Answer: $2100
Explanation:
From the question, we are informed that Oakley Company does not ring up sales taxes separately on the cash register and that the total receipts for February amounted to $32,100 and the sales tax rate is 7%.
The amount that must be remitted to the state for February's sales taxes will be:
= $32,100/(1+7%) × 7%
= $32100/(1 + 0.07) × 0.07
= $32100/1.07 × 0.07
= $2100
Answer: Bond A = $14,000
Bond B = ₦6,000
Explanation:
We can solve by setting up mathematical equations.
Let A and B be used to express the dollar amounts invested at 8% and 10% respectively.
Capital invested equation becomes A + B = 20,000 - - - - - eq 1
Percentage interest equation becomes 8% of A + 10% of B = 1,720
To remove percentages we multiply through by 100, which gives
8A + 10B = 172,000 - - - - - - eq 2
So we have two simultaneous equations.
To solve, we multiply eq 1 by 10 so by subtraction we can eliminate B, then solve for A. Eq 1 becomes
10A + 10B = 200,000 - - - - eq 3
Subtract eq 2 from eq 3
(10A - 8A) + (10B - 10B) = 200000 - 172000
2A = 28000
A = 28000/2 = $14,000
A + B = 20000 from eq 1
Now A is 14000
14000 + B = 20000
B = 20000 - 14000
B = $6,000
Therefore capital invested is $14000 for bond A and $6000 for bond B
False. Employees must be notified by the supervisor about the beginning of a lockout/tagout procedure.
- Lockout and tagout are work procedures that ensure that safety is maintained for employees, especially during equipment repairs or maintenance.
- Lockout involves ensuring that the operation of a machine or process is in a safe mode by isolating energy from the system.
- Tagout is a labeling that ensures that warnings are issued to employees during a lockout so that a machine or process is not re-energized until the repair or maintenance is complete.
Thus, it is FALSE that employees will not be notified that a lockout/tagout is about to commence.
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Answer:
The journal entry for the issuance of the bond is shown below:
Explanation:
The entry will be recorded on January 1
Cash A/c..............................................Dr $83,497
Discount on bonds payable A/c......Dr $6,503
Bonds Payable A/c............................Cr $90,000
On issuing the bond, cash is increasing, any increase in cash is debited. Therefore, the cash account is debited. The discount on bonds payable is debited. And the bonds payable account is credited.
Working Note:
Discount on bonds payable = Bonds payable - Cash
= $90,000 - $83,497
= $6,503
Answer:
D. Increase both assets and equity by $180
Explanation:
When a service is done on account, revenue will be recognized but the corresponding assets is accounts receivables and not cash. Hence the transaction will increase the company's revenue and assets balances . Revenue is turned into equity through retained earnings.
The accounting equation is
assets = liabilities + equity
This transaction will increase assets and equity be $180 each.