When did they stop making 2 dollar bills?

Prepare journal entries to record the following production activities for Hotwax. 1. Incurred direct labor of $200,000 (credit F

Firdavs [7]

Answer:

a. Debit Work-in- Progress with $200,000, and credit factory payroll payable with $200,000.

b. Debit factory overhead with $11,500, and credit factory payroll payable with $11,500.

c. Debit factory payroll payable with $211,500, and credit Cash with $211,500.

Explanation:

This will appear as follows in the account:

Hotwax's Journal Entries

Details Dr ($) Cr ($)

Work-in- Progress 200,000

Factory payroll payable 200,000

Being direct labor cost incurred

Factory overhead 11,500

Factory payroll payable 11,500

Being the indirect labor cost incurred

Factory payroll payable 211,500

Cash 211,500

Being total factory payroll or labor cost paid in cash

4 0

4 years ago

In addition to the Small Business Job Protection Act of 1996 encouraging small businesses to allow employees to enroll into a 40

Elanso [62]

Answer:

100%

Explanation:

401(k) plans are financial provisions that guarantee financial security after retirement. Prior to the Small Business Job Protection Act of 1996, these provisions were bogus and difficult to understand/comply with by businesses. The Act simplifies the requirements and allows employees to enroll in the 401(k) plans where the annual contributions testing is bypassed. Employees vest 100% of their salary. This means that they cannot forfeit all the money contributed. After retirement, they can benefit from their deferrals and profits.

6 0

3 years ago

On January 1, the Sleepy Monk Coffee Shop paid $15,000 for a full year of rent beginning on January 1. The rent payment was appr

WITCHER [35]

Answer:

If financial statements are prepared on January 31, the journal entry to record the adjustment would be debit rent expense and credit prepaid rent for $1,250

Explanation:

According to the given data the rent has been expired for one month so only one month's rent expense will be recorded. Therefore to calculate one month's rent expense we have to make the following calculation:

one month's rent=Total rent/period for which rent is paid*1

one month's rent=$15,000/12*1

one month's rent=$1,250

Therefore, If financial statements are prepared on January 31, the journal entry to record the adjustment would be debit rent expense and credit prepaid rent for $1,250

5 0

3 years ago

You purchased GARP stock one year ago at a price of $67.67 per share. Today, you sold your stock and earned a total return of 18

Svetlanka [38]

Answer:

14.48%

Explanation:

The capital gains yield on the investment is increase in share price divided by the initial price paid to acquire the share a year ago.

The total return formula can be used to figure the price the stock was when sold as below:

total return =P1-Po+D/Po

P1 is the current price which is unknown

Po is the initial price of $67.67

total return is 18.79%

D is the dividend of $2.92

0.1879=P1-67.67+2.92/67.67

0.1879*67.67=P1-64.75

12.72=P1-64.75

P1=12.72+64.75

P1=77.47

Capital gains yield=(77.47 -67.67)/67.67=14.48%

7 0

4 years ago

The main difference between sales and excise taxes is that:______.

weqwewe [10]

Answer:

A

Explanation:

A tax is a compulsory amount levied on the goods and services by the government or an agency of the government. Taxes increase the cost of a product

A consumption tax is a tax that is levied on those that consume goods and services rather than produce goods and services

Examples of consumption tax :

excise tax
sales tax

A sales tax is an example of consumption tax. It is levied on the sales of goods and services. It is usually levied at the point of sale. An example is the value added tax.

An excise tax is a tax levied on certain goods and services at the point of sale e.g. tobacco

Differences between excise tax and sales tax

An excise tax applies to a select list of products while a sales tax applies o a wide range of products
Excise tax is levied on a per unit basis while sales tax is levied as a percentage of purchase price

6 0

3 years ago