Answer: $57488.50
Explanation:
The total cost to Ybarra of employing Ince for the year will be calculated thus:
Gross Salary = $53,000
Add: Social security tax = $53000 × 6.2% = $3286
Add: Medicare tax = $53000 × 1.45% = $768.50
Add: SUTA tax = $7000 × 5.4% = $378
Add: FUTA tax = $7000 × 0.8% = $56
Total cost to Ybarra of employing Ince will be $57488.50
Answer:
The role of organizational structure is to help make clear who answers to whom and where they fit in the chain of command
Answer:
loss on fire and storms 710,000
insurance expense zero as the firm didn't acquire any
Explanation:
Notice it state <u><em>"if the company were to obtain insurance"</em></u> Which means it currently has none insurance.
If the firm had an insurance the amount of losses would be deducted from the insurance policy but there is none so we disclosure the entire loss as a result of the period.
Hence, we should recognize the entire loss on fire and storm damage of 710,000 during the year and no insurance expense.
Answer:
D) Cash 45,540 Accounts receivable 45,540
Explanation:
The journal entry is shown below:
Cash A/c Dr $45,540
To Accounts receivable A/c $45,540
(Being cash is received in respect of goods sold)
The computation is shown below:
= Sold value of supplies - the sold value of supplies × discount percentage
= $46,000 - $46,000 × 1%
= $46,000 - $460
= $45,540
Since the net method is used so we debited the cash account and credited the account receivable account.
Answer and Explanation:
The tax consequences for the following events -
a. The organization should record the amount of $10,000 in the year 2018 as they followed the cash basis and the cheque should be equal to the cash also troy could not able to record the bonus till it is actually collected
b. As per the accrual basis, the income should be recorded when they are earned not when they are received so the corporation should record the income in the year 2018 as the agent performed the service
c. Since the restrictions that are imposed on cheque for payment purpose should be treated as the substantial and the cheque should not be equivalent to the cash because the customer told that check should be held till Jan 2019 so the income should not be recorded in 2018
