On whom the trade bill drawn ?​

Answers

Answer 1

The bill of exchange is drawn by the seller of the goods and is accepted by the buyer.


Related Questions

The following data relate to direct materials for the month for the Hodge Wax Company: The standard costs for the work done was 5,900 pounds of wax at $9.50 per pound. The actual costs were 6,300 pounds at $9 per pound. What is the direct materials efficiency variance

Answers

Answer: $3800 U

Explanation:

The direct material efficiency variance will be calculated as follows:

Direct material efficiency variance = (Standard quantity - Actual quantity) × Standard price of material

= (5900 - 6300) × 9.50

= 400 × 9.50

= $3800 U

Therefore, the direct material efficiency variance is $3800 Unfavorable.

McKean Corporation authorized 500,000 shares of common stock in its articles of incorporation. On May 1, 2019, 100,000 shares were sold to the company's founders. However, on October 15, 2019, McKean repurchased 20,000 shares to settle a dispute among the founders. At this date, how many shares were issued and outstanding, respectively?

Answers

Answer:

100,000 shares and 80,000 shares

Explanation:

Calculation to determine how many shares were issued and outstanding, respectively

The shares that were issued will be 100,000 shares that were sold to the company's founders while the shares outstanding will be 80,000 shares Calculated as :

Shares outstanding=Shares issued -Shares repurchased

Shares outstanding=100,000 shares-80,000 shares

Shares outstanding =80,000 shares

Therefore the Number of shares that were issued and outstanding, respectively are:100,000 shares and 80,000 shares

Tangerine, Inc. provides the following data: Surround, Inc. Comparative Balance Sheet Dec. 31, 20X9 Assets Current Assets: Cash and Cash Equivalents $29,000 Account Receivable, Net 31,000 Merchandise Inventory 53,000 Total Current Assets $113,000 Property, Plant, and Equipment, Net 120,000 Total Assets $233,000 Liabilities Current Liabilities: Accounts Payable $4000 Notes Payable 3000 Total Current Liabilities $7000 Long-term Liabilities 84,000 Total Liabilities $91,000 Stockholders' Equity Common Stock $30,000 Retained Earnings 112,000 Total Stockholders' Equity $142,000 Total Liabilities and Stockholders' Equity $233,000 Calculate the debt to equity ratio.

Answers

Answer:

The debt to equity ratio is 0.64.

Explanation:

The debt to equity ratio can be calculated using the following formula:

Debt to equity ratio = Total Liabilities / Stockholders' Equity ……………………. (1)

Where:

Total Liabilities = $91,000

Stockholders' Equity = $142,000

Substitute the relevant data into equation (1), we have:

Debt to equity ratio = $91,000 / $142,000 = 0.64

Therefore, the debt to equity ratio is 0.64.

Kluber, Inc. had net income of $911,000 based on variable costing. Beginning and ending inventories were 56,100 units and 54,200 units, respectively. Assume the fixed overhead per unit was $1.80 for both the beginning and ending inventory. What is net income under absorption costing?
a. $811,730
b. $904,160
c. $1,010,270
d. $907,580
e. $911,000

Answers

Answer:

Net operating income (absorption)= $907,580

Explanation:

Giving the following information:

Fixed overhead per unit= $1.80

Net income= $911,000 (variable costing)

Beginning inventory= 56,100 units

Ending inventory= 54,200 units

Under absorption costing, fixed manufacturing overhead is a product cost. We need to incorporate into the cost of goods sold the fixed overhead from beginning inventory and deduct the fixed overhead allocated into ending inventory.

Net operating income= 911,000

Less:

Fixed overhead beginning inventory= (1.8*56,100)

Add:

Fixed overhead ending inventory= (1.8*54,200)

Net operating income (absorption)= $907,580

Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. What is the taxable income?

Answers

Answer:

$61,650

Explanation:

Calculation to determine the taxable income

Adjusted Gross Income (AGI) $80,000

Deduct Standard deduction (head of household) ($18,350)

Taxable Income $61,650

($80,000-$18,350)

Therefore the vthe taxable income is $61,650

Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2020 profit of $300,000, assuming a single sole proprietor with no other earned income.

Answers

Answer: $25,802.70

Explanation:

Social security

Social security rates in 2020 for a single sole proprietor is 12.40% on the first $137,700:

= 12.40% * 300,000

= $17,074.80

Medicare Tax

First you need to remove a deduction of 7.65% from the income:

= 300,000 * (1 - 7.65%)

= $277,050

Medicare tax is 2.90% of this adjusted amount in addition to 0.9% for any amount above $200,000:

= (2.90% * 277,050) + (0.9% * (277,050 - 200,000))

= 8,034.45 + 693.45

= $8,727.90

Total Social security and Medicare:

= 17,074.80 + 8,727.9

= $25,802.70

_____ stock is the number of shares that a corporation's charter allows it to sell. The number of these shares usually exceeds the number of shares issued (and outstanding), often by a large amount.

Answers

An authorized stock is the number of shares that a corporation's charter allows to sell.

Authorized stock is the legal number or limit of shares that a company allows or authorizes to be sold or put in the market. This factor of policy is applicable as per the charter that the corporation allows or is legally viable to provide.

In the issue of sharing shares of a company, an organization can allow only a certain limit of shares that can be sold. This limit is the number of shares that a corporation can issue to its shareholders or investors.This stock is different from issued stock which refers to the actual number of stocks that the company has sold.Rather, authorized stock is the amount of shares that can be sold by the company and being provided in the market to be bought by shareholders or investors.

Thus, we can conclude that whatever limit a corporation allows or provides to be sold is the authorized stock. And it is only this number of shares that can be issued or given to a shareholder to buy.

Learn more about authorized stock here:

brainly.com/question/7868920

o What’s the Difference Between Non-Formal and Informal Learning

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Answer:

I hope this will help you

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