How old does someone need to be in order to start donating to charities

Samuel's Mexican Restaurant incurred salaries expense of $ 64,000 for 2018. The payroll expense includes employer FICA tax, in

barxatty [35]

Answer:

SAMUEL's MEXICAN RESTAURANT

Date Description DR CR

2018 Salaries expenses 64,000

Decduction 15,000

cash 49,000

Employee benefit 8,180

Health insurance 2100

Life Insurance 320

Retirement benefit 5760

Explanation:

8 0

4 years ago

Young company is involved in a lawsuit. The liability which could arise as a result of this lawsuit should be recorded on the bo

MatroZZZ [7]

Answer:

Correct option is <u>Probable and the amount can be reasonably estimated. </u>

Explanation:

As per accounting standards on Contingent liabilities, any liability which is likely to be incurred and which can be estimated effectively and reliably, shall be recorded in the books.

If it is probable but cannot be estimated, then a journal entry may not be recorded, but a foot note may be made.

If contingent liability is only possible (but not probable) only a foot note is required.

If contingent liability has remote possibility of occurrence, then neither an entry to record the liability nor a footnote is required.

5 0

3 years ago

Sunland Company is considering these two alternatives for financing the purchase of a fleet of airplanes. 1. Issue 60,000 shares

Bingel [31]

Answer:

Issuing Stock Issuing Bonds

Net income $573,300 $361,620

Earnings per share $3.79 $3.97

Explanation:

Calculation to determine the effect on net income and earnings per share for issuing stock and issuing bonds.

ISSUING STOCK ISSUING BONDS

Income before interest and taxes

$819,000 $819,000

Interest ($2,520,000 x 12%) $0 $302,400

Income before taxes $819,000 $516,600

($819,000-$302,400=$516,600)

Income tax expense (30%) $245,700 $154,980

(30%*$819,000=$245,700)

(30%*$516,600=$154,980)

NET INCOME $573,300 $361,620

($819,000-$245,700=$573,300)

($516,600-$154,980=$361,620)

Outstanding shares 151,100 91,100

(60,000shares+91,100 shares=151,100)

Earnings per share $3.79 $3.97

($573,300/151,100=$3.79)

($361,620/91,100=$3.97)

Therefore the effect on net income and earnings per share for issuing stock and issuing bonds are :

Issuing Stock Issuing Bonds

Net income $573,300 $361,620

Earnings per share $3.79 $3.97

6 0

3 years ago

What is the opportunity cost of computer chip production (in terms of bags of potato chips/computer chip)

Natali5045456 [20]

The opportunity cost of computer chip production is 2.

<h3 /><h3>Definition of opportunity cost.</h3>

Opportunity cost of the next best option that is forgone when one option is chosen over other options. Opportunity cost is also known as implicit cost.

<h3>Calculation of opportunity cost</h3>

In order to determine the opportunity cost divide the number of potato chips by the number of computer chips that can be made.

Opportunity cost = number of potato chips / number of computer chips

50 / 25 = 2

Please find attached the complete question. To learn more about opportunity cost, please check: brainly.com/question/623811

7 0

3 years ago

"Only one firm produces and sells soccer balls in the country of Wiknam, and as the story begins, international trade in soccer

sweet-ann [11.9K]

Answer:

Explanation:

a) since MR=MC, then 15-2Q=3+Q. So, the monopolist produce Q=4

price P=15-Q=10-4=6

profit=6*3-TC=18-(3+4+0.5*4^2)=3

b)since the P=6=6, domestic production will stay the same. The domestic consumption will stay the same. For Wilknam, it will import soccer balls.

c)yes, it holds that Wiknam will be an importer. Because the price for domestic production is 6 which is same as the world price 6.

d)Since the price within country is the same with price out of country, and also, MC=3+Q=7>6, Wiknam will import soccer balls. The monopolist market will become a competitive market.Even though the price won't change,the product will be of high quality and so on. The market will become more equilibrium.

7 0

3 years ago