QUESTION 17 ABC Corporation reported the following information for the month of August: • Cost of Goods sold $1,500 • Wage Expense $2,700 • Purchase of equipment = $3,700 • Depreciation expense $75 • Other operating expenses = $325 • Purchase of inventory $1,200 • Net income $250 Assuming that no other items affected Perkins Company's income statement, what was the company's revenue for August? (Enter your answer in numeric digits only, no dollar sign or commas.)

Q: Can you make the answer of number 5 a well-explained or thoroughly explained?

A: The coefficient of variation is a statistical tool that measures the risk level by considering the…

Q: Why would it

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: What does "FMS option" imply exactly?

A: The term "US government program" refers to any initiative, policy, or project implemented by the…

Q: requirements

A: These are the following- 1. Such risks must be statistically predictable- This is one of the major…

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A: T Accounts    1. Cash Account Particular Debit Particular Credit         To capital A/c…

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Q: What does the disclosure principle require?

A:

Q: What does PFMA stand for?

A: Solution- PFMS [Public Financial Management System] PFMS stands for Public financial Management…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: What is the answer to part b? Is it -1245? Is the sign negative or positive?

A: The inventory valuation includes two methods named as FIFO (First in First Out) and LIFO (Last in…

Q: What is the Rule of 72? How is knowing this concept helpful to you?

A: The Rule of 72 is a simple way to determine how long an investment will take to double given a fixed…

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A: Projected Benefit Obligation:   It is a pension concept in accounting as it is the present value of…

Q: FMS option

A: Options are called financial derivatives that provide buyers with the right, but not the obligation,…

Q: 7. How would you define transaction exposure? How is it different from economic exposure?

A: Exposure refers to the degree to which an individual or entity is subject to a particular risk or…

Q: Why option A is incorrect?

A: revenue is generated by the business whenever  goods or services are sold by the business.this leads…

Q: What does the CF stand for?

A: Solution:- Mean, median and mode are measures of averages of data.

Q: When is independence required?

A:

Q: What’s the AMT, and what is its purpose?

A: The main purpose of AMT is to set a limitation on the tax payers who may be making use of the excess…

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A: The pandemic issue has caused in an increase in breach of contract processes worldwide,…

Q: why would it not be option A

A: The T1 personal tax return is the tax return form required to be filed by all taxpayers in Canada.…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.