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; cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000.
Required:
Prepare the journal entries to record the salaries expense and the employer payroll tax expense. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
CHART OF ACCOUNTS
General Ledger
ASSETS
110 Cash
111 Accounts Receivable
112 Interest Receivable
113 Notes Receivable
115 Merchandise Inventory
116 Supplies
118 Prepaid Insurance
120 Land
123 Building
124 Accumulated Depreciation-Building
125 Office Equipment
126 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
213 Interest Payable
214 Notes Payable
221 Salaries Payable
222 Social Security Taxes Payable
223 Medicare Taxes Payable
224 Federal Withholding Taxes Payable
225 State Withholding Taxes Payable
226 Federal Unemployment Comp. Taxes Payable
227 State Unemployment Comp. Taxes Payable
228 State Disability Insurance
231 Medical Insurance Payable
232 Retirement Savings Deductions Payable
233 Union Dues Payable
234 Vacation Pay Payable
241 Product Warranty Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary

Answers

Answer 1

Answer:

Explanation:

Regular earnings = 40*$15 = $600

Overtime earnings  = (46-40)*15*1.5 = $135

Gross earnings = Regular earnings + Overtime earnings = $600 + $135 = $735

Date         Description                                Debit          Credit  

Dec. 31     Salary Expense                             $735

                       Federal Withholding Taxes Payable        $120

                       Social Security Taxes Payable (735*6%)  $44.10

                       Medicare Taxes Payable (735*1.5%)        $11.03

                       Salaries Payable                                        $559.87

Dec 31     Payroll Tax Expense                       $86

                        Social Security Taxes Payable                  $44.10  

                         Medicare Taxes Payable                          $11.03  

                         State Unemployment Comp.                    $24.99

                         -Taxes Payable (735*3.4%)

                         Federal Unemployment Comp.                $5.88

                         Taxes Payable (735*0.8%)


Related Questions

The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.Prepare a Charge and Discharge Statement for the estate.

Answers

Answer:

      Charge & Discharge statement

Particulars                                Amount

Cash                                          $200,000

Life insurance receivable         $500,000

Investment in stock & bonds   $50,000

Rental property                         $100,000

Personal property                     $80,000

Balance before discharge      $930,000

Less: Discharge

Debts                   $100,000

cost of funeral     $20,000       $120,000

Leaving a principal balance    $810,000

A restaurant Soup4u uses 60 bags of tomatoes each month. The tomatoes are purchased from a supplier for a price of $80 per bag and an ordering cost of $20 per order. Soup4u's annual inventory holding cost percentage is 40%. Soup4u always uses economic order quantity for deciding how many tomato bags it should order. Which of the following will reduce their inventory to 1/3 of its current value without increasing their cost?
a) Reduction in ordering cost to 1/9 of it current value
b) Increasing holding cost to 9 times its current value
c) Reduction in ordering cost to 1/3 of it current value
d) Increasing holding cost to 3 times its current value

Answers

Answer:

a) Reduction in ordering cost to 1/9 of it current value

Explanation:

EOQ = √(2SD/H)

S = ordering cost = $20D = annual demand = 60 x 12 = 720 bagsH = annual holding cost = $80 x 40% = $32

EOQ = √[(2 x $20 x 720) / $32] = 30

if you want to reduce inventory to 1/3 of its current value, then the order quantity should be 30 x 1/3 = 10 units per order

a) Reduction in ordering cost to 1/9 of it current value

EOQ = √[(2 x $20/9 x 720) / $32] = 10 ✓

inventory is decreased to 1/3 of current level

Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2016 are as follows. Production Data - Basketballs Units Percentage Complete Work in process units, July 1 500 60% Units started into production 1,000 Work in process units, July 31 600 40% Cost Data - Basketballs Work in process, July 1 Materials $750 Conversion Costs 600 $1,350 Direct materials 2,400 Direct labor 1,580 Manufacturing overhead 1,240 Instructions: Calculate the following The equivalent units of production for materials and conversion costs. The units costs of production for materials and conversion costs. The assignment of costs to units transferred out and in process at the end of the accounting period. Prepare a production cost report for the month of July for the basketballs

Answers

Answer and Explanation:

The computation is shown below:

a.

1. Calculation of the equivalent units

Particulars         Physical units   %     Material   %      Conversion cost

Units transferred

out                          900             100%    900     100%     900

Ending

work in process     600            100%     600     40%       240

Equivalent

units                                                        1,500                  1,140

2. Cost per equivalent unit is

Particulars         Material      Conversion cost

Beginning

inventory           $750               $600

Cost during

period                $2,400            $2,820

Total cost          $3,150             $3,420

Divided by

Equivalent

units                   $1,500            $1,140

Cost per

equivalent unit    $2.1              $3

3. Transferred out cost is

= (3 + 2.1) × 900

= $4,590

And, the ending work in process cost is

= (600 ×$2.1) + (240 × $3)

= $1,960

2. Now the preparation of the production report is presented below:

Beginning work in process       $1,350

Cost during period                    $5,220

Total cost accounted for           $6,570

Transferred out cost                   $4,590

Ending work in process              $1,960

Total cost accounted as             $6,570

Last​ weekend, Bob attended the university football game. At the opening​ kickoff, the crowd stood up. Bob therefore had to stand up as well to see the game. In this​ case, Bob was participating in A. a dynamic game of​ strategy, which is played over time. B. a cooperative game of​ strategy, where participants collectively choose their strategy to maximize their joint payoffs. C. a​ non-cooperative game of​ strategy, where participants independently choose their strategy to maximize their payoffs. D. an NCAA football game.

Answers

Answer:

a non-cooperative game strategy, where participants independently choose their strategy to maximize their payoffs.

Explanation:

From the question, we are informed about Bob, who attended the university football game last week . At the opening​ kickoff, the crowd stood up. Bob therefore had to stand up as well to see the game. In this​ case, Bob was participating in a non-cooperative game of​ strategy, where participants collectively choose their strategy to maximize their joint payoffs. Non-cooperative game strategy can be regarded as the rational ways economic agent relate with each other so that their goals can be achieved. In this game both the available strategies as well as the outcome from various choices will be listed.

Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. It transferred in $839,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $160,200. The entry to account for the cost of goods sold in October is:

Answers

Answer and Explanation:

The journal entry for cost of goods sold is as follows:

Cost of goods sold Dr $841,300

      To Finished goods inventory $841,300

(Being the cost of goods sold is recorded)

The value of cost of goods sold is

= $162,500 + $839,000 - $160,200

= $841,300

Here the cost of goods sold is debited as it increased the expense while the finished goods inventory is credited as it decreased the assets

Straight Industries purchased a large piece of equipment from Curvy Company on January 1, 2019. Straight Industries signed a note, agreeing to pay Curvy Company $480,000 for the equipment on December 31, 2021. The market rate of interest for similar notes was 9%. The present value of $480,000 discounted at 9% for five years was $311,967. On January 1, 2019, Straight Industries recorded the purchase with a debit to equipment for $311,967 and a credit to notes payable for $311,967. How much is the 2020 interest expense, assuming that the December 31, 2019 adjusting entry was made

Answers

Answer:

$30,604

Explanation:

The computation of the interest expense for the year 2020 is as follows:

2019 interest expense is

= Equipment amount × rate of interest

= $311,967 × 9%

= $28,077

The Dec 31 2019 liability of book value is

= $311,967 + $28,077

= $340,044

Now the interest expense for the year 2020 is

= $340,044 × 0.09

= $30,604

Long-term corporate bond have had a historical average return of 6.4% and a standard deviation of 8.4% over this same time period. What is the range of returns that you would expect to experience 68% of the time for long-term corporate bonds?

Answers

Answer:

The range will be "-2.0% to 14.8%". A further explanation is given below.

Explanation:

According to the question,

For 68%, the range seems to be +/- 1 standard deviation of the mean. So that the upper as well as the lower range will be:

Upper range,

= [tex]6.4 - 8.4[/tex]

= [tex]-2.0[/tex] (%)

Lower range,

= [tex]6.4 + 8.4[/tex]

= [tex]14.8[/tex] (%)

So that the range would be between "-2.0% to 14.8%".

On January 1, Year 1, Missouri Co. purchased a truck that cost $32,000. The truck had an expected useful life of 10 years and a $3,000 salvage value. Missouri uses the double declining-balance method. What is the amount of depreciation expense recognized in Year 2?

Answers

Answer:

Annual depreciation= $4,640

Explanation:

Giving the following information:

Purchase price= $32,000

Useful life= 10 years

Salvage value= $3,000

To calculate the depreciation expense, we need to use the following formula each year:

Annual depreciation= 2*[(book value)/estimated life (years)]

Year 1:

Annual depreciation= 2*[(32,000 - 3,000) / 10]

Annual depreciation=  $5,800

Year 2:

Annual depreciation= 2*[(29,000 - 5,800)/10]

Annual depreciation= $4,640

Wininger Corporation has 1000 shares of 6%, $50 par value, cumulative preferred stock and 25,000 shares of $1 par value common stock outstanding on December 31, 2019 and December 31, 2020. The board of directors declared and paid a $2,000 dividend in 2019. In 2020, $15,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2020 (there were no dividends in arrears prior to 2019)

Answers

Answer:

Dividends received by the common stockholders in 2020 = $12,000

Explanation:

Cumulative preferred stock can be described as a type of preferred stock whose dividends accumulate when they are not paid in any year and their accumulated dividends has to be paid in future before common stockholders receive any dividend.

The dividends received by the common stockholders of Wininger Corporation in 2020 can therefore be calculated as follows:

Annual dividend payable to  cumulative preferred stock = 1000 * 5% * $50 = $2,500

Dividend declared paid in 2019 = $2,000

Dividend declared and paid in 2020 = $15,000

Outstanding dividend payable to cumulative preferred stock in 2019 = Annual dividend payable to  cumulative preferred stock - Dividend declared in 2019 = $2,500 - 2,000 = $500

Dividend paid to cumulative preferred stock in 2020 = Outstanding dividend payable to cumulative preferred stock in 2019 + Annual dividend payable to  cumulative preferred stock = $500 + $2,500 = $3,000

Dividends received by the common stockholders in 2020 = Dividend declared and paid in 2020 - Dividend paid to cumulative preferred stock in 2020 = $15,000 - $3,000 = $12,000

In the process of reconciling Marks Enterprises' bank statement for September, Mr. Marks compiles the following information: Cash balance per company books on September 30 $ 6,220 Deposits in transit at month-end $ 1,410 Outstanding checks at month-end $ 730 Bank charge for printing new checks $ 100 Note receivable and interest collected by bank on Marks' behalf $ 660 A check given to Marks during the month by a customer is returned by the bank as NSF $ 590 The adjusted cash balance per the books on September 30 is:

Answers

Answer:

$6,190

Explanation:

Particulars                                                          Amount

Cash balance per company books                    $6,220

Add: Note receivable and interest collected    $660

Less: Bank charge for printing new checks      $100

Less: NSF check                                                  $590  

The adjusted cash balance                                $6,190

So, the adjusted cash balance per the books on September 30 is $6,190

You have received a job offer upon graduation from a prestigious consulting firm. Before you receive your first paycheck, you have decided to purchase a $100,000 Porsche. The Eighth National Bank of Okemos is willing to give you a 5-year loan, but they require a 10% down payment, and the interest rate will be 10% annually. How much will your monthly payments be

Answers

Answer:

The monthly payments will be $1,912.23.

Explanation:

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) …………………………………. (1)

Where;

PV at 65 = Present value of the balance of the Porsche = $100,000 * (100% - Percentage of down payment) = $100,000 * (100% - 10%) = $90,000

P = monthly payments = ?

r = Monthly interest rate = Annual interest rate / 12 = 10% / 12 = 0.10 / 12 = 0.00833333333333333

n = number of months = 5 years * 12 months = 60

Substitute the values into equation (1) and solve for P, we have:

$90,000 = P * ((1 - (1 / (1 + 0.00833333333333333))^60) / 0.00833333333333333)

$90,000 = P * 47.0653690237519

P = $90,000 / 47.0653690237519

P = $1,912.23

Therefore, the monthly payments will be $1,912.23.

On January 1, 2012, Vaughn Manufacturing purchased for $768000, equipment having a useful life of ten years and an estimated salvage value of $42600. Vaughn has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $125000. As a result of this sale, Vaughn should recognize a gain of

Answers

Answer:

Gain= $9,860

Explanation:

Giving the following information:

Purchase price= $768,000

Salvage value= $42,600

Useful life= 10 years

First, we need to determine the annual depreciation and the accumulated depreciation at the moment of the sale:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (768,000 - 42,600) / 10

Annual depreciation= $72,540

Accumulated depreciation= 72,540*9= $652,860

If the selling price is higher than the book value, the company made a gain from the sale:

Book value= 768,000 - 652,860= $115,140

Gain/loss= 125,000 - 115,140

Gain= $9,860

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 99,600 Accounts payable $ 255,500 Inventory 539,400 Kendra, Capital 76,700 Cogley, Capital 172,575 Mei, Capital 134,225 Total assets $ 639,000 Total liabilities and equity $ 639,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $612,000. (2) Inventory is sold for $462,600. (3) Inventory is sold for $336,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $300,000 and the partners have no assets other than those invested in the partnership.

Answers

Hello how are you jejeje

What would happen in the market for loanable funds if the governemnt increases the tax on interest income?

Answers

Answer: c. The supply of loanable funds would shift left.

Explanation:

An increase on taxes on interest income will reduce the earnings of savers who are the suppliers of loanable income. Some of those savers will divest from savings and look for other forms of investment to make better earnings from.

This flight from savings will reduce the savings held in banks and therefore the supply of loanable funds will reduce as well which will shift the supply curve to the left.

For a real interest rate of 12% per year and an inflation rate of 7% per year, the market interest rate per year is closest to:______

a. 4.7%
b. 7%
c. 12%
d. 19.8%

Answers

Answer: 19.8%

Explanation:

Interest rate = 12%

Inflation rate = 7%

Market Interest rate will be:

= 12% + 7% + 12%(7%)

= 0.12 + 0.07 + 0.12(0.07)

= 0.12 + 0.07 + 0.0084

= 0.1984

= 19.84%

Therefore, the market interest rate per year is closest to 19.8%

List at least Two functional digital wallet

Answers

‏,digital wallet, mobile wallet, and e-wallet credit cards, debit cards, gift cards, electronic cash, tickets, and IDs. Not every wallet stores every type of payment information

I’m not sure.. hope it’s correct!
There are two types of digital wallets. Hot wallets and cold wallets. Hot wallets are connected to the internet while cold wallets are not.

3. A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is: a. $47,100. b. $27,600. c. $21,200. d. $29,300. e. $32,500.

Answers

Answer:Cost of Goods Sold =$29,300

Explanation:

Cost of goods sold refers to the  costs (direct costs) a business incurs in  the production of  goods sold by a company. it is calculated as

Cost of goods sold =Cost of manufactured Goods + Beginning finished goods inventory - Ending finished goods inventory

Cost of Goods Sold = $32,500 + $14,600 - $17,800

Cost of Goods Sold =$47,100- $17,800

Cost of Goods Sold =$29,300

Entry into a market by new firms will increase the:_______

a. supply of the good.
b. profits of existing firms.
c. price of the good.
d. marginal cost of producing the good.

Answers

Answer:

The right approach is Option a (supply of the good).

Explanation:

Supply would increase substantially of some more production. Increasing the income of established businesses wouldn’t rise, as there has been increasing competitiveness. This similar value of the product is likely to decline due to further fulfillment as well as the same requirement. Marginal costs would never be compromised.

Anyone else alternatives possible does not apply to the situation throughout the question. That's the right thing above.

Frank Co. owns 30% of the voting common stock of Alex Services Inc. Frank uses the equity method to account for its investment. On January 1, 2021, the balance in the investment account was $800,000. During 2021, Alex Services reported net income of $150,000 and paid dividends of $40,000. Any excess of fair value over book value is attributable to goodwill with an indefinite life. What is the balance in the investment account as of December 31, 2021

Answers

Answer:

$833,000

Explanation:

Particulars                                                                         Amount

Investment account balance January 1, 2021                $800,000

Add: 30% of Alex Services Inc $150,000 net income   $45,000

Less: 30% of $40,000 dividends paid                            $12,000  

Investment account balance December 31, 2021       $833,000

Your portfolio is 310 shares of Callahan, Inc. The stock currently sells for $101 per share. The company has announced a dividend of $3.20 per share with an ex-dividend date of April 19. Assuming no taxes, what is your portfolio value as of April 19?

Answers

Answer: $‭30,318‬

Explanation:

On the day the dividend is announced, the price of the stock usually goes down by the amount of dividend announced.

Price on April 19 = 101 - 3.20 = $‭97.8‬0

Portfolio value = ‭97.8‬0 * 310 shares

= $‭30,318‬

Find an example of a large project that took more than a year to complete, preferably one near where you live. Describe some of the planning work completed for the project as part of project time and cost management. Summarize your findings

Answers

The starting point in discussing how projects should be properly managed is to first understand what a project is and, just as importantly, what it is not.
People have been undertaking projects since the earliest days of organized human activity. The hunting parties of our prehistoric ancestors were projects, for example; they were temporary undertakings directed at the goal of obtaining meat for the community. Large complex projects have also been with us for a long time. The pyramids and the Great Wall of China were in their day of roughly the same dimensions as the Apollo project to send men to the moon. We use the term “project” frequently in our daily conversations. A husband, for example may tell his wife, “My main project for this weekend is to straighten out the garage.” Going hunting, building pyramids, and fixing faucets all share certain features that make them projects. So the correct answer is: please help :)

FLASH Delivery has EPS of $6.00 per share and has a payout ratio of 40%. Its dividend is expected to grow at a rate of 5.25%. If FLASH stock is trading at $22.86, then the shareholder's required return is closest to:_______

a. 14.2%
b. 15.7%
c. 16.3%
d. 16.9%

Answers

Answer:

The answer is "Option c"

Explanation:

The Dividend payout ratio is 40% so that EPS* is the dividend payout ratio of the company:

[tex]= 6 \times 40 \% \\\\= \$ \ 2.40[/tex]

Inventory market value:

[tex]= Dividend \times \frac{(1+g)}{(r-g)}[/tex]

Where r = return rate is needed

g= growth [tex]= 5.25\% = \frac{5.25}{100} = 0.0525[/tex]

[tex]\to 22.86 = \frac{(2.4 \times (1+g))}{ r-0.0525}\\\\\to 22.86 = \frac{(2.4 \times (1+0.0525))}{r-0.0525}\\\\\to (22.86 \times r)-(22.86 \times 0.0525)=2.526\\\\\to (22.86 \times r)-1.20015=2.526\\\\\to 22.86r=3.72615\\\\\to r=0.1630\\\\\to r=16.30 \%[/tex]

Steve has converted his garage into a separate living space and listed the property for short-term rental on an online platform. Steve spends an average of 15 hours each week performing activities related to the rental property. Which activity is considered a substantial service.

Answers

Answer:

B). Changing sheets and towels between rentals.

Multiple-choice

A). Administrative activities, including paying bills and advertising the rental.

B). Changing sheets and towels between rentals.

C). Re paring carpet damaged by quests

D). Transporting quests to and from the airport and sightseeing trips.

Explanation:

According to IRS regulations, a person is said to have performed substantial services if they dedicate at least 45 hours per month to the business. Steve works an average of 15 hours of performing activities. In a month, he works for an average of 60 hours in the rental property.

The IRS defines substantial services to be activities like regular cleaning, maid services, and changing linens. For Steve, substantial service will be option B: Changing sheets and towels between rentals.

Impairment--Natalie Lui Corp is an international Company that uses IFRS. She owns machinery with a book value of $450,000. it is estimated that the machinery will generate future non-discounted cash flows of $350,000 and discounted cash flows of $400,000. the machinery has a fair value of $300,000. Natalie should recognize a loss on impairment a of assuming she is using IFRS. A. $150,000 B. $100.000 C. $50,000 D. 0

Answers

Answer:

C. $50,000

Explanation:

Under IFRS section IAS 36, an impairment loss results from an asset's carrying value being lower than its fair market value or value in use. In this case, the fair market value of the asset (the price at which it could be sold) is $300,000,  while its value in use is $400,000 (discounted to present value). In order to calculate the impairment loss, we must use the highest, in this case the value in use.

Impairment loss = $450,000 (carrying value) - $400,000 (value in use) = $50,000

You place $230.00 into an investment that has an annually compounding rate of 2.5%. How much money is in the investment after 3 years?

Answers

Answer:

FV= $247.69

Explanation:

Giving the following information:

Initial investment (PV)= $230

Number of periods (n)= 3 years

Interest rate (i)= 2.5% = 0.025

To calculate the future value (FV), we need to use the following formula:

FV= PV*(1+i)^n

FV= 230*(1.025^3)

FV= $247.69

Mass customization of products has become a common approach in manufacturing organizations. Explain the ways in which mass customization can be applied to service firms as well.

Answers

Explanation:

Mass customization is a strategic approach used in manufacturing organizations to offer the customer a more personalized product that adds greater value to the customer, but with mass production characteristics, which allows lower value in the cost of manufacturing the product, faster production, etc.

Applied to service companies, mass customization can offer the same advantages, that is, add value and reduce costs for the company. Assuming that a company provides image and style consulting services, there may be a mass customization in the strategy of using a method of using the tools of interaction with the client, but that such methods apply to their needs specifically, such as for example a method used by image consultants to discover a client's seasonal color chart.

Diamond Machine Technology has invested $250,000 in developing a sharpener. Each sharpener costs $3 to make. In addition, fixed costs for the sharpener are $10,000. The company expects to sell 100,000 sharpeners this year to local supermarkets (you should assume this sales forecast is accurate). Diamond Machine's markup on sales is 30 percent, and it wants to earn a 20% ROI. Calculate both the markup price and the target-return price for the sharpener. How much profit can Diamond Machine earn this year if they sell at the markup price

Answers

Answer:

Diamond Machine Technology

a) Markup price = $4.03

b) Target return price = $3.60

Explanation:

Investment = $250,000

Cost of each sharpener = $3

Additional fixed costs = $10,000

Quantity of sharpeners to sell for the year= 100,000

Markup on sales = 30%

Return on Investment (ROI) = 20%

Markup price = (($3 * 100,000) + $10,000))* 1.3

= $403,000 /100,000 = $4.03

Return on Investment:

Profit for the year = 100,000($4.03 - $3) - $10,000 = $93,000

ROI = $93,000/$250,000 * 100 = 37.2%

Target revenue = (20% of $250,000) + $310,000 = $360,000

Target return price = $360,000/100,000 = $3.60

Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. Glover had purchased the goods on April 10, on credit, terms 3/10, n/30. The entry by Glover Co. on April 19, in receiving full credit is:

Answers

Answer and Explanation:

The journal entry is as follows;

Account payable Dr $5,000

      To Inventory $5,000

(being the entry recorded for receiving the full credit)

Here the account payable is debited as it decreased the liabilities and credited the inventory as it also decreased the assets

Hence, the same is to be considered

There are currently 417 students enrolled in Webster Elementary School, and the number of students is decreasing at the rate of 15 students per year. Currently the annual expense to educate one student is $1,149, and the expense to educate one student is increasing at the rate of $39 per year. Use the product rule to determine the rate at which the total expense to educate the students at Webster Elementary School is currently changing per year.

Answers

Answer:

Current student = 417

Student increasing rate per year = 15

Annual cost to educate one student = $1,149

The decreasing rate on one student = $39

Total decreasing cost = 417*$39 = $16,263

Total cost of Increase students per year = 15 * $1,149 = $17,235

∴$17,235 - $16,263 = $972

So, the cost to educate the students at Webster Elementary School is increasing at the rate of $972 per year.

The credit that is created when a supplier sells goods and services on an account with extended payment terms is called:_______

Answers

Answer:

Trade credit

Explanation:

The answer to this question is trade credit. Trade credit can be defined as a loan that is given by one trader to another trader when they buy goods and services without immediate payment. That is when these are bought on credit. Through trade credit, there is the facilitation in the purchase of supplies without paying for the suppliers immediately. It is mostly used as a way of short-term financing.

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