Answer:
Below is the Journal entry to record Giblin's Goodies Adjusting entry and Reversing entry to follow:
Explanation:
Date: October 31
Debit: Salaries and Wages Expense $4,500
Credit: Salaries and Wages Payable $3,545.75
Credit: Federal income tax Payable $520.00
Credit: Social Security tax Payable $279.00
Credit: Medicare tax Payable $65.25
Credit: State income tax Payable $90.00
<em>To record Salaries and Wages Payable.</em>
Date: November 1
Debit: Salaries and Wages Payable $3,545.75
Credit: Cash $3,545.75
<em>To record payment of Salaries and Wages.</em>
Answer:
Limited liability partnership (LLP) / limited liability company (LLC)
Explanation:
Limited liability partnership and limited liability companies work very similarly and their main characteristics are:
- they are separate legal entities, this means that their owners are separate from them.
- since they are separate legal entities, the owners have limited liability
- they are not taxed directly, they act as pass through entities and their owner's pay income taxes
- they both need to be incorporated by the state government as distinct legal entities
Answer: 1. $218750 ; 2. $231, 250 ; 3. $11562.50
Explanation:
1. The bonds with a par value of $250,000 and implied selling price of 87 ½.
Cash proceed = 250,000 × 87.5%
= $218,750
2. Since it's semiannual interest payments, the total amount of bond interest expense that will be recognized over the life of these bonds will be:
[20 × (250,000 × 8% × 6/12)]+ $250,000 - $218,750
= $200,000 + $250,000 - $218,750
= $231, 250
3. The amount of bond interest expense recorded on the first interest payment date will be:
= Total bond interest expense/number of payments
= $231,250/20
= $11562.50
Answer:
b. $200,000
Explanation:
Total costs is the addition of fixed costs and variable costs. Fixed costs are those costs that do not change with the level of output. However, as output increases, they do get spread over a large number of units, thus fixed cost per unit of output will be less with more units. Variable costs on the other hand fluctuate with the level of output, in this case, with the number of hotel rooms booked.
Total cost (TC) = Fixed Costs (FC) + Variable Costs (VC)
= $100,000 + $100,000 = $200,000
Answer:
The correct answer is inflation rate
Explanation:
Inflation is a situation where is so much money in circulation but there are few goods to be bought,hence too much pursuing too few goods and services.
The rate at which the prices increase in respond to the problem of inflation is known as inflation rate.
Inflation is a must-have in any economy in order to encourage producers to produce more, but a single digit inflation rate is what is desirable not double digit such 25% which translates into hyper-inflation
