The following totals for the month of April were taken from the payroll register of Durbin Company. Salaries $12,000 Social security and Medicare taxes withheld 550 Employees federal income taxes withheld 2,500 Medical insurance deductions 450 Federal unemployment taxes 32 State unemployment taxes 216 The journal entry to record the payroll tax expense on April 30 would include a
Answers
Answer:
debit to payroll tax for $798
Explanation:
From the given information:
The following totals for the month of April were taken from the payroll register of Durbin Company.
Salaries $12,000
Social security and Medicare taxes withheld 550
Employees federal income taxes withheld 2500
Medical insurance deductions 450
Federal unemployment taxes 32
State unemployment taxes 216
The objective is to determine the journal entry to record the payroll tax expense on April 30
Let;s recall that for taxes charged in employers; the following taxes will be considered:
Social security and Medicare taxes
Federal unemployment taxes
State unemployment taxes
Thus;
The journal entry to record the payroll tax expense on April 30 can be prepared as:
Account Debit Credit
Payroll tax expense 798
Social security and Medicare taxes 550
Federal unemployment taxes 32
State unemployment taxes 216
Hence;
The journal entry to record the payroll tax expense on April 30 would include a debit to payroll tax for $798
Related Questions
Suppose you are planning for retirement in a two-period world. In the first period you are young and earn $1 million, and in the second period you are old and retired and earn nothing. The interest rate is initially 10 percent, but then it falls to 7 percent. After the interest rate falls, the:
a. income effect will induce you to consume more when you are young.
b. substitution effect will induce you to consume less when you are young.
c. change in interest rates affects the substitution effect but not the income effect.
d. substitution effect will induce you to consume more when you are young.
Answers
Explanation:
i think "A" should be the answer tho I'm not pretty sure about it
ASSIGNMENT 1
Using a particular organisation as your case study, explain the way
attributes of corporate, business, and operational strategies and
assess their interrelationships.
Answers
Let's take Apple Inc. as a case study. Apple's corporate strategy is to maintain its position as a leading technology company, to expand its reach in new markets, and to continue innovating new products.
How does its business strategy help?Its business strategy focuses on differentiation by creating unique products and experiences that appeal to customers' desires. Its operational strategy includes efficient and flexible supply chain management, strong marketing campaigns, and excellent customer service.
These strategies are interrelated, as Apple's corporate strategy guides its business strategy, which in turn influences its operational strategy. For example,
Apple's emphasis on innovation and differentiation affects its supply chain management by requiring a high level of coordination and rapid product development.
Ultimately, these strategies work together to achieve Apple's overall goals and objectives.
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1) Define the external business environment of Jessops Group Limited.
Answers
Answer:
The external business environment of Jess-op Group Limited are factors such as economic, technological, regulatory, social etc. factors which the company does not have control over but affect the operation of the company.
Explanation:
The company has to adapt to its external business environment in order to continue to be successful.
Note: See the attached Microsoft word file for the full explanation. There is a difficulty in submitting everything here.
What impact is Walmart’s acquisition of nontraditional retailers likely to have on the shopping habits of Walmart’s customers?
Answers
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People who take a loan from a bank have the responsibility to:
A. spend all of their savings to pay off the loan as quickly as
possible.
B. pay the full amount of each monthly payment without being late.
C. use the same bank whenever they want to take out another loan.
D. never take out another loan until the first one is paid off.
Answers
Answer:
B
Explanation: Just answered it
People who take loan from a Bank have the responsibility to pay the full amount of each monthly payment. Hence, option B is correct.
Rules for Bank LoanThe Person who took loan from Bank has the responsibility to pay the due amount to the bank within the time limit given by the Bank. If a person failed to do so, he is charged with late fees and also it affects his future loan taking perspectives.
Hence, People who take loan from a Bank have the responsibility to pay the full amount of each monthly payment. Therefore, option B is correct.
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A homeowner bought a homeowner's insurance policy The homeowner pays an annual 5650 premium for property coverage with a deductible is $1,175 for each claim A windstorm causes $42.500 in damages. If a claim for the full amount
of damages is approved, how much will the homeowner's insurance company pay for the damages?
O $42,500
O$41.325
O$41,975
$40.825
Answers
The homeowner's insurance company will pay for the damages an amount of $41,325.
What is an insurance?Insurance is financial product that provides protection against the potential financial losses. It works on the principle of risk-sharing, where a large number of individuals or organizations pool their money together to create a fund that can be used to compensate for losses that might occur to any member of the group. In exchange for a premium, an insurance company promises to pay out a certain amount of money in case of a covered event such as illness, accidents, or property damage. The purpose of insurance is to provide a sense of security and financial stability to individuals and organizations, enabling them to manage risks and protect themselves against unforeseen events.
Insurance company will pay= $42,500 - $1,175 = $41,325
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PLEASE HELP!
Things of value provided by employers in addition to wages are ______. *
Answers
Answer:
Employee Benefits
Explanation:
What U.S. State is known as the Beehive State?
Answers
Answer:
Utah
Explanation:
Utah territory became a state in 1896 and retained the beehive symbol on their flag.
Hope it helps!
Answer:
Utah is known as the beehive state
Juniper Design Limited of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of $420,000 on sales of $1,500,000. The company’s average operating assets for the year were $1,700,000 and its minimum required rate of return was 15%.
Required:
Compute the company’s residual income for the year.
Answers
Answer: 165,000
Explanation:
To compute the company’s residual income for the year, we can use the formula:
Residual Income = Net Operating Income – (Minimum Required Rate of Return x Average Operating Assets)
Given: Net Operating Income = $420,000 sales = $1,500,000
Average Operating Assets = $1,700,000
Minimum Required Rate of Return = 15% = 0.15
Residual Income = Net Operating Income – (Minimum Required Rate of Return x Average Operating Assets)
Residual Income = $420,000 – (0.15 x $1,700,000)
Residual Income = $420,000 – $255,000
Residual Income = $165,000
Therefore, the company’s residual income for the year was $165,000.
For this discussion, you should put yourself in the role of a moderator as you:
Answers
Unions are organizations that represent workers in a particular industry or profession. Their primary goal is to protect the rights and interests of workers by negotiating better wages, benefits, and working conditions.
What are the policies of the Union?Unions are organizations formed by workers to protect their interests and rights in the workplace. They advocate for collective bargaining, fair wages and benefits, workplace safety, non-discrimination, job security, training and education, and political advocacy.
What are the labor laws?Labor laws are laws that govern the relationship between employers and employees in the workplace. Examples include minimum wage laws, overtime laws, anti-discrimination laws, health and safety laws, leave laws, unionization laws, and employment contract laws. These laws govern the rights of employees to form and join unions and establish the legal requirements for collective bargaining.
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What are unions? What are their roles and policies?
The distribution of stock rights to existing common stockholders will increase paid-in capital at the
Answers
Answer:
Date of issuance of rights - No
Date of exercise of the rights - Yes
Explanation:
The distribution of stock rights to existing common stockholders will increase paid-in capital at the date of exercise of the rights.
Actually, Paid in capital increases whenever funds are received. This means on the day the rights are exercised and not when the rights are issued.
Georgia Pacific, a manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object.
1. Office supplies used.
2. Bad debts expense.
3. Small tools used.
4. Factory utilities.
5. Advertising.
6. Amortization of parents on factory machine.
7. Payroll taxes for production supervisor.
8. Accident insurance on factory workers.
9. Depreciation - Factory building.
10. State and federal income taxes.
11. Wages to assembly workers.
12. Direct materials used.
Answers
Product cost: This is the total cost incurred to manufacture a product. Product costs include direct materials costs, direct labor costs, and manufacturing overhead. This cost is included in the cost of the inventory.
Direct materials cost: Direct materials cost is the cost of prime raw materials which are directly related or identified with the goods produced. For example, the cost of plastic components is identified as a direct materials cost in the production of plastic bottles.
1. Office supplies used. - direct cost
2. Bad debt expense. - indirect cost
3. Small tools used. - direct cost
4. Factory utilities. - direct cost
5. Advertising. - direct cost
6. Amortization of parents on a factory machine. - indirect cost
7 . Payroll taxes for production supervisor. - indirect cost
8. Accident insurance for factory workers. - indirect cost
9. Depreciation - Factory building. - indirect cost
10. State and federal income taxes. - indirect cost
11. Wages to assembly workers. - direct cost
12. Direct materials used. - direct cost
Factory or manufacturing overhead costs The costs, which do not relate directly to the manufacturing of products, are referred to as factory or manufacturing overhead costs.
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How do I cancel my subscription
Answers
Answer:
Explanation:
Step 1: Click on the Settings icon.
The Settings icon should be on your home screen and look like a gear.
Step 2: Tap your name. This should be at the top of the screen.
Step 3: Select “Subscriptions”
Step 4: Click on “Brainly Plus”
Step 5: Tap “Cancel Subscription”
If you have money in a savings account, you will do better if the bank pays you _________., a. simple interest, b. compound interest, c. it doesn't matter whether the interest in simple or compound, it's only the interest rate that matters, d. the question cannot be answered because banks rarely pay compound interest on savings account
C, It doesn't matter whether the interest in simple or compound, it's only the interest rate that matters. is the wrong answer
Answers
If you have money in a savings account, you will do better if the bank pays you compound interest (option B)
What is compound interest?When an account earns a simple interest, the amount in the account grows linearly. When an amount earns a compound interest, the amount invested grows at an exponential rate.
An account that earns a compound interest grows at a faster rate than an account that earns a simple interest.
The formula that can be used to determine the future value of an account when there is a simple interest is:
Future value = amount invested + interest earned
Interest earned = amount invested x time x interest rate
The formula that can be used to determine the future value of an account when there is a compound interest is:
FV = P(1 + r)^n
Where:
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what is an event management
Answers
Answer:
vent management is the application of project management to the creation and development of small and/or large-scale personal or corporate events such as festivals, conferences, ceremonies, weddings, formal parties, concerts, or conventions.
Explanation:
.What is the term for "The body of laws, rules, regulations and customs that applied to the relations between the members of society" Statute Religious rules Order
Answers
Answer:order
Explanation:
I am better at my job than most of the other people who have the same job title agree or disagree
Answers
Disagreed. You cannot say that you are better at your job than others who have the same job title.
How to answer questionnaire questions?While providing the answer to a questionnaire, it is very important that a person would try to be as truthful as possible.
The reason they have to be truthful is so that they would be able to give the best answer that would be useful for the research.
In a question like this, I used disagreed because it is not possible that you have met all of the persons that have the same job description as you do.
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Oki Company pays $306,200 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to
record the following costs related to the equipment.
1. Paid $25,950 cash for a new component that increased the equipment's productivity.
2. Paid $6,488 cash for minor repairs necessary to keep the equipment working well.
3. Paid $18,900 cash for significant repairs to increase the useful life of the equipment from four to seven years.
Answers
The Oki Company journal entries are the arranged the Debit and the Credit are the amount of the equipments.
What is equipments?
The term equipment refer to the specific tools used in the performing the particular process. The equipment are the used to fulfill the task. The task and the work are the used of the different equipments.
Oki Company journal entries
Particulars Debit Credit
Equipment $25,950
Cash $25,950
Particulars Debit Credit
Repair and maintenance expense $6,488
Cash $6,488
Particulars Debit Credit
Equipment $14,870
Cash $14,870
As a result, the Oki Company journal entries are the arranged the Debit and the Credit are the amount on the equipments.
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true/false. problem 3-1a (algo) determine accrual-basis and cash-basis revenues and expenses (lo3-1, 3-2) required: for each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period.
Answers
True. Finding the accrual-basis and cash-basis revenues and expenses for each transaction is required to solve the accounting algorithm problem 3-1a. This entails determining when revenue and expense recognition should occur and recording transactions accordingly.
What is accrual-basis revenue?Regardless of when cash is received or paid, accrual-basis accounting records income and expenditures at the time they are earned or incurred. Contrarily, revenue and expenses are only recorded in cash-basis accounting when cash is received or paid.
The algorithm would have to decide whether revenue or expense should be recorded on an accrual basis or a cash basis for each transaction. There would also need to be a determination of the amount of revenue or expense recorded under each basis.
Overall, this necessitates a thorough comprehension of the distinctions between accrual-basis and cash-basis accounting as well as the capacity to apply these ideas to particular transactions.
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Which of the following best explains why a country might specialize in the production of a good?
O Consumers in the country only demand a single good.
O The country believes it is generally better to do one thing really well than multiple things.
The country cannot produce other goods and services.
Specialization allows the country to exchange for more of other goods than it could produce.
Answers
The best explanation for why a country might specialize in the production of a good is specialization allows the country to exchange for more of other goods than it could produce (option D).
Specialization in the production of a particular good enables a country to take advantage of its available resources, labor, and technology to produce that good more efficiently and at a lower cost compared to other countries. As a result, the country can sell its specialized good to other countries in exchange for other goods that it needs but cannot efficiently produce on its own.
For example, if a country specializes in the production of coffee, it can produce coffee beans at a lower cost and higher quality than other countries due to its favorable climate and available resources. The country can then trade its coffee for other goods that it cannot produce as efficiently, such as electronics or machinery.
Specialization also leads to increased productivity and efficiency, as workers can focus on producing a specific good and become highly skilled in that area. This can lead to technological advancements and innovations, which can further improve production efficiency and competitiveness in the global market.
In conclusion, specialization allows a country to leverage its strengths in the production of a specific good, trade it for other goods it needs, and increase productivity and competitiveness.
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Submit an open inquiry question, and in 1-2 paragraphs, reflect on your process to getting to this question. What were the steps you took and how did you narrow down your question? How might researching this question bring deeper understanding of this issue?
Answers
The research question should stimulate the creation of a research project on a certain topic.
What is a research question?It is a question that prompts another question about a specific topic.It is a thought-provoking question.When a research project is completed, it must answer this question.To create a research question, you must first understand the topic to which it refers and identify potential questions about that topic that can be answered through a research project.
An example of this could be the question "Do students with higher GPA have greater ease in social interaction?"
Another example for an open inquiry question would be “Was the Vietnam War in the best interest of the American People?” This question has the potential to generate a variety of thoughtful responses and classroom discussions.
Therefore, a research question is discussed above.
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Codes of ethics:
Group of answer choices
deal only with the employees’ relationships with customers and with no other group
contain common ethical dilemmas and provide the appropriate resolutions to employees
are typically informal information about how to recognize and deal with ethical problems
deal only with external ethical issues and not with internal issues
may be influential in determining a person’s decision-making behavior
Answers
It should be noted that codes of ethics are typically informal information about how to recognize and deal with ethical problems.
What are ethics?Ethics can be regarded as the rules that is required to be followed by the employee as well as the members of the organization in their profession.
Therefore, codes of ethics are typically informal information about how to recognize and deal with ethical problems.
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Answer: may be influential in determining a person’s decision-making behavior
Explanation: Thats's the correct answer on the test or quiz. The answer above by the "expert" is wrong.
plants are in threatened state and getting rare. Discuss in the class and prepare a list of causes of rareness of animals and plants. 5.3.1 Rare Animals
Answers
A group of creatures that are extremely rare, scarce, or infrequently encountered is referred to as a rare species.
Even though extinctions happen naturally, the pace of plant and animal extinctions today is substantially higher than it was previously. The main factor contributing to greater extinction rates is habitat loss.
The introduction of harmful nonnative species, pollution, disease transmission, and habitat changes are some additional causes. Overexploitation of wildlife for commercial gain is another. Species that are in risk of going extinct include those plants and animals that have become so scarce.
Animals and plants that are threatened with extinction across all or a sizable portion of their range are those that are very likely to do so in the near future. The most species are in danger from overuse of natural resources, such as overfishing, overhunting, and deforestation of forests. The extension of land for agriculture, cattle, wood, and aquaculture is another significant industry in the world.
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For the following statement/questions match the assertion that best matches: When auditing the following accounts identify what auditors are primarily concerned with:
a. Revune
b. Assests
c. Liabilities
d. Expenses
1. Overstatments
2. Understatments
Answers
Answer:
When auditing the following accounts, auditors are primarily concerned with:
Accounts Assertions
a. Revenue Overstatements
b. Assets Overstatements
c. Liabilities Understatements
d. Expenses Understatements
Explanation:
Auditors are generally concerned about these assertions when auditing financial statements and their related disclosures: accurate recording, completeness, cut-off, existence, rights and obligations, and valuation. For revenue and assets, they want to ensure that these are not overstated. Their overstatement will increase the reported profits of the entity, which is a kind of cooking the books to please analysts. They are also interested in ensuring that liabilities and expenses are not understated for the same purpose.
The City of Cambridge is concerned about the number of wild MIT students who will be partying on Halloween and wants to limit the number of parties in order to curb the costs of policing underage drinking and noise violations. The city has asked you to evaluate the welfare implications of policies they are considering. Think of price here as the amount of money party hosts will collect at the door from party-goers. The demand for parties is given by . The supply of parties is given by .
Find the equilibrium price and quantity in the market for Halloween parties.
Answers
Based on the demand and supply functions for the market for Halloween parties attended by MIT students, the equilibrium price is $100 and the quantity is 100.
What are the equilibrium price and quantity for Halloween parties?The equilibrium price and quantity can be found by equating supply and demand.
This gives:
Price = Quantity
Price = 300 - 2p
300 = 3 x Price
Price = 300 / 3
= $100
The quantity would also be 100 parties.
The rest of the question is:
Think of price here as the amount of money party hosts will collect at the door from party-goers. The demand for parties is given by Q =300−2p. The supply of parties is given by Q = p.
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Annie's Fitness sells a set of free weights to a customer for which Annie's had paid $750. Which one of the following statements describes the most appropriate accounting for the transaction?
a) Debit cost of goods sold expense $750; credit cash $750
b) Debit inventory $750; credit cost of goods sold expense $750
c) Debit cost of goods sold expense $750; credit inventory $750
d) Debit inventory $750; credit accounts payable $750
Answers
The most appropriate accounting for the transaction for Annie's Fitness was c) Debit cost of goods sold expense $750; credit inventory $750
How should sales be treated?When a company such as Annie's Fitness makes a sale, the revenue account is to be credited and the cash or accounts receivable account will be debited.
Another entry would have to do with the cost of goods sold which would be debited by the cost of the stock that the business just sold. Inventory would then be credited as double entry.
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During 2021, its first year of operations, American Laminating Corporation reported an operating loss of $120 million for financial reporting and tax purposes. The enacted tax rate is 25%. In 2019, American reported a pretax accounting income of $40 million and applies a net operating loss carryforward up to 80% of taxable income. Which of the following is incorrect?
a. Income tax payable in 2018 is zero.
b. Net loss in 2018 is $79 million.
c. The deferred tax asset balance at the end of 2018 is $21 million.
d. The deferred tax asset balance decreases in 2019.
e. Income tax expense in 2019 is zero.
Answers
Answer: e. Income tax expense in 2019 is zero.
Explanation:
There will still be an income tax in 2019 so the above statement is incorrect.
American applies net operating loss carryforward up to 80% of taxable income which means that their taxable income is:
= 40,000,000 * ( 1 - 80%)
= $8,000,000
Income tax expense for 2019:
= 25% * 8,000,000
= $2,000,000
When travelling to remote locations, it is often helpful to bring cash, in case you want to buy something from someone who does not accept credit or debit cards.
a. True
b. False
Answers
Explanation: it is better to have cash than credit cards because not all the sellers out there have a credit card entrance so cash could se more use full than credit cards. But you always have to be prepared so just bring both. Hope this helps
NEED HELP ASAP
In the circular flow diagram with government, what does the government provide directly to firms?
A. expenditures
B. factors of production
C. taxes
D. goods and services
Answers
In the circular flow diagram, the government provides goods and services directly to firms. The correct option is D.
In the circular flow diagram, the government provides goods and services directly to firms. This is represented by the flow of resources from the government sector to the business sector.
The government plays a significant role in the economy by providing public goods and services that are necessary for the functioning of the society as a whole.
Public goods include infrastructure projects like roads, bridges, and public utilities, as well as services such as defense, law enforcement, and education.
These goods and services are not typically provided by private firms, so the government steps in to ensure their provision.
By supplying goods and services directly to firms, the government facilitates the production process and supports the overall functioning of the economy.
This enables businesses to operate efficiently and effectively, contributing to economic growth and development.
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Step 2. Search to find any summary about the company that mentions funds for starting the business. Try to find any information containing employee data in this section.
Step 3. Find the section where the product or service is detailed. Look to see what kinds of products or services will be involved with the business. Compare this with what other similar business plans are offering.
Record the information you found for steps 2 and 3. Make sure you discuss how the company got money to start the business, employee data, and what products or services the company provides in comparison with what other similar business plans are offering.
Answers
We can see here that such company gotten after searching for company that mentions funds for starting the business is Go-o-gle.
Funds for starting the business: $1 million in funding from Andy Bechtolsheim.
Employee data: over 160,000 employees worldwide.
What is a company?A company is a legal and organizational entity formed by individuals or a group of individuals with the purpose of conducting business activities. It is an association of individuals who come together to engage in commercial, industrial, or professional activities in order to generate revenue and make a profit.
Their products are digital and online services.
Comparing this company, we see Microsoft.
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