Which of the Safe Harbor condtion(s) apply as an exemption to the Federal
Anti-Kickback regulations?

Answers

Answer 1

One of the acknowledged exceptions to the Anti-Kickback Statute is a discount or other price reduction received by a service provider or other entity under [Medicare or Medicaid] if the price reduction is properly disclosed and appropriately reflected in the costs claimed or charges made by the provider or entity.

What is Safe Harbor condtions?A safe harbor is a well-known exception to the Anti-Kickback Statute in the healthcare industry. While the Anti-Kickback Statute generally forbids financial ties between referral sources and business partners, safe harbors provide ways to legally structure the exchange of compensation. Since 1991, the U.S. Department of Health and Human Services' Office of Inspector General (OIG) has periodically published safe harbor regulations (HHS).Compliance with the safe harbor provisions shields individuals from federal civil and criminal lawsuits, fines, and possible removal from Medicare, Medicaid, and other federally supported health programs.An agreement that violates the Anti-Kickback Statute and is not exempt from prosecution may result in a criminal investigation very fast.

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Related Questions

Which type of logic is based on indisputably verifiable information?

Answers

Answer:

Falsifiability

Explanation:

Falsifiability

Stork Associates paid $65,400 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $55 to $165 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event at a cost of $2,200. The game was preceded by a bona fide business discussion, and all expenses are adequately substantiated.
a. Stork can deduct $ for this event.
b. If there was no bona fide business discussion either preceding or after the event, there is and the deduction would be $.

Answers

Answer: a. $1100

b. $0

Explanation:

It should be noted that according to IRS, 50% of the expenses on business meals will be deducted by tax payers when some conditions are met such as:

• Expenses incurred shouldn't be costly or extravagant.

• Expenses are necessary.

• Expenses on meal were incurred separately from expenses on entertainment.

• The taxpayer was present there when the expenses were incurred.

Based on the above,

a. The amount that Stork can deduct will be:

= 50% × $2200

= 0.5 × $2200

= $1100

b. If there was no bona fide business discussion either preceding or after the event, the deduction will be $0 because in such case, no expenses were incurred on food or entertainment.

An attempt to assess the worth of each job relative to other jobs is known as
Select one:
a. job analysis.
b. job evaluation
c. the wage-level decision.
d. performance appraisal.
e. benefit determination.
Can someone help??

Answers

An assessment is often carried out to fine out if someone or someone is performing up to task or doing what is expected.

An attempt to assess the worth of each job relative to other jobs is known as job evaluation.

Job Evaluation is simply refered to as a form of stepwise process of knowing the capabilities or worth of one job when compared to another job in the organisation. During this evaluation, the known capabilities of various jobs are thoroughly viewed or assessed so that wages can be paid based upon the worth of the job.

Conclusively, Relative worth is known by based on job description and job specification and as such, job evaluation helps to know wages and salary level for all jobs.

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Ethics values one person or group more than another.
a. True
b. False

Answers

Ethics values one person or group more than another.

The statement is true.

Ethics values are primarily based on motive instead of emotion. Ethics values one individual or institution extra than every other. Impartiality forces a person to balance self-interest with the hobbies of others. Commercial enterprise ethics are the ethical ideas utilized in making commercial enterprise selections.

Rule-primarily based Ethics values - in this style of reasoning, acts are both right or incorrect. As instance, telling the truth is always proper, and lying is usually wrong. In rule-primarily based ethics, suitable outcomes do no longer justify incorrect or terrible acts.

The gadget of moral and ethical ideals that courses the values, behaviors, and choices of a commercial enterprise organization and the individuals inside that company is referred to as commercial enterprise ethics. A few moral requirements for corporations are codified into law.

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What happens when the price of a good increases

Answers

Answer:

the value of good increases (goes up)

Wilma sells her house for $600,000 two months after her husband passed away. They had purchased the house in 1952 for $58,000. Assuming they met the requirement for filing jointly, on what amount will Wilma have to pay income tax?

Answers

Wilma can exclude $500,000 of the gain from the sale of the house from her taxable income if she meets the requirements for married filing jointly.

What is the gain on the sale?

The gain on the sale is $600,000 - $58,000 = $542,000. Since her husband passed away within the last two years, she is eligible for the $500,000 exclusion.

This leaves $542,000 - $500,000 = $42,000 as taxable gain. Wilma will have to pay income tax on $42,000. However, the exact amount of tax she will owe depends on the tax rates and other aspects of her financial situation.


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Why it is important to dress appropriate at work

Answers

Answer:

so that way you don't stick out and people start wanting to hang out with you because you look cool

Explanation:

Answer:

1. you could get fired for that

2. make a good impression

3. depending on your job, to keep you safe from elements

4. to avoid weird/awkward  interactions

Which of the following types of business ownership has the highest personal liability risk?
A.
A partnership
B.
A sole proprietorship
C.
A C corporation
D.
An LLC

Answers

Answer:

A C corporation

Explanation:

Answer:

A.partnership

I have picked out A because in a partnership business,one is responsible for the progress of the business and when the business is in debts,he can even sell his personal property to cover up the loss made

A + A =2,A + B =3,A + B × 2 =??..only for geniuses​

Answers

Answer:

5

Explanation:

A+A = 2

means 1 + 1 = 2

A+B = 3

means 1 + 2 = 3

A + B x 2 = 5

as A = 1

B = 2

We will use bodmas

so first multiply than plus the answer

I hope this helps a little bit.

make a list of the means of obtaining information about foreign employment​

Answers

List of the means of obtaining information about foreign employment​ are:

Notice board.newspapers.electronic media (radio, FM, television etc)websites.public programs.Prospectus.

What is foreign employment​ ?

Going abroad for work or to make money is referred to as foreign employment. People working abroad have been a common occurrence since the dawn of human civilization.

What are the benefits of foreign employment​?

the benefits of foreign employment​ are  improved self-worth, new life skills, etc., A fresh outlook on life, improved communication abilities.

better proficiency in a foreign language.

a competitive edge over other job seekers.

Boost the size of your professional network.

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What kind of stockbroker is a day trader?

A. one who deals with the U.S. market only and does not trade in the Far East

B. one who will not wait until the next day to trade a stock

C. one who buys and sells stocks on a minute-by-minute basis to try to make a profit

D. one who specializes in certain kinds of stocks that are related to people's day-to-day needs

Answers

Answer:

d

Explanation:

because that the answer I want to give

D because that's the right answer.

Why is it difficult to change real capital

Answers

Answer:

I don't know

Explanation:

can you help me with my question Enter the coordinates of the point on the unit circle at the given angle. 270° ([?], [ ] Enter

Real capital is defined as tangible resources, such as land, that are used in the creation of goods or services. Since the majority of them are fixed, it is exceedingly challenging to grow to their sizes.

What is economics?

The term Economics is the study of scarcity and its inferences for the use of resources, manufacture of goods and services, growth of production and welfare over time, and a great diverseness of other complex issues of vital concern to society.

Economic skillfulness is important because it grants businesses to reduce their costs and change their output. For consumers, economic efficiency leads to lower prices for goods and services

Real capital, often known as real capital (economics) Non-financial capital, such as equipment for manufacturers, sewing machines for tailors, or shovels for gravediggers.

Therefore, By the difficulty, To change the real capital the physical tools that aid in the production of goods or services be there.

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distinguish between saving, consumption, consumption function and saving function​

Answers

CONSUMPTION FUNCTION:

 It is the relationship between consumption expenditure and the level of disposable income.

C = f (Yd) , where 

C represents the consumption expenditure

Yd represents disposable income

It shows how a change in income influences the consumption pattern

SAVING FUNCTION:

It is the relationship between savings and the level of disposable income

 S = -S(bar) + sYd

where

S(bar) is autonomous saving

s represents marginal propensity to save

Yd represents disposable income

 it shows how change in income influences savings

Sales returns related to sales on account were $400. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Answers

Answer:

Net sales to be reported on the income statement is $18,098

Explanation

                  Computation of Net sales

Particulars                                                                Amount

Sales revenue                                                          $18,900

($8,400 + $10,500)

Less: Credit card discount (a contra revenue)       $252

($8,400 * 3%)

Sales Discount (a contra revenue)                           $50

($10,500 - $500) * 1/2 * 0.01

Sales returns and allowances (a contra revenue)   $500      

Net sales                                                                    $18,098

Note: Kindly find attach the complete question while $400 sales return is changed to $500.

Sales returns related to sales on account were $400. All returns were made before payment. One-half of

Imagine that In-N-Out starts selling animal-style burgers in Westwood and Santa Monica. Assume that animal-style burgers are differentiated enough from other burgers that we can approximate In-N-Out as a monopolist in these markets. Let qW and qSM be the quantities of burgers sold in Westwood and Santa Monica, respectively. The inverse demand for burgers in each location is pW (qW )=9−1/3qW and pSM (qSM )=12−1/2qSM. All animal-style burgers are produced in the same factory (before being shipped to different In-N-Out locations), with decreasing returns to scale. The total cost function for In-N-Out is C(q W,qSM)= (qW+qSM)^2. Assuming In-N-Out maximizes profits, what is the optimal quantity of burgers sold in Westwood? (a) qW=4 (b) qW=3 (c)qW=2 (d) qW=1 (e) q W=3/4

Answers

Burgers sold in Westwood at the right rate. Answer: (b) qW=3, the optimal quantity of burgers sold in Westwood is qW = 3.

What is the optimal quantity of burgers sold in Westwood?

To determine the optimal quantity of burgers sold in Westwood, we need to maximize In-N-Out's profits by setting the marginal revenue equal to the marginal cost. In this case, the marginal cost is equal to 2(qW+qSM).

We can start by setting up the profit equation:

π = pW(qW)qW + pSM(qSM)qSM - C(qW, qSM)

We can substitute the inverse demand equations and cost function into the equation:

π = (9 - 1/3qW)qW + (12 - 1/2qSM)qSM - (qW+qSM)^2

Next, we need to take the partial derivatives of π with respect to qW and qSM and set them equal to zero:

∂π/∂qW = 9 - 1/3qW - 2(qW + qSM) = 0

∂π/∂qSM = 12 - 1/2qSM - 2(qW + qSM) = 0

Solving for qW and qSM, we get qW = 3 and qSM = 3.

Therefore, the optimal quantity of burgers sold in Westwood is qW = 3.

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explain all the dimensions of Management functions in Human Resource management

Answers

Answer:down

Explanation:The four dimensions of human resource management practices are: Managing The Human Resource Environment, Acquisition and Preparation of Human Resources, Assessment and Development of Human Resources, and Compensation of Human Resources as stated by Noe et al (2010).

Answer: HR managers carry out a variety of tasks to ensure a business runs smoothly. The various dimensions of management functions in Human Resource management are as follows:

Explanation:

a. Planning

Planning for various things, from the hiring process to training and development programs, is the most crucial duty of an HR manager. Planning lays the foundation for other HR management responsibilities, such as determining job qualifications and the organization's need for recruitment.

b. Organizing

An HR manager is responsible for performing this role after the planning phase (discussed above) is finished. To meet the requirements and wants of the workforce while achieving business goals, they must create strategies and programs.

c. Directing

To carry out the goals and plans they have developed, HR managers need personnel. As a result, they lead their teams in a way that carries out the manager's goals and strategies. They assign tasks to the team members and keep tabs on their performance to assess their progress.

d. Controlling

One of the most significant managerial duties and obligations of an HR manager is this. In doing so, the HR manager monitors deviations, corrects them, and compares the results to the objectives. This entails tasks like audits and appraisals.

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Use the diagram below to answer the following questions. Assume an initial market price of $5.

a. Identify the initial area of producer surplus (PS1) when the market price is $5. Next, assume that demand decreases and the market price falls to $4. Draw the new demand curve and then identify the new area of producer surplus (PS2).

Instructions: (1) Use the tool provided 'PS1' to identify the initial area of producer surplus. This will drop a small triangle with three endpoints onto the graph. Drag the endpoints to the appropriate position to identify the initial area of producer surplus. (2) Then use the tool provided 'D2' to draw the new demand curve. (3) Use the tool provided 'PS2' and follow the same process as above to identify the second area of producer surplus.

b. As a result of the lower price, producer surplus
falls by more than $40
rises by less than $40
rises by more than $40
falls by less than $40

Use the diagram below to answer the following questions. Assume an initial market price of $5. a. Identify

Answers

It is to be noted that the area of producer surplus (PS1) when the market price is $5. is indicated in the attached graph. The new demand curve and the new area of producer surplus are also drawn and identified therefin.

As a result of the lower price, the producer surplus is: fallen by less than $40.

What is producer surplus?

The difference between the amount the producer is willing to supply items for and the actual amount he obtains when he does the deal is known as producer surplus. Producer surplus is a metric of producer well-being.

The computation for the producer surplus is give as follows:

For PS1 = 0.5 (9-5)(40)

= $80

PS2 = 0.5(7-4)(30)

=$45

Hence,

Fall in Producer surplus = $80-$45

PS = $35

Thus, it is correct to state that PS < $40.

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Use the diagram below to answer the following questions. Assume an initial market price of $5. a. Identify

Problem 8, MacroSoft Inc. has capitalized $600,000 of software costs. Sales from this product were $360,000 in the first year. MacroSoft estimates additional revenues of $840,000 over the product’s economic life of 5 years.
Instructions
Prepare the journal entry to record software cost amortization for the first year. Show all computations.

Answers

Journal Entry:

Date: [First year-end date]

The amortization expense for the first year is $120,000.

Debit: Amortization Expense - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Credit: Accumulated Amortization - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Explanation:To record the software cost amortization for the first year, we need to allocate a portion of the capitalized software costs as an expense. Since the software has an estimated economic life of 5 years, we divide the total software cost ($600,000) by 5 to determine the annual amortization expense. In this case, the amortization expense for the first year is $120,000. We debit the Amortization Expense - Software Cost account to recognize the expense and credit the Accumulated Amortization - Software Cost account to accumulate the amortization over time.

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Hayes Inc. provided the following information for the current year: Beginning inventory 270units Units produced 920units Units sold 980units Selling price$320/unit Direct materials$52/unit Direct labor$33/unit Variable manufacturing overhead$32/unit Fixed manufacturing overhead$45,080/year Variable selling/administrative costs$25/unit Fixed selling/administrative costs$32,500/year What is the unit product cost for the year using absorption costing

Answers

Answer:

$163

Explanation:

Given the above information, the unit product cost using absorption costing is computed as;

= Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead per unit

= $52 + $33 + $32 + ($45,080/980)

= $117 + $46

= $163

in the cash book, every cash receipt is______ and every cash payment is_______ ​

Answers

On the left, on the right

omeowner's Insurance Premium
Home Owner's Policy Comparison Deductible
Policy 1 $1,600
Policy 2 $2,000
Which statement below correctly compares the premium prices for these insurance policies?

A. Policy 2 will have a higher premium because it has a lower
deductible than Policy 1.

B. Policy 1 will have a higher premium because it has a lower
deductible than Policy 2.

C. Policy 2 will have a higher premium because it has a higher
deductible than Policy 1.

D. Policy 1 will have a lower premium because it has a lower
deductible than Policy 2.

Answers

The correct statement that compares the premium prices for these insurance policies is:

B. Policy 1 will have a higher premium because it has a lower deductible than Policy 2.

In the context of insurance policies, the deductible is the amount the policyholder must pay out of pocket before the insurance coverage kicks in.

A lower deductible means the insurance company will have to cover a larger portion of the claim, which typically leads to a higher premium.

Policy 1 has a lower deductible of $1,600 compared to Policy 2's deductible of $2,000.

Therefore, Policy 1 will likely have a higher premium because the insurance company would bear a greater portion of the claim costs.

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Which of these statements is INCORRECT regarding the federal income
tax treatment of life insurance?
A. Entire cash surrender value is taxable
B. Premiums are normally not tax deductible
C. Cash dividends are normally not taxed
D. Proceeds are received tax-free if there is a named beneficiary

Answers

The statement that is INCORRECT regarding the federal income tax treatment of life insurance is that "Entire cash surrender value is taxable". The correct option is A.

In general, the proceeds of a life insurance policy are received tax-free if there is a named beneficiary. The beneficiary receives the proceeds free of federal income tax. The entire cash surrender value is not taxable, this statement is INCORRECT.

Premiums are normally not tax deductible, but cash dividends are normally not taxed. Cash dividends can be taken in cash or used to purchase more insurance. However, interest is taxable if the dividends exceed the premiums paid.The value of the policy (minus the premiums paid) can accumulate in a cash value account and can be withdrawn or borrowed by the policyholder at a later date.

The amount of cash value that is withdrawn and exceeds the amount paid for premiums is taxable as income. The gains earned by the policy owner can be tax-deferred until the funds are withdrawn. The correct option is A.

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true/false. some governments initiate restrictive standards that detail exactly how a product must be sold in a country. trade experts call these restrictions

Answers

In the following question, among the given options, the statement is said to be True. Some governments initiate restrictive standards that detail exactly how a product must be sold in a country. Trade experts call these restrictions.

A restrictive standard is a regulation that restricts the use of, performance, or features of a product or service that deviates from a certain specification or standard, and that is intended to provide a specific degree of protection. Regulatory agencies, such as the International Standards Organization, frequently establish restrictive standards.

To limit the importation of foreign goods, some governments have implemented restrictive standards. A country's environmental laws,

for example, may mandate specific labeling for certain products or restrict the importation of products that do not meet specific environmental standards. Restrictive standards can also be used to promote local industries or to protect consumers by ensuring that products imported into the country meet specific safety or quality requirements.

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What is the easiest virtual learning program? (I’m tryna change programs)

Answers

Answer:

Udacity.com

Explanation:

I love using this its so easy and assemble come try it out!

Answer:

Khan Academy.

Khan Academy provides many courses you can study in, ranging from math to technology.

I hope this helped at all.

your organization is experiencing severe cash flow problems and you are required to minimize costs in your small project as much as possible. which of the processes could you consider eliminating in such a scenario?

Answers

In light of this, if you're unsure of how to spend your extra money, try investing it in one of these areas.

What are the many kinds of cash?

Bills, coins, bank deposits, payment orders, and checks are all examples of cash. Cash is utilized to pay off debts or to buy products and services. Post-dated checks and accrued liabilities are examples of items that do not fit the concept of cash.

What do accounts with cash mean?

What is money? In accounting and finance, the phrase "cash" refers to instantly available funds (currency).. It might be stored physically, retained digitally, or put into a short-term money market. Cash only refers to money that is physically present while discussing economics.

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What is the main reason that people purchase insurance policies?
A. they want to reduce the cost of their student or personal loans.
B. They want to avoid paying for major unexpected expenses.
C. They want to avoid increasing their monthly premiums
D. They want to invest money in insurance to grow it over time

Answers

Option B is correct. The main reason that people purchase insurance policies is because they want to avoid paying for major unexpected expenses.

What is an insurance policies?

An insurance policy can be defined a contract between the insurer and the policyholder which determines the claims which the insurer is legally required to pay. The policy is enforced in an exchange for an initial payment known as the premium in which the insurer promises to pay for loss caused by perils covered under the policy language.

Most of the insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Because these insurance policies are standard forms, they often feature boilerplate language which is similar across a wide variety of different types of insurance policies.

Some examples of the popular insurance policies includes a Life Insurance, Health Insurance, Disability Insurance, Homeowner's Insurance, Automobile Insurance, Liability Insurance etc,

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A preparation outline is used to help organize the speaker's thoughts, ideas, and information. What is the purpose of a presentation outline? Question 14 options:

a. A presentation outline is used to provide copies of the speech to each member of the audience.

b. A presentation outline is used to present only the key points of a speech.



c. A presentation outline helps the speaker remember what to say during his or her speech.



d. A presentation outline is used to explore different patterns of organization.

Answers

The purpose of a presentation outline is to help the speaker organize and structure their speech in a clear and logical manner.The outline can also be used to help the speaker remember what they want to say during the presentation, allowing them to focus on delivering the content effectively without worrying about forgetting important details. The correct option is c.

The outline provides a framework for the content that will be presented, ensuring that all important points are covered and that the content is loaded with relevant information.  Additionally, a presentation outline can be helpful for the audience as well, providing them with a clear roadmap of what to expect during the presentation and allowing them to follow along with ease.

While it may not be necessary to provide copies of the outline to each member of the audience, having a clear and organized presentation can make a big difference in how well the content is received and understood. Overall, a well-prepared presentation outline is an important tool for any speaker looking to deliver a successful and engaging presentation. The correct option is c.

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can you help with 1040 form for acct 130 class

Answers

Answer:

what is the question lol? I could probably help you out !

Solutions Company - Unadjusted Trial Balance as of December 31.
Account Titles
Unadjusted Trial Balance Dr. Unadjusted Trial Balance Cr.
100: Cash 20,000
110: Accounts Receivable 0
120: Supplies 7,600
160: Machinery 50,000
161: Accumulated Depreciation 20,000
200: Accounts Payable 0
205: Interest Payable 0
210: Wages Payable 0
230: Unearned Rental Fees 7,200
240: Note Payable 30,000
300: Common Stock 10,000
310: Dividends 9,500
320: Retained Earnings 14,200
400: Rental Fees 32,450
600: Wage Expense 24,500
610: Interest Expense 2,250
620: Supplies Expense 0
630: Depreciation Expense 0
113,850 113,850
Totals


Requirement:

Prepare year-end adjusting journal entries for each of these separate situations.

As of December 31, employees had earned $400 of unpaid and unrecorded wages. The next payday is January 4 at which time $1,200 in wages will be paid.
The cost of supplies still available at December 31 is $3,450.
The notes payable requires an interest payment to be made every three months. The next payment occurs after the new year begins. The amount of unrecorded accrued interest at December 31 is $800.
Analysis of the unearned rental fees shows that $3,200 remains unearned at December 31.
In addition to the machinery rental fees included in the revenue account balance, the company has earned another $2,450 in unrecorded fee that will be collected on January 31 of next year.
Depreciation expense for the year is $3,800.

Answers

The Preparing Adjusted Trial Balance with the help of Worksheet: is given below:

The Adjusted Trial Balance

Solutions Company

Worksheet

December 31

Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance

Debit Credit Debit Credit Debit Credit

Cash $20,000    $20,000

Accounts Receivable 0  $2,450  2,450

Supplies 7,600   $4,150 3,450

Machinery 50,000    50,000

Accumulated Depreciation  $20,000  3,800  $23,800

Accounts Payable  0    0

Interest Payable  0  800  800

Salaries Payable  0  400  400

Unearned Rental Fees  7,200 4,000   3,200

Note Payable  30,000    30,000

Common Stock  10,000    10,000

Dividends 9,500   9,500

Retained Earnings  14,200    14,200

Rental Fees  32,450  6,450  38,900

Salaries Expense 24,500  400  24,900

Interest Expense 2,250  800  3,050

Supplies Expense 0  4,150  4,150

Depreciation Expense 0  3,800  3,800

Totals $113,850 $113,850 $15,600 $15,600 $121,300 $121,300

Preparing Income Statement:-

Solutions Company

Income Statement

For the Year Ended December 31

Accounts Amount Amount

Revenue:-  

Rental Fees $38,900

Total Revenue  $38,900

Expenses:-  

Salaries Expense $24,900

Interest Expense 3,050

Supplies Expense 4,150

Depreciation Expense 3,800

Total Expenses  ($35,900)

Net Income  $3,000

Preparing Statement of Retained Earnings:-

Solutions Company

Statement of Retained Earnings

For the Year Ended December 31

Accounts Amount

Retained Earnings 14,200

Net Income 3,000

$17,200

Dividends (9,500)

Retained Earnings, Ending $7,700

Preparing Balance Sheet:-

Solutions Company

Balance Sheet

December 31

Accounts Amount Amount

Assets:-  

Cash $20,000

Accounts Receivable 2,450

Supplies 3,450

Machinery 50,000

Accumulated Depreciation (23,800)

Total Assets  $52,100

Liabilities:-  

Accounts Payable $0

Interest Payable 800

Salaries Payable 400

Unearned Rental Fees 3,200

Note Payable 30,000

Total Liabilities  $34,400

Stockholders Equity:-  

Common Stock $10,000

Retained Earnings, Ending 7,700

Total Stockholders Equity  $17,700

Total Liabilities and Stockholders Equity  $52,100

Preparing Closing Entries:-

Solutions Company

General Journal

December 31

Date Accounts Title and Explanation Debit Credit

December 31 Rental Fees $38,900

Income Summary  $38,900

(To close Revenue Account)  

December 31 Income Summary $35,900

Salaries Expense  $24,900

Interest Expense  $3,050

Supplies Expense  $4,150

Depreciation Expense  $3,800

(To close Expenses Accounts)  

December 31 Income Summary $3,000

Retained Earnings  $3,000

(To close Income Summary)  

December 31 Retained Earnings $9,500

Dividends  $9,500

(To close Dividends Account)

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You make entries to the mileage expense account. A saleswoman drives to a town 150 miles north and 110 miles east. She goes there on a straight highway that leads directly there, heading diagonally northeast. You reimburse mileage at $0.50 per mile. How much should you reimburse her?

Answers

It is to be note that the saleswoman should be reimbursed for a total of $92.68.

What is the calculation explaining the above answer?


The total distance traveled by the saleswoman is the hypotenuse of a right triangle, where the legs represent the distance traveled north and east. We can use the Pythagorean theorem to calculate the hypotenuse as follows:

Distance traveled north = 150 miles

Distance traveled east = 110 miles

Total distance = √(150² + 110²)

≈ 185.35 miles

Therefore, the saleswoman should be reimbursed for a total of $92.68 (185.35 miles x $0.50 per mile).


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