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G. Clark has a job as a car salesman. He is paid a basic salary of £1,200 per month, plus commission of 2 per cent on the value of his car sales. During the month of April 2016 he sells £240,000 worth of cars.
The first £800 per month is free of income tax, on the next £120 he pays tax at the 20 per cent rate and above that he pays at the 25 per cent rate. He also pays National Insurance for the month of £620. Calculate his net pay for the month.
Corporations help shield their owners from the liabilities of the corporation. Sole Proprietorships generally have little or no required financial reporting obligations. An LLC is a limited liability company.
Depreciation calculation under straight line and declining-balance methods - The machine is expected to last for 8 yrs, and its estimated salvage value at the end of its life is 24,000.
When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000 (the gain is nontaxable).
Lakeland Eye Clinic primarily performs three medical procedures: cataract removal, corneal implants, and laser keratotomy. At the end of the ?rst quarter of this year, Dr. Pathaja, president of Lakeland, expressed grave concern about the cataract sec..
What portion of the total contract price is recognized as revenue in 2010 and what is the profit recognized for 2010?
On April 18, 2015, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29, 2015, she purchased 90 additional shares for $900. On November 28, 2015, she sold 48 shares, which could not be specifically identified, for $576 ..
when relatively large material and labour variances have been determined
What are the balance sheet entries if you estimate Allowance for Uncollectible Receivables to be $100? If you credit this contra account $100, what do you debit ( is there a corresponding liability or equity on the balance sheet)?
What is the adjusting entry on May 31, 2013, the end of the fiscal year? On March, 2013, XYZ Company borrowed $50,000 and gave the bank a promissory note with an interest rate of 6%, interest payable monthly, and the note was due November 30, 2013. X..
If the United States has a consistent trade deficit with another country.
Client’s position within the market. Give examples of risk that could be present and discuss what knowledge of these areas an auditor should possess
What are the legal requirements for Small Claims Court? Where does one file such an action? With whom? What hours? What topics does a small claims suit include? What is the age limit, if any, to file a claim?
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