Tammy’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Tammy works 46 hours. Tammy’s federal income tax withholding is $97, and she has no voluntary deductions. Assume that the FICA tax rate is 7. 65%.
Prepare the employer’s journal entries to record
(a) Betsy’s pay for the period and
(b) the payment of Betsy’s wages.
Use January 15 for the end of the pay period and the payment date
Answers
a) Betsy’s pay for the period is 1040
b) The payment of Betsy’s wages is 866.44
The regular pay for 40 hours is calculated by multiplying the hourly rate of $20 by the number of regular hours worked. The overtime pay for the additional 6 hours worked is calculated by multiplying the overtime hourly rate of $30 by the number of overtime hours. The total pay for the period is the sum of regular pay and overtime pay.
The FICA tax payable is calculated by multiplying the total pay by the FICA tax rate of 7.65%. The federal income tax payable is a predetermined amount of $97, and there are no voluntary deductions. The journal entries to record the payroll include debiting the Wages Expense account for the total pay and crediting the FICA Taxes Payable and Federal Income Tax Payable accounts for the respective taxes. The payment of wages is recorded by debiting the Wages Payable account for the total pay and crediting the Cash account for the net amount paid after deductions.
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Related Questions
A loan of $105,487.80 is to be amortized over a 10-year term at 6% interest compounded monthly with monthly payments and a $20,000 balloon payment at the end of the term. Calculate the monthly payment.
The monthly payment is $
(Do not round until the final answer. Then round to two decimal places as needed.)
Answers
Answer:
$1049.09
Explanation:
The present value of the balloon payment is ...
$20,000/(1 +.06/12)^(12·10)) = $10,992.65
So, the effective amount of the loan is ...
$105,487.80 -10,992.65 = $94,495.15
The amortization formula gives the payment as ...
A = P(r/n)/(1 -(1 +r/n)^(-nt)) = $94,495.15(.06/12)/(1 -(1 +.06/12)^(-12·10))
= $94,495.15(.005)/0.450367 = $1049.09
The monthly payment is $1049.09.
Note that common skills are listed toward the top and less common skills are listed toward the bottom. According to O*NET, what are some common skills needed by Biomedical Engineers? Check all that apply.
1.fine arts
2.science
3.complex problem solving
4.critical thinking
5.judgment and decision making
6.building and construction
Answers
Answer:
2345
Explanation:
Which of the following entities writes states' tax laws?
The president
Congress
Each state
The IRS
Answers
Answer:
the answer is Congress.
long-term debt finacing is normally used to provide working cpital to finace inventory, accountsd receivable and operation of the business
Answers
Its correct. Long-term debt financing is a common method used by businesses to obtain the necessary funds to finance their operations, including inventory, accounts receivable, and other operational expenses.
This type of financing typically involves borrowing money from a lender or issuing bonds that must be repaid over an extended period of time, typically several years or more. Long-term debt financing can provide businesses with a reliable source of capital that can help them achieve their long-term growth and profitability goals. However, it's important to carefully consider the risks and costs associated with this type of financing, as it can also increase a company's financial leverage and interest expenses.
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which of the following describes the term productivity
Answers
Productivity is the measurement of physical output relative to each unit of input, typically expressed in labour hours.
What is Productivity?
Productivity refers to the efficiency with which goods or services are produced. Productivity can also be expressed as a ratio of the entire output to a single input, the sum of all the inputs utilised in a production process, or the output per input, usually over a defined time period. The (aggregate) measure of labour productivity, using GDP per worker as an example, is the most common illustration. The selection of a productivity definition (including those that do not refer to ratios of output to input) depends on the goal of the productivity assessment and/or the availability of data. The main cause of variation across productivity metrics is frequently (directly or indirectly) connected to how the inputs and outputs are combined to produce such a ratio-type productivity indicator.
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What is tenancy by the entirety?
Answers
Tenancy by the entirety is a type of ownership of property between two married individuals. It is a form of concurrent ownership that is similar to joint tenancy, but it is available only to married couples and provides additional protections that are not available when holding title as joint tenants.
In a tenancy by the entirety, both spouses have the right to possess the entire property, and a creditor of one spouse cannot force a sale of the property to satisfy a debt.
A tenancy by the entirety is created when a married couple purchases property together and takes title as "husband and wife" or "spouses." When title is held this way, both spouses have an equal share in the property and the right to possess the entire property.
When a tenancy by the entirety is in place, creditors of one spouse cannot force the sale of the property to satisfy a debt. This protection is unique to tenancy by the entirety and sets it apart from other forms of concurrent ownership.
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Fraud examiners have four main objectives in performing an investigation. Which of the following is not one of those objectives?A. Determine how the fraud occurred.B. Determine whether a fraud exists.C. Determine who was involved in the fraud.D. Determine the effect on financial statement users.
Answers
The objective that is not one of the four main objectives of fraud examiners in performing an investigation is "Determine the effect on financial statement users". Option D is correct.
Fraud examiners have four main objectives when conducting an investigation:
determining whether fraud exists,identifying how the fraud occurred, identifying who was involved in the fraud,recommending actions to prevent future fraud.The objective of determining the effect on financial statement users is not included in the list. While the effect on financial statement users may be an important consideration, it is not one of the main objectives of a fraud examination. Instead, the focus is on determining whether fraud occurred, who was involved, and how it was carried out in order to take appropriate action and prevent similar fraudulent activities in the future.
Option D holds true.
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A special order at a reduced selling price may be accepted by a company if it i. Has spare capacity. Will not interfere with an existing customer's mtionship. Wa increase net income Oai and only Obi and is only Ock and only
Answers
Special order at a reduced selling price may be accepted by a company if it has spare capacity, will not interfere with an existing customer's relationship, and will increase net income. This is the main answer to the given question.
In order for a company to accept a special order at a reduced selling price, it must be carefully evaluated. It is critical to determine whether the order will increase or decrease the company's net income.
The following points should be considered in determining whether a special order should be approved by a company:
Having excess capacity: A company must have extra production capacity available to fill the special order. The order must be produced in addition to the company's regular production to ensure that existing customers' needs are not disrupted, and the company does not lose them.
The existing customers' relationship must not be jeopardized: Special orders should not interfere with existing customers' relationships, or else it could have a negative effect on the company's sales in the future and can impact future profits.
Net Income Increase: It is essential to evaluate the net income that will result from accepting the special order. The order's selling price and incremental cost of production must be considered. If the price of the order is greater than the cost of production, and the incremental revenue will be greater than the incremental cost, then the order is likely to increase the company's net income.
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Which situation is an example of comparative advantage in an international market? country a decides to grow extra potatoes so they have more to export, while country b does not grow potatoes to export. factories in country a and country b produce the same number of tablet computers. country a’s factories could be used instead to build more laptops than the factories in country b. country a invests in a new technology while country b chooses to invest in education. country a can produce 100 units of rice per acre of farmland, while country b can only produce 70 units of rice per acre of farmland using the same resources.
Answers
Country A produces 100 units of rice per acre of farmland and Country B produces 70 units of rice per acre of farmland using the same resources.
What is the theory of comparative advantage?The theory of comparative advantage introduces opportunity costs as an analysis factor in choosing between different production options.
Comparative advantages include producing more goods at a lower cost than our trading partners, lowering prices, and making more profits from it.
In the last option, we see higher productivity in Country A compared to country B, both of which are under the same conditions.
Therefore, it is easy to see that Country A is profitable when trading in the international market. Thus, Country A has a comparative advantage over country B.
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Answer: D. Country A can produce 100 units of rice per acre of farmland, while Country B can only produce 70 units of rice per acre of farmland using the same resources.
Explanation:
edge 2023
To show appreciation to a headhunter who has helped place you with an employer, you might: (Multiple Choice)
send a thank-you note
stay in contact
save him or her time by contacting the employer directly when you need information
refer other hardworking individuals to him or her
Answers
Answer:
• send a thank-you note
• stay in contact
• refer other hardworking individuals to him or her
Explanation:
A headhunter refers to an individual or a company that provides recruiting service with regards to employment on behalf of an employer. The employers hires headhunters in order to find individuals who meet a particular job requirement.
In order to show appreciation to a headhunter who has helped place an individual with an employer, the person can:
• send a thank-you note
• stay in contact
• refer other hardworking individuals to him or her
Option C is incorrect as saving him or her time by contacting the employer directly when an information is needed isn't ideal. Therefore, the correct options are A, B and D.
Which, if true, would be the best rationale for your decision?
Select an option from the choices below and click Submit.
This would give you the maximum amount of control over the business and the product.
This is a low-risk approach that does not require you to establish operations in the host country.
This strategy would enable you to share costs, risks, and skills with a company in the region, and enable you to enter and compete in markets that would otherwise be unavailable.
Answers
The option that would be the best rationale for your decision is as follows:This strategy would enable you to share costs, risks, and skills with a company in the region, and enable you to enter and compete in markets that would otherwise be unavailable.
If the strategy is enabling the sharing of costs, risks, and skills with a company in the region, then this would be the best rationale for the decision. It would enable you to enter and compete in markets that would otherwise be unavailable. Hence, this option is true
This strategy would enable you to share costs, risks, and skills with a company in the region, and enable you to enter and compete in markets that would otherwise be unavailable.
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A major reason for the continued success of outdoor advertising is group of answer choices its ability to communicate complex messages. its low cost. its ability to eliminate waste coverage. its ability to remain innovative through technology. its ability to provide extremely accurate measures of the medium's reach.
Answers
A major reason for the continued success of outdoor advertising is its ability to remain innovative through technology.
Outdoor advertising, often known as out-of-home advertising, reaches consumers when they are away from their homes. Billboards, bus shelters, kiosks, and transit advertising are all examples of outdoor advertising.
Outdoor advertising refers to any type of advertisement that is displayed outside, typically in public places such as roadside billboards, bus stops, train stations, and other public places. Banners and signs posted in public places, such as buildings, parks, and beaches, can also be included. Advertising appears to follow customers everywhere they go, including supermarket shopping carts, sporting venues, and health clubs. They can be high-tech, as in digital, or low-tech, as in mini-posters advertising dog-walking support pinned to a coffeehouse bulletin board.
Option C is the correct answer.
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International law does not permit host countries to give tax breaks to foreign
companies.
True or false ?
Answers
Tax incentives for foreign corporations are not permitted under international law. This is not true.
What is international law?International law is a body of laws, norms, and standards that are commonly accepted as binding between states. It sets normative norms as well as a shared conceptual framework for governments in a variety of disciplines, including military, diplomacy, economic interactions, and human rights.
Scholars differentiate international legal institutions based on their responsibilities (the degree to which states are obliged by the rules), precision (the degree to which the laws are unequivocal), and delegation (the degree to which third parties can interpret, implement, and make rules).
International law is derived from international customs, treaties, and broad legal principles acknowledged by most national legal systems.
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governmental barriers to enter and locate in many countries are increasing through restrictive protectionist legislation. (True or False)
Answers
True. Governmental barriers to enter and locate in many countries are indeed increasing through restrictive protectionist legislation.
Protectionism refers to government policies that impose restrictions on international trade and investment to protect domestic industries from foreign competition. These measures can include tariffs, import quotas, subsidies to domestic industries, and other regulations that make it more difficult for foreign companies to enter or operate in certain markets. Such protectionist policies are often implemented to shield domestic industries from foreign competition and safeguard local employment, but they can also limit competition, hinder economic growth, and reduce market access for foreign businesses.
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Alltech Company maintains a separate accounts receivable account for each customer. On June 18, Alltech provides $6,300 of services on account to customer Anthony and $1,200 of services on account to customer Walker. How will these two transactions affect the control and subsidiary accounts?
Answers
Answer:
B. The control account, Accounts Receivable, will be increased with a debit of $8 300
Explanation:
According to the given situation, in total, the Alltech company makes sales of 2, one for $6,300, and the other for $2,000. The total of sales will be computed by adding both sales that are $6,300 + $2,000 = $8300 will therefore be booked and control and receivables will be boosted with a debit of $8,300.
Therefore, the correct answer is B.
A market has the following structure Demand: Q=20-P Supply: Q=0.25P Production of the good creates $5 in externality. Find the quantity with a $5 Pigouvian Tax.
Answers
The tax collected by the government will be $4.99. The market structure is given below Demand: Q = 20 – P Supply: Q = 0.25PProduction of good creates $5 in externality.
To find the quantity with a $5 Pigouvian Tax, We need to determine the equilibrium point for the market structure: Demand = Supply20 – P = 0.25PP = 16.67Therefore,Q = 20 – P = 20 – 16.67 = 3.33The equilibrium quantity is 3.33 units of good are produced and consumed. Production of the good creates $5 in externality. Now we will calculate the tax required to adjust the market:5 = tax × 3.33Tax = 5 / 3.33Tax ≈ 1.50With a $5 Pigouvian tax, the total tax collected by the government will be: Tax collected = $1.50 × 3.33 = $4.99
Therefore, the quantity with a $5 Pigouvian tax is 3.33 units of good. The tax collected by the government will be $4.99.
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Make a poster that could be used to educate people about why the
government needs to charge taxes. The poster should encourage private
individuals to pay their taxes by educating them about what the government
uses the taxes for.
Answers
Taxes are used by the government for carrying out various welfare schemes including employment programmes
What are the taxes collected by the government?It includes collections from income tax, corporation tax, customs, wealth tax, tax on land revenue, etc. Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied. Income tax, wealth tax, corporation tax, and property tax are some examples of direct tax.The Central Government of India imposes taxes such as customs duty, central excise duty, income tax, and service tax. The state governments impose income tax on agricultural income, state excise duty, professional tax, land revenue and stamp dutyThe three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes. Other sources of tax revenue include excise taxes, the estate tax, and other taxes and feesTo learn more about taxes collected by the government refers to:
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Pays for everything from Social Security and Medicare to military equipment, highway maintenance, education, and more
Why does the government need to force individuals to pay taxes?We pay taxes to ensure that our federal, state, and local governments can function efficiently and deliver essential services. Each government has its own emphasis, with the federal government in charge of big-picture expenditures on items like military and Social Security. Spending by the federal government covers everything from Social Security and Medicare to military equipment, transportation repair, education, and more. The federal government spent the most on Social Security in 2022.
Taxation generates cash for federal, state, and municipal governments to support vital services like as defense, highways, police, and a judicial system, which benefit all residents who would be unable to provide such services successfully for themselves.
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A firm has publicly traded common stock with a current market price of $100 per share. the firm just recently paid a $5.24 annual dividend and just 4 years ago paid a $4.00 annual dividend on its outstanding common stock. the firm is about to issue new common stock at an offer price of $98 per share and will incur flotation costs of $1 per share. the cost of capital for this new issue of common stock is .
Answers
The WACC can then be calculated by taking the weighted average of the cost of debt and cost of equity, which in this case gives a WACC of 1.10.
The cost of capital for this new issue of common stock is the weighted average cost of capital (WACC). WACC is calculated by taking the weighted average of the after-tax cost of debt and the cost of equity.
The cost of debt can be calculated by subtracting the value of the flotation costs (1) from the offer price (98) and then dividing by the current market price (100) to give a cost of debt of 0.97. The cost of equity can be calculated by taking the dividend yield (5.24/100) and subtracting the growth rate (4.00/100) to give a cost of equity of 1.24.
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Question 7 of 10
Both term life and whole life insurance policies:
A. Cover the policyholder's long-term health and disability expenses.
B. Pay money to beneficiaries upon the policyholder's death.
C. Earn interest on the amount of the policy.
O D. Have a maximum term of 40 years.
SUBMIT
Answers
The insurance policies of term life and whole life insurance policies only pay money to beneficiaries upon the policyholder's death.
What is a term life and whole life insurance policies?A term life assurance is a life policy for a limited period while the whole life assurance is a life policy for life.
The correct statement is that insurance policies of term life and whole life insurance policies only pay money to beneficiaries upon the policyholder's death.
Therefore, the Option B is correct.
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a cookie company wants to expand its retail operations. based on a preliminary study, 10 stores are feasible in various parts of the country. the cash flow at each store is expected to be $190 per year for five consecutive years. each store requires an immediate investment of $400 to set up operations. assuming a required rate of return 8%, what is the npv of each store?
Answers
The NPV of each store is $349.28.
To calculate the NPV of each store, we need to discount the expected cash flows at the required rate of return of 8% and subtract the initial investment of $400.
The formula for calculating NPV is:
NPV = -Initial Investment + Present Value of Expected Cash Flows
where the present value of expected cash flows is calculated as:
\(Present Value = \frac{Expected Cash Flow}{(1 + Required Rate of Return)^{n} }\)
Given:
Expected cash flow per store per year = $190
Number of years of cash flow = 5 years
Initial investment per store = $400
Required rate of return = 8%
Calculations:
Discount rate = 8%
Expected cash flow per store per year = $190
Number of years of cash flow = 5 years
Initial investment per store = $400
NPV = -400 + Present Value of Expected Cash Flows
Present Value of Expected Cash Flows =
\(\frac{190}{( 1 + 0.08)^{1} }\\\) +
\(\frac{190}{( 1 + 0.08)^{2} }\\\) +
\(\frac{190}{( 1 + 0.08)^{3} }\\\) +
\(\frac{190}{( 1 + 0.08)^{4} }\\\) +
\(\frac{190}{( 1 + 0.08)^{5} }\\\)
Present Value of Expected Cash Flows =
174.17 + 160.94 + 148.86 + 137.77 + 127.54
Present Value of Expected Cash Flows = $749.28
NPV = -400 + $749.28
NPV = $349.28
Therefore, the NPV of each store is $349.28.
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Which one of the four factors of copyright is MOST important?
Answers
Answer:
the purpose and character of the use i think
Explanation:
Adams, a general contractor, Brinks, an architect, and Carson, an interior decorator, formed the Dex Home Improvement General Partnership by contributing assets as follows: Fair % of Partner Share Adjusted Market in Capital Asset Basis Value Profits and Losses Adams Cash $40,000 $40,000 50% Brinks Land $12,000 $21,000 20% Carson Inventory $24,000 $24,000 30% The land was a capital asset to Brinks, subject to a $5,000 mortgage, which was assumed by the partnership. Brinks' initial basis in Dex is:
Answers
Answer:
8,000
Explanation:
Calculation to determine what Brinks' initial basis in Dex is:
Carryover Basis of Land Contributed by Brinks $12,000
Less Mortgage Assumed by the Partnership ($5,000)
Add Mortgage percentage Kept by Brinks $1,000
(.20 x $5,000)
Brink's Initial Basis $ 8,000
($12,000-$5,000+$1,000)
Therefore Brinks' initial basis in Dex is: $8,000
There should be no minimum wage in America. Workers should negotiate their pay! Do you agree with this statement? Why or why not?
Answers
Answer:
Minimum wage is important because it dictates the lowest hourly wage that a worker much be given. If it was removed, corporations may be able to give workers lower than what minimum wage would have been. Corporations also may outright refuse to pay the workers what they want leaving them jobless.
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Unlevered Cost of Equity Elliott's Cross Country Transportation Services has a capital structure with 30% debt at a 10% interest rate. Its beta is 1.2, the risk-free rate is 4%, and the market risk premium is 8%. Elliott's combined federal-plus-state tax rate is 25%. a. What is Elliott's cost of equity? Do not round intermediate calculations. Round your answer to two decimal places. % b. What is its weighted average cost of capital? Do not round intermediate calculations. Round your answer to two decimal places. % c. What is its unlevered cost of equity? Do not round intermediate calculations. Round your answer to two decimal places. %
Answers
a) Elliott's cost of equity can be calculated by the Capital Asset Pricing Model (CAPM). It is a model that indicates the required rate of return on an investment. The formula is:Ke = Rf + β (Rm – Rf)Where,Ke = Cost of EquityRf = Risk-free rateβ = BetaRm = Market Risk PremiumRisk-free rate = 4%Market Risk Premium = 8%Beta = 1.2Ke = 4% + 1.2 (8%)Ke = 13.60%b)
The weighted average cost of capital (WACC) is a measure of a company's cost of capital, which includes both debt and equity. It is calculated by multiplying the cost of each capital component by its proportional weight and summing the results. WACC = (E/V x Re) + [(D/V x Rd) x (1-T)]Where,E = Market value of the firm's equityD = Market value of the firm's debt V = Total Value (E+D)Re = Cost of equityRd = Cost of debt = Tax rateD/V = Percentage of debt financing E/V = Percentage of equity financing Rd = 10%T = 25%Calculations for Elliott's WACC can be summarized below:WACC = (E/V x Re) + [(D/V x Rd) x (1-T)]Elliott's Weight of Equity = 70%Elliott's Weight of Debt = 30%Cost of Equity (Re) = 13.60%Cost of Debt (Rd) = 10%Tax Rate (T) = 25%WACC = [(0.70 x 13.60%) + (0.30 x 10%) x (1 - 25%)]WACC = 11.54%c) Unlevered Cost of Equity can be calculated by the Capital Asset Pricing Model (CAPM) formula, where the beta is unlevered. The formula is:Keu = Rf + βu (Rm – Rf)Where,Keu = Unlevered cost of equityRf = Risk-free rateβu = Unlevered betaRm = Market risk premium Keu = 4% + 1.03 (8%)Keu = 11.24%
The unlevered beta can be calculated using the formula βu = β / [1 + (1 - T) (D/E)]Where,βu = Unlevered betaβ = Levered betaD = DebtE = EquityT = Tax rateβu = 1.2 / [1 + (1-0.25) (0.3/0.7)]βu = 1.03 Therefore, the Unlevered Cost of Equity for Elliott's Cross Country Transportation Services is 11.24%.
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Why might working on a commission basis make dealing with finances more difficult?
(need a few sentences)
Answers
What does it mean to invest your own risk?
Answers
Blockchain refers to a technology that:__________
A. uses a distributed ledger system of transactions.
B. uses a centralized data store in the cloud.
C. uses existing banking systems to transfer funds.
D. relies on the Internet to provide secure transactions.
Answers
Answer:
A. use a distributed ledger system of transaction
Explanation:
Ikaw na bahala kong maniniwala ka po
severely affecting the health of miners, workers and surrounding communities.
Answers
Mining operations can have detrimental effects on the well-being of miners, workers, and communities living in close proximity.
The process of mining can result in environmental contamination through the release of harmful substances such as heavy metals and chemicals, which can contaminate water sources and pose health risks to nearby communities. Additionally, the dust, noise, and vibrations produced during mining activities can lead to respiratory issues, hearing loss, and other health complications for both workers and residents in the vicinity. Furthermore, the use of heavy machinery and explosives increases the potential for accidents and injuries among workers and nearby communities. To mitigate these risks and safeguard human health and the environment, it is imperative to enforce stringent regulations and implement robust safety measures in mining operations.As a result, implementing stringent regulations and safety protocols becomes imperative in order to mitigate these risks effectively and safeguard the well-being of individuals and the environment.
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the two ways that a corporation can be classified by ownership are
Answers
Answer:
The two ways that a corporation can be classified by ownership are: publicly held and privately held
Explanation:
Corporation is majorly defined by the ownership of the entity and this ownership can only be determined by the number of share being held by private groups and promoters or the general public.
The project network and associated costs (T in days, C in $1,000s) are shown below. D End Start С B 타 Activity Normal T₁ Ca Ce 4 210 280 9 400 640 6 500 600 9 540 600 4 500 1100 200 5 150 4 240 90 3 150 3 150 7 600 6 750 150 a. Verify that the normal duration is 22 days and that the direct cost is $3,050. b. What is the least costly way to reduce the project duration to 21 days?
Answers
Given,The project network and associated costs (T in days, C in $1,000s) are shown below.End Start С B 타 Activity Normal T₁ Ca Ce 4 210 280 9 400 640 6 500 600 9 540 600 4 500 1100 200 5 150 4 240 90 3 150 3 150 7 600 6 750 150Normal duration = 22 daysDirect cost = $3050(a)
Normal duration = (4+9+6+9+4+5+4+3+7) = 51 daysDirect cost = (210+400+500+540+500+150+240+150+600) = $3350/b) To reduce the project duration to 21 days;Crashing activity A by 1 day;The direct cost for activity A = $1100 (Ce) - $500 (Ca) = $600To reduce the project duration to 21 days;Crashing activity H by 1 day;The direct cost for activity H = $150 (Ce) - $90 (Ca) = $60
To reduce the project duration to 21 days;Crashing activity B by 1 day;The direct cost for activity B = $640 (Ce) - $400 (Ca) = $240As crashing activity B by 1 day gives the least costly option, thus the least costly way to reduce the project duration to 21 days is crashing activity B by 1 day, which will reduce the duration to 21 days and the total cost to $3590.
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