Answer:
Total cash collection May= $60,000
Explanation:
Giving the following information:
Cash collection:
30% are collected in the month of sale
60% are collected in the first month after sale
10% are collected in the second month after sale.
Sales:
April= $60,000
May= $80,000
<u>We need to calculate the cash collection for May:</u>
Cash collection:
Sales in cash May= (80,000*0.3)= 24,000
Sales in account from April= (60,000*0.6)= 36,000
Total cash collection May= $60,000
Answer:
Results are below.
Explanation:
Giving the following information:
The semiannual interest of 3.5%.
A) We need to calculate the nominal interest rate:
Nominal interest rate= 0.035/2= 0.0175
B) Real interest rate:
Real interest rate= (1.0175^2) - 1= 0.03531
It compounds interest twice a year. Therefore, is higher
C) Investment= $8,000
We will use the following formula:
FV= PV*(1+i)^n
n= 10
i= 0.175
PV= 8,000
FV= 8,000*(1.0175^10)
FV= $9,515.56
It is False.
No matter which states the employee lives, the amounts withheld from each employee for social security and medicare do not vary by state. The present tax rate for social security for employers and employees is 6.2% and the present current rate of medicare is 1.45% for both the employer and employee.
Employers are typically required to withhold Social Security and Medicare taxes from an employee's paycheck and pay the employer's share of those taxes.
The Social Security Tax and the Medicare Tax have different rates, and only the Social Security tax has a salary cap. The base salary ceiling is the maximum taxable salary in the year. Determine the withholding amount for Social Security and Medicare contributions by multiplying each payment by the employee's tax rate.
To learn more about social security and medicare from given link
brainly.com/question/19277833
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