<span>The answer is 516,250 by first calculating expenses (6,500,000-40,000-expenses=590,000), net income = revenue-expenses.</span>
Answer:
b. They are treated differently because the loss in value of Carol's stock is the result of a sale, while the loss in value of Dave's stock is simply a decline in value.
Explanation:
Although the stock owned by Carol and by Dave declines in value by $2,000, however Carol only has a realized and recognized loss of $2,000. The main factor in determining whether a disposition has taken place often whether an identifiable event has occurred. In the current scenario, Carol’s stock sale qualifies as a disposition and the Dave’s stock value decline does not qualify as a disposition and is simply a decline in value.
Answer:
Rollins Technology should the $9,600 inventory to the value of their inventory count
Explanation:
FOB destination means the goods become the buyer's when they are at delivery point,which means that until then they are goods of Rollins Technology
Mis-categorizing such goods as FOB shipping point implies that they were assumed to belong to the owners once shipped,all that is required is for the company to restate the value of the goods in transit by adding it back to the its inventory.
Answer:
The answer is c. $40,700.
Explanation:
The direct costs of the Cosmetics Department are all the costs which are incurred for the operations & revenue generating activities of the Cosmetics Department only; which may be incurred at the Department itself or at other Department(s)/Store(s) which the purposes are for serving the Cosmestic Department.
Thus, these costs include the following cost items:
Cosmetics Department sales commissions--Northridge Store + Cosmetics Department cost of sales--Northridge Store + Cosmetics Department manager's salary = $5,160 + $31,300 + $4,240 = $40,700.
So, the answer is c. $40,700
Given:
130,500 net pay to employees
19,000 income tax withholding
5,000 FICA withholding
130,500 + 19,000 + 5,000 + 5,000 = 159,500
<span>The total wages and payroll tax expense to the company for this pay period, excluding any unemployment taxes, is $159,500.
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The 5,000 is added twice because the first 5,000 is withheld from the employees salary as the employees share. The employer also has to pay off 5,000 as employer's share to the employee's FICA withholding. Thus, the presence of the 2nd 5,000.
FICA, <span> Federal Insurance Contributions Act,</span> is composed of
1) <span>6.2 % Social Security tax;
2) <span>1.45 % Medicare tax (the “regular” Medicare tax); and
3) 0.9 % of a Medicare surtax starting 2013 for employees earning over $200,000.
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