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GarryVolchara [31]
3 years ago
9

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay pe

riod show that employees earned wages totaling $66,000 but that employee income taxes totaling $8,600 and FICA taxes totaling $3,425 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts. 1. What was the amount of net pay? 2. Assuming Lightning Electronics must also pay $410 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?
Business
1 answer:
Eddi Din [679]3 years ago
3 0

Answer:

1. Net pay = $53,975

2. Total payroll costs = $66,000

Explanation:

1. What was the amount of net pay?

Net pays = Total wages - Total income taxes - Total Federal Insurance Contributions Act (FICA) taxes = $66,000 - $8,600 - $3,425 = $53,975

2. Assuming Lightning Electronics must also pay $410 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

Total payroll costs = Total wages paid to employees = $66,000

Note that $410 is not part of the amount that relates to the employee payment but just a tax required by the government for the unemployed.

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Department S had no work in process at the beginning of the period. It added 12,200 units of direct materials during the period
galben [10]

Answer:

Cost of completed units = $158,240

Explanation:

<em>Cost of completed units = Cost per equivalent unit × no of units</em>

<em>Equivalent unit = Degree of completion × units of work</em>

<em>Equivalent units of material</em>

( 9200× 100%)   + (3000×100%) = 12,200 unit

Cost per equivalent unit of material = $97,600/12,200 units= $8

<em>Equivalent units of labour and overhead</em>

(9200× 100%) + (3000× 25%) = 750

Cost per equivalent unit of labour and overhead

=( 73,630+17910)/9950 =$9.2

Cost of completed units

= $(9.2+8)× 9,200 = 158,240

Cost of completed units = $158,240

5 0
3 years ago
The nominal interest rate in Fiji is 3%, while the nominal interest rate in the U.S. is 5%. Real interest rates in both countrie
Aloiza [94]

Answer:

1.98%

Explanation:

The computation is shown below:-

As we know that

PPP equation i.e

Nominal Interest rate = Real interest rate + Inflation rate

Now

The Inflation rate for Fiji is

= 5% - 2%

= 3%

And, the Inflation rate for US is

= 3% - 2%

= 1%

As we can see that the inflation rate for Fiji is more than the inflation rate for US so we should be depreciated the currency by considering the inflation differential which is shown below:

= (1 + 3%) ÷ (1 + 1%) -1

= 1.98%

8 0
2 years ago
Depreciation Methods A delivery truck costing $22,000 is expected to have a $2,000 salvage value at the end of its useful life o
Artist 52 [7]

Answer:

a. $5,000

b. $5,500

c. $6,000

Explanation:

The computation of the depreciation expense for the second year is shown below:

a) Straight-line method:

= (Original cost - residual value) ÷ (useful life)

= ($22,000 - $2,000) ÷ (4 years)

= ($20,000) ÷ (4 years)

= $5,000

In this method, the depreciation is same for all the remaining useful life

(b) Double-declining balance method:

First we have to find the depreciation rate which is shown below:

= One ÷ useful life

= 1 ÷ 4

= 25%

Now the rate is double So, 50%

In year 1, the original cost is $22,000, so the depreciation is $11,000 after applying the 50% depreciation rate

And, in year 2, the $11,000 × 50% = $5,500

(c) Units-of-production method:

= (Original cost - residual value) ÷ (estimated production)

= ($22,000 - $2,000) ÷ ($100,000 miles)

= ($20,000) ÷ ($100,000 miles)

= $0.2 per miles

Now for the second year, it would be

= Production units in second year × depreciation per miles

= 30,000 miles × $0.2

= $6,000

4 0
3 years ago
Knowledge Check 01 As of December 31, Marr, Inc., has accrued benefits to its employees for medical insurance (in the amount of
Ipatiy [6.2K]

Answer:

Journal Entry to record the employee benefit expense

Dr. Employee Benefits Expense                   $32,000

Cr. Employee Medical Insurance Payable   $12,000

Cr. Employee retirement program payable $20,000

Explanation:

Employee benefits expense is the sum of medical insurance and retirement program expenses. As these payments are accrued and not yet been paid, so these will be classified as liabilities.

Employee Medical Insurance expense = $12,000

Employee retirement expense = $200,000 x 10% = $20,000

Employee benefits expense = Employee Medical Insurance + Employee retirement program

Employee benefits expense = $20,000 + $12,000

Employee benefits expense = $32,000

4 0
3 years ago
Other things the same, which bond would you expect to pay the highest interest rate? a. a bond issued by the U.S. government b.
Nina [5.8K]

A bond issued by a new chain of Brazilian-style restaurants  pays highest interest rate.

Option D

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A bond is an expression of the bond issuer's indebtedness for the holders of securities. The interest rate is the amount that the lender pays for his capital need. The largest factor is the sum of money loaned. The banks therefore pay you a deposit interest rate. You borrow the money from you.

Though they may be highly competitive, their interest rates are not equivalent. If a bank assumes that the debt is less likely, it pays higher interest rates. Therefore, banks will always offer revolving loans such as credit cards, a higher interest rate.

Such types of points are more difficult to manage. Financial institutions also charge people they think to be dangerous higher rates. The higher your ranking, the smaller your interest rate.

4 0
3 years ago
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