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4 years ago

Review the steps in the accounting cycle and answer the following questions:

Business

1 answer:

GenaCL600 [577]4 years ago

4 0

Accounting cycle has various steps to discuss, which are listed below,

Explanation:

The first step in accounting cycle is to analyze and have a record of transactions.

Post closing trial balance is an optional step in the accounting cycle.

Journalizing and posting the closing entries are the steps required to complete throughout the accounting period.

Adjustments of accounts, preparing the financial statements and closing accounts are completed at the end of accounting cycle period.

The last step in the accounting cycle is to post closing trial balance.

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Juanita receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax

tensa zangetsu [6.8K]

Answer:

a. The net pay is correct.

Explanation:

Suppose the missing part of the question which is the gross pay and the federal tax is 1020.00 and 107.00 respectively.

Then, Social Security tax 6.2% of the gross pay = $\dfrac{6.2}{100}\times 1020$

Social Security tax 6.2% of the gross pay = 0.062 × 1020

Social Security tax 6.2% of the gross pay = $63.24

the Medicare tax is 1.45% of gross pay = $\dfrac{1.45}{100} \times 1020$

the Medicare tax is 1.45% of gross pay = 0.0145 × 1020

the Medicare tax is 1.45% of gross pay = $14.79

the state tax is 19% of federal tax = $\dfrac{19}{100} \times 107$

the state tax is 19% of federal tax = 0.19 × 107

the state tax is 19% of federal tax = $20.33

Hence, to determine if Juanita's net pay is correct, we have the summation of all our estimated figures minus the gross pay.

i.e

Juanita's net pay = $1020 - $(107 + 63.24 + 14.79 + 20.33)

Juanita's net pay = $1020 - 205.36

Juanita's net pay = $814.64

3 0

3 years ago

Excess supply will result in suppliers ________ prices, which encourages demanders to demand ________ .

Mandarinka [93]

Answer:

The correct words for the blank spaces are: lowering; more.

Explanation:

In case firms have an excess of supply, they will rather sell their products at a lower price than keeping them stored for loss. According to the supply and demand theory, <em>if the prices decrease, so will the quantity supplied but the quantity demanded will rise</em>.

8 0

3 years ago

In what way does a deductible help an insurance company?

hram777 [196]

Answer:

it lowers the payout the company has to make.

3 0

2 years ago

Lillian Fok is president of Lakefront Manufacturing, a producer of bicycle tires. Fok makes 1 comma 000 tires per day with the

Georgia [21]

Answer:

2.5 units per hour

Explanation:

Given that,

Total output = 1,000 tires per day

Labor = 400 hours per day @ $12.50 per hour

Raw Material = 20,000 pounds per day @ $1.00 per pound

Energy = $5,000 per day

Capital = $10,000 per day

Labor productivity per labor hour:

= Total output ÷ Total labor hours

= 1,000 ÷ 400 hours per day

= 2.5 units per hour

8 0

3 years ago

If the amount of effort and attention to products varies substantially throughout a company's various manufacturing operations,

kvasek [131]

Answer:

Departmental overhead rates

Explanation:

The company should consider the use of departmental overhead rate, if the amount of effort and attention to products varies substantially throughout the company's various manufacturing operations. This is because its helps in providing flexibility to every department of company shall conclude which department incurred high overhead in a particular period and particular process.

4 0

3 years ago

Review the steps in the accounting cycle and answer the following​ questions:

Review the steps in the accounting cycle and answer the following questions: