When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the ______

Which of these is an example of a variable expense calculated in an organizational budget?

Ierofanga [76]

In an organizational budget, variable expenses are the total cost that depended on the amount of goods produced.
Example of variable expenses are:
- Raw material expenses
- Cost of plastic to make a handphone case
- Cost of carrots if the company is selling carrot pies
- etc

8 0

3 years ago

Because an applicant needs to be able to prove that they can pay a mortgage payment for the entire life of a loan, lenders are a

Mila [183]

Answer:

TRUE

Explanation:

In the case of long term loans and financing, the age of the applicant is an analytical parameter that the lender takes into consideration. This is because these loans are long and an older person is more likely to die before the installment ends. It is therefore more difficult for an elderly person to finance a home than a 30-year-old, for example.

8 0

4 years ago

Fitzgerald Corp. reports pretax accounting income of $210,000, but because of a single temporary difference, taxable income is o

Wewaii [24]

Answer:

Explanation:

For recording of the journal entry, first we have to compute the tax payable amount which is shown below:

Pretax accounting income tax expense = pretax accounting income × tax rate

= $210,000 × 40%

= $84,000

Tax payable for taxable income = Taxable income × tax rate

= $155,000 × 40%

= $62,000

Now, the journal entry would be:

Income tax expense A/c Dr $84,000

To Income tax payable $62,000

To Deferred tax liability $22,000

(Being income tax expense recorded)

The remaining amount has come under deferred tax liability.

4 0

3 years ago

Which of the following is true about the Fed?

Degger [83]

Answer:

C. it has more power to affect the economy than any other institution

Explanation:

The FED manages the monetary policy affecting the economy's money supply. This in turn affects interest rates directly. It also has an enormous indirect influence on economic growth (it can stimulate it or cool it), currency value, value of stock markets, unemployment (directly related to economic growth), etc.

The FED is probably the institution that influences the economy the most.

4 0

4 years ago

g Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic r

disa [49]

Answer:

Assume the note indicates that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 33,900

Cr Sales revenue 31,389

Cr Discount on notes receivable 2,511

Discount on notes receivable is a contra asset account that decreases the net amount of notes receivable.

Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021.

Dr Cash 33,900

Cr Notes receivable 31,389

Cr Interest revenue 2,511

Assume instead that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 33,900

Cr Sales revenue 29,064

Cr Discount on notes receivable 4,836

Discount on notes receivable is a contra asset account that decreases the net amount of notes receivable.

Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $33,900 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 33,900

Cr Sales revenue 33,900

Explanation:

Non interest bearing notes must be recorded at present value, so we need to determine the present value of the payment:

Payment due December 21, 2021, PV = $33,900 / (1 + 8%) = $31,389

Payment due December 21, 2022, PV = $33,900 / (1 + 8%)² = $29,064

We use the discount on notes receivable account (contra asset account) to decrease the net value of notes receivable.

4 0

3 years ago

When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the _______.