning budget at the beginning of November, it assumed that 39 wells would have been serviced. However, 43 wells were actually serviced during November. The amount shown for “Other expenses" in the planning budget for November would have been closest to:
Tax Rate Single 10% up to $9275 15% $9276 to $37,650 25% $37,651 to $91,150 28% $91,151 to $190,150 33% $190,151 to $413,350 35% $413,351 to $415,050 39.6% more than $415,050 Standard Deduction $6300 Exemptions (per person) $4050 You would like to have $550,000 in 39 years by making regular deposits at the end of each month in an annuity that pays 6% compounded monthly. The table below shows the 2016 marginal tax rates, standard deduction, and exemptions for a single person. Complete parts (a) through (c). a. Determine the deposit at the end of each month. In order to have 550,000 in 39 years, you should deposit ____ each month. (Round up to the nearest dollar.) b. Assume that the annuity in part (a) is a tax-deferred IRA belonging to a man whose gross income in 2005 was $52,000. Use the table on the left to calculate his 2005 taxes first with and then without the IRA. Assume the man…
Neelon Corporation has two divisions: Southern Division and Northern Division. The following data are for the most recent operating period: Southern Northern Division Division $ 212,300 $ 129,400 $ 72,182 $ 46,584 $70,300 $ 98,100 $ 42,460 $ 25,880 Total Company $ 341,700 $ 118,766 $ 168,400 $ 68,340 Sales Variable expenses Traceable fixed expenses Common fixed expense The common fixed expenses have been allocated to the divisions on the basis of sales. The Northern Division's break-even sales is closest to:
Snavely, Incorporated, manufactures and sells two products: Product E1 and Product A7. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Product E1 Product A7 Total direct labor-hours Product E1 Product A7 The direct labor rate is $24.10 per DLH. The direct materials cost per unit for each product is given below: Direct Materials Cost per Unit $ 282.00 $ 204.00 Activity Cost Pools Labor-related Machine setups Order size Expected Production 900 600 The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Direct Labor- Total Direct Hours Per Unit Labor-Hours 1,800 2.0 1.0 600 2,400 Activity Measures DLHs setups MHS Estimated Overhead Cost $ 132,400 62,430 976,450 $ 1,171,280 Expected Activity Product E1 Product A7 1,800 1,000 3,700 600 600 3,400 Total 2,400 1,600 7,100 The total overhead applied to Product E1 under…
20Y8 2ΟΥ7 20Y6 20Y5 Net income 20Y4 $1,120,400 $965,900 $811,700 Interest expense $693,800 $588,000 380,900 347,700 300,300 229,000 Income tax expense 182,300 358,528 270,452 227,276 180,388 141,120 Total assets (ending balance) 6,308,280 6,633,962 4,788,646 4,965,740 3,765,686 Total stockholders' equity (ending balance) 2,021,243 2,424,789 1,550,109 1,918,695 1,151,217 Average total assets 6,471,121 5,711,304 4,877,193 4,138,117 3,517,352 Average stockholders' equity 2,223,016 1,987,449 1,734,402 1,534,956 You have been asked to evaluate the historical performance of the company over the last five years. 1,342,466 Selected industry ratios have remained relatively steady at the following levels for the last five years: 20Y4-20Y8 Return on total assets 22.9% Return on stockholders' equity 47.2% Times interest earned 4.6 Ratio of liabilities to stockholders' equity 2.1 Required: 1. Determine the following for the years 20Y4 through 20Y8. Round to one decimal place: a. Return on total…
Chapter 9 Question 7 Please help me with finding an answer and provide a full explanation.
Based on the following data, what is the amount of working capital? Accounts payable $ 70400 Accounts receivable 125400 Cash 77000 Intangible assets 110000 Inventory 151800 Long-term investments 176000 Long-term liabilities 220000 Short-term investments 88000 Notes payable (short-term) 61600 Property, plant, and equipment 1474000 Prepaid insurance 2200
Fabrick Company's quality cost report is to be based on the following data: Lost sales due to poor quality Quality data gathering, analysis, and reporting Net cost of spoilage Re-entering data because of keying errors Test and inspection of in-process goods Final product testing and inspection Statistical process control activities Returns arising from quality problems Downtime caused by quality problems What would be the total appraisal cost appearing on the quality cost report? $ 15,200 $ 64,700 $ 68,300 $ 20,700 $ 19,500 $ 43,800 $36,300 $ 33,100 $ 65,000
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