Sommer corporation began the year with cash of $130,000 and land that $55,000. during the year sommer earned service revenue of $280,000 and had the following expenses: salaries, $159,000; rent, $85,000; and utilities, $25,000. at year-end sommer's cash balance was down to $19,000. how much net income (or net loss) did sommer experience for the year?

Vulcan company is a monthly depositor whose tax liability for march 2019 is $2,510. 1. what is the due date for the deposit of these taxes? march 17 2. assume that no deposit was made until april 29. compute the following penalties. assume a 365-day year in your computations. round your answers to the nearest cent. a. penalty for failure to make timely deposits. $ b. penalty for failure to fully pay employment taxes $ c. interest on late payment (assume a 5% interest rate). $ d. total penalty imposed $

Each month, business today publishes a news piece about an innovative product, service, or business. such soft news is generally written by a freelance business writer and is known as a

The treasurer for pittsburgh iron works wishes to use financial futures to hedge her interest rate exposure. she will sell five treasury futures contracts at $139,000 per contract. it is july and the contracts must be closed out in december of this year. long-term interest rates are currently 7.30 percent. if they increase to 9.50 percent, assume the value of the contracts will go down by 20 percent. also if interest rates do increase by 2.2 percent, assume the firm will have additional interest expense on its business loans and other commitments of $149,000. this expense, of course, will be separate from the futures contracts. a. what will be the profit or loss on the futures contract if interest rates increase to 9.50 percent by december when the contract is closed out