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elixir [45]
3 years ago
8

A company's sales budget indicates the following sales:

Business
1 answer:
Ilya [14]3 years ago
4 0

Answer:

26500.

Explanation:

Given: Sales of January, February and March.

           Beginning inventory is 12000.

           Company´s ratio of inventory to future sales is 45%.

Formula; unit to be produced= (\textrm{ next month budgeted sales + present months sales budget- beginning inventory})

First step: finding February´s budgeted sales

Next months (February) budgets sales= \frac{45}{100} \times 30000= 13500.

Now, putting values in the formula to find unit to be produced.

Unit to be produced in January= ((13500 + 25000 - 12000)= (38500 - 12000)

∴ Unit to be produced in the month of January is 26500.

                 

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Patrick patrone (single, 2 allowances), $925 wages __________ carson leno (married, 4 allowances), $1,195 wages __________ carli
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<u>Solution and Explanation:</u>

1) P<u>atrick patrone </u>

Single and 2 allowances =\$ 925-\$ 155.80-\$ 155.80=\$ 613.40

It falls under the category of Over $509 but under $1,631

The amount of income tax that he withholds is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 613.40-\$ 509)=\$ 36.70+12 \% \text { of } \$ 104.40=\$ 36.70+\$ 12.53=\$ 49.23

The amount to withhold for Federal income tax is $49.23.

2) <u>Carson Leno, married and 4 allowances </u>

= $1,195 - $155.80 - $155.80 - $155.80 - $155.80 = $571.80

The wages falls under the category of Over $444 but under $1,177.

The amount of income tax that he withholds is $0 + 10% of excess over $444.

\$ 0+10 \%(\$ 571.80-\$ 444)=\$ 0+10 \% \text { of } \$ 127.20=\$ 0+\$ 12.72=\$ 12.72

The amount to withhold for Federal income tax is $12.72

3) Carli lintz single, zero allowances and wages is $700.

$700 - $0 = $700 (zero allowance)

The wages falls under the category of Over $509 but under $1631.

The amount of income tax to withhold is $36.70 + 12% of excess over $509

\$ 36.70+12 \%(\$ 700-\$ 509)=\$ 36.70+12 \% \text { of } \$ 191 .=\$ 36.70+\$ 22.92=\$ 59.62

The amount to withhold for Federal income tax is $59.62.

4) Gene hartz. Single, 1 allowance and $2,500 wages.

$2,500 - $155.80 = $2,348.20

The wages fall under the category of Over $1,631 but under $3,315

The amount of income tax to withhold is $171.34 + 22 % of excess of $1,631 \begin{aligned}&\$ 171.34+22 \%(\$ 2348.20-\$ 1631)=\$ 171.34+22 \% \text { of } \$ 717.20 .=\$ 174.34+\$ 157.78=\\&\$ 332.12\end{aligned}The amount for Federal income tax is $332.12

5) Mollie Parmer. Married, 2 allowances and wages is $3,600

\$ 3,600-\$ 155.80-\$ 155.80=\$ 3,288.40

The wages falls under the category of Over $1,177 but under $3,421

The amount of income tax to withhold is $\$ 73.30+12 \%$ of excess over $\$ 1,177$ \begin{aligned}&\$ 73.30+12 \% \text { of }(\$ 3,288.40-\$ 1,177) .=\$ 73.30+12 \% \text { of } \$ 2,111.40 .=\$ 73.30+\$ 253.37=\\&\$ 326.67\end{aligned}The amount for Federal income tax is $326.67.

<u>NOTE :</u> - the withholding allowance is deducted from the wages, the amount of single allowance is $155.80.

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Which of the following best describes the principle of asset allocation?
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Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1
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Answer:

Following are the journal entries for Setterstrom Company;

<u>May 01</u>

Debit: Petty cash  = $100.00

Credit: Cash = $100.00

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Debit: Delivery Expense  = $31.25

Debit: Postage Expense  = $39.00

Debit: Miscellaneous Expense  = $25.00

Debit: Cash over/short (Balance amount)  = $3.00

Credit: Petty Cash ($100 - $1.75)  = $98.25

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Debit: Delivery expense  = $21.00

Debit: Entertainment expense = $51.00

Debit: Miscellaneous expense = $24.75

Credit: Petty Cash ($100 - $3.25) =  $96.75

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