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2 years ago

Distinguish between financial and cost accounting.

1 answer:

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Cost accounting compiles the cost of raw materials, work-in-process, and finished goods inventory, while financial accounting incorporates this information into its financial reports (primarily into the balance sheet). ... Financial accounting personnel issue reports only at the end of a reporting period.

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According to McGregor’s ________, working is as natural an activity as resting or playing, and people will work hard to achieve

qwelly [4]

Answer: Theory Y

Explanation:

Theory Y is one of the human work motivation created by McGregor. The theory states that "workers that are motivated and enjoy their work will perform better without a direct reward system". This happens when managers value their employees and see them as assets.

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3 years ago

QS 4-15 Computing and analyzing gross margin ratio LO A2 Carrier Lennox Trane York Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700

kogti [31]

Answer:

Maybe is you payed attention you would have knew the answer

Explanation:

Good luck :))

4 0

2 years ago

Engberg Company installs lawn sod in home yards. The company’s most recent monthly contribution format income statement follows:

katovenus [111]

Answer:

* The company’s degree of operating leverage: 1.38;

* The impact on net operating income of a 22% increase in sales: it will increase by 30.4%;

* New contribution format income statement:

Engberg Company

Contribution format income statement

Amount Percentage of sales

Sales $176,900 100%

Variable expenses 70,760 40%

Contribution margin 106,140 60%

Fixed expenses 24,000

Net operating income 82,140

Explanation:

* The company’s degree of operating leverage = Contribution / profit = 87,000/63,000 = 1.38

* The impact on net operating income of a 22% increase in sales is calculated as: Degree of operating leverage x % changes in sales revenue = 1.38 x 22% = 30.4%.

* new contribution format income statement is shown in the answer part.

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3 years ago

Typhanie, a customer service representative with WestComm Wireless Services, was asked by one of her customers if WestComm would

insens350 [35]

Answer:

E. Centralized Authority.

Explanation:

As Typhanie, a customer service representative with WestComm Wireless Services, was asked by one of her customers if WestComm would be interested in joining the chamber of commerce to meet potential customers and increase its contacts in the local business community. Typhanie believes this is a very good idea and approached her manager, Deondre, about becoming a chamber member. Deondre said to Typhanie, "Because the cost of membership is over $500 and you will have to leave the office to attend meetings, I will have to get approval from management above me." WestComm is an example of an organization with centralized authority.

In centralized authority, the decisions are made from the top level management or decisions are made from certain managers. Anyone can't make decisions by his or her own in this kind of management style. This system has many flaws as well. As we have seen here in this case, Typhanie is interested in going to chamber of commerce which definitely will be very good for the organisation but when she approached her manager Deondre, he said he even himself can't decide about it, he has to get the orders from his boss. Although the event can be good for the organisation but centralized decision making has made it almost impossible.

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2 years ago

Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $170 per week fo

aksik [14]

Answer:

Nanny's Portion of Social Security is $442.68

Ann's Portion of Social Security Tax is $442.68

Nanny's Portion of Medicare Tax is $103.53

Ann's Portion of Medicare Tax is $103.53

Explanation:

As explained by the Internal Revenue Service (IRS) under "Topic No. 751 Social Security and Medicare Withholding Rates", the social security tax rate are 6.2 percent for the employer and 6.2 percent for the employee, while the Medicare rate for employee is 1.45 percent and it is also 1.45 percent for the employer. In addition, the wage base limit for 2020 social security tax is $137,700.

Base on the above, we proceed as follows:

Step 2: Calculation total salary of nanny

Total salary of nanny = weekly rate × number of weeks worked

= $170 × 42

= $7,140

Step 2: Calculation of social security tax

Since the nanny's salary is below the wage base limit of $137,700, the tax rates are applied to the actual salary of $7,140 as follows:

Nanny's Portion of Social Security Tax = $7,140 × 6.2% = $442.68

Ann's Portion of Social Security Tax = $7,140 × 6.2% = $442.68

Step 3: Calculation of Medicare tax

Since there is no wage base limit for Medicare tax, the tax rates are applied to the actual salary of $7,140 as follows:

Nanny's Portion of Medicare Tax = $7,140 × 1.45% = $103.53

Ann's Portion of Medicare Tax = $7,140 × 1.45% = $103.53

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3 years ago