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4 years ago

The balance sheet reports revenues and selling costs for a period of time.

1 answer:

3 0

I would say false, the sheet that reports the revenues and the costs is known as the income statement. the balance sheet is the sheet that would report all of the assets (such as the cash, accounts receivable, or others). The balance sheet will also report all the liabilities (including the accounts payable, notes payable and others). Lastly, the balance sheet will also report the equity or the capital account of the business. So in a nutshell, the balance sheet reports the assets, liabilities, and owner's equity.

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Question 8 of 15

GalinKa [24]

Answer:$44,820

Explanation:

6 0

3 years ago

Jean Michaud pays his two employees $900 and $1,200 per week. Assume a state unemployment tax rate of 5.7% and a federal unemplo

seraphim [82]

Answer:

The quarter has 3 months so all 15 weeks shall have following taxes:

Employee Wages Exempt under FUTA or SUTA

Employee 1

Wages = 15 week x 900 = 13.500

Exempt under FUTA or SUTA = 13,500 - 7,000 = 6.500

Employee 2

Wages = 15 week x 1200 = 18.000

Exempt under FUTA or SUTA = 18.000 - 7,000= 11000

From the above table.

The JM pays employee 1: 900 and employee 2: 1,200. For 15 weeks they were paid,

Employee I is paid, 900 x 15 weeks

= 13,500

Employee 2 is paid, 1200 x 15 weeks

= I 8,000

For employee 1,

= 13,500 - 7,000

Here, SUTA tax is 5.4% on the first 7,000 the employer pays an employee = 6500

For employee 2,

=18,000 - 7000

Here, the SUTA tax is 5.4% on the first 7000 the employer pays an employee =11000

The taxable wages are obtained by deducting.

= (13,500 +18000) - (6,500 +11,000)

= 31500 - 17500

= 14000

The SUTA and FUTA taxes that JM pays at the end of quarter 1 and 2 is, SUTA,

0.057 x 14,000 = $798

FUTA.

0.008 x 14000

= $112

Hence. The SUTA and FUTA taxes paid are $798 and $112 respectively.

4 0

3 years ago

The income statement for the month of June, 2018 of Sarasota Enterprises contains the following information:

BlackZzzverrR [31]

Answer:

b) credit to Rent Expense for $1530

Explanation:

Date Accounts and Explanation Debit Credit

Income Summary $5,550

Salaries & Wages Expense $2,900

Rent Expense $1,530

Advertising Expense $740

Supplies Expense $270

Insurance Expense $110

(To Close the expense accounts)

8 0

3 years ago

Consider the following events:

zalisa [80]

Answer:

A fruitworm infestation ruins a large number of apple orchards in Washington state.

Explanation:

The fruitworm infestation would reduce supply. The supply curve would shift to the left as a result.

I hope my answer helps you

4 0

3 years ago

Property rights, such as copyright law, are enforced by the legal system. explain why protecting property right is essential to

Wittaler [7]

They allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation. These rights are outlined in Article 27 of the Universal Declaration of Human Rights, which provides for the right to benefit from the protection of moral and material interests resulting from authorship of scientific, literary or artistic productions. The importance of intellectual property was first recognized in the Paris Convention for the Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886). Both treaties are administered by the World Intellectual Property Organization (WIPO).

so the answer would be C. because a market economy relied on the free exchange of goods and services without rules.

7 0

3 years ago

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