An independent contractor or self-employed person's employer is not required to deduct taxes, CPP, and EI from their gross salary.   True False

Q: Calculate the weighted average unit contribution margin, assuming a constant sales mix.

A: Contribution margin or gross profit refers to the profit earns by the company for selling goods and…

Q: Which choice is the best example of an independent auditor? A. CPA who has a significant…

A: Independent auditor are certified public or Chartered Accountants who examine the financial…

Q: Determine the missing amounts. elling te $640 $300 1300 (e) $ WA Unit Variable Costs $352 207 975…

A: Contribution margin ratio refers to the ratio which is equal to the revenue less all the variable…

Q: Blue Spruce Corp. has accounts receivable of $93.500 at March 31, 2022. Credit terms are 2/10, n/30.…

A: Journal entry is the primary step to record the transaction in the books of account. The adjusting…

Q: Daffy Duct, Inc., has the capacity to produce 12,000 cases of duct tape per year but only produces…

A: Answer = $5,000 (profit)   Computation of additional Operating Income / (Loss) accepting new offer…

Q: QUESTION 1 If the actual fixed costs total $166500 with the actual number of units produced equal to…

A:

Q: An undertaking called Blue Enterprises was formed on 3 January 20x1, on which date the owner…

A: Lets understand the basics. As per balance sheet equation, total assets are always equal to total…

Q: Balance sheet and income statement data indicate the following: Company A Company B $1,200,000…

A: The bond and the income data of two companies is given to us. Based on the data, we are required to…

Q: How many units of each furniture type must be sold to break even?

A: A Break-even point is a point where the company is in a position to make no profits and no loss.…

Q: In computing book value per share, which of these directly affect the excess over par column?

A: Introduction: Book Value  The net worth of a business's assets as shown on its income statement is…

Q: On July 1, 2017, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both…

A: In the given question, Insurance of $ 23,000 is paid on July 1, 2017 for next 1 year. Out of this 1…

Q: Anika wants to invest $200 a month at 4.25%/a compounded monthly for 10 years. a) b) c) What will be…

A: Future Value of Annuity = Annuity Amount x Future Value Annuity Factor Amount of Interest = Future…

Q: Par for the Course produces and sells 2,000 sets of golf clubs. Selling price per unit Variable cost…

A: Contribution margin: The difference between the sales and the variable costs is called contribution…

Q: Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following…

A: Given that, Estimated machine hours = 18,000 hours Estimated manufacturing overhead = $68,000 Actual…

Q: QUESTION 36 Pasta Disasta, Inc. is preparing its master budget for its first quarter of business. It…

A: Total cash payment for Inventory shall be calculated on the basis 70% of  total payable shall be…

Q: What is the proper treatment of share options when computing diluted earnings per share? Group of…

A: Lets understand the basics. Diluted EPS is EPS which shows true value of earning available for…

Q: Financial statement data for this year and last year for Hanscombe Corp. are as follows: Current…

A: Earnings per share =(Net Income-Preferred Dividend)/Number of shares outstanding…

Q: Part (b) Sigma Corp common shares (FVOCI-elect) On January 15, 2022, Alpha Inc acquired 100,000…

A: Introduction: If investment in equity investment is categorized as FVOCI investments then initially…

Q: Gopher Corporation reported taxable income of $500,000 this year. Gopher paid a dividend of $100,000…

A: A corporate tax is a tax levied on the profits of a firm. Taxes are levied on taxable income, which…

Q: Braburt Co. issued $700,000 worth of six-year, five percent bonds on January 1st, 2021. Interest is…

A: A bond is a document of the bond issuer's obligation to the bondholders. Municipal bonds and bond…

Q: Any evidence lawfully offered at trial to show a disputed topic and persuade the jury to believe…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: MiniTek manufactures private-label small electronic products, such as alarm clocks, calculators,…

A: Making the decision to manufacture a product internally versus buying it from a third-party provider…

Q: The ledger of Concord Corporation on March 31 of the current year includes the selected accounts…

A: The adjusting entries are generally prepared at the end of the accounting period. The adjusting…

Q: Why does Amazon forecast its cash flow from operating activities using the indirect method in its…

A: Ans. Under indirect method of cash flow statement the treatment of accounting is based on accrual…

Q: Required: Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO…

A: FIFO Costing Method:— FIFO stands for First in First Out. In this method of costing, it is assumed…

Q: You are the finance manager of Adventure Tourist Ltd. The following data is available for the…

A: The managers use the ratio analysis to analyze the company's financial statements to determine the…

Q: On December 1,2022, DG Computers Inc. purchased 10 personal computers from Japanese firm for…

A: Answer= Forex Gain of P 16,000

Q: Question 7. PINAUTANG started constructing a building for its own use in March 1, 2020. PINAUTANG…

A: INTRODUCTION: Total cost is the total cost of manufacturing that includes both fixed and variable…

Q: Calculate the incremental savings (or loss) per pound if the company outsources the product. If the…

A: In the given question, we have to take decision whether to internally produce the product or…

Q: Show how each of these costs will behave as the volume of activity decreases.…

A: The volume of activity directly impacts the variable cost because the variable cost changes directly…

Q: Purchases journal Sales returns journal Purchases returns journal Cash receipts journal : Open with…

A: Control Ledger- A control account is a general ledger account for which a subsidiary ledger is…

Q: Quality Chairs Incorporated (QC) manufactures chairs for industrial use. Laura Winters, the Vice…

A: Cost of Goods Sold The total direct cost incurred in preparing the goods is referred to as the cost…

Q: ) Prepare an amortization table for 2022 and 2023 (up to June 30, 2023): Prepare an amortization…

A: A bond is a borrowing security issued by a company to raise funds from the market by making an…

Q: QUESTION 17 Dewey, Cheatum & Howe, LLP, is a legal firm. The lawyers are paid $150 per hour and…

A: Total costs will include three main type of costs. It includes all type of materials used cost,…

Q: The following transactions occured during 2014 for Bentley Inc. which uses a perpetual inventory…

A: Net Sales - Net Sales is calculated by deducting Sales Return and Allowance s and Sales Discount.…

Q: What is NOT a question that needs to be answered when completing financial due diligence? A. Is…

A: Financial due diligence is an integral part of the merger and acquisition process. It states that…

Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500…

A: Computation of Budgeted Sales Revenue:- Particulars Amount($) (a)Number…

Q: An employee earned $60,700 during the year working for an employer. The Federal Insurance…

A: Given that, Earning of employee = $60,700  FICA tax rate for medicare = 1.45% SUTA tax rate = 5.4%…

Q: The 2021 income statement of Adrian Express reports sales of $19,710,000, cost of goods sold of…

A: The company is less profitable then industry as its profitability ratios are less than that of…

Q: Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: What is the total amount of liabilities in his business?   a.R1 397 600 b.R1 122 300 c.R1 147…

A: Lets understand the basics. Liability is portion in financial statement which show how much amount…

Q: Problem 1 The following pertain to manufacturing operations: a) Materials were issued as follows:…

A: Hi student Since there are multiple questions, we will answer only first question.Wo

Q: Required   Explain how a flexible budget can overcome the weakness of a static budget

A: In the given question, we are required to explain how a flexible budget can overcome the weakness of…

Q: Required information [The following information applies to the questions displayed below.] Below are…

A: A separate book named Ledger will be opened and kept up to date with all the Accounts recognized…

Q: ABC Corporation’s capital structure includes 105,000 ordinary shares outstanding since 2020 and…

A: Diluted EPS = Net Income / All outstanding shares and convertible securities    Net income =…

Q: Question: A Company purchases a machine at the beginning of the year at a cost of $66,000. The…

A: INTRODUCTION: The double-declining balance technique is an expedited type of depreciation that…

Q: Even though Firm A's current ratio exceeds that of Firm B, Firm B's quick ratio might exceed that of…

A: Lets understand the basics. Current ratio compare the current asset with current liability. In other…

Q: hat is the revised net operating income if the selling price per unit increases by 12%, variable…

A: Net operating income refers to the income which compute the profitability of specific investment as…

Q: Use this information about Carmelita Inc. to answer the question that follow. Carmelita Inc. has…

A: >Process costing includes calculation of Equivalent units and cost per equivalent units.…

Q: 1. Merchandise n/30. The S merchandise Record the fo a) Purchased the b) Recorded rec. c) Paid the…

A: Purchase : Goods bought in the business for the purpose of sale is known as goods purchased.…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.