A) Mansfield Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $44,000 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $450,000 during the period.
Provide the journal entry for the:
vacation pay and
pension benefit.
B) The payroll register of North Country Store Services indicates $1080 of social security withheld and $270 of Medicare tax withheld on total salaries of $18,000 for the period. Earnings of $6250 are subject to state and federal unemployment compensation taxes at the federal rate of 0.7% and the state rate of 3.8%.
Provide the journal entry to record the payroll tax expense for the period.
C) The payroll register of Classic Designs indicates $1,320 of social security withheld and $330 of Medicare tax withheld on total salaries of $22,000 for the period. Federal withholding for the period totaled $1,875.
Provide the journal entry for the period’s payroll. Indicate debits and credits.
Answers
A) For vacation pay, the journal entry would be a debit to Vacation Pay Expense for $44,000 and a credit to Vacation Pay Payable for $44,000.
For pension benefits, the journal entry would be a debit to Pension Expense for $36,000 ($450,000 x 8%) and a credit to Pension Payable for $36,000.
B) The journal entry to record payroll tax expense would be a debit to Payroll Tax Expense for $333.50 ($1080 + $270 + ($6250 x 0.7%) + ($6250 x 3.8%)) and a credit to Social Security Payable for $1080, Medicare Payable for $270, Federal Unemployment Tax Payable for $43.75 ($6250 x 0.7%), and State Unemployment Tax Payable for $21.88 ($6250 x 3.8%).
C) The journal entry for the period’s payroll would be a debit to Salaries Expense for $22,000 and a credit to Cash for $19,175 ($22,000 - $1,875 - $1,320 - $330).
The $1,875 federal withholding is a liability until it is remitted to the government, so it is credited to Federal Income Tax Payable. The $1,320 social security and $330 Medicare taxes withheld are liabilities until they are remitted to the government, so they are credited to Social Security Payable and Medicare Payable, respectively.
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Related Questions
Choose the option that best matches the description given.
Providing assistance to people in need through programs is known as ___
services. a mental health b rehab c human
Answers
Answer:
Human services
Explanation:
For my personal finance class
Which of the following is an example of the paradox of value?
a. You might choose an inflatable raft over a luxury car if you are adrift at sea
b. You might choose a diamond over a bottle of water if you really love dressing up
c. You might choose a hamburger over a veggie burger at a fast-food restaurant
d. You might choose a pair of socks over a hat if you are feeling cold
Answers
Answer:
b because diamonds dressing up
what is the purpose of creating a prototype?
Answers
Answer:
Prototypes provide a way to see how a possible product, idea, design, etc., would function in natural environments (not in the lab/workshop), but in the real world. They also can let designers, and those building it see if there are anything that needs to be changed or altered.
Use this graphic to answer the question.
A new restaurant owner receives a loan of $400,000.00. To help the owner make the right decisions about how to spend the money, another restaurant owner has supplied a general breakdown of costs and a flowchart on how to make investment decisions.
The restaurant is in the business district, and many customers will come in mid-afternoon for lunch. Based on the flowchart and breakdown, which cost is most important to attract these customers?
insurance
food-handler’s license
background music
kitchen equipment
Answers
The food handlers license is the cost that is the most important that would help to attract the customers.
How would the cost attract customers?Based on the fact that the business is licensed to operate, the people would be able to trust the food business.
Hence they would be more likely to be able to go there in order to get the services that they need in the business.
Hence the license is the cost that would help to attract the people
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Which of the following statements is true?
Answers
Answer:
True
Explanation:
Give your suggestions to address the problems and challanges being faced by the migrant workers in foregin employment .
Answers
Answer: Their comfortability relies a lot on what the government would be willing to do to help them. Some of what the government can do, e.g insure them, pension
Explanation:
Their comfortability relies a lot on what the government would be willing to do to help them. Some of what the government can do as as follows;
I) The government can grant them soft loans
ii) The government can consider making it easier for them to easily open SME's
iii) The government can consider making provision for them as regards pensions
iv) The government can insure them
during the great depression, the works progress administration built roads and public buildings. it also provided work for
Answers
During the Great depression, the Works Progress administration built roads and public buildings, it also provided work for the jobless who worked on public-works projects.
What was the Works Progress Administration?It was a program for unemployed that was created in 1935 under U.S. Pres. Franklin Roosevelt’s New Deal. Although critics called WPA an extension of the device for creating a huge patronage army loyal to the Democratic Party.
However, the purpose of the program was to provide useful work for millions of victims of the Great Depression and thus, to preserve their skills and self-respect.
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Help plz
What is persuassive writing?
Answers
Answer: something to like negotiate someone to do something and give good reasoning
Explanation: for example, someone would want to dye their hair and they would write a letter to their mom saying why their mom should let them dye their hair
In order to obtain a permit, food service establishments must first
A. obtain a tax ID number
B. apply for initial inspection
C. pay the inspection fee
D. pass a food safety exam
Answers
Answer:
d
Explanation:
i use to work at a company like this i got to own a grocery outlet so i know anything
A _____ is responsible for controlling the use of computer programs, transaction files and other computer records and documentation and releases them to the operators only when authorized
Answers
An operating System is responsible for controlling computer programs, transaction files, and other computer records and documentation and releases them to the operators only when authorized.
An operating system (OS) is the program that controls all other application programs in a computer after being installed into the system initially by a boot program. Through a predefined application program interface (API), the application programs use the operating system to seek services.
An operating system is a piece of software that controls a computer's software and hardware assets and offers standard services to programs running on it.
An operating system is a collection of applications that let a person control and communicate with a machine. Linux distributions (such as Ubuntu, Arch, Open Use, etc.), Windows, Mac OS, FreeBSD, Android, and iOS are a few examples of operating systems.
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describe situations in which you have an integration of future lump sums and streams of equal and unequal payments
Answers
An annuity may consist of a number of similar cash flows that are charged and settled on a regular basis. The recurring occurrence of a specified amount of CF over a specified length of time is one of the fundamental components of an annuity.
What is the concept of the excerpt?There will always be instances where a client settles their account or receives receipts for more than the whole amount owed. An annuity is not necessary in this situation.
The lump sum amount, which is the total of all unequal amounts paid or received up until that moment, will serve as the basis for determining the value at maturity.
Thus, An annuity may consist of a number of similar cash flows that are charged and settled on a regular basis.
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Baako Ltd purchase motor vehicle as follows date 01/01/13 800,000$,01/01/13 400,000$,01/04/15 600,000. The company adopts straight line method of depreciation at the rate 10% per annum from the date of purchase separate account is prepared for provision for depreciation. On 30th June, 2014 the motor vehicle which was purchase on 1st July was sold for 24,000$. You are required to prepare (a) motor vehicle account for the years 2013,2014 and 2015. (b) motor vehicle disposal account.
Answers
Baako Ltd purchase motor vehicle as follows date 01/01/13 800,000$,01/01/13 400,000$,01/04/15 600,000. The company adopts straight line method of depreciation at the rate 10% per annum from the date of purchase separate account is prepared for provision for depreciation. On 30th June, 2014 the motor vehicle which was purchase on 1st July was sold for 24,000$. You are required to prepare (a) motor vehicle account for the years 2013,2014 and 2015. (b) motor vehicle disposal account.
When discussing credit scores, your friends make the following statements. Which one of them is WRONG?
a. Casnell says, "Even if you close a credit card, the record of that card stays on your report for several years."
b. Joel says, "It's best to establish credit early, so you have a long credit history before you apply for a mortgage."
c. Jessie says, "Once you turn 18, it will be really easy to get approved for a credit card."
d. Kwame says, "Using your credit card every month, but paying off the balance each time, is a great way to boost your credit score."
Answers
The statement that is WRONG is option c, which says "Once you turn 18, it will be really easy to get approved for a credit card."
While it is true that turning 18 makes you eligible for a credit card, it does not guarantee approval. Credit card companies look at factors such as credit history, income, and debt-to-income ratio to determine if you are a suitable candidate for their card. Without any credit history, it can be difficult to get approved for a credit card, even if you are 18 or older.
Option a is true, as closing a credit card does not immediately remove it from your credit report. It may stay on your report for several years, and the length of time depends on the credit bureau and the specific card.
Option b is also true, as having a long credit history can positively impact your credit score. This is because it shows that you have a track record of responsibly managing credit.
Option d is also true, as using your credit card every month and paying off the balance each time can demonstrate responsible credit management and help boost your credit score over time.
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Whether speech is going to be delivered before one or one hundred people, the speaker should:
a.
Concentrate on getting everything out quickly
b.
Imitate the mannerisms of great speakers
c.
Prepare their thoughts in advance
d.
Use their biggest vocabulary to sound educated
Answers
Answer:
C). Prepare their thoughts in advance.
Explanation:
A speaker aims to serve a specific purpose through his/her speech(to inform, to entertain, to convince, to motivate, etc.). In order to serve this purpose effectively by the end of the speech, it is very crucial to 'prepare the thoughts that the speaker wishes to convey in advance' as it helps him/her in organizing the thoughts in a logical order to ensure its efficacy. It also assists in analyzing whether the thoughts get along with each other and also keeps room for creativity which can enhance its impact and make the purpose more successful. Thus, be it one or one hundred people, it is important for a speech to be prepared in advance and hence, option C is the correct answer.
Answer:
C). Prepare their thoughts in advance.
Explanation:
e d g e
ABC stock is currently selling for $120. The exercise price of the call option is $125. Using a one-period binomial model, calculate the price of the call option assuming an interest rate of 3% per year. Assume further that over the next year, the stock price will either increase by 10% or decrease by 10%. What is the price of the call option? Show detailed work
Answers
The probability weighted average of the interest rate future values at the end of each of the three periods is used to determine this, and the future values are then discounted back to the present using the interest rate.
The tree is built using the current stock price and a simulation of the up and down movements over the course of the three periods using the provided probability and percentage changes.
Each end node's option value is determined before being processed back up the tree to the starting node. The starting node's computation serves as the end option value.
The stock's annual payout range is $27 - $17 = $10.
If the stock price is $27 when the option expires, its value will be =$27-$22 =$5.
If the stock price is $17, the option will also have no value.
The stock option has a payment range of $5 and $0;0 = $5.
To determine the amount of stock shares, balance the range:
$5/10 = 0.5 Option range/Stock range
The stock option payoff for 0.5 shares will be either $13.5 or $8.5. The payout for the portfolio and options will be $13.5- $5, which equals $8.5, or $8.5 $0; 0 = $8.5.
PV = $8.5/ (1+) is the present value of $8.5 at the daily compounding risk-free rate.
Complete question:
ABC stock is currently selling for $120. The exercise price of the call option is $125. Using a one-period binomial model, calculate the price of the call option assuming an interest rate of 3% per year. Assume further that over the next year, the stock price will either increase by 10% or decrease by 10%. What is the price of the call option? Show detailed work?
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assume the real rate of return is 1.41% and the inflation rate is 5.73%. find the nominal rate of return using the exact formula.
Answers
The nominal rate of return is 7.23%.
Determine rate of returnThe exact formula for calculating the nominal rate of return is:
Nominal Rate of Return = (1 + Real Rate of Return) * (1 + Inflation Rate) - 1
In this case, the real rate of return is 1.41% and the inflation rate is 5.73%. Plugging these values into the formula, we get:
Nominal Rate of Return = (1 + 0.0141) * (1 + 0.0573) - 1
Simplifying the equation, we get:
Nominal Rate of Return = 1.0141 * 1.0573 - 1
Multiplying the values and subtracting 1, we get:
Nominal Rate of Return = 0.0723
Therefore, the nominal rate of return is 7.23%.
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When you add the value of a Maryam's benefits to her salary how much is she earning per year
Answers
82,500Answer:
Explanation:
stephanie has been driving for 4 years without any major auto accidents until today
Answers
Question 1 of 10
An investment that you bought for
profit
and sold for
made a
500;600
500;400
600;400
600;500
Answers
Answer:
500;600
an investment
If left uncontrolled the high blood pressure can cause 1. Kidney disease 2. Heart failure 3. Stroke 4. All of above
Answers
If left uncontrolled, high blood pressure can cause kidney disease, heart failure, and stroke. Therefore, the correct option is 4. All of the above.
What is high blood pressure?High blood pressure, also known as hypertension, is a chronic medical condition that occurs when the blood pressure in the arteries rises above the normal range. It is defined as a systolic blood pressure of 140 mm Hg or higher and a diastolic blood pressure of 90 mm Hg or higher.
Blood pressure can be controlled by making lifestyle changes like adopting a healthy diet, engaging in regular exercise, limiting alcohol intake, avoiding smoking, and maintaining a healthy weight. In addition, doctors can prescribe medications to control blood pressure if lifestyle modifications alone are not effective.
If left untreated, high blood pressure can cause damage to your body's vital organs, including the kidneys, heart, and brain. Kidney disease, heart failure, and stroke are some of the severe complications that can arise due to high blood pressure. Therefore, it is critical to manage hypertension effectively.
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what is research analysis
Answers
Research analysis is the process of interpreting data that has been collected through research methods. It involves analyzing, interpreting, and evaluating the results of a research study to draw conclusions or develop insights.
Research analysis can be conducted using various methods such as qualitative and quantitative analysis. Qualitative analysis involves examining non-numerical data such as interviews, observations, and text, while quantitative analysis involves analyzing numerical data using statistical techniques. Both methods can provide valuable insights into a research question, and the choice of method depends on the research question, research design, and data collected.
Research analysis involves several steps such as cleaning and organizing data, identifying patterns, trends, and relationships within the data, and interpreting and drawing conclusions based on the data. It also involves identifying potential biases or limitations in the data and addressing them appropriately. In summary, research analysis is a critical component of the research process as it helps researchers to make sense of their data and draw meaningful conclusions from their findings.
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Adele got a loan for $8,000 at 12% for 24 months.
The monthly payments are $376.80.
After 15 payments, the balance is $3222.44
1.
Adele wants to pay off her loan right now. What is the interest on the final payment?
2. If she wanted to pay off the loan right now, how much would it cost (hint: use your answer from (a) to help)?
3. What would have been the total amount she would have paid if she didn't pay it off early?
4. How much money has she already paid after 15 payments?
5. How much money was saved by paying the loan off early?
Answers
peter invested $450 in insurance and stocks. he put $50 more in insurance than stocks. how much did he invest in each?
Answers
Peter invested $250 in stocks and $200 in insurance.
To solve the problem, we can use a system of equations. Let x be the amount Peter invested in stocks.
Then, according to the problem, he invested $50 more in insurance, which would be x + $50. The total amount invested is $450, so we can write the equation:
x + (x + $50) = $450
Solving for x, we get x = $250, which is the amount Peter invested in stocks. Therefore, he invested $200 in insurance.
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What is the term used to describe the amount of accounts receivable that is actually expected to be collected? Multiple Choice Ο C) Allowance for doubtful accounts Ο Uncollectible accounts expense Ο ) Net realizable value Ο The present value of accounts receivable Wildcat Company incorporated in 2018 and has the following information at the end of October, 2021: $300,000 in its Accounts Receivable and $11,000 credit in its Allowance for Uncollectible Accounts. Sales for the month were $2,100,000 and of this amount $1.440,000 were for credit. Wildcat Company estimates its bad debts to be 2.5% of credit sales. What is the amount of Bad Debt Expense for the month? Multiple Choice Ο $ 25.000 Ο 5 36.000 Ο Ο 5 52,500 Ο Ο $ 41,500
Answers
The term used to describe the number of accounts receivable that is actually expected to be collected is Net realizable value. The amount of Bad Debt Expense for the month is $ 36.000.
The allowance for doubtful accounts, uncollectible accounts expense, and the present value of accounts receivable are accounting terms used to describe different aspects of accounts receivable.
1: Credit sales = Total Sales - Cash Sales
Credit sales = $2,100,000 - $660,000 (since $1,440,000 was for credit sales)
Credit sales = $1,440,000
2: Determine the bad debts
Bad debts = 2.5% × Credit sales
Bad debts = 0.025 × $1,440,000
Bad debts = $36,000
3: Record bad debt expense
Bad debt expense = $36,000
The answer is Ο $ 36.000.
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The term used to describe the amount of accounts receivable that is actually expected to be collected is Net realizable value. The amount of Bad Debt Expense for month is option a) $25,000.
The amount of Bad Debt Expense for the month is $41,500. Sales for the month were $2,100,000 and of this amount, $1,440,000 were for credit. Wildcat Company estimates its bad debts to be 2.5% of credit sales. Therefore, the calculation of Bad Debt Expense for month would be:
$1,440,000 x 2.5% = $36,000
However, the Allowance for Uncollectible Accounts already has a credit balance of $11,000. Hence, the Bad Debt Expense for the month will be the difference between the amount of the required allowance and the existing credit balance.
$36,000 - $11,000 = $25,000
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If a firm's business activities do not result in profit maximization, whilst alternatives exist, then such activities amount to irresponsible actions. Discuss any five sets of economic responsibilities firms must embrace to ensure the protection and enhancement of the business.
Answers
Explanation:
For a company to remain profitable and competitive in the market, it must build a solid and positive positioning that guarantees itself and its stakeholders reliability and competence.
For this, some practices must be adopted in all its internal and external processes. Can be:
Compliance with local legislation. Development of policies that promote ethical behavior .Development of social programs .Environmental management focused on minimizing environmental impacts. Transparency in accounting results.The company must institute social and environmental policies and practices since its strategic planning, as currently at a level of global competitiveness, companies are responsible for developing corporate governance with a focus on helping to promote good practices that assist in the development of society and preserving the environment. Having positive values builds a positioning that increases the reliability of the company's processes and ensures the continuous improvement of the processes, the reduction of waste, the attraction of investors, etc.
Examine the table comparing auto collision insurance
deductibles and premiums for three drivers.
Why does driver 3 most likely pay a higher monthly premium than drivers 1 and 2?
The insurance company views driver 3 as a risk
because of accident history and age.
The insurance company believes that driver 3 is
less likely to pay bills on time.
Driver 3 voluntarily pays a higher premium in order
to have a lower deductible.
Driver 3 voluntarily pays a higher premium to
receive greater coverage.
Answers
Driver 3 most likely pay a higher monthly premium than drivers 1 and 2 because A. The insurance company views driver 3 as a risk
because of accident history and age.
Why will an individual pay a higher premium?It should be noted that a monthly premium will reflect the added risk of multiple drivers using a vehicle.
Also, teenagers or young people generally pay higher premiums because it's believed that there more prone to accident.
Therefore, driver 3 most likely pay a higher monthly premium than drivers 1 and 2 because the insurance company views driver 3 as a risk
because of accident history and age
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Answer: A
Explanation:
The insurance company views driver 3 as a risk because of accident history and age.
It is increasingly difficult for a firm to develop and sustain a competitive advantage because of the effects of globalization and:__________
a. the rapid development of the Internet's capabilities.
b. extensive use of outsourcing within the borders of the United States.
c. the declining number of inventions and patents developed by U.S. citizens.
d. the simultaneous erosion of the U.S. work ethic and the U.S. education system.
Answers
Answer:
a. the rapid development of the Internet's capabilities.
Explanation:
It is increasingly difficult for a firm to develop and sustain a competitive advantage because of the effects of globalization and the rapid development of the Internet's capabilities.
Globalization can be defined as the process of developing technology, people, investments, informations, products in order to create international influences across cultures and national markets or borders. This makes it possible for various multinational enterprise or companies to break into different markets across world and compete effectively with other companies.
Also, the rapid development of the Internet's capabilities gives various companies the ability and privilege to technology and software applications to seamlessly meet the needs of customers over the web such as cloud computing services, Internet of things (IoT) etc.
which of the following is not an employability skill?
1. ethical behavior
2. teamwork
3. technology
4. sales
Answers
Sales is not an employability skill. Employability skills are the general skills, personal qualities, and attitudes that are necessary for success in any job or career. They include things like communication, problem-solving, teamwork, time management, leadership, adaptability, and ethical behavior, among others.
Sales, on the other hand, refers to a specific job function that involves selling products or services to customers. While sales may require certain skills such as communication, negotiation, and customer service, it is not considered a general employability skill.
The first step of the risk assessment process is generally to Group of answer choices estimate the risk probability of negative events occurring. identify controls to reduce all risk to zero. identify the threats that the company currently faces. estimate the exposure from negative events.
Answers
Answer:
It is negative events verse negative events
Explanation:
How will you approach becoming financially independent?
Answers
There are many times on your quest to achieve financial independence where math will butt up against human psychology. If you don’t have the mindset locked and loaded, it will be harder to keep going on a long journey where the results can take decades to appear. A classic example would be the decision to pay down your mortgage sooner vs. investing the extra money, or which approach you should take towards paying off debt (the snowball method, where you pay off the smallest balance first or the avalanche method where you attack the highest interest rate first). In each case, the math suggests a clear winner, but you’ll need to pick a plan that you know you can stick to, even when things get tough.