5. Minh Vo Restaurant recorded food and drink sales of $500 000 for the financial year. The expenses amounted to $300 000, the owners withdrew $100 000 for personal use and the business purchased a new hi-tech commercial oven for $35 000. What was the restaurant's profit for the financial year? A. $200 000 B. $500 000 C. $100 000 D. $165 000
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- 8. A company pays one of its employees $800 per week. How much is the amount withheld from his pay for Social Security taxes? Group of answer choices A.$49.60 B.$11.60 C.$61.20 D.$34.52 9.Squeaky Clean laundromat purchased $6,000 worth of washing machines which are expected to last for 5 years, at which time they will have a trade-in value of $1,000. Calculate the annual depreciation using the straight line depreciation method. Group of answer choices A.$1,200 B.$1,150 C.$1,000 D.$950 10. On July 1, 2017, a company purchased a delivery van for $32,000. In five years, when they trade in the van, they will receive $3,000 toward the purchase of the next model. Using the straight-line method of depreciation, how much will they be allowed to depreciate during the first year? Group of answer choices A.$6,400 B.$5,800 C.$3,200 D.$2,900 ABC Company purchased a $65,000 piece of equipment which had an expected life of 10 years and a scrap value…Paula bought a new flotation tank for $8,000. She must pay 5% sales tax and 7% excise tax. The company is shipping the tank, so Paula must also pay a $15 insurance charge. What's the total purchase price of the tank? A. $8,560 B. $8,400 C. $8,975 D. $8,9604. Alan Lewis purchased a new computer for his office using the store's installment credit plan. The computer cost $5,991.64. He made a 40% down payment. 4a. What is the down payment? 4b. What is the amount financed? 5. Melvin Annijo purchased new carpet for $1,498.96; laminated flooring for $2,365.45; kitchen cabinets for $7,864.44; and a countertop for $936.12. The Home Supply credit plan requires a 15% down payment. 5a. What is the total amount of the purchases? 5b. What is the down payment? 5c. What is the amount financed? 6. Amanda and Charles Mercer want to remodel their coffee shop. They would like to finance part of the cost but do not want the amount financed to be more than $10,000. The total cost of remodeling the shop is $13,480. 6a. Determine how much they need for a down payment 6b. Will a 25% down payment be enough?
- 6. Last year Bill Bailey quit his $20,000 per year job and invested $200,000 to open the Bargain Bonanzas. This year he sold for $600,000 merchandise he bought for $400,000. He paid his sales clerks $50,000. Bill could have earned 10 percent interest on other investments. This year, Bill's: a. accounting and economic profit were both $150,000 b. economic loss was d. economic profit was $220,000 less than his accounting profitPlease show your solution in good accounting form. Thank you! JINN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…Glam company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1a. What is the premium expense for the current year? a. 1,650,000 b. 2,025,000 c. 4,550,000 d. 6,075,000 1b. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000
- Toys Co. started a new promotional program. For every 10 box tops returned, customers receive a basketball. The entity estimated that only 60% of the box tops reaching the market would be redeemed. Sales of products 100,000 units for P 30,000,000 Basketballs purchased 5,500 units for P 4,125,000 Basketballs distributed 4,000 units . What is the premium expense for the year? ______ What is the amount of year -end estimated liability associated with this promotion? ________ respectively * A.4,125,000 and 3,000,000 B.7,500,000 and 4,500,000 C.4,500,000 and 1,500,000 D.1,500,000 and 1,500,000 E.4,500,000 and 4,125,000Please show the solution in good accounting form. Thank you! Dominic Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…5. A sales manager has 30 representatives. She receives a commission of 20% from her own sales and 5% override. During the month of January, she made sales amounting to P70,000 and her representatives made P140,000. What were her total earnings? 6. Suppose the sales tax rate of Pagadian City is 7% of the purchase price. If the price of the digital camera is P 24,700, how much sales tax must be paid?
- Al Ree bought a new delivery truck for $18,000. Al put a down payment of $4,000 and paid $270 monthly for 60 months. The total finance charge: O a. $4,000 O b. $2,200 Oc. $2,020 O d. $2,000 Show A hInformative Top....docx MacBook Air EBThe property taxes on a business office were $770$770. What was the tax rate if the business office was valued at $70,000$70,000? Follow the problem-solving process and round your answer to the nearest hundredth of a percent, if necessary.1. You can purchase the right to sell beverages at sporting events for 3 years at a local minor league baseball stadium. The cost of the rights to sell the beverages costs $200,000. The first year you plan on selling 25,000 drinks at $5 each. They will cost you $3 each. The second and third years, you will sell 50,000 drinks at $5, but now your cost is only $2.50 each. You need to spend $5,000 each year no matter what for electricity (ie. this is a fixed cost of the project). You already paid $10,000 to get your food license. You can depreciate the cost of the rights over the three years (straight line) and your tax rate is 25%. With a require rate of return of 10%, should you buy the rights? (NOTE: If EBIT is less than zero, use zero for the amount of taxes. Ignore any loss carry-forward.)
