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Lyrx [107]
3 years ago
8

Brief Exercise 9-17 Record early retirement of bonds issued at a premium (LO9-7)

Business
1 answer:
butalik [34]3 years ago
4 0

Answer:

Dr Bonds payable                       $50,700

Dr premium on bonds payable     $4,265

Cr Cash                                                                                 $53,000

Cr gain on bonds retirement($50,700+$4,265-$53000) $1,965

Explanation:

The premium yet to be amortized on the bond at retirement is the carrying  value minus face value i.e  $54,965-$50,700=$4265

The premium  on bonds payable would now be debited with $4265

The cash paid on retirement would be credited to cash account

The face value of the bonds payable of $50,700 would be debited to bonds payable in order to show that the obligation has been discharged.

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6 0
2 years ago
Jose Ramirez worked 38 hours last week at a pay rate of $7.25 per hour. What was his gross pay? Bill Green, a storm-door salesma
AVprozaik [17]

Answer:

Jose Ramirez worked 38 hours last week at a pay rate of $7.25 per hour. What was his gross pay?

  • Jose Ramirez's gross pay = 38 hours x $7.25 per hour = $275.50

Bill Green, a storm-door salesman, sold $5,000 worth of doors and received a commission of $400. What was his rate of commission?

  • Bill Green's commission rate = $400 / $5,000 = 8%

With a base salary of $250 and a commission of 4% of all sales, compute Cindy Nelson’s salary for the following weeks:

Week           Base Salary       Sales Commission       Total Salary

1                     $250.00                $890.00                    $1,140.00

2                    $250.00               $1,126.00                   $1,376.00

3                    $250.00                $975.00                    $1,225.00

4                    $250.00                $824.00                    $1,074.00

If I work 45 hours my salary will be

  • = (40 x $7.25) + (5 x $7.25 x 1.5) + ($800 x 2%) = $290 + $54.38 + $16 = $360.38

Your paycheck lists $324.25 as your gross earnings. Is that correct?

  • no, it should be $360.38

Arlene Grossman earns $235 per week. Her federal income tax is $36.00. Her FICA tax is 6.2%. Arlene is also subject to a 3% state income tax and a 1% city tax. What’s her net pay?

  • = $235 - $36 - ($235 x 6.2%) - ($235 x 3%) - ($235 x 1%) = $175.03

Will Brown, who pays weekly union dues of $3.00, earns $289 per week. His federal income tax is $39.13 and his FICA tax is 6.2%. He pays a 4% state income tax, a $15.00 annual city tax, and 2% of his pay to his retirement fund. What’s his net income for the week he pays the city tax?

  • = $289 - ($289 x 2%) - $39.13 - ($289 x 6.2%) - [($289 x 98%) x 4%] - $3 - $15 = $289 - $5.78 - $39.13 - $17.92 - $11.33 - $3 - $15 = $196.84
3 0
3 years ago
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A flower delivery business wants to raise their overall sales volume to increase profit. After analyzing their costs, they choos
Mrac [35]

Answer:

C) By lowering the price of the flower arrangements to increase demand.

Explanation:

According to the law of demand, the lower the prices, the higher the quantity demanded and the higher the price ,the lower the quantity demanded.

When prices are reduced, demand increases, revenue increases and net profit increases.

I hope my answer helps you.

7 0
3 years ago
Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's a
Vikentia [17]

Answer:

a. $39,000

b. $85,000

Explanation:

The computations are shown below:

a. Tax on real property would be

= Valued of real property × tax rate

= $1,300,000 × 3%

= $39,000

b. Tax on real property would be

= Property's assessed value up  × tax rate + difference of property value  × increased tax rate

= $2,000,000 × 3% + $2,500,000 × 1%

= $60,000 + $25,000

= $85,000

8 0
3 years ago
Florence wants to become a Middle School Teacher. She attends a university for four years and earns a degree with
Oksanka [162]

Answer:

bachelors

Explanation:

4 year degree

3 0
2 years ago
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