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2 years ago

Which one of the below is the MAJOR responsibility of a businessperson:

Business

1 answer:

igomit [66]2 years ago

4 0

Answer:

B) Making the value of the company increase by generating increasing revenues and profits

Explanation:

The main responsibility of a manager is to increase the company's value in order to increase the wealth of its owners. Of course this should be done in a legal way, e.g. a drug lord that makes millions can't be considered a good businessperson. The responsibility of a manager do not end there, they also have a duty with all the stakeholders of the company, starting with the employees, the government, the environment, their customers, and society as a whole.

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2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Income tax wi

inna [77]

Answer:

A.Earnings at normal rate(1)= $ 460,000.00

Total earnings(3) = $540,000

Union dues(8)= $ 6,750.00

Sales salaries(12)= $ 135,000.00

B.Dr FactoryWages $ 285,000.00

Dr OfficeSalaries $ 120,000.00

Dr SalesSalaries $ 135,000.00

Cr Ss tax $ 32,400.00

Cr Mc tax $ 8,100.00

Cr Income tax withheld $ 135,000.00

Cr Medical insurance $ 18,900.00

Cr Uniondues $ 6,750.00

Cr Wages accrued and payable $ 338,850.00

C.Dr wages accreud and payable$ 338,850.00

Cr Cash $ 338,850.00

Explanation:

In order for us to calculate the ommited in (1) we have to find out the (3) calculated as :

Social securities tax 6% of total earnings $32,400

Medicare tax 1.5% of total earnings $8,100

Therefore let x be the total earnings using 6%

x*6%= $32,400

x= $32,400/6%

= $ 540,000.00

Or let x be the total earnings using 1.5%

x*1.5%= $8,100

x= $8100/1.5%

$ 540,000.00

The total earnings for 3 will be = $540,000

Using this formula to calculate for earnings at normal rate

Earnings at normal rate=total earnings -overtime rate

Let plug in the formula

$540000-$80000= $ 460,000.00

Therefore earnings at normal rate for (1)= $460,000.00

In order to calculate for 8,we have to substract the total deductions form taxes and insurances

Using this formula

Total deductions=social security +medicare+income tax held+union dues+medical insurance

Hence,

$201150=$32400+$8100+$135000+$18900+union dues

Union dues(8)=$201150-32400-8100-135000-18900

Union dues(8)= $ 6,750.00

In order to calculate for 12 sales salaries,we have to deduct total earnings from factory wages and office salaries

Using this formula

Sales salaries=total earnings -factory wages and office salaries

Sales

salaries(12)=$540000-$285000-$120000

sales salaries(12)= $ 135,000.00

Therefore:

Earnings at normal rate(1)= $ 460,000.00

Total earnings(3) = $540,000

Union dues(8)= $ 6,750.00

Sales salaries(12)= $ 135,000.00

B. Journalising the entry to record payroll

Dr FactoryWages $ 285,000.00

Dr OfficeSalaries $ 120,000.00

Dr SalesSalaries $ 135,000.00

Cr Ss tax $ 32,400.00

Cr Mc tax $ 8,100.00

Cr Income tax withheld $ 135,000.00

Cr Medical insurance $ 18,900.00

Cr Uniondues $ 6,750.00

Cr Wages accrued and payable $ 338,850.00

(being the payroll recorded)

C.Dr wages accrued and payable $ 338,850.00

Cr Cash $ 338,850.00

(Being the payment made to staff)

5 0

2 years ago

According to the video, what do many Accountants and Auditors decide to do?

Maksim231197 [3]

Answer:

specialize in a specific area is the correct answer.

Explanation:

3 0

2 years ago

Why is there a need to assess one's PECs in terms of characteristics,attributes,lifestyle,skills traits before starting a partic

Vladimir79 [104]

Answer:

Explanation:

PECs stands for <em>Personal Entreprenurial Competencies.</em>

It is important to evaluate them because they have a way of predicting how successful one would be in a particular business.

Some of these attributes include but are not limited to the following:

Ability to Influence other People: People here refer to customers, public and even staff.

Self-Confidence: Confidence in one's abilities is key for survival in any business or endeavour.

Persuasion: Persuasion goes hand in hand with influence and Self-Confidence. It's almost impossible to influence other people if ones does not have self-confidence or lacks the strategy to do so.

Efficiency Orientation: The best entrepreneurs known how to create value from little or nothing.

Problem Solving: This is one of the greatest skills of an Entrepreneur. The higher they go on this trait, the more their chances of success.

Information Seeking: This is not just about reading. It refers to ones ability to seek related intelligence within and outside of one's environment. Good intelligence contributes to great decision making.

Ability to spot and utilize Opportunities: This is two traits combined in one. Spotting opportunities is overrated. Ability to organise internal and external resources in order to translate such opportunities into value is priceless.

Grit: Also known as persistence. This is key and is required for any idea which is receiving efforts to come to fruition.

Cheers!

8 0

2 years ago

A favorable materials price variance coupled with an unfavorable material usage variance would most likely result from:

Masteriza [31]

The purchase of low-quality materials would most likely the result of a favorable materials price variance coupled with an unfavorable material usage variance. Material price variance is the difference between the cost and the budgeted and actual cost to obtain an object or materials, multiply to the total amount of the product purchased. They are what you called positive value of direct material price and negative value of direct material price. A positive value of direct material price variance is the one that is favorable and it means that the direct material was purchased for a lesser price than the standard price. A negative value of direct material price variance is the one that is unfavorable and it means that more than the expected price per unit is paid.

3 0

2 years ago

Joseph purchased 100 shares of abcd growth fund for $10.00 per share for a total investment of $1,000. at the end of one year, h

EleoNora [17]

It is given that Joseph purchased 100 shares of ABCD Growth Fund for a price of $10.00 per share with a total investment of $1,000. At the end of the year he sold his investment for $11.20 per share. Find the total capital gain.

To get the capital gain, compute the total price in which Joseph sold his investment.

$11.20 x 100 = $1,120

Subtract the answer to the total price bought by Joseph
$1,120 - $1,000 = $120

The total capital gain is $120

7 0

2 years ago