Answer:
The answer is Balance sheet accounts are overstated and income statement account are understated.
Explanation:
As you employ people, you are responsible for paying the employer's share of certain taxes, such as Social Security
(6.2% of wages) and Medicare (2.45% of wages). If your payroll is $250,000 for the year, how much will you owe in these two taxes?
A.) $20,000
B.) $20.625
C.) $21,625
D.) $22,785
Answer: c $21,625. I just took it
$21,625 will you owe in these two taxes. The correct option is C.
Why is it important to have social security?Compulsory payments made to the general government known as social security contributions give recipients the right to receive a (probable) social benefit in the future. The elderly, disabled workers, injured soldiers, and families who have lost a spouse or parent are all helped by Social Security. At present, over 65 million people receive monthly Social Security benefits while approximately 179 million people are employed and contributing to Social Security.
Given
Payroll = $250,000
Medicare Tax Rate = 2.45%
Social Security Tax Rate = 6.2%
Required to Calculate the sum of these two taxes =?
= 250,000 x 8.65(2.45 + 6.2)/ 100
= $21,625
Medicare tax is not deducted from your paycheck if you work for yourself. Typically, you would submit your estimated tax payments on a quarterly basis and use them to pay your self-employment taxes, including Social Security and Medicare taxes.
Thus, the ideal selection is option C.
Learn more about Medicare tax here:
https://brainly.com/question/1473508
#SPJ6
what is a market failure
Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses are allocated to the two departments using different allocation bases. The following information is available for the current period: Office Expenses Total Allocation Basis Salaries $ 39,000 Number of employees Depreciation 29,000 Cost of goods sold Advertising 68,000 Net sales Item Drilling Grinding Total Number of employees 1,800 2,700 4,500 Net sales $ 368,000 $ 552,000 $ 920,000 Cost of goods sold $ 121,600 $ 198,400 $ 320,000 The amount of depreciation that should be allocated to Drilling for the current period is:
Answer: $53820
Explanation:
The amount of depreciation that should be allocated to Drilling for the current period will be:
Salaries = (39000 × 1800/4500) = 15600
Add: Depreciation = (29000 × 121600/320000) = 11020
Add: Advertising = (68000 × 368000/920000) = 27200
Total = 53820
Divisibility" refers to the fact that money is divided into denominations for ease in completing transactions
O a. True
O b. False
A construction firm can achieve a $15,000 cost savings in Year 1, increasing by $3000 each year for the next 5 years, by converting their diesel engines for biodiesel fuel. At an interest rate of 15%, what is the equivalent annual worth of the savings?
Answer: $21291.6
Explanation:
The equivalent annual worth of the savings will be calculated thus:
Annual cost savings in year 1 = $15000
Increase in annual cost savings = $3000
Project period = 6 years
Interest rate = 15%
Annual worth of savings = A + G(A/G, 15%, 6)
= 15000 + 3000(15,000/3000, 5%, 6)
= 15000 + 3000(5000, 0.15, 6)
= 15000 + 3000(2.0972)
= 15000 + 6291.6
= 21291.6
Therefore, the annual worth of savings will be $21291.6
Someone who is applying for a loan from a bank can expect the bank to: O A. investigate the person's parents to see if they were financially responsible B. demand that the person close all of his or her accounts at competing banks C. request proof that the person who graduated from a good college. D. check the person's credit history to make sure he or she pays debts on time, SU
Answer:D
Explanation:
Just got it right on A P E X
You are a lobbyist hired by a less developed country to try to prevent a developed country from increasing trade barriers against labor-intensive manufactured imports such as textiles. Make your case, arguing from both developed and developing country perspectives, in terms of who gains and who loses.
Answer:
The answer is explained below in separate headings.
Explanation:
Resources available such as land, labour, capital and entrepreneurship are different for each country. Some may have more while others might have less. The large (developed) countries tend to be more resourceful than those small (developing) countries.
Developed Country
In this case, the capital available at the developed country's disposal helps them export manufactured goods and import labour-intensive goods from developing country with relative ease in order to produce and profit from the market.
Developing Country
From their point of view, the potential to trade outward results in the enhancement in the country's growth and efficiency. This ultimately creates an opportunity for the consumers to benefit from the variety of goods available to choose from and workers of higher incomes.
Hence, if the trade barriers are increased then it would affect both the country's in terms of profit. However, the effect would be more adverse for developing country rather than for a developed country.
Which of the following would be determined as a social force in an environmental scan?
Answer:
an increase in Asian immigration
Consider a hypothetical economy where there are no taxes and no international trade. Households spend $0.50 of each additional dollar they earn and save the remaining $0.50. If there are no taxes and no international trade, the oversimplified multiplier for this economy is __________
Suppose that the price level in our economy remains the same and that there is still no international trade. Now, however, the government decides to implement an income tax of 5% on each dollar of income. The MPC and MPS, however, remain the same as before. In this case, after accounting for the impact of taxes, the multiplier in this economy is ___________, and a $200 billion decrease in investment spending will lead to a billion in output.
Answer:
i) 2
ii) 1.9
iii) $200 billion decrease in investment will lead to a $380 billion decrease in output
Explanation:
i) Determine the oversimplified multiplier for this economy
MPC value of the economy = 0.5
spending multiplier = 1 - / 1 - MPC VALUE )
∴ oversimplified multiplier = 1 / 0.5 = 2
ii) Given that the Government implement an income tax of 5%
The Multiplier of the economy = 1 / [ 1 - MPC (1-t) ]
= 1 / [ 1 - 0.5(1-0.05 )]
= 1 / ( 1 - 0.475 ) = 1.9
iii) $200 billion decrease in investment will lead to a $380 billion decrease in output
total change in output = 1.9 * 200 =$ 380
Determine the original investment for the following related subsequent cash flows if the internal rate of return (IRR) is 12%.
A :
$17,438.62
B :
$19,975.40
C :
$22,767.86
D :
$21,875.00
Answer:
B : $19,975.40
Explanation:
The computation of the original investment is shown below:
Year Cash flows Discount rate at 12% Present value
1 $10,000 0.8926 $8,928.57
2 $8,500 0.79719 $6,776.15
3 $6,000 0.71178 $4,270.68
Total present value $19,975.40
In the case of IRR, the total of present value would be equivalent to the orginal investment
Marilyn entered into a contract and sold equipment to Sam who claimed to be acting on behalf of ABC Corporation. Marilyn was not paid, and upon investigation, she learned that while the articles of incorporation were filed for ABC Corporation, they were never issued. Which of the following is the applicable law in regard to her position in a majority of states?
a. The majority of states follow the old MBCA which follows the approach that only promoters who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
b. The majority of states follow the old MBCA which follows the approach that all persons who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
c. The majority of states follow the revised MBCA under which the filing of the articles of incorporation, regardless of whether there is a return copy stamped by the secretary of state, is conclusive proof of incorporation; and the corporation itself is liable for business debts from that point forward.
d. The majority of states follow the revised MBCA under which the filing of the articles of incorporation, evidenced by the return of the copy stamped by the secretary of state, is conclusive proof of incorporation; and the corporation itself is liable for business debts from that point forward.
Answer:
The applicable law in regard to her position in a majority of states is:
b. The majority of states follow the old MBCA which follows the approach that all persons who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
Explanation:
MBCA means the Model Business Corporation Act. It is noteworthy that majority of the states have not adopted fully the Revised Model Business Corporation Act, 2016. This is because some of their Corporation Acts still rely on the old MBCA. This implies that Marilyn has a favorable position and can recover from ABC Corporation the value of the equipment sold to Sam.
The total earnings of an employee for a payroll period is referred to as
Answer:
Net pay.
Explanation:
An employee can be defined as an individual who is employed by an employer of labor to perform specific tasks, duties or functions in an organization.
Basically, an employee is saddled with the responsibility of providing specific services to the organization or company where he is currently employed while being paid a certain amount of money hourly, daily, weekly, or monthly depending on the contractual agreement between the two parties (employer and employee).
Net pay can be defined as the total amount of money earned by an employee for a payroll period. Thus, it is the earnings of an employee after all deductions, fees, or contributions have been subtracted from the gross pay and as such, it is the take home of an employee for a payroll period.
Crane Corp., a company whose stock is publicly traded, provides a noncontributory defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2021: Projected benefit obligation $ 622000 Accumulated benefit obligation 449000 Fair value of plan assets 740000 Service cost 180000 Interest on projected benefit obligation 12000 Amortization of prior service cost 36000 Expected and actual return on plan assets 46500 The market-related asset value equals the fair value of plan assets. No contributions have been made for 2021 pension cost. In its December 31, 2021 balance sheet, Crane should report a pension asset / liability of
Answer:
$118,000
Explanation:
Calculation to determine what Crane should report a pension asset / liability
Fair value of plan assets $740,000
Less Projected benefit obligation ($ 622,000)
Pension asset / liability $118,000
($740,000-$622,000)
Therefore Crane should report a pension asset / liability of $118,000
Heavy Products, Inc. (HPI) developed standard costs for direct material and direct labor. In 2020, HPI estimated the following standard costs for one of their major products, the 10-gallon plastic container.
Budgeted quantity Budgeted price
Direct materials 0.1 pounds $90 per pound
Direct labor 0.2 hours $30 per hour
During June, Heavy Products produced and sold 21,000 containers using 2,400 pounds of direct materials at an average cost per pound of $93 and 2,100 direct manufacturing labor-hours at an average wage of $30.50 per hour. June's direct material flexible-budget variance is:_____.
A) $18,720 favorable.
B) $880,000 unfavorable.
C) $100,000 favorable.
D) $60,000 unfavorable.
Answer:
$34,200
Explanation:
Calculation to determine what June's direct material flexible-budget variance is
Flexible-budget variance = (2,400 × $93) − (21,000 × 0.1 × $90)
Flexible-budget variance =$223,200-$189,000
Flexible-budget variance =$34,200 U
5) Mutti company produces two joint products: tomato paste and tomato sauce. From the common process emerge the joint cost of $200,000 which yields 2,000 units of tomato paste and 1,000 units of tomato sauce. Tomato paste can be sold for $100 per unit. Tomato sauce can be sold for $120 per unit. How much of the joint cost will be assigned to the tomato paste if joint costs are allocated on the basis of relative market values
$2,00,000 which yields 2,000 units of tomato paste
Joint costs are allocated based on relative market values and total $2,000,000, yielding 2,000 units of tomato paste.
What is market values?The market value, or OMV, of an asset is the price at which it would trade in a competitive auction setting. Although these terms have different definitions in different standards and differ in some circumstances, market value is frequently used interchangeably with open market value, fair value, or fair market value. Market value (also known as OMV or "open market valuation") is the price an asset would fetch in the marketplace, or the value assigned by the investment community to a specific equity or business.Market value is calculated by multiplying a company's outstanding shares by the current market price. If XYZ Company trades at $25 per share and has 1 million shares outstanding, its market value is $25 million.To learn more bout market values, refer to:
https://brainly.com/question/14612966
#SPJ2
A tire manufacturer has three different models that it sells. The anticipated payoff is dependent on the type sold and the level of demand.
Scenarios
Alternatives Low demand Medium demand High demand
All season $227,656 $365,000 $170,000
All terrain $260,470 $425,000 $400,000
Winter $-183,404 $238,000 $790,000
Probability 0.35 0.40 0.25
Requied:
What is the EMV for the all season tires?
Answer:
The EMV for the all season tires is:
= $268,180.
Explanation:
a) Data and Calculations:
Scenarios
Alternatives Low demand Medium demand High demand
All season $227,656 $365,000 $170,000
All terrain $260,470 $425,000 $400,000
Winter $-183,404 $238,000 $790,000
Probability 0.35 0.40 0.25
EMV for All Season Tires:
Scenarios Payoff Probability Expected Value
Low demand $227,656 0.35 $79,680
Medium demand $365,000 0.40 146,000
High demand $170,000 0.25 42,500
Total EMV = $268,180
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of sed machine. Prepare journal entries to record the machine’s disposal under each separate situation: (a) it is sold for $24,500 cash; (b) it is sold for $98,000 cash; and (c) it is destroyed in a fire and the insurance company pays $35,000 cash to settle the loss claim.
Answer and Explanation:
The journal entries are shown below:
Cash $24,500
Accumulated dep (36800 × 5) $184,000
loss on sale of machine $41,100
To Machine $249,600
(being the sale of the machine is recorded)
Cash $98,000
Accumulated dep (36800 × 5) $184,000
To Machine $249,600
To gain on sale of machine $32,400
(being the sale of the machine is recorded)
Cash $35,000
Accumulated dep (36800 × 5) $184,000
loss on sale of machine $30,600
To Machine $249,600
(being the sale of the machine is recorded)
Working note:
Accumulated depreciation
= ($240,000 + $8,000 + $1,600 - $28,800) ÷6 years
= $36,800
If, at the present output level, marginal revenue is $50 and marginal cost is $35, the purely competitive firm Group of answer choices should increase output to maximize its profit or minimize its loss. should reduce output to maximize its profit or minimize its loss. should increase its price to maximize its profit or minimize its loss. should stay at its current output to maximize its profit or minimize its loss.
Answer: should reduce output to maximize its profit or minimize its loss
Explanation:
Since we are given the information that at the present output level, the marginal revenue is $50 and the marginal cost is $35, this implies that the marginal revenue is more than the marginal cost, which simply means that there'll be a positive marginal profit.
In such scenario, therefore, the purely competitive firm should reduce output to maximize its profit or minimize its loss.
6. A radio station that carries news, features, and editorial opinions about
your area is which type of public? *
A) financiar
O
B) media
C) citizen-action
D) local
E) government
Answer:
B
Explanation:
Al part of communication
Supply and demand determine the relative value of any two currencies through the foreign exchange market
a. True
b. False
Answer:
true
I hope it is helpful to you
In your opinion, what's the best strategy
Select one:
a. E-tailing
b. Depends
O c. Both E-tailing and Bricks and Mortar
O d. Bricks and mortar
Answer:
o both e-talling and bricks and mortar
The best strategy depends on the specific business, target market and industry that is "Both E-tailing and Bricks and Mortar". The correct option is C.
Combining E-tailing (online retailing) and bricks-and-mortar (physical stores) offers a comprehensive approach to reach a broader customer base and cater to diverse shopping preferences.
The E-tailing provides convenience, global reach, and cost-effectiveness, enabling businesses to tap into the growing online market.
On the other hand, bricks-and-mortar stores offer a tactile experience, face-to-face customer interactions, and immediate fulfillment and enhancing customer engagement and brand loyalty.
Therefore, the correct option is C.
To know more about target market here,
https://brainly.com/question/6253592
#SPJ2
The following is a partially completed lower section of a departmental expense allocation spreadsheet for Brickland. It reports the total amounts of direct and indirect expenses for the four departments. Purchasing department expenses are allocated to the operating departments on the basis of purchase orders. Maintenance department expenses are allocated based on square footage. Compute the amount of Purchasing department expense to be allocated to Fabrication. Purchasing Maintenance Fabrication Assembly Operating costs $ 42,000 $ 24,000 $ 106,000 $ 72,000 No. of purchase orders 15 5 Sq. ft. of space 3,800 2,200
Answer:
The amount of Purchasing department expense to be allocated to Fabrication is $31,500.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question as follows:
Purchasing Maintenance Fabrication Assembly
Operating costs $42,000 $24,000 $106,000 $72,000
No. of purchase orders 15 5
Sq. ft. of space 3,800 2,200
The explanation of the answer is now given as follows:
Amount allocated to Fabrication = Purchasing department expense * (No. of purchase orders by Fabrication / (No. of purchase orders by Fabrication + No. of purchase orders by Assembly)) = $42,000 * (15 / (15 + 5)) = $31,500
Therefore, the amount of Purchasing department expense to be allocated to Fabrication is $31,500.
A 4-year project has an annual operating cash flow of $57,000. At the beginning of the project, $4,800 in net working capital was required, which will be recovered at the end of the project. The firm also spent $23,500 on equipment to start the project. This equipment will have a book value of $5,100 at the end of the project, but can be sold for $6,000. The tax rate is 40 percent. What is the Year 4 cash flow
Answer:
$67,440
Explanation:
Year 4 cash flow = operating cash flow + terminal year cash flow
terminal year cash flow = sales price of the machine + net working capital - tax(sales price - book value)
6000 + 4800 - 0.4(6000 - 5100) = $10,400
Year 4 cash flow = $10,400 + $57,000 = $67,400
For Year 1, Nnabue Company's year-end balance sheet lists $3,286,421 in ending Retained Earnings. During Year 1, Nnabue's net income exceeded its dividend declarations by $175,819. Nnabue's dividend declarations in Year 1 were $38,602. Nnabue also sold $32,000 of stock in Year 1. Dividend payments were $14,000. How much was Nnabue's beginning retained earnings
Answer:
See below
Explanation:
Statement showing the beginning retained earnings
Ending retained earnings balance
$3,286,421
Add:
Dividend declared
$38,602
Less;.
Income during the year
($175,819 + $38,602)
($214,421)
Beginning retained earnings
$3,110,602
Therefore, Nnabue's beginning retained earnings is $3,110,602
Data related to the inventories of Kimzey Medical Supply are presented below: Surgical Surgical Rehab Rehab Equipment Supplies Equipment Supplies Selling price $ 325 $ 185 $ 405 $ 230 Cost 235 155 315 227 Replacement cost 305 145 300 223 Costs to sell 56 18 38 36 Normal gross profit ratio 20 % 20 % 20 % 30 % In applying the lower of cost or market rule, the inventory of surgical equipment would be valued at:
Answer:
The inventory of surgical equipment would be valued at $204.
Explanation:
The data given in the question are first sorted as follows:
Surgical Surgical Rehab Rehab
Equipment Supplies Equipment Supplies
Selling price $ 325 $ 185 $ 405 $ 230
Cost 235 155 315 227
Replacement cost 305 145 300 223
Costs to sell 56 18 38 36
Normal gross profit ratio 20 % 20 % 20 % 30 %
The value of the inventory of surgical equipment can now be calculated as follows:
Ceiling = Net realizable value = Selling price - Costs to sell = $325 - $56 = $269
Floor = Net realizable value - Normal gross profit ratio = $269 - (325 * 20%) = $204
Replacement cost = $305
Market is the middle value of ceiling, floor and replacement cost.
Market value = Flor $204
Cost = $235
Lower of cost or market = $204
Therefore, the inventory of surgical equipment would be valued at $204.
After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of Schenkel Enterprises. Unfortunately, you will be the only individual voting for you. a.If the company has 430,000 shares outstanding and the stock currently sells for $45, how much will it cost you to buy a seat if the company uses straight voting
Answer:
$9,675,045
Explanation:
In order to win the election of the board of directors, voting powers should have half a of the voting power and one vote.
Calculating the cost incurred to buy the voting power:
Total cost = [Number of shares / 2 + 1] * Stock price
Total cost = [430,000/2 + 1] * $45
Total cost = 215,001 * $45
Total cost = $9,675,045
So, it will cost one $9,675,045 to buy a seat if the company uses straight voting.
You’ve had a good run as manager for a leading brand of leave-in conditioner. The product performs better than competition in taming frizzy hair, and has long commanded a premium price based on an attribute-based positioning. But now you’re nervous. There’s been a gradual but steady decline in sales over the past three quarters. Denise, a new member on the marketing research team, has presented you with information that suggests two possible causes. - First, beauty magazines and salon publications wrote repeatedly last year about a shift to free-flowing, natural styles. These styles work best with products that don’t leave residue on hair. You know that secondary data isn’t always ideal, but these stories were consistent and voluminous. - Second, recent focus groups run by Denise complained that your price is too high. Like all focus groups, these included only a small number of people, but the participants were loyal customers. Neither source is perfect, and the information you have is far from conclusive. But there’s nothing else to go on for now. Top management is under pressure from investors and anxious to take action, but wants to make sure the company is set up for long-term success. You can’t effectively address both issues at once, so you must decide which one is more likely to be causing the sales decrease.
A) Styling change.
B) Price.
Answer:
The issue that is more likely to be causing the sales decrease is:
Styling change.
This is the issue that should be addressed immediately. In addressing this issue, consideration should be paid to the price issue since any production shift to meet customers' styling change will reduce the production of the leave-in conditioner.
Explanation:
Identified Problem:
Steady declining sales
Causes;
Styling change
High price
The amount of materials to be purchased during the budget period is equal to budgeted: A. total production needs plus units in the beginning materials inventory minus the units in the ending materials inventory. B. total production needs plus units in the ending materials inventory minus the units in the beginning materials inventory. C. units to be produced plus units in the beginning materials inventory minus the units in the ending materials inventory. D. units to be produced plus units in the ending materials inventory minus the units in the beginning materials inventory.
Answer:
. B). total production needs plus units in the ending materials inventory minus the units in the beginning materials inventory.
Explanation:
The budget period can be regarded as
period of time whereby one has the authority to spend the awarded funds in a way that meet the matching as well as the cost-sharing requirement. It should be noted that the amount of materials to be purchased during the budget period is equal to budgeted total production needs plus units in the ending materials inventory minus the units in the beginning materials inventory.
Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $58,000 and $2,700, respectively. During Year 2, Allegheny wrote off $4,800 of Uncollectible Accounts. Using the percent of receivables method, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $4,400. What amount will Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement
Answer:
The amount of the allowance for the year to be reported in income statement is $6,500.
Explanation:
The amount of the allowance for the year to be reported in income statement can be calculated as follows:
Allowance for the year to be reported in income statement = Ending ending Allowance for Doubtful Accounts balance + Uncollectible written off during the year - Opening Allowance for Doubtful Accounts balance = $4,400 + $4,800 - $2,700 = $6,500
Therefore, the amount of the allowance for the year to be reported in income statement is $6,500.
Wahoo Inc., a calendar year taxpayer, leases equipment to a customer for $4,500 monthly rent. On November 27, 2020, Wahoo received a $36,000 rent payment for the eight-month period beginning on December 1. Required: How much of the payment must Wahoo recognize as 2020 taxable income assuming that Wahoo uses the cash method of accounting for tax purposes
Answer:
A. Cash method of accounting $36,000
B. Accrual method of accounting $36,000
Explanation:
A Based on the information given we were told that the Wahoo have to recognize the whole prepayment amount of $36,000 as 2019 income which means that UNDER CASH METHOD OF ACCOUNTING How much of the payment must Wahoo recognize as 2020 taxable income is the whole prepayment amount of $36,000.
B.Based on the information given we were told that the Wahoo have to recognize the whole prepayment amount of $36,000 as 2019 income which means that UNDER ACCRUAL METHOD OF ACCOUNTING How much of the payment must Wahoo recognize as 2020 taxable income is the same whole prepayment amount of $36,000.