Freedom Inc. has 40 employees within Denver City and County. All of the employees worked a predominant number of hours within the city. The employees earned $8.30 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay.
What is the employee and company Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)

Answer:

the employee and company Occupational Privilege Tax for these employees is $92.00 and $64.00 respectively

Explanation:

The computation of the  employee and company Occupational Privilege Tax for these employees is shown below:

The Total amount with held from employees is

= 16 × $5.75

= $92.00

And, the total amount to be paid by the employer is

=16 × $4.00

= $64.00

hence, the employee and company Occupational Privilege Tax for these employees is $92.00 and $64.00 respectively

The same is relevant

Businesses rarely consider profits when supplying goods and services.
True of False

Dixie Chicken is about to close one of its fast food franchises. As part of the closing, the firm will sell a refrigeration unit and its cooking units. The book value of the refrigeration unit is currently $18,203.00, while the book value of the cooking unit is $3,713.00. A buyer has offered $12,454.00 for the refrigerator and $6,116.00 for the cooking unit. The tax rate facing the firm is 35.00%. What is the cash flow from selling these assets

Presented below is a list of items that could be included in the intangible assets section of the balance sheet. Choose the items that meet the qualifications to be treated as an intangible asset on the balance sheet.
a. Unsuccessful legal defense costs of trademark
b. Legal costs in securing copyright
c. Purchased patent
d. Investment in subsidiary
e. Filing fees for patent
f. Purchase of a franchise
g. Successful legal defense costs for copyright
h. Research costs for new drug
i. Sale of a franchise
j. Internal development costs for patent
k. Purchased copyright
l. Initial training costs for startup of new business

Market Structure and Market Power
The marginal revenue curve of a firm with market power will always lie below its demand curve because of:_____.
a. the discount effect and the substitution effect.
b. the substitution effect and the income effect.
c. the output effect and the discount effect.
d. the output effect and the substitution effect.

Waterway Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6400000 on March 1, $5250000 on June 1, and $8650000 on December 31. Waterway Industries borrowed $3200000 on January 1 on a 5-year, 11% note to help finance construction of the building. In addition, the company had outstanding all year a 9%, 3-year, $6440000 note payable and an 10%, 4-year, $12550000 note payable.

Required:
What are the weighted-average accumulated expenditures?

The trial balance of G. Durler Company at the end of its fiscal year, August 31, 2008, includes these account: Merchandise Inventory $17,200; Purchases $149,000; Sales $190,000; Freight-in $4,000; Sales Returns and Allowances $3,000; Freight-out $1,000; and Purchases Returns and Allowances $2,000. The ending merchandise inventory is $25,000.
Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).

Required information: Analyzing income effects from eliminating departments.
Suresh Co. expects its five departments to yield the following income for next year.
Dept. M Dept. N Dept. O Dept. P Dept. T Total
Sales $66,000 $38,000 $59,000 $45,000 $31,000 $239,000
Expenses
Avoidable 11,300 38,200 23,300 15,500 40,500 128,800
Unavoidable 53,000 14,400 4,500 31,200 11,900 115,000
Total expenses 64,300 52,600 27,800 46,700 52,400 243,800
Net income (loss) $1,700 $(14,600) $31,200 $(1,700) $(21,400) $(4,800)
Re-compute and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios.
1) Management eliminates departments with sales dollars that are less than avoidable expenses.
2) Management eliminates departments with expected net losses.

It takes courage to kill a project, but sometimes you know it has to be done. Some common symptoms of a failing project are ill-defined initial requirements, constant changes in scope, excessive changes in resources and personnel, and extreme stress/tension over anticipated changes. Yet, a project may have followed the "book" and done everything right, but still need to be terminated. This was the case with a project in the U.K. where the client was highly committed to the project, contributing time, resources, and prompt decisions. The scope was clear, completion criteria agreed upon, the budget and timeframe acceptable to all. Early on, however, an unavoidable scope change had to be made, requiring a 20 percent increase in time and a 10 percent increase in cost, agreed to by the client. As the project approached the end of the fi rst phase, it was clear that the quality and schedule were both deteriorating, as indicated in progress reports to both the client and senior management. A quick review showed that the results were not going to be acceptable. With the agreement of the PM, an outside Expert was called in to review the effort to date and make a recommendation. Then a joint meeting was held with the Expert, the PM, the Program Manager, and the primary contractor where it was decided that the best thing to do was to work together to complete phase one and then terminate the project, with a clean handover to another team to tackle phase two. Although disappointing to everyone, the close and frequent communications of both progress and concerns throughout the project with upper management and the client, offered in timely, digestible amounts, reduced their expectations and protected the client from a surprise at the end. Honest, consistent communication throughout the project life cycle resulted in improved trust, integrity, and confi dence in the vendor and their team.

Required:
a. What are your thoughts about doing everything right and the project still failing?
b. Does the admonition "Never surprise the boss!" now make more sense? Why?
c. Do you think the scope change at the beginning was the problem here, or was there going to be a problem anyway?

On December 27, 2020, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefit of underprivileged children. Each ticket cost $125 and had a fair market value of $25. On the same day as the purchase, Roberta gave the tickets to the minister of her church for personal use by his family. At the time of the gift of the tickets, Roberta pledged $11,050 to the building fund of her church. The pledge was satisfied by a check dated December 31, 2020, but not mailed until January 3, 2021.

a. Presuming Roberta is a cash basis and calendar year taxpayer, she can deduct $_________ for the tickets and $____________ for the pledge as a charitable contribution for 2018.
b. Would the amount of the deduction be any different if Roberta were an accrual basis taxpayer?

g 2. Problems and Applications Q2 Indicate whether each of the following transactions represents an increase in net exports, a decrease in net exports, an increase in net capital outflow, or a decrease in net capital outflow for the United States. Transaction Net Exports Net Capital Outflow Increase Decrease Increase Decrease An American buys a Sony TV. An American buys a share of Sony stock. The Japanese car manufacturer Nissan builds a factory in Ohio. A German citizen buys an Apple computer.

he information systems department prides itself on being on the edge of high-tech course offerings. They were the first department to create online classes and the first to battle all of the issues associated with these offerings. When Wally interviewed for the new assistant professor position, he knew that his subcutaneous chip was only a hiring decision away. Corporate culture in this department is probably most affected by: The environment.

Units-of-activity Depreciation A truck acquired at a cost of $160,000 has an estimated residual value of $10,350, has an estimated useful life of 41,000 miles, and was driven 3,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3

Mr. and Mrs. Kim, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage that qualifies as acquisition debt, and both mortgages were incurred before December 15, 2017. This year, the mortgage holders provided the following information: Mortgage Interest Paid $ 45,000 26,300 Average Balance of Mortgage $ 969,800 361,000 Principal residence Vacation home
Compute Mr. and Mrs. Kim's qualified residence interest. (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
Qualified residence interest________

what is contract theory

Waterways has discovered that a small fitting it now manufactures at a cost of $1.00 per unit could be bought elsewhere for $0.83 per unit. Waterways has fixed costs of $0.20 per unit that cannot be eliminated by buying this unit. Waterways needs 474,000 of these units each year. If Waterways decides to buy rather than produce the small fitting, it can devote the machinery and labor to making a timing unit it now buys from another company. Waterways uses approximately 500 of these units each year. The cost of the unit is $13.26. To aid in the production of this unit, Waterways would need to purchase a new machine at a cost of $2,369, and the cost of producing the units would be $10.00 a unit. Without considering the possibility of making the timing unit, evaluate whether Waterways should buy or continue to make the small fitting. The company should (buy/Make) the fitting. Incremental cost / (savings) will be ____________$

In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $59,160, and the Purchasing Department had expenses of $20,680 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records:

Residential Commercial Government Contract
Sales $2,000,000 $3,250,000 $2,900,000

Weekly payroll (52 weeks per year) 400 250 150
Monthly payroll 80 30 10
Number of purchase requisitions per year 7,500 3,000 2,000

Required:
a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division.
b. Residential's service department charge is _______ than the other two divisions because Residential is a user of service department services. Residential has many employees on a weekly payroll, which translates into a ________ number of payroll transactions.

You have received a research report done by a consultant for your firm, a life insurance company. The study is a survey of morale in the home office and covers the opinions of about 500 secretaries and clerks plus about 100 executives. You are asked to comment on its quality.
What will you look for?

Flychucker Corporation is evaluating an extra dividend versus a share repurchase. In either case $14,000 would be spent. Current earnings are $2.00 per share, and the stock currently sells for $50 per share. There are 2,000 shares outstanding. Ignore taxes and other imperfections. a. Evaluate the two alternatives in terms of the effect on the price per share of the stock and shareholder wealth per share

XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized
Previous Year Current Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment $ 34,480 29,500 28,200 38,200 102,000 (30,400(25,200) 35,400 41,400 124,000 $204,880 $172,700 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $ 36,400 1,280 39,800 89,800 37,600 27,200 1,500 46,000 72,800 25,200 $204,880 $172,700 Income Statement Sales Revenue Cost of Goods Sold Other Expenses $122,000 71,000 38,600 Net Income $ 12,400 Additional Data
a. Bought equipment for cash, $22,000
b. Paid $6,200 on the long-term note payable
c. Issued new shares of stock for $17,000 cash
d. No dividends were declared or paid
e. Other expenses included depreciation, $5,200; Salaries and wages, $20,200; taxes, $6,200; utilities, $7,000
f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.
Required:Prepare the statement of cash flows for the current year ended December 31 using the indirect method.

The following wordy, inefficient, and disorganized e-mail message invites department managers to three interviewing sessions to select student interns. However, to be effective, this message desperately needs a radical rewrite.

Your Task. Study the e-mail message and the list of ten weaknesses below the message. Then revise the message to correct each weakness. You revision needs to condense this sloppy 14-sentence message into 6 efficient sentences plus a list, and convey all the necessary information. Make all of your corrections directly to the message.

To: Management Staff
From: Nathan Weintraub

Subject: Interns
Staff:

As you may be aware, we have for the past year been considering changing our approach to interns. Your management council recently made a decision to offer compensation to the interns in our internship program because we learned that in two fields (computer science and information systems) interns are usually paid, which is the norm. However, we will be unable to offer any more than three internships.

In collaboration with our nearby college, we have narrowed the field to six excellent candidates. These six candidates will be interviewed. This is to inform you that you are required to attend three interviewing sessions for these student candidates. Your presence is needed at these sessions to help us avoid making poor selections.

You should mark your calendars for the following three times. We are scheduling the first set of interviews for April 5 to meet in the conference room. Please examine all the candidates’ résumés, which are attached, and send me your ranking lists.

The second interviewing session is scheduled for April 8 in Office 22 (the conference room was already scheduled). On April 11 we can finish up in the conference room. All of the meetings will start at 2 p.m. In view of the fact that your projects need fresh ideas and talented new team members, I should not have to urge you to attend and be well prepared.

Nathan Weintraub
Director, Human Resources

1. Does not provide a helpful subject line.
2. Starts indirectly with an explanation instead of the main idea: scheduling interviews.
3. Fails to develop reader benefits, such as explaining why the readers should be interested.
4. Sounds negative (unable to offer; avoid making poor selections; should not have to urge you).
5. Buries a verb (made a decision instead of decided).
6. Has a long lead-in (This is to inform you that).
7. Suffers from flabby expression (in view of the fact that), other wordiness, repetition, and a demanding tone.
8. Fails to make the interview dates and rooms highly readable with a list.
9. Inserts request (send me your ranking lists) in the middle of a paragraph instead of at the end of the message where action items should go.
10. Does not include an end date and reason for returning the ranking lists.

Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the warranty work is completed. At December 31, 2021, Lance has a warranty liability of $2 million and taxable income of $75 million. At December 31, 2020, Lance reported a deferred tax asset of $435,000 related to this difference in reporting warranties, its only temporary difference. The enacted tax rate is 25% each year.
Required:
Prepare the appropriate journal entry to record Lance.

a. Describe an important decision in your academic or personal life that you will have to make in the near future.
b. Using the five-step decision-making approach , analyze your decision and conclude with your "best" choice.

The Brite Beverage Company bottles soft drinks into aluminum cans. The manufacturing process consists of three activities:

Mixing: water, sugar, and beverage concentrate are mixed.
Filling: mixed beverage is filled into 12-oz. cans.
Packaging: properly filled cans are boxed into cardboard "fridge packs."
The activity costs associated with these activities for the period are as follows:

Mixing $286,000
Filling 253,500
Packaging 110,500
Total $650,000

The activity costs do not include materials costs, which are ignored for this analysis. Each can is expected to contain 12 ounces of beverage. Thus, after being filled, each can is automatically weighed. If a can is too light, it is rejected, or "kicked," from the filling line prior to being packaged. The primary cause of kicks is heat expansion. With heat expansion, the beverage overflows during filling, resulting in underweight cans. This process begins by mixing and filling 6,760,000 cans during the period, of which only 6,500,000 cans are actually packaged. 260,000 cans are rejected due to underweight kicks. A process improvement team has determined that cooling the cans prior to filling them will reduce the amount of overflows due to expansion. After this improvement, the number of kicks is expected to decline from 260,000 cans to 65,000 cans, thus increasing the number of filled cans to 6,695,000 [6,500,000 (260,000 - 65,000)].

Required:
a. Determine the total activity cost per packaged can under present operations.
b. Determine the amount of increased packaging activity costs from the expected improvements.
c. Determine the expected total activity cost per packaged can after improvements.

A company prints proceedings books for a trade show that are sold to attendees for $10 per book. The books cost the company $2 per book to make. Any books left over at the end of the trade show can be sold to a local paper mill for $0.50 each, but it costs the printing company $0.25 per book to haul them to the paper mill. What are the underage and overage costs for the books

Sheridan Company has 7500 shares of 5%, $100 par value, cumulative preferred stock and 15000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2018. The board of directors declares and pays a $71250 dividend in 2019 and in 2020. What is the amount of dividends received by the common stockholders in 2020

Vaughn Manufacturing purchased land as a factory site for $1345000. Vaughn paid $116000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5500 were paid for title investigation and making the purchase. Architect's fees were $46900. Title insurance cost $3900, and liability insurance during construction cost $4200. Excavation cost $15860. The contractor was paid $4300000. An assessment made by the city for pavement was $9500. Interest costs during construction were $260000.
1. The cost of the land that should be recorded by Wilson Co. is:_____.
a. $989,880.
b. $980,480.
c $996,280.
d. $986,880.
2. The cost of the building should be recorded by Wilson Co. is:_____.
a. 2,804,840.
b. 2,813,200.
c. 2,803,800.
d. 3,014,240.

Suppose Dina gets a sales bonus at her place of work that gives her an extra $800 of disposable income. She chooses to spend $600 and save the remaining $200. From this, you can tell that Dina's marginal propensity to consume (MPC) is , and her marginal propensity to save (MPS) is . Mathematically, it must always be true that: Disposable Income = Therefore, it must also be true that: 1 =

Southern Atlantic Distributors began operations in January 2021 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 45% of cost in 2021, 30% in 2022, and 25% in 2023. Pretax accounting income for 2021 was $460,000, which includes interest revenue of $68,000 from municipal governmental bonds. The enacted tax rate is 25%.
Assuming no differences between accounting income and taxable income other than those described above:
Required:
1. Complete the following table given below and prepare the journal entry to record income taxes in 2021.
2. What is Southern Atlantic’s 2021 net income?

The information in the table is from the statement of cash flows for a company at four different points in time (M, N, O, and P). Negative values are presented in parentheses.
For each point in time, state whether the company is most likely in the introductory phase, growth phase, maturity phase, or decline phase.
Point in Time
M N O P
Net cash provided by
operating activities $(60,000) $30,000 $120,000 $(10,000)
Cash provided by
investing activities (100,000) 25,000 30,000 (40,000)
Cash provided by
financing activities 70,000 (90,000) (50,000) 120,000
Net income (38,000) 10,000 100,000 (5,000)

Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, $20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.

Required:
Prepare the stockholders’ equity section of the balance sheet for Stahl Company.