Your friend shows you c Basic salary Overtime and Holido
Q: Sandhill Corporation had 3,500,000 shares of common stock outstanding on January 1, 2021. On April 1...
A: Basic Earnings Per Share = (Net Income - preferred dividend) / Weighted Average no. of common shares...
Q: Green Rider makes three types of electric scooters. The company’s total fixed cost is $2,376,000,000...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: On January 1, 2016, Mary Co. issued its 10% bonds in the face amount of P 1,500,000 which mature on ...
A: A bond is a fixed-income investment vehicle that represents an investor's obligation to a borrower (...
Q: At the beginning of January 2021, Luminiscence Company purchased ten-year bonds with a face amour of...
A: Solution: Face value of bond = P5,000,000 Stated interest rate = 8% Market interest rate = 10% As ma...
Q: What direct labor costs are likely to be incurred in the production of gummy bears?
A: Direct costs refer to the costs that are directly correlated with the production process..
Q: The following income relates to a pro
A: Income that does not include gross income which is determined by tax laws known as exclusion from gr...
Q: REQUIRED: • Statement of Comprehensive Income
A: Comprehensive Income The purpose of preparing the statement of comprehensive income to know the net ...
Q: PSc 2-3 Calculate Weekly Regular Earnings Calculate the weekly regular earnings for each of the f...
A: Normal regular working hours = 4.0 hours , therefore upto 40 hours the wages are paid at regular rat...
Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...
A: Interest payable is the amount which is due but not yet paid. Every year end an adjustment entry is ...
Q: per unit, fixed manufacturing overhead costs total $185,000 per month, and fixed selling costs total...
A: The impact on income from closing the plant would be the loss in contribution margin for the 9,000 u...
Q: Wages paid to a labourer who is engaged in production activities should be classified as: a) direct...
A: Cost refers to the amount incurred in return for goods or services.
Q: On January 1, 2021, Family Company purchased 10% of San Company's 100,000 outstanding ordinary share...
A: Reported Income : Consequently, the investor's part of the joint venture's revenues and losses is in...
Q: On January 1, 20x1, NURTURE REAR Co. acquired a building with an estimated useful life of 10 years a...
A: Given information, Original cost =P4,000,000 Residual value =P400,000 Estimated useful life =10 year...
Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...
A: Particulars Amount Fair value of machine 737,000 Expected residual value 60,000 PV factor (10...
Q: BHP Billiton and Vale do Rio Doce own 50% of a company called Samarco. After the mineral explorati...
A: Provision for Contingencies Provision for contingencies which are made to meet the unexpected losses...
Q: The management of Russel Ltd. is trying to decide whether it can increase its c During the current y...
A:
Q: Bernadette sold her home. She received cash of $40,000, the buyer assumed her mortgage of $180,000, ...
A: This pertains to determination of gain and finding the character of that gain. Bernadette has sold h...
Q: On November 1, 2016, Melissa Corp. issued P 800,000 of its 10- year,8% term bonds dated October 1, 2...
A: Bonds are units of corporate debt issued by companies and securitized as tradeable assets. Given...
Q: Mayumi, rank and file, reports fne following for fhe year 2021:
A: In Phillipines as per the provisions of BIR all allowances on sala...
Q: Nakeeta company owned 50,000 ordinary shares which were purchased for P120 per share. During the yea...
A: Right issue gives right to the existing shareholders for purchase of shares at a discounted price or...
Q: Given the building layout for Store A, Store B, Store C, and Store D, what portion of the shared $60...
A: Cost that would be apportioned to a particular store can be calculated as: = Total cost * area of th...
Q: Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base...
A: Solution 1: Standard overhead rate = (Budgeted variable overhead + Budgeted fixed overhead) / DLH = ...
Q: Alpha company imports its goods from abroad in large containers, and it uses workers to unload these...
A: Ans. 648,000 LBP
Q: See below. I just need help with the red box with the 20,000 answer in it. It came back as incorrect...
A: As you have asked for help on the red box only so I'm explaining on that only. Please see Step 2 for...
Q: The company reports the following balances: Other Revenue $180,000 General and Administrative Expens...
A: Dividends paid do not affect the net income as the dividends are paid after the computation of the n...
Q: Eberle Ltd. uses direct labour cost as a basis for computing its predetermined overhead rate. In com...
A: Predetermined Overhead rate when calculated based on labor cost is determined as :- O/H rate = Est...
Q: Please solve it ASAP with all requirements Q.7. Toews Ltd has prepared the following flexible budget...
A: A planned cost is a prediction of what a company will spend in the future. To put it another way, it...
Q: Primage Corporation has provided the following data concerning last month's manufacturing operation:...
A: Solution: Cost of goods manufactured is the cost of finished goods produced during the year. This is...
Q: 1. If P500.00 is invested at the end of each year for 6 years at an annual interest rate of 7%, what...
A: The questions here pertain to annuity. An annuity is a stream of constant cash flow that occurs at r...
Q: A company accounts for possible bad debts using the allowance method. When an actual bad debt occurs...
A: Introduction:- A company accounts for possible bad debts using the allowance method. When an actual ...
Q: ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The busines...
A: Value-added tax: Value-added tax or VAT refers to the indirect tax which is levied on the consumptio...
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...
A: Formula: Raw materials used = Beginning inventory + Purchases during the month - Ending inventory
Q: EXPLAIN THE MODE OF PAYMENT IN FOREIGN CONTRACTS.
A: A foreign exchange contract is a legal arrangement in which the parties agree to exchange a defined ...
Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205.025,000 at the beginning o...
A: Cash Receipts from Customers - It is the calculation from the previous years receivables and current...
Q: Prepare a statement of cash flows for Forrest Ltd for the year ending 30 June 2022. Notes are not re...
A: Plant account Particulars Dr. Particulars Cr. beginning 100,000 Depreciation 5000 Purchase...
Q: "In my opinion, we ought to stop making our own drums and accept that outside supplier's offer," sai...
A: Financial Advantage/(Disadvantage)=Total relevant cost of making-Cost of purchase
Q: Financial budgets include: a) Pro forma statements, a sales budget, and a cost of goods manufactured...
A: The process followed to make future estimates for revenue, expenses, purchasing and cash transaction...
Q: XYZ manufactures a computer stand. It has fixed costs of S600,000 and each stand sells for $90, with...
A: Selling price = $ 90 Variable cost = $ 48 Fixed cost = $600,000 Contribution per unit = Selling pr...
Q: Explain the corporate characteristic termed “no mutual agency” Explain the corporate characteristic ...
A: Corporation is a form of business in which group of persons come together to do the business for the...
Q: BE5-3 Prepare the journal entries to record the following transactions on Graff Com- pany's books us...
A: Under perpetual inventory system, Cost is transferred to COGS account as and when sale is recorded.
Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...
A: The value of lease liability at the commencement is equal to present value of all the future lease p...
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a rac...
A:
Q: PROBLEM 3–7 (LO1,2,3,4,5,6) Comprehensive Accounting Cycle Review Problem The unadjusted trial balan...
A: T-Account The purpose of preparing the T-Account is to know the actual balance which are incurred at...
Q: *see attached What amount of interest income should be recognized by Ripple for the year ended Dece...
A: Lease means giving out the assets by lessor to lessee to use that assets in return of rent. Financia...
Q: insurance company pays its employees a commission of 6 percent on each sale. What is the proper clas...
A: the constant cost are those cost and industry where is firm cost are not impected by entry or exit o...
Q: 7. Toews Ltd has prepared the following flexible budget for the coming year. The Budgeted level of a...
A: The variable cost changes with level of production but fixed cost remains constant at every level of...
Q: Which one of the following are NOT period costs? a) Advertising costs. b) Indirect materials. c...
A: Product cost are the costs that are directly or indirectly related to production. Direct Costs tha...
Q: PSc 2-2 (#1) Complete a Time Card Complete a time card for each employee below. Note that this emplo...
A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new ...
Q: *see attached What is the total unearned interest income? a. 3,052,705 b. 2,652,705 c. 2,252,705 d...
A: Lease means giving out the assets by lessor to lessee to use that assets in return of rent. Financia...
Q: At the beginning of current year, Lessor Company leased a machine to Lessee Company. The machine had...
A: Annual lease payment = 1,730,541 Lease term = 5 years Residual value of the machine = 4,00,000 Ca...
Step by step
Solved in 2 steps
- An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employees total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.An employee and employer cost-share 401(k) plan contributions, health insurance premium payments, and charitable donations. The employer also provides annual vacation compensation equal to ten days of pay at a rate of $30 per hour, eight-hour work day. The employee makes a gross wage of $3,000 monthly. The employee decides to use five days of vacation during the current pay period. Employees cover 30% of the 401(k) plan contribution and 30% of the health insurance premium. The employee also donates 1% of gross pay to a charitable organization. A. What would be the employees total benefits responsibility if the total 401(k) contribution is $700 and the health insurance premium is $260? B. Include the journal entry representing the payroll benefits accumulation for the employer in the month of March, if the employer matches the employees charitable donation of 1%.
- Amanda Autry and Carley Wilson are partners in A W Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax ________An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.
- Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Employers OASDI Tax ________ Employers HI Tax _____________1. Employees FICA tax rates A. Severance pay _____2. Form SS-4 B. By the 15th day of the following month _____3. Semiweekly depositor C. Employers Quarterly Federal Tax Return _____4. Taxable for FICA D. Application for Employer Identification Number _____5. Nontaxable for FICA E. 6.2 percent and 1.45 percent _____6. Self-employeds FICA tax rates F. Employees application for social security card _____7. Form 941 G. Cumulative wages of 128,400 _____8. Monthly depositor H. More than 50,000 in employment taxes in the lookback period _____9. OASDI taxable wage base I. 12.4 percent and 2.9 percent _____10. Form SS-5 J. Employers matching contributions into employees deferred compensation arrangementsDuring the year, employee Sean Matthews earned wages in the amount of 250,000. Discuss how the employees HI tax will differ from the employers HI tax for this employee.
- An employee receives the following compensation and benefits during the year while working:Annual Basic Salary Php 245,000.0013th Month Pay Php 20,416.67Company Bonuses Php 5,500.00Rice Subsidy Php 1,800.00/yearClothing Allowance Php 5,000.00/yearMedical benefits Php 9,500.00/yearLaundry allowance Php 2,400.00/year Present the computation of the taxable and non-taxable compensation income of the employee.DSD Corp. has the following salary information for an employee: Employee Years Worked Average Salary last 3 years of service Career average salary Sheila 28 $326,000 $131,000 If relevant, the annual payout is 9 percent, and the annual benefit is $7,000 per year of service, calculate the annual benefit for Sheila assuming the Flat Benefit Formula is used. (Do not round intermediate calculations. Round your answer to a whole number.)The following relate to the compensation income of a private rank andfile employee during the year: Annual compensation income P 540,000 13th month pay 45,000 14thmonth pay 45,000 Total of monthly rice allowances during the year 26,000 Commission from employer 12,000 Christmas gift 8,000 SSS, Philhealth and HDMF contributions 21,000 Compute the exempt de minimis benefits.
