Answer:
Total disbursement for Q2 $579,43
Explanation:
We will assume the sales are purchase are uniform during the year.
therefore days 1-30 sales are paid within the quarter
and day 31 to 90 are paid the next quarter:
Q1:
Purchase for Q2 x 65% = 660 x 65% = 429
Q2:
dividends = 60 dollars
wages taxes and other 660 x 16% = 105.6
<u>payment to suppliers</u>
remainder of next quarter:
660 x 65% x 2/3 =286
payment of this quarter purchase:
590 x 65% x 1/3 = 383,5 x 1/3 = 127,83
Total disbursements:
60 + 105.6 + 286 + 127.83 = 579,43
Answer: $368.55
Explanation:
Employer payroll tax is;
= Social security + Medicare + State Unemployment Tax + Federal Unemployment tax
Monthly salary = 32,400/12 = $2,700
= (6.2% * 2,700) + (1.45% * 2,700) + ( 5.4% * 2,700) + ( 0.6% * 2,700)
= $368.55
Answer:
Net Income = $45000
Explanation:
The basic accounting equation states that the value of assets is always equal to the sum of the values of liabilities and equity.
Total Assets = Total Liabilities + Total equity
At the beginning of the year:
295000 = 190000 + Total equity
Total Equity = 295000 - 190000
Total Equity = $105000
The net income earned during the year is appropriated in two ways. It is either retained in the business and transferred to retained earning or paid out as dividends or both. Transfer to retained earnings from net income increases equity.
At the end of the year:
355000 = 220000 + Total Equity
Total Equity = 355000 - 220000
Total Equity = $135000
Ending balance of equity = Opening balance of Equity + issuance of equity(Common stock) + Net Income - Dividends
135000 = 105000 + 35000 + Net Income - 50000
135000 = 90000 + Net Income
Net Income = 135000 - 90000
Net Income = $45000
Answer: $17980
Explanation:
The amount of overhead that should be applied to Job 65A would be calculated as:
= Overhead cost × (Machine hours in January/Total machine hours)
= 916400 × (31/1580)
= $17980
Answer
The answer and procedures of the exercise are attached in the following image.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.
