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Anonymous
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Anonymous
Asked: January 27, 2022In:

While James Craig and his former classmate Paul Donnie both studied accounting at school, they ended up pursuing careers in professional cake decorating. Their company, Good to Eat (GTE), specializes in custom-sculpted cakes for weddings, birthdays, and other celebrations. James and Paul formed the business at the beginning of 2020, and each contributed $50,000 in exchange for a 50 percent ownership interest. GTE also borrowed $200,000 from a local bank. Both James and Paul had to personally guarantee the loan. Both owners provide significant services for the business. The following information pertains to GTE’s 2020 activities: • GTE uses the cash method of accounting (for both book and tax purposes) and reports income on a calendar-year basis. • GTE received $450,000 of sales revenue and reported $210,000 of cost of goods sold (it did not have any ending inventory). • GTE paid $30,000 compensation to James, $30,000 compensation to Paul, and $40,000 of compensation to other employees (assume these amounts include applicable payroll taxes, if any). • GTE paid $15,000 of rent for a building and equipment, $20,000 for advertising, $14,000 in interest expense, $4,000 for utilities, and $2,000 for supplies. • GTE contributed $5,000 to charity. • GTE received a $1,000 qualified dividend from a great stock investment (it owned 2 percent of the corporation distributing the dividend), and it recognized $1,500 in short-term capital gain when it sold some of the stock. • On December 1, 2020, GTE distributed $20,000 to James and $20,000 to Paul • GTE has qualified property of $300,000 (unadjusted basis). (Leave no answer blank. Enter zero if applicable. Enter N/A if not applicable.) a-1. Assume James and Paul formed GTE as an S corporation. Complete GTE’s Form 1120-S, page 1; Form 1120-S, Schedule K

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accounting
Linus Moses
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Linus Mosesadmin
Asked: November 12, 2021In:
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Let us assume a closed economy with government expenditure (Go), household expenditure (Co) are autonomous and investment as a function of interest rate. For simplicity, let us say interest rate increases from R1, to R2.

Let us assume a closed economy with government expenditure (Go), household expenditure (Co) are autonomous and investment as a function of interest rate. For simplicity, let us say interest rate increases from R1, to R2. a) Use a well labelled graph ...

economicsima612s
Anonymous
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Anonymous
Asked: December 4, 2021In:
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A bakery makes $4 profit on its wedding cakes and $3 on its birthday cakes. Wedding cakes take 4 minutes for mixing, 90 minutes for baking, 8 minutes for icing. Birthday cakes take 6 minutes for mixing. 15 minutes for ...

map602s
Anonymous
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Anonymous
Asked: March 10, 2022In:

A car rental company is considering setting up a division to provide chauffeur driven limousines for weddings and other eventS,!j The proposed investment will include the purchase of a fleet of 20 limousines at a cost of $200 000 each. It is estimated that limousines will have a useful life of five years and a resale value of $30 000 each at the end of their useful life. The company uses,:; the straight line method of depreciation. Revenue and variable costs Each limousine will be hired to customers for $800 per day. The variable costs, including fuel, cleaning and the chauffeur’s wap..,:es, will be $300 per day. The limousines will be available for hire 350 days of the year A market specialist was hired at a cost of $20 000 to estimate the demand for the limousines in Year 1. The market specialist estimated that each limousine will be hired for 260 days in Year 1 and that the number of days’ hire will increase by ten days each year for the remaining life of the project. :Fixed costs Each limousine will incur fixed costs, including maintenance and depreciation, of $45 000 a year. The administration of the. division is expected to cost $300 000 each year. The garaging of the limousines will not require any additional investment but,. will utilize existing facilities for which there is no other use. The head office will charge the division an annual fee of 10 per Ce4i: of sales revenue for the use of these facilities. Taxation The company’s financial director has provided the following taxation information: Tax depreciation: 25 per cent per annum of the reducing balance, with a balancing adjustment in the year of disposal. The limousines will be eligible for tax depreciation. Taxation rate: 30 per cent of taxable profits. Half of the tax is payable in the year in which it arises, the balance is paid in the following year. Other ira_formation Ignore inflation. The company uses a cost of capital of 12 per “Cent per annum to evaluate projects of this type. Requited: (a) Evaluate whether the company should go ahead with the project: You should use net present value as the basis of your evaluation. (14 ii arts) The company is also carrying out a review of its existing car rental business. The company is deciding whether it should replace the cars that it uses after one, two or three years. The cars will not be kept longer than three years due to the higher riSE of breakdowns. The estimated relevant cash flows for the three possible options for each car can be obtained from the following information: Year Cash Residual outflows value $ $ 0 (30 OM 1 (1500) 21000 (2700) 15 000 3 (3600) 9000 The company uses a cost Of capital of 12 per cent for decisions of this type. Required: (h) Calculate, using the annualized equivalent method, whether the cars should be replaced after one, two or three years. You should ignore taxation and inflation. (7 marks) (de Explain-the limitations of the annualized equivalent method for making decisions to replace non-current assets. (4 marks) (Tota125 marks)

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A car rental company is considering setting up a division to provide chauffeur driven limousines for weddings and other event. The proposed investment will include the purchase of a fleet of 20 limousines at a cost of $200 000 each. ...

gma
Anonymous
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Anonymous
Asked: January 27, 2022In:
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accountingcost
Anonymous
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Anonymous
Asked: March 17, 2022In:
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Kanjombe limited operates a courier service, delivering parcels and important documents in big cities in Namibia. The company owns a fleet of motorbikes, accounted for as Property, plant and equipment. The fleet of motorbikes was purchased on ...

facgfaias 8
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