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andre [41]
2 years ago
10

On August 1, Hanes Co. determines that it cannot collect $150 from a customer. Hanes uses the direct write-off method. Hanes wil

l record the write-off of this account by debiting:
Business
1 answer:
Roman55 [17]2 years ago
4 0

Using the direct write-off method, Hanes will record the write-off of this account by <u>debiting</u> the Bad Debts Expense account.

<h3>What is the direct write-off method?</h3>

The direct write-off method is one of the methods for writing off uncollectible accounts.

With the direct write-off method, the bad debts expense account is <u>debited</u> while the accounts receivable are <u>credite</u>d.

Thus, using the direct write-off method, Hanes will record the write-off of this account by <u>debiting</u> the Bad Debts Expense account.

Learn more about the direct write-off method at brainly.com/question/25078131

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Total payroll of Walnut Co. was $1,900,000, of which $330,000 represented amounts paid in excess of $118,500 to certain employee
babymother [125]

Answer:

A.

Dr Salaries and Wages Expense $1,900,000,

Cr Withholding Taxes Payable $461,000,

Cr FICA Taxes Payable 124,890

Cr Cash 1,314,110

B.

Dr Payroll Tax Expense 158,535

Cr FICA Taxes Payable 150,135

Cr FUTA Taxes Payable 3,360

Cr SUTA Taxes Payable 5,040

Explanation:

Walnut Co

A.

Dr Salaries and Wages Expense $1,900,000,

Cr Withholding Taxes Payable $461,000,

Cr FICA Taxes Payable 124,890

Cr Cash 1,314,110

(1,900,000 – $330,000) × 7.65%+ ($330,000 × 1.45%)

=1,570,000×0.0765+4,785

=120,105+4,785

B.

Dr Payroll Tax Expense 158,535

Cr FICA Taxes Payable 150,135

($1900,000 × 7.65%) + ($330,000 × 1.45%)

(145,350+4,785)

Cr FUTA Taxes Payable 3,360

($1,900,000 – $1,480,000) × .8%

420,000×.8%

Cr SUTA Taxes Payable 5,040

($420,000 × 1.2%)

7 0
3 years ago
The _______ is the act of Limiting the amount of certain goods that civilians can buy
Drupady [299]

Rationing is is the act of Limiting the amount of certain goods that civilians can buy. Rationing became common during the Second World War. Ration stamps were often used. These were redeemable stamps or coupons, and every family was issued a set number of each kind of stamp based on the size of the family, ages of children and income.

7 0
3 years ago
Siebel Incorporated, a non-publicly traded company, has 2009 after-tax earnings of $25 million, which are expected to grow at 6
Readme [11.4K]

Answer:

Answer of each requirement is given seperatly below.

a What is the value of Siebel using the DCF method?

Value under DCF = CF * (1+growth rate)/ (WAAC" -Growth rate)

Putting values (assuming after tax earning is all in cash)

Value of SI = 25 (1+6%)/ 20%-6% = 189 million dollars

 

"WAAC calculation

Here WAAC is equal to cost of equity (ke) as company is debt free.

so

Ke = risk free rate + beta (risk premium)

    = 5 + 2.5 (6) = 20%

b What is the value using the comparable recent transactions method?

Based on recent tansaction the value of siebel incorporated will be               calculated as shown below

 Value of SI = Profit afte * 10 = 25 * 10 = 250 million dollars

Publicly-traded Rand Technology, a direct competitor of Siebel's sale is taken as bench mark.

c What would be the value of the firm if we combine the results of both methods?

By combining value of both value technique we get 189 + 250 = 439 million dollars.

8 0
3 years ago
When filing your tax return, what is the maximum amount you can deduct for a capital loss?.
AnnZ [28]

When filing your tax return, the maximum amount you can deduct for a capital loss is $3,000(for individuals and married filing jointly) or $1,500 (for married filing separately).

<h3>What is a tax return?</h3>

A tax return is such or more forms submitted to a taxing body that include earnings, outlays, and other crucial tax data.

Tax returns give taxpayers the option to determine their tax liability, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required.

Some characteristics is of tax returns are-

  • For just an individual or corporation having reportable income, such as wages, interests, dividends, capital appreciation, or other earnings, tax returns must typically be filed annually.
  • The tax return is just a document submitted to a taxing authority that lists earnings, outlays, and other pertinent financial data.
  • Taxpayers compute their tax liabilities, set up tax payments, and request refunds for overpaid taxes on their tax returns.
  • Tax returns must typically be filed yearly.

To know more about tax returns, here

brainly.com/question/27300507

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5 0
1 year ago
Explain how the basic economic problems are solved under capitalism?​
Brums [2.3K]

Answer:

Under capitalistic economy, allocation of various resources takes place with the help of market mechanism. Price of various goods and services including the price of factors of production are determined with help of the forces of demand and supply. Free price mechanism helps producers to decide what to produce.

The goods which are more in demand and on which consumers can afford to spend more, are produced in larger quantity than those goods or services which have lower demand. The price of various factors of production including technology helps to decide production techniques or methods of production. Rational producer intends to use those factors or techniques which has relatively lower price in the market.

Factor earnings received by the employers of factors of production decides spending capacity of the people. This helps producers to identify the consumers for whom goods could be produced in larger or smaller quantities. Price mechanism works well only if competition exists and natural flow of demand and supply of goods is not disturbed artificially.

Explanation:

7 0
2 years ago
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