Justin Mathews is a waiter at the  Delixe Lounge. In his first weekly pay in March, he earned $300.00 for the $40 hours he worked. In addition, he reports his tips for February to his employer ($500), withholds the appropriate taxes from his tips in March. Calculate his net take home pay assuming the employer withheld federal income tax married filing jointly.

Q: Using the following information: 1. The bank statement balance is $3,322. 2. The cash account…

A: Bank reconciliation is prepared at year end .The purpose of this is to reconcile any difference…

Q: $1,322,984 $1,322,984 When reviewing the end of year data, you discovered the following items are…

A: Computation of rent amount consumed during the year Rent was paid on May 1st, 2021 for twelve month…

Q: k Exercise 2-8 (Algo) Preparing journal entries LO A1 Following are the transactions of Sustain…

A: General Entries :— It is the First Step of keeping accounting records. When transaction occured it…

Q: Q2 The following was extracted from the accounting records of a trader on 28 February 2015:…

A: Ratio analysis is very important technique of decision making. Under this several ratios are…

Q: Accounting for assets question. 2. a) The following information we got from Waridi mean traders for…

A: As per our guidelines, only 1 question can be answered. So here is the solution  for question 2(a)…

Q: ired information following information applies to the questions displayed below.] vn here are…

A: Sales / Revenue : It is the amount which is earned by the business or individual to render their…

Q: The following information is from Dessert Dynasty. The company runs three stores and the December…

A: Store Y retail revenue:  $ 26,259 Solution: (Retail Revenue=Total Revenue-Event Revenue)= $30,879…

Q: indirect method of reporting cash flows from operating activities focuses on the differences between…

A: Cash flow statement is a financial statement that shows how changes in balance sheet accounts and…

Q: Prepare statement of cash flows-indirect method.

A: Cash flow is a statement that tells about all the cash inflows as well as the cash outflows in a…

Q: Units Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23)…

A: Under lifo method of inventory units came in last will be sold first. In perpetual method inventory…

Q: Blossom Co. as lessee records a finance lease of machinery on January 1, 2021. The seven annual…

A: Answer:-  Amortization meaning:- Amortization is basically used to describe as the process of…

Q: The manager of the Bank of Mount Royal just phoned Daniel and offered the company same-day deposit…

A: 1.     Net 30 is a trade credit policy under which payments should be due 30 days after the…

Q: (a) Bara Enterprise manufactures product Alpha. The following information is for the year 2021:…

A: Production budget is the statement which is prepared to know the estimated production needed for a…

Q: On January 1, 2020, Sapphire Mining Company purchased land with valuable natural ore deposits for…

A: The depletion expense refers to the decrease in the value of the natural resource used in the…

Q: Current assets: Cash $655,500 Marketable securities 759,000 Accounts and notes receivable (net)…

A: Introduction: Working capital: Working capital, which is also known as net working capital (NWC), is…

Q: Under what circumstances are external auditors likely to be involved in operational auditing? Can…

A: Introduction:- An operational audit is systematic review of effectiveness, efficiency of operation.…

Q: estion 11. The left side of any account is always the debit side. The debit side is used to OA.…

A: Debit is always on the right of an account. On debit side, any asset is increas will be recorded and…

Q: The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts:…

A: Calculation of Total intangible assets that should be reported on December 2021 :- Particulars…

Q: Alaskan Fisheries, Incorporated, processes salmon for various distributors and it uses the…

A: Introduction: In process accounting, equivalent units are those physical units work upon which have…

Q: Eric Williams is a cost accountant and business analyst for Diamond Design Company (DDC), which…

A: Lets understand the basics. Direct material price variance is a variance between the rate at which…

Q: Marketable securities 759,000 Accounts and notes receivable (net) 310,500 Inventories 643,500…

A: Working capital is the amount of capital needed for daily operations of the business. This is…

Q: Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost…

A: The revenue and spending variance is the difference between actual results and flexible budget data…

Q: On January 1, ABC Company has 100,000 outstanding ordinary shares. During the year, ABC reported net…

A: Diluted Earning Per Share: The calculation known as diluted earnings per share (diluted EPS)…

Q: Activity 1 Draw up Kelly's balance sheet as at 30 June 2008 from the following information. $ Office…

A: Accounting equation of the business has three important elements. These are assets, liabilities and…

Q: Construct a material usage and purchases budget of the Bara Enterprise.

A: A material usage and purchases budget is a statement of estimation of a material required to produce…

Q: Employee Gross Pay Karine 3,700 Kelsey 2,100 Dani 3,400 Brooke 2,600 11,800 Total Claim Code 5 4 1…

A: The primary reporting of the business transactions in the books of accounts on daily basis is…

Q: March 31 is the end of PDT Co.'s monthly pay period. PDT Co. has one sole employee, Sally, with a…

A: Journal Entry: It the act through which economic or non-economic transactions are recorded .…

Q: Based on the following data, illustrate the break-even point by preparing a cost-volume-profit…

A: Marginal Costing - Marginal Costing is the method of computing operating profit by bifurcating…

Q: Carla Vista Co. receives a $60,400, 6-year note bearing interest of 7% (paid annually) from a…

A: We shall calculate the present value of Note by discounting all cash flows during the 6 year period.…

Q: The supplies account had a beginning balance of $1,500. Supplies purchased during the period totaled…

A: Adjusting entries are those journal entries which are passed at the end of the period for the…

Q: Statement 1: Managerial accountants are in the best position to aid managers in making business…

A: Managerial accountant are often given the tasks of analyzing data and interpreting the same for…

Q: Data relating to the shareholders’ equity of ABC Co. during December 31 are as follows: 8%…

A: Given that, Ordinary share, 26000 shares = P1,040,000  Retained earnings = P7,000,000  Treasury…

Q: Entity X obtains control over a join arrangement for an investment of P220,000. The investment gives…

A: When an entity has a significant influence on another entity, the equity method of accounting for…

Q: Aaron and Liz are married for 8 years and have the following income items as follows:  Aaron's…

A: Here discuss about the details of the income allocation between the couple who has opted for the…

Q: e following was extracted from the accounting records of a trader on 28 February 2015: Extracts from…

A: Solvency Ratio: This ratio is measuring the long term solvency position of the business concern. The…

Q: A $1000 face value, 8% bond (interest payable semiannually) has 20 years remaining until maturity…

A: Lets understand the basics. When market interest rate is more than the bond interest rate then value…

Q: ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income…

A: Profit should be calculated on accrual basis of accounting 1) Depreciation expenses for the year =…

Q: Norrudin, Norsal, and Nasheb operate a partnership with a complex profit and loss sharing agreement.…

A: Lets understand the basics. Partnership is an agreement between two or more person who works…

Q: Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is…

A: Accounts receivables means accounts of those customers to whom business has made credit sales on…

Q: This year Evans graduated from college and took a job as a deliveryman in the city Evans was paid a…

A: The Internal Revenue Service [IRS] is the taxation authority in the USA. As per…

Q: Prepare a cash budget per month for the third quarter

A: Cash budget is the budget which is prepared by the company so that it can be estimated about the…

Q: explain how cultural influenced the accountants’ accounting values. What are the cultural dimensions…

A: In the year 1980, Hafostede published his Culture’s Consequences: International Differences in Work…

Q: The selling price per unit is OMR 13. The above figures are for an output of 85,000 units, the…

A: Contribution is the excess of sales over variable cost.

Q: Bellmore Limited is ready to begin its third quarter in which peak sales occur and will have a cash…

A: The cash budget refers to the estimation of the cash receipts, cash payments, and balance of cash at…

Q: Sarah moves to Germany on July 15. Of the current year, she is 35 and has lived in Canada all her…

A: The legal position of a foreign national in a country where he or she is not a citizen is referred…

Q: John and Saah met at law school and decide to start a small law practice after graduation. They…

A: There are several legal forms from which a business can select as the form it wants to take for…

Q: Laredo Leather Company manufactures high-quality leather goods. The company’s profits have declined…

A: INTRODUCTION: Management accountants work with public enterprises, private firms, and government…

Q: two (2) reasons why ROI, RI and EVA may be inappropriate measures of performance.

A: ROI ( Return on Investment)- This measure is used to measure the return on any investment. This is a…

Q: Classify each of these transactions by type of cash flow activity.

A: There are Three types of Activities under Cash Flow Operating Activity: The activities performed by…

Q: Vista Company reports the following information. Direct materials Direct labor Variable overhead…

A: Fixed overhead cost per unit =     $380000 / 20000 units   = $19 per unit