In its Year 2 income statement, what amount should Shin report as total income tax expense? 3. (TCO B) Justification for the method of determining periodic deferred tax expense is based on the concept of: 4. (TCO B) In Year 2, Ajax, Inc. reported taxable income of $400,000 and pretax financial statement income of $300,000. The difference resulted from $60,000 of nondeductible premiums on Ajax's officers' life insurance and $40,000 of rental income received in advance.
BUSN602 Midterm Exam Set 2 Click Link Below To Buy: http://hwcampus.com/shop/busn602-midterm-exam-2/ Return to Assessment List Part 1 of 1 - 100.0 Points Question 1 of 20 5.0 Points Jill Clinton puts $1,000 in a savings passbook that pays 4% compounded quarterly. How much will she have in her account after five years? A.$1,200.50 B.$1,220.20 C.$1,174.80 D.$1,217.50 Question 2 of 20 5.0 Points An increase in inflation should: A.increase the demand for loanable funds B.decrease the interest rate on loans C.increase the interest rate on loans D.none of the above Question 3 of 20 5.0 Points Economists use a ___________________ framework to explain
b) Assuming the government collected $43 million in cigarette tax revenue last year. If the average price of a pack of cigarettes is $2.50, calculate how much of an effect this tax increase will have on (1) quantity of cigarettes consumed and (2) cigarette tax revenue. 6. Sony cut the price of its 42” HDTV plasma TV from $3000 in the first quarter of 2005 to $2500 in the second quarter. Sales increased from 25,000 to 30,000 a) Based on this information, what is your best estimate of the price elasticity of demand?
Week 2 Practice Question Solutions EXERCISE 4-8 (15–20 minutes) (a) Net sales $ 540,000 Cost of goods sold (210,000) Administrative expenses (100,000) Selling expenses (80,000) Discontinued operations-loss (40,000) Income before income tax 110,000 Income tax ($110,000 X .30) 33,000 Net income $ 77,000 (b) Income from continuing operations before income tax $150,000* Income tax ($150,000 X .30) 45,000 Income from continuing operations 105,000 Discontinued operations, less applicable income tax of $12,000 (28,000) Net income $ 77,000 *$110,000 + $40,000 Earnings per share: Income from continuing operations
Normal Cost of Trade Credit = [Discount percentage/(100-Discount percentage)]*[365days/(credit outstanding-Discount Period)] Normal Cost of trade credit = (3/97)*(365/30) = 37.63% Question 6. Your supplier offers terms of 1/10, Net 45. What is the effective annual cost of trade credit if you choose to forgo the discount and pay on day 45? Normal Cost of Trade Credit = [Discount percentage/(100-Discount percentage)]*[365days/(credit outstanding-Discount Period)] Normal Cost of trade credit = (1/99)*(365/45) = 8.19% Question 10. The Manana Corporation had sales of $60 million this year.
If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be 22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a 23) Dobler Company uses a periodic inventory system. Details for the inventory account for the Units Per unit price Total Balance, 1/1/2012 200 $5.00 $1,000 Purchase, 1/15/2012 100 5.3 530 Purchase, 1/28/2012 100 5.5
1. Branch Corp's total assets at the end of last year were $315,000 and its net income after taxes was $22,750. What was its return on total assets? (Points : 6) 7.22% 7.58% 7.96% 8.36% 8.78% 2. Nikko Corp's total common equity at the end of last year was $305,000 and its net income after taxes was $60,000.
What is Betty's consumer surplus, given that she only pays the Flat fee of $50 per month? Economics 203: Intermediate Microeconomics I Instructor: Dr. Donna Feir University of Victoria Fall 2013 Question 4: Page 528‐529 in Old Text and Page 582 in New Text, Problem 1, 2, and 3 (they go together).. Question 5: Page 528‐529 in Old Text and Page 582 in New Text, Problem 6 – Identify the entire contract curve as well as the Core. Question 6: Sketch a typical consumption contract curve in an Edgeworth box for Ada (A) and Bob (B). The two products are apples and tents.
Assume Ken’s modified adjusted gross income for purposes of the bond interest exclusion and for determining the taxability of his Social Security benefits is $70,000 and that Ken files as a single taxpayer. Determine Ken’s 2009 gross income. Solution: Ken’s Gross Income for 2009 is $58,000 Description | Amount | a. Rare gambling winnings | $1,200 | b. Income from sale of stock | $1,000 | c. Income gain from annuity | $14,500 | d. Social Security | $11,050 | f. Scholarship | $200 | h. State taxes refund | $50 | i.
| | Instructor Explanation: | Chapter 38. | | | | Points Received: | 1 of 1 | | Comments: | | | | 6. | Question : | (TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra. Assume that a system of freely floating exchange rates is in place. (1)Quantity of Libras Demanded (billions) | (2)Dollar Price of Libras | (3)Quantity of Libras Supplied (billions) | 100200300400 | $5432 | 32520010075 | The equilibrium dollar price of libras is | | | Student Answer: | | $5.