Answer:
Debit Encumbrances with $6,000
; and Credit Budgetary Control also with $6,000
.
Explanation:
Encumbrance accounting is an accounting technique that is mainly employed to ensure that overspending of the taxpayers' money is avoided.
The journal entries will appear as follows in the book of the City of Grand Marais on May 6 as follows:
<u>Details Dr ($) Cr ($) </u>
Encumbrances 6,000
Budgetary Control 6,000
<em><u>To record the approval of a purchase order for supplies</u></em>
Answer: $74,102
Explanation:
FICA Tax Payable by Employer = 1.45% × $185,000 + 7.65% × ($1,020,000 - $185000)
= $2,682.5 + $63,877.5
= $66,560
State unemployment tax = 1% × ($1,020,000 - $601,000)
= $4,190
Federal unemployment tax = 0.8% × ($1,020,000 - $601,000)
= $3,352
Payroll tax expense = FICA Tax Payable by Employer + state unemployment tax + federal unemployment tax
= $66,560 + $4,190 + $3,352
= $74,102
The first step to creating any sort of business is to plan.
Answer : Write a business plan.
Doing so will allow you to know what will happen in what order, so it doesn't all come at you unexpectedly, and this typically makes starting a business much smoother.
Hope this helped! :)
Answer:
see below
Explanation:
1. In a monopoly, one firm dominates a large market. Only one seller is serving a large number of buyers. In a perfectly competitive market structure, many sellers are competing to sell to many buyers.
2. A monopoly has no competition for its products. There are no close substitutes, which leaves customers with no other option but to buy from the monopoly. In perfect competition, sellers sell identical products. There is stiff competition for the product being sold.
3. In a monopoly, there are strong barriers to entry and exit from the market. In a perfectly competitive market, restrictions on entry or exit are absent.
4. The price for a monopoly is always set above the average cost, while in perfect competition, the price set is equal to the marginal cost.
5. A monopoly has full control over its price and can offer different prices to different groups of customers. In a perfects competition, the firms cannot practice price discrimination because they have no control over prices.
Answer:
2) all of the partners in proportion to their shares of the profits
Explanation:
Partnership refers to a mutual agreement between two or more individuals, deciding to carry on a business and share it's risks and rewards in the profit sharing ratio as stipulated, or as provided in the partnership deed.
Upon retirement or death of any of the partners, the partnership is said to have been dissolved. Upon dissolution, the profits and losses arising consequently shall be shared by the remaining partners in their profit sharing ratio. A firm may decide to voluntarily dissolve too.
In the given case, upon dissolution, liabilities exceed assets and thus indicate a loss.
This loss shall be borne by all of the partners in their profit sharing ratio and not in the ratio of their capitals.
