Giovanni earns a $100 bonus on each computer he sells plus a salary of $50,000. His total income last year was $75,000. How many computers did he sell
Q: Mr. Smith has had a very good year. It is early November, and he wants to ensure he sets enough…
A: Computation of following information of Mr. Smith's is as follows:Mr. Smith's works several jobs, He…
Q: Steven John owns a cab for which he purchased a Rs. 18,000 operating licence two years ago. Mr. John…
A: The potential cost of owning and maintaining an independent firm, as well as descriptive and…
Q: Mr Ramu is a chief operating office of the company and being paid a salary of RM15,625 per month.…
A: Remuneration package is provided to the employees for their work in the organisation, it includes…
Q: Seiko's current salary is $98,500. Her marginal tax rate is 32 percent and she fancies European…
A: Solution- Particulars Salary at idaho office supply inc Car Dealer offer Seikos salary…
Q: Alex makes $80,000 per year and pays about 30% of his gross monthly income in federal and state…
A: Federal and state tax are the mandatory deductions from the income. Income left after tax will be…
Q: Jenna borrows $20,000 to remodel her kitchen. She makes monthly payments of $400 for six years. What…
A: Cost of Loan will be total payment made minus amount of loan taken
Q: Molly purchased a franchise agreement to distribute electronic gadgets for 8 years. The agreement…
A: IRR is the rate at which the NPV of a project will become 0. A project can be accepted if the IRR is…
Q: Irish paid a monthly salary of 15,000.00 and earn a commission of 3% in sales. If she sold a monthly…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Jim has an annual income of $300,000. Jim is looking to buy a house with monthly property taxes of…
A: Here, To Find: Maximum monthly mortgage payment =?
Q: Jackie knows that if she didn’t run her own business, she could return to her previous job at a…
A: a) Jackie owns and operates a website design business. In order to break even fixed cost must equal…
Q: Manuel is paid $205 each day he guides tourists on camping trips in the Grand Canyon. What amount…
A: Formula: Total earnings = Number of days worked x Per day amount. Multiplying per day amount with…
Q: Russel purchased a brand new car. He paid a P250,000 down payment and P16,500 payable every 17th day…
A: The present value is the value of the sum received at time 0. It is the current value of the sum…
Q: Gomez runs a small pottery firm. He hires one helper at $15,500 per year, pays annual rent of $5,500…
A: Accounting profit is different from Economic profit. Accounting profit is calculated by deducting…
Q: Mike Smith just turned 16 years old. He wishes to buy a used car in one year, and he is willing to…
A: The value of money changes with time. Therefore, the time value of money considers the money…
Q: 2. Rona works for a company that pays him a basic monthly salary of 120 000 plus 6.5% commission on…
A: Lets understand the basics. For calculating gross pay, we need to use below formula. Gross pay =…
Q: Seiko's current salary is $98,500. Her marginal tax rate is 32% and she fancies European sports…
A: After tax cost to company is calculated by applying the corporate tax rate on the salaries expense…
Q: What is the dollar amount of the tax credit
A: A tax credit refers to a dollar for dollar reduction of the income tax owed.
Q: The owners of a small manufacturing concern have hired a vice president to run the company with the…
A: Given, The compensation of the new vice president:First $150,000 profit=Flat salary plus 75% of the…
Q: Hillary sells cosmetics from her part time home based business. she receives a straight commission…
A: Often companies do not sell their own products directly. Instead they use third parties as…
Q: Harvey quit his job where he earned $45,000 a year. He figures his entrepreneurial talent or…
A: Given that Firm sold 11000 units of software at $75 each unit since: Total Revenue= Quantity×Per…
Q: Donald operates an accounting firm and has an annual summer party for the employees and their…
A: As per IRS, Only 50% of the Food Cost is tax deductible.
Q: Mr. Smith has had a very good year. It is early November, and he wants to ensure he sets enough…
A: Income tax is the part of income which is paid to the government and is mainly dependent on the…
Q: Jackson pays $2200 Mortgage Payment, $400 Property tax, $250 Maintenance fees, $100 Heating, $200…
A: GDS or Gross Debt Service is a metrics used by lender to assess the proportion of housing debt that…
Q: Cook is a teacher. His job at a boarding school requires him to live in a house in the school…
A: Tax is the amount which an individual or business is liable to pay the government for business…
Q: .Link wants to make $100,000 after tax on his new venture into selling pizza-on-a-stick, using a…
A: ANSWER 1. Point of indifference is the level of volume at which total costs of two…
Q: George used to work as a research analyst earning $80,000 per year. George has decided that he has…
A: Accounting profits only includes explicit costs such as material, labor, overheads, which are…
Q: A salesman earns a salary of $2000 per month plus 4% of all sales he make. The salesman make $25000…
A: Formula: Total Income = Salary + Bonus Sum of both salary and bonus derives the total income per…
Q: To purchase $11,500 worth of lab equipment for his business, Deon made a down payment of $1500 and…
A: The loan is the sum of money borrowed by the borrower from the lender, where the borrower agrees to…
Q: On January 1, Pete Rowe bought a ski chalet for $51,000. Pete is renting the chalet for $55 per…
A: Part a: Calculation of return on investment: Explanation: Rent of chalet for 190 nights=Rent of…
Q: You own a house that you rent for $1,700 per month. The maintenance expenses on the house average…
A:
Q: A small business owner made $ 30,000 the first year he owned his store and made an additional 8%…
A: Compounding is the ability of an asset to generate earnings, which are then reinvested or remain…
Q: Jim has an annual income of $300,000. Jim is looking to buy a house with monthly property taxes of…
A: Let the monthly mortgage = X Monthly property tax = $1200 Monthly homeowner's insurance = $300…
Q: Henri quit his job as a teacher earning AUD 70,000 per year to start his own food kiosk business. To…
A: Economic profit The calculation of economic profit is some what difference in the calculation of…
Q: Maddy works at Burgers R Us. Her boss tells her that if she stays with the company for five years,…
A: Present value: It can be defined as the current or today’s value of the series of cash flows that…
Q: Emily Lim owns and runs an ice cream parlor in San Diego. Last year, she had sales of $530,000 and…
A: EBIT = Sales - total operating expenses Operating expenses will include all expenses except interest…
Q: Jeremy worked at a bank with a monthly salary of $1,500. He decided to quit his job and open a…
A: Monthly total revenue denotes the value of sales made by the company during a month. Account profit…
Q: Gomez runs a small pottery firm. He hires one helper at $13,000 per year, pays annual rent of $5,500…
A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…
Q: Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a…
A: The company will record each and every day-to-day transactions occurring during the operations of…
Q: Mr. Smith has had a very good year. It is early November, and he wants to ensure he sets enough…
A: Gross income:
Q: Seiko’s current salary is $124,500. Her marginal tax rate is 32 percent and she fancies European…
A: Before-tax salary refers to the amount of money earned by an entity or an individual which is…
Q: Carrie Haute buys a fast-food restaurant for $500,000. She is very successfuland sells the business…
A: Given information: Future value is $1,375,000 Present value is $500,000 Number of years is 6
Q: Charlotte has just finished her MBA and started a career in banking investment, she wanted to have a…
A: Loan: It is the amount that is given to the borrower by the lender. In return, the borrower pays the…
Q: Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000…
A: The Explicit Cost is defined as the cost which is incurred outside the business, that is, something…
Q: Harvey quit his job at State University, where he earned $62,000 a year. He figures his…
A: Implicit cost is the cost that has been incurred but not yet reported as separate expense.
Q: Sebastian sells cars for a living. Each month, he earns $1,400.00$1,400.00 of base pay, plus…
A: Formula: Total Income = Base pay + commission from sales. Sales commission: Its a incentive to be…
Q: A professional photographer who specializes in wedding-related activities paid $51,000 for equipment…
A: Given Information : Equipment - $51,000 Salvage value - $2,000 after 5 years Costs associated with…
Q: Fiona has a four-year contract to sell coffee in a local office building. After two years in…
A: The amount that Kurt should be paying today should not exceed the present value of all the future…
Step by step
Solved in 2 steps
- During the last five months of the year, Dwana opens a new Internet telecommunications business called Dwan-Com. Dwan-Com bills 50,000 of revenues, but receives only 40,000 cash. Dwan-Com incurs 3,000 of supply expenses, and 41,000 of labor costs. Dwan-Com pays for 2,200 of the supplies and 38,000 of the labor costs in the current year. a. What is Dwan-Coms taxable income if it elects the cash method of accounting? b. What is Dwan-Coms taxable income if it elects the accrual method of accounting? c. What method of accounting do you recommend that Dwan-Com elect?Hassad owns a rental house on Lake Tahoe. He uses a real estate firm to screen prospective renters, but he makes the final decision on all rentals. He also is responsible for setting the weekly rental price of the house. During the current year, the house rents for 1,500 per week. Hassad pays a commission of 150 and a cleaning fee of 75 for each week the property is rented. During the current year, he incurs the following additional expenses related to the property: a. What is the proper tax treatment if Hassad rents the house for only 1 week (7 days) and uses it 50 days for personal purposes? b. What is the proper tax treatment if Hassad rents the house for 8 weeks (56 days) and uses it 44 days for personal purposes? c. What is the proper tax treatment if Hassad rents the house for 25 weeks (175 days) and uses it 15 days for personal purposes?Sam Smith is currently employed as a mechanical engineer and is paid$65,000 per year plus benefits that are equal to 30 percent of his salary. Sam wants to begin a consulting firm and decides to leave his current job.After his first year in business, Sam’s accountant informs him that he hasmade $45,000 with his consulting business. Sam also notices that he paid$6,000 for a health insurance policy, which was his total benefit during hisfirst year. What was Sam’s opportunity cost?
- David is paid a monthly salary of 12,000 and earn a commission of 4% in sale. If he sold the total amount of 80,000 during the month how much is the gross payPolly purchased a car. She paid ₱250,000 as down payment, and ₱15,000 payable at the beginning of each month for 48 months. If money is worth 12% compounded monthly, what is the equivalent cash price of the car?Sandra earns $21,000 in employment income in 2020 and her spouse Susan earns$18,000. They have two children: Mike, who is 5 years old, and Eric, who is 9 yearsold. They spent $2,500 on after school care from 3:30 - 5:30 each day, since theywork until 5:30, and they also sent Eric to a 2-week biking training camp for $1,000where he stayed overnight in cabins.Calculate the maximum child care expense deduction the family can take.
- Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%. How much will he receive if his earnings are based on commission alone?Kiki bought a computer for Rp. 8,000,000, -. If he bought itWith credit, he must prepare advance money and be able to pay the rest byInstallments every month for 9 months with 24% interest. If he wants biginstallments per month are exactly Rp. 800,000, - according to his income, how much advance money that he must prepare.Seiko's current salary is $85,500. Her marginal tax rate is 32 percent, and she fancies European sports cars. She purchases a new auto each year. Seiko is currently a manager for Idaho Office Supply. Her friend, knowing of her interest in sports cars, tells her about a manager position at the local BMW and Porsche dealer. The new position pays $74,400 per year, but it allows employees to purchase one new car per year at a discount of $18,400. This discount qualifies as a nontaxable fringe benefit. In an effort to keep Seiko as an employee, Idaho Office Supply offers her a $14,200 raise. Answer the following questions about this analysis. Required: What is the annual after-tax cost to Idaho Office Supply if it provides Seiko with the $14,200 increase in salary? Note: Ignore payroll taxes. b-1. Financially, which offer is better for Seiko on an after-tax basis? b-2. By how much is the offer better for Seiko on an after tax basis? (Assume that Seiko is going to purchase the new car…
- Sam was offered a job as an engineer on an oil rig in the Gulf of Mexico. His annual salary was $70,000 and he was provided room and board on the rig (for the employer's convenience) worth $30,000 per year. His W2 will show $100,000 in wages for his yearly earnings. True or FalseSeiko's current salary is $87,500. Her marginal tax rate is 32 percent, and she fancies European sports cars. She purchases a new auto each year. Seiko is currently a manager for Idaho Office Supply. Her friend, knowing of her interest in sports cars, tells her about a manager position at the local BMW and Porsche dealer. The new position pays $73,900 per year, but it allows employees to purchase one new car per year at a discount of $23,400. This discount qualifies as a nontaxable fringe benefit. In an effort to keep Seiko as an employee, Idaho Office Supply offers her a $17,800 raise. Answer the following questions about this analysis. What is the annual after-tax cost to Idaho Office Supply if it provides Seiko with the $17,800 increase in salary? Note: Ignore payroll taxes. b-1. Financially, which offer is better for Seiko on an after-tax basis? b-2. By how much is the offer better for Seiko on an after tax basis? (Assume that Seiko is going to purchase the new car whether she…Gene bought a living room suite for 85,000 pesos. He agreed to pay in 5 months at 12% simple interest. How much will he pay for the furniture?