Answer:
$27.08
Explanation:
Calculation to determine the no-arbitrage U.S. dollar price of one ADR
Using this formula
No-arbitrage U.S. dollar price of one ADR=Stock closed per share /Exchange rate
Let plug in the formula
No-arbitrage U.S. dollar price of one ADR=¥2,915 / ¥107.65
No-arbitrage U.S. dollar price of one ADR=$27.078
No-arbitrage U.S. dollar price of one ADR=$27.08 (Approximately)
Therefore the no-arbitrage U.S. dollar price of one ADR is $27.08
A large auto auction company has personnel that specializes in sourcing. Once car suppliers are found and evaluated, another group of employees purchases the cars to sell at the auction. Which of the following is known as a component of a supply chain during the purchasing process?
a. demand
b. planning
c. sourcing
Answer:
procurement
Explanation:
Procurement is the process of obtaining the goods or services for the business motive. It is to be associated at the time when the company required to solicited the services or purchased the goods on the wider scale
So as per the given situation, the procurement is the component of the supply chain that could be considered for the purchasing process
So this is the answer but the same is not provided in the given options
A company buys equipment for $48,000, expects to use it for ten years, and then sell it for $6,000. Using the straight-line method, the company should report annual depreciation for the equipment of: A. $4,200. B. $8,400. C. $4,800. D. $9,600.
Answer:
A $4,200
Explanation:
Given the following information, a company buys equipment for $48,000 expects to use it for ten years, and then sell it for $6,000
We need to use the formula below
Annual depreciation = (Original cost - Salvage value) / Estimated life(years)
Annual depreciation = ($48,000 - $6,000) / 10
Annual depreciation = $4,200
WHAT ARE THE NEW LINKEDIN LIMITS?
Answer:
100 invites per week.
The new invite limits have been introduced by LinkedIn according to which you can’t send more than 100 invites per week. When you have reached the limit, a notification will pop up saying you’ve reached weekly limits.
You can’t do anything about it until the new week starts and the weekly limit resets.
Which 2 statements are true regarding Intuit-approved QuickBooks Online apps?
Answer: • You or your client can add apps to the client's account
• They must be available via the Apps screen in QuickBooks Online Accountant or apps.com
Explanation:
You didn't give the options to the questions but I got the options online. Quickbook refers to an accounting software package that is used by businesses to pay bills, accept payments, do payroll functions etc.
The correct statements regarding Intuit-approved QuickBooks Online apps include:
• You or your client can add apps to the client's account.
• They must be available via the Apps screen in QuickBooks Online Accountant or apps.com
Answer:
They must be developed by Intuit
The must be available via the Apps screen in QuickBooks Online Accountant or apps.com
Explanation:
QuickBooks Online.com
For each item indicate whether it would appear on the income statement, balance sheet, or retained earnings statement: a. Service Revenue select a financial statement b. Utilities Expense select a financial statement c. Cash select a financial statement d. Accounts Payable select a financial statement e. Supplies select a financial statement f. Salaries and Wages Expense select a financial statement g. Accounts Receivable select a financial statement h. Common Stock select a financial statement i. Equipment select a financial statement j. Advertising Expense select a financial statement k. Dividends select a financial statement l. Notes Payable select a financial statement
Answer:
Indication of Financial Statement Items:
Item Financial Statement
a. Service Revenue Income Statement
b. Utilities Expense Income Statement
c. Cash Balance Sheet
d. Accounts Payable Balance Sheet
e. Supplies Balance Sheet
f. Salaries and Wages Expense Income Statement
g. Accounts Receivable Balance Sheet
h. Common Stock Balance Sheet
i. Equipment Balance Sheet
j. Advertising Expense Income Statement
k. Dividends Retained Earnings Statement
l. Notes Payable Balance Sheet
Explanation:
a) Company A's Income Statement is a financial statement that shows its financial performance in terms of profitability. It contains the revenue and expenses. It determines the net income (excess of revenue over expenses).
b) Company A's Balance Statement is a financial statement that indicates its financial position by showing the assets, liabilities, and equities.
c) The statement of retained earnings is a financial statement that connects its income statement to the balance sheet. It shows the movement in the retained earnings.
Storrer Co. identifies the following activities that pertain to manufacturing overhead, for each activity, identify an appropriate cost driver.
Activity Cost Driver
Materials handling Storrer Co. identifies the following activities th Number of Purchase OrdersMachine Hours UsedNumber of SetupsSquare Footage OccupiedNumber of RequisitionsDirect Labor HoursNumber of InspectionsNumber of Parts or AssembliesNumber of Employees
Machine setups Storrer Co. identifies the following activities th Number of Purchase OrdersNumber of EmployeesNumber of SetupsNumber of InspectionsDirect Labor HoursNumber of Parts or AssembliesSquare Footage OccupiedNumber of RequisitionsMachine Hours Used
Factory machine maintenance Storrer Co. identifies the following activities th Direct Labor HoursNumber of InspectionsNumber of EmployeesNumber of RequisitionsNumber of SetupsNumber of Purchase OrdersNumber of Parts or AssembliesSquare Footage OccupiedMachine Hours Used
Factory supervision Storrer Co. identifies the following activities th Machine Hours UsedNumber of InspectionsNumber of EmployeesNumber of Parts or AssembliesNumber of Purchase OrdersNumber of RequisitionsSquare Footage OccupiedNumber of SetupsDirect Labor Hours
Quality control Storrer Co. identifies the following activities th Number of EmployeesDirect Labor HoursNumber of InspectionsSquare Footage OccupiedNumber of RequisitionsNumber of Purchase OrdersNumber of SetupsNumber of Parts or AssembliesMachine Hours Used
Answer:
Activity
1. Material Handling
2. Machine Setups
3. Factory Machine Maintenance
4. Factory Supervision
5. Quality Control
Cost Driver
1. Number of Requisitions
2. Number of Setups
3. Machine Hours Used
4. Number of Employees
5. Number of Inspections
Explanation:
The following are the activities with their cost drivers:
Activity
1. Material Handling
2. Machine Setups
3. Factory Machine Maintenance
4. Factory Supervision
5. Quality Control
Cost Driver
1. Number of Requisitions
2. Number of Setups
3. Machine Hours Used
4. Number of Employees
5. Number of Inspections
Camper's Edge Factory produces two products: canopies and tents. The total factory overhead is budgeted at $750,000 for the year, divided between two departments ----Cutting, $350,000, and Sewing, $400,000. Each canopy requires 2 direct labor hours in Cutting and 1 direct labor hour in Sewing. Each tent requires 1 direct labor hour in Cutting and 6 direct labor hours in Sewing. Production for the year is budgeted for 20,000 canopies and 10,000 tents.
Required:
a. Determine the total number of budgeted direct labor hours for the year in each department.
b. Determine the factory overhead allocated per unit of each product using the department factory overhead allocation rates using direct labor hours as the base.
Answer:
Camper's Edge Factory
Departments Cutting Sewing
a. The total number of budgeted
direct labor hours for the year 60,000 70,000
b. Products Canopy Tent
Factory overhead per unit $17.50 $40
Explanation:
a) Data and Calculations:
Total budgeted factory overhead = $750,000
Canopy Tent Total
Direct labor hours
Cutting 2 1 3
Sewing 1 6 7
Total direct labor hours 3 7
Budgeted production units 20,000 10,000
Departments Cutting Sewing
Budgeted factory overhead $350,000 $400,000
Direct labor hours:
Canopy 40,000 (20,000 * 2) 10,000 (10,000 * 1)
Tent 20,000 (20,000 * 1) 60,000 (10,000 * 6)
Total direct labor hours 60,000 70,000
Overhead allocation rates $5.833 $5.714
($350,000/60,000) ($400,000/70,000)
Overhead per unit $17.50 ($5.833 * 3) $40 ($5.714 * 7)
You are closing the accounts you used to bill the project costs, but you still have some lingering expenses. Which best practice should you follow?
Answer:
Close all accounts except for the one related to the follow-up activities until the remanding expenses are complete.
Explanation: You never what to close out an account when the project has not been completed. If you still have remanding expenses the project is not complete.
When a company records depreciation it debits:_____.
A. Depreciation Expense and credits a contra-asset account.
B. Depreciation Expense and credits Cash.
C. a long-lived tangible asset account and credits Depreciation Expense.
D. a liability account and credits Depreciation Expense.
Answer: A. Depreciation Expense and credits a contra-asset account.
Explanation:
Depreciation is an expense which means that when it is incurred, it will be debited because expenses are debited to show that they have increased.
Depreciation reduces the value of an asset so the asset needs to be credited which is what is done when an asset reduces. The full entry would therefore involved a debit to the Depreciation account and a credit to the asset account that is being depreciated.
direct operating margin may be used to determine departmental?
Answer:
can be dhkfgjhhhhddrreerrtyuuuuu7u77tt7ui
Joseph managed the bookstore at a local university. He was known to mumble orders at his employees and yell at them when they made mistakes with the online ordering system. Which of the management skills below does Joseph lack? Conceptual Human relations Technical Decision making
Answer:
Human relations
Explanation:
Human relations is the ability for an individual to effectively interact with others in such a way that a productive outcome is achieved.
When a person does not have good human relations, negative traits like anger, aggression, and discord will be common.
In the given scenario Joseph will have been a better human relations manager if he patiently explained how to do things to his employees instead of shouting at them.
On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 32,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 26,000 shares of common stock on the open market as treasury stock paying $42 per share. Brisbane sold 6,200 treasury shares on September 30, 2021, for $47 per share. Net income for 2021 was $182,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 52,000 common shares at $42. The market price of the common shares averaged $52 during 2021.
Required:
Compute Brisbane's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)
Answer and Explanation:
The computation of the basic and diluted earning per share is given below:
For Basic EPS
Given that
Income for 2016 = 182,905
Income after 7% dividend on cumulatie peference share is
= 182,905 - ( 7% × 1,600,000)
= $ 70,905
And,
Outstanding shares is
= 100,000 - (26,000 × 10 ÷ 12) + ( 6,200 × 3 ÷12 )
= 79,884
So,
Basic earning per share is
= $70,905 ÷ 79,884
= $0.89 per share
For Diluted EPS
Outstanding shares is
= 79,884 + 10,000
= 89,884
So,
Diluted EPS is
= $70,905 ÷ 89,884
= $0.79 per share
Working note
Option to be exercised = 52,000 shares
So,
shares to be bought back with proceeds = (52,000 × 42) ÷ 52 = 42,000 shares
so difference should be of 10,000 shares
Watermelon, Inc. provides the following data: 20X9 20X8 Cash $41,000 $25,000 Accounts Receivable, Net 102,000 62,000 Merchandise Inventory 72,000 50,000 Property, Plant, and Equipment, Net 181,000 120,000 Total Assets $396,000 $257,000 Additional information for the year ending December 31, 20X9: Net Credit Sales $550,000 Cost of Goods Sold 150,000 Interest Expense 25,000 Net Income 181,000 Calculate the rate of return on total assets for 20X9.
Answer:
the rate of return on total assets is 63.09%
Explanation:
The calculation of the rate of return on total assets is shown below:
Return on total Asset is
= {(Net Income + Interest Expense) ÷ Average Total assets} × 100
= {($181,000 + $25,000) ÷ ($396,000 + $257,000) ÷ 2} × 100
= $206,000 ÷ $326,500 × 100
= 63.09%
Hence, the rate of return on total assets is 63.09%
You are valuing an investment that will pay you nothing the first two years, $6,000 the third year, $8,000 the fourth year, $12,000 the fifth year, and $18,000 the sixth year (all payments are at the end of each year). What is the value of the investment to you now if the appropriate annual discount rate is 6.00%?
a) $33,030.85
b) $25,694.70
c) $44,000.06
d) $39,250.39
e) $48,980.87
Answer:
$33,030.85
Explanation:
we are to determine the present value of the cash flows
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 1 and 2 = 0
Cash flow in year 3 = $6,000
Cash flow in year 4 = $8,000
Cash flow in year 5 = $12,000
Cash flow in year 6 = $18,000
I = 6 %
PV = $33,030.85
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Zisk Co. purchases raw materials on account Budgeted purchase amounts are April, $80,000, May, $110,000, and June, $120,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $22,000. Prepare a schedule of budgeted cash payments for April, May, and June. (I need ending accounts payable)
Answer:
A schedule of cash payments for April, May, and June is prepared.
Explanation:
The following image shows the calculation and explanation of the cash payment schedule.
Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy
Answer:
4,000
Explanation:
Ron has a life insurance policy with a face value of 100,000
The consumer price index has gone up by 4%
Therefore the increase in the policy face value can be calculated as follows
= 100,000 × 4/100
= 100,000 × 0.04
= 4,000
Ron increase the face value of the policy is $4,000
Given that;Face value of life policy = $100,000
Consumer price index growth = 4%
Find:Ron increase the face value of the policy
Computation:Ron increase the face value of the policy = Face value of life policy × Consumer price index growth
Ron increase the face value of the policy = 100,000 × 4%
Ron increase the face value of the policy = $4,000
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In the small country of Economerica, there are 6 thousand people employed, 1 thousand people unemployed, and 3 thousand people of working age not included in the labor force. One thousand students graduate from the university and seek jobs in the country, but not one graduate is able to find one. Half of the new graduates believe there is no chance of finding a job and return home to live with their parents. Ceteris Paribus, what would the new unemployment rate be in Economerica?
A. 14.29%
B. 20.00%
C. 25.00%
D. 45.45%
Answer: B. 20.00%
Explanation:
Unemployment rate does not include those who have given up on finding a job.
Unemployment rate = Unemployed people / Labor force
Unemployed people:
= Original unemployed + half the new graduates
= 1,000 + (1,000 / 2)
= 1,500 people
Labor force:
= Unemployed + employed people
= 1,500 + 6,000
= 7,500 people
Unemployment rate:
= 1,500 / 7,500
= 20%
You plan to deposit $1,800 per year for 5 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today.
Required:
a. What amount will be in your account at the end of 6 years?
b. Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire?
Answer:
1-a. The amount that will be in your account at the end of 6 years is $11,643.14.
1-b. The amount that will be in your account at the end of 6 years is $11,992.43.
2-a. The amount you need in your retirement account the day you retire is $590,938.17.
2-b. The amount you need in your retirement account the day you retire is $679,578.89.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
1. You plan to deposit $1,800 per year for 6 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today.
a. What amount will be in your account at the end of 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
2. You and your wife are making plans for retirement. You plan on living 30 years after you retire and would like to have $90,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 15% annually.
a. What amount do you need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
b. Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
The explanation of the answers is now provided as follows:
1-a. What amount will be in your account at the end of 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
Since you plan to make your first deposit one year from today, this can be calculated using the formula for calculating the Future Value (FV) of an Ordinary Annuity as follows:
FV = D * (((1 + r)^n - 1) / r) ................................. (1)
Where,
FV = Future value or the amount that will be in your account at the end of 6 years = ?
D = Annual deposit = $1,800
r = Annual return rate = 3%, or 0.03
n = number of periods = 6
Substituting the values into equation (1), we have:
FV = $1,800 * (((1 + 0.03)^6 - 1) / 0.03) = $11,643.14
Therefore, the amount that will be in your account at the end of 6 years is $11,643.14.
1-b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Round your answer to the nearest cent. Do not round intermediate calculations.
Since it is assumed that your deposits will begin today, this can be calculated using the formula for calculating the Future Value (FV) of an Annuity Due as follows:
FV = M * (((1 + r)^n - 1) / r) * (1 + r) ................................. (2)
Where,
FV = Future value or the amount that will be in your account at the end of 6 years = ?
D = Annual deposit = $1,800
r = Annual return rate = 3%, or 0.03
n = number of years = 6
Substituting the values into equation (2), we have:
FV = $1,800 * (((1 + 0.03)^6 - 1) / 0.03) * (1 + 0.03) = $11,992.43
Therefore, the amount that will be in your account at the end of 6 years is $11,992.43.
2-a. What amount do you need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
Since your first withdrawal will be made one year after you retire, this can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (3)
Where:
PV = Present value or the amount you need in your retirement account the day you retire = ?
P = Annual withdrawal = $90,000
r = Annual return rate = 15%, or 0.15
n = number of years = 30
Substituting the values into equation (3), we have:
PV = $90,000 * ((1 - (1 / (1 + 0.15))^30) / 0.15) = $590,938.17
Therefore, the amount you need in your retirement account the day you retire is $590,938.17.
2-b. Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire? Round your answer to the nearest cent. Do not round intermediate calculations.
Since it is assumed that that your first withdrawal will be made the day you retire, this can be determined using the formula for calculating the present value of an annuity due as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) * (1 + r) …………………………………. (4)
Where:
PV = Present value or the amount you need in your retirement account the day you retire = ?
P = Annual withdrawal = $90,000
r = Annual return rate = 15%, or 0.15
n = number of years = 30
Substituting the values into equation (4), we have:
PV = $90,000 * ((1 - (1 / (1 + 0.15))^30) / 0.15) (1 + 0.15) = $679,578.89
Therefore, the amount you need in your retirement account the day you retire is $679,578.89.
The Doodad Company purchases a machine for $400,000. The machine has an estimated residual value of $20,000. The company expects the machine to produce two million units. The machine is used to make 400,000 units during the current period. Use the information above to answer the following question. If the units-of-production method is used, the depreciation expense for this period is: A. $80,000. B. $400,000. C. $380,000. D. $76,000.
Answer: $76,000
Explanation:
Depreciation per unit = (Cost - Residual value) / Number of units expected to be produced
= (400,000 - 20,000) / 2,000,000
= $0.19 per unit
40,000 units were used this period so the depreciation is:
= 400,000 * 0.19
= $76,000
The following information pertains to Nova Co.'s cost-volume-profit relationships:
Breakeven point in units sold ………………………….. 2,000
Variable expenses per unit ……………………………… 500
Total fixed expenses …………………………………… $150,000
How much will be contributed to net operating income by the 2,001st unit sold?
A. $ 65
B. $ 75
C. $150
D. $ 0
Answer: $150
Explanation:
Breakeven point in units sold = 2,000
Variable expenses per unit = 500
Total fixed expenses = $150,000
The break even in units is calculated as:
= Fixed Cost / Contribution per Unit
Therefore,
1000 = 150000/ Contribution per unit
Contribution per Unit will now be:
= 150000 / 1000
= 150
It should be noted that after the break even point, every unit sold will lead to an increase in the contribution per unit to the net operating income. Therefore, the amount that'll be contributed to net operating income by the 2,001st unit sold is $150.
A new machine requires an investment of $630,000 and will generate $100,000 in cash inflows for 7 years, at which time the salvage value of the machine will be $130,000. Using a discount rate of 10%, the net present value of the machine is $_________
Answer:
$-76,447.56
Explanation:
Net present value is the present value of after-tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in Y0 = -630,000
Cash flow in Y1 - Y6 = 100,000
Cash flow in Y7 = 100,000 + 130,000
I = 10%
npv = $-76,447.56
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Answer:
-76,510, (76,510)
Explanation:
A three-year bond has an 8.0 percent coupon rate and a $1,000 face value. If the yield to maturity on the bond is 10 percent, calculate the price of the bond assuming that the bond makes semiannual coupon payments.
Answer:
$949.24.
Explanation:
The price of the bond also known as the Present Value (PV) of the Bond CAN be calculated using a Financial Calculator as
FV = $1,000
I/yr = 10%
Pmt = ($1,000 x 8.0 %) / 2 = $40
N = 3 x 2 = 6
P/yr = 2
PV = ???
Inputting the data in a Financial Calculator gives a Present Value of $949.24. Thus the price of the bond is $949.24.
Waterway Industries can produce and sell only one of the following two products: Oven Contribution Hours Required Margin Per Unit Muffins 0.2 $4 Coffee Cakes 0.3 $5 The company has oven capacity of 1500 hours. How much will contribution margin be if it produces only the most profitable product
Answer:
$30,000
Explanation:
Muffins Coffee Cakes
Contribution Per Unit (A) $4 $5
Oven Hours Required (B) 0.2 0.3
Contribution Per Hour $20 $16.67
Rank 1 2
Total Hours Available 1,500
Hours Required for 1 Unit of Muffin 0.2
Total Muffins Production with 1500 Hours (1,500/.2) 7,500
Contribution Per Unit $4
Total Contribution (7,500*$4) $30,000
The following items may appear on a bank statement: 1. NSF check 2. EFT Deposit 3. Service charge 4. Bank correction of an error from recording a $300 deposit as $30. Indicate whether the item would appear as debit or credit memo on the bank statement and whether the item would increase or
Answer:
1. NSF check
- Appears on the Bank Statement as: Debit Memo
- Decreases the Balance of the Company's Bank Account
2. EFT Deposit
- Appears on the Bank Statement as: Crediit Memo
- Increases the Balance of the Company's Bank Account
3. Service charge
- Appears on the Bank Statement as: Debit Memo
- Decreases the Balance of the Company's Bank Account
4. Bank correction of an error from recording a $300 deposit as $30
- Appears on the Bank Statement as: Debit Memo
- Increases the Balance of the Company's Bank Account
The year 14 interest of a bond is the face line of the bond
Answer:
yes you are correct okay with you
While preparing your risk responses, you identify additional risks. What should you do? Add reserves to the project to accommodate the new risks and notify management. Document the risk and calculate the expected monetary value based on the probability and impact of the occurrences. Determine the risk events and the associated costs, then add the cost to the project budget as a reserve. Add 10 percent contingency to the project budget and notify the customer
Answer: Document the risk and calculate the expected monetary value based on the probability and impact of the occurrences.
Explanation:
Risk response refers to the development of strategic options to reduce the threats and enhance opportunities to the objectives of the project.
It should be noted that when new risks are identified, such risks go through the process of risk management and one needs to be able to know the risk probability and risk impact and then get to curtail them.
A logical way to allocate building maintenance costs to departments would be based on: Select one: A. Machine hours B. Number of employees C. Labor hours D. Square feet of floor space
Answer: D. Square feet of floor space
Explanation:
The building maintenance cost should be based on a measure that takes into account the size of the building so that the maintenance cost can be apportioned based on how much space needs to be maintained.
The best measure to do so would therefore be the square feet of floor space. If maintenance cost is assigned per square feet, it would take into account how much expenses are being incurred to maintain the entire size of the building.
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. Prepare the journal entry to record the salaries expense. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
Answer and Explanation:
The journal entries are shown below:
On December 31
Salary Expense $735.00
To Federal Withholding Taxes Payable $120.00
To Social Security Taxes Payable 44.10 (735 × 6%)
Medicare Taxes Payable 11.03 (735 × 1.5%)
Salaries Payable 559.87
(Being salary expense is recorded)
Here the salaries expense is debited as it increased the expense and credited the payable account as it increased the liabilities account
Working note
Regular earnings 600 (40 × 15)
Overtime earnings 135 (46 - 40) × 15 × 1.5
Gross earnings 735
why multinational company are developed
Answer:
Multinationals provide an inflow of capital into the developing country.
Explanation:
This capital investment helps the economy develop and increase its productive capacity.
When preparing the operating activities section of the statement of cash flows using the direct method, revenues and gains with no cash inflows are added back to net income. True or False 16
Answer: False
Explanation:
The primary reason for the Statement of Cashflows is to see how the company spends and receives its cash so that it can get a better view of just how much actual cash the company has.
This means that the method of preparing the cashflow statement could either be direct or indirect and this would not affect the fact that only items that have actual cash flows will be recorded.
