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2 years ago

A federal unemployment tax is levied on

Business

1 answer:

Leya [2.2K]2 years ago

6 0

Any business with employees are subject to a payroll tax under the Federal Unemployment Tax Act (FUTA).

Payments of unemployment compensation to workers who have lost their jobs are made possible by the Federal Unemployment Tax Act (FUTA), which works with state unemployment systems. Most businesses are required to pay both federal and state unemployment taxes. Visit the U.S. Department of Labor's Contacts for State UI Tax Information and Assistance for a list of state unemployment tax agencies. FUTA tax is not taken out of an employee's paycheck; it is only paid by the employer.

Therefore, it is imposed on any business with employees

To know more about federal unemployment tax click here:

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During 2021, its first year of operations, a company provides services on account of $257,000. By the end of 2021, cash collecti

Dmitrij [34]

Answer:

Debit Bad debt expense $15,120

Credit Allowance for doubtful debt $15,120

Being entries to record estimated bad debts

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.

Account receivables balance as at year end

= $257,000 - $131,000

= $126,000

Allowance for doubtful debt = 12% * $126,000

= $15,120

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3 years ago

How did the titanic sink ?

Elis [28]

The Titanic could stay afloat with four of its 16 watertight compartments flooded, more than anyone could imagine on a ship of its size. As the ice bumped along its starboard side, it punched holes in the ship's steel plates, flooding six compartments. In a little over two hours, the Titanic filled with water and sank Sep 25, 2008

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3 years ago

The goal of global market segmentation is to break down a new foreign market for a product or a service into different groups of

Lunna [17]

The goal of global market segmentation is to break down a new foreign market for a product or a service into different groups of consumers so the firm can tailor its marketing mix to each individual segment.

More about marketing mix:

The marketing mix is the collection of activities, or methods, that a business employs to sell its brand or merchandise. A typical marketing mix is comprised of the four Ps: price, product, promotion, and place. Today, however, the marketing mix is progressively including several more Ps as essential mix components, such as Packaging, Positioning, People, and even Politics.

Price mix is the cost incurred by the company to deliver a product to the customer. Product mix exemplifies the nature of the good that the company is selling to the customer. Place mix is the method used to distribute the goods at a time and place that are convenient for the consumer.

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1 year ago

Write a memorandum to your assigned partner about ordering supplies for an event at school.

Licemer1 [7]

Answer:

A memorandum is a form of communication within a company.

Explanation:

When a company has a large staff working on it, it is very common to use a memorandum or memo.

It is a quick and easy way to remind someone of a task they have to do.

The structure of the memorandum should be as follows:

Memorandum:

To: Sara, Organization Department.

From: Marcus, Organization Department.

Date: 05/04/2020

Re: Supplies for the Football Tournament.

_________________________________________________

Sara, please don't forget to order the balls and shirts missing for the football tournament.

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3 years ago

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of t

solong [7]

Answer:

The Gorman Group

1. The Gorman Group

Income Statement

For the Year Ended October 31, 2019

Service Fees $421,010

Rent Revenue 4,450

Total Revenue $425,460

Salaries Expense $301,820

Depreciation Expense—Equipment 16,400

Rent Expense 13,700

Supplies Expense 9,710

Utilities Expense 8,780

Depreciation Expense—Buildings 5,850

Repairs Expense 4,840

Insurance Expense 2,650

Miscellaneous Expense 4,520 $368,270

Net Income $57,190

The Gorman Group

Statement of Owner's Equity

For the Year Ended October 31, 2019

Nicole Gorman, Capital $378,780

Net Income 57,190

Nicole Gorman, Drawing (22,200)

Owner's Equity, October 31, 2019 $413,770

2. Closing Journal Entries at October 31, 2019:

Debit Income Summary $368,270

Credit:

Salaries Expense $301,820

Depreciation Expense—Equipment 16,400

Rent Expense 13,700

Supplies Expense 9,710

Utilities Expense 8,780

Depreciation Expense—Buildings 5,850

Repairs Expense 4,840

Insurance Expense 2,650

Miscellaneous Expense 4,520

To close the expenses accounts to the income summary.

Debit:

Service Fees $421,010

Rent Revenue 4,450

Credit Income Summary $425,460

To close the revenue accounts to the income summary.

3. The amount of net income would have been $137,200.

Explanation:

a) Data and Calculations:

The Gorman Group

End-of-Period Spreadsheet

For the Year Ended October 31, 2019

Adjusted Trial Balance

Account Title Dr. Cr.

Cash $13,880

Accounts Receivable 30,210

Supplies 4,720

Prepaid Insurance 10,200

Land 89,000

Buildings 319,000

Accumulated Depreciation-Buildings $103,900

Equipment 230,000

Accumulated Depreciation-Equipment 135,300

Accounts Payable 29,520

Salaries Payable 2,930

Unearned Rent 1,330

Nicole Gorman, Capital 378,780

Nicole Gorman, Drawing 22,200

Service Fees 421,010

Rent Revenue 4,450

Salaries Expense 301,820

Depreciation Expense—Equipment 16,400

Rent Expense 13,700

Supplies Expense 9,710

Utilities Expense 8,780

Depreciation Expense—Buildings 5,850

Repairs Expense 4,840

Insurance Expense 2,650

Miscellaneous Expense 4,520

Totals 1,077,220 1,077,220

Amount of Nicole Gorman's Capital increased by $115,000:

Net income would have been $137,200 instead of $57,190.

Closing Nicole Gorman, Capital = $515,980

Less Drawings 22,200

Beginning capital 378,780 400,980

Increase in capital = $115,000

4 0

2 years ago