Answer:
Shirley receive 2,126.16 dollars for each pay period.
Explanation:
the saving are considered part of his net earnings. The employeer gives a certain amount and from there, Shirley makes a save.
gross pay: 2,327
insurance premium 22.82
Socal Security (6.2%) 144.274
medicare (1.45%) 33.7415
Total deductions 200.8355
Net pay: 2,126.1645 ≈ <em>2,126.16</em>
Answer:
$130,608
Explanation:
To calculate the cost of goods sold per the above information, we need to calculate first the portion of the trade discount on the goods purchased.
Trade discount = Goods purchased × 20% trade discount
= $181,400 × 20%
= $36,280
The next step is to calculate Sales and Gross profit
Sales = [$181,400 - $36,280] = $145,120
Gross profit = $145,120 × 10% = $14,512
Therefore,
Cost of goods sold = Sales - Gross profit
Cost of goods sold =$145,120 - $14,512
Cost of goods sold = $130,608
Hence, Oriole Co. would record $130,608 as cost of goods sold.
Answer:
A growing company may not be earning any profits yet, but may nevertheless provide a great investment opportunity.
Other times, a lack of profitability can be a huge red flag that something is wrong with the firm.
Explanation:
A likely analytical procedure to test the accuracy of purchase discounts would be to compute the ratio of cash discounts earned to : Purchase
<h3>What is Purchase Discount?</h3>
Purchase discount is deducted to the total purchases when computing for the net purchases. This account has a normal balance of credit and decreases the total amount of cost of goods sold.
<h3>What is Analytical procedures ?</h3>
Analytical procedures refer to study of significant ratios and past trends and investigating unusual fluctuations.
Under analytical review procedures, an auditor compares financial information of the current period with those of the previous periods, applying techniques of ratio analysis and investigating the causes of unusual fluctuations and deviations.
Therefore, we can conclude that the correct option is C.
Your question is incomplete, but most probably your full question was:
A likely analytical procedure to test the accuracy of purchase discounts would be to compute the ratio of cash discounts earned to:
a. accounts payable
b. notes payable
c. purchases
d. sales discounts
Learn more about Analytical procedures on:
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