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Ugo [173]
3 years ago
9

According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was

subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Required: 1. Calculate the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%. $ 2. Journalize the entry to record the accrual of the employer's payroll taxes. If an amount box does not require an entry, leave it blank.
Business
1 answer:
Musya8 [376]3 years ago
8 0

Answer:

Explanation:

1. The computation is shown below:

State unemployment = $10,000 × 4.2% = $420

Federal unemployment = $10,000 × 0.8% = $80

2. The journal entry is shown below:

Payroll tax expense A/c Dr $38,975

        To Social security tax A/c $30,300    ($505,000 × 6.0%)

        To Medicate tax A/c $8,175    ($545,000 × 1.5%)

        To  State Unemployment tax payable A/c $420

       To  Federal Unemployment tax payable A/c $80

(Being the payroll tax expense is recorded)

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You purchased a share of stock for $50. Two years later you received $2 as dividend and sold the share for $59. What was your ho
grigory [225]

Answer:

The answer is =22%

Explanation:

Holding period return is the total return from asset or investment portfolio over a period of time. Holding period return is expressed as a percentage.

Its formula is:

[(value at the end of the period- original value) + income or dividend]/ original valuex 100

[2 + (59 - 50)] / 50x 100

(2 + 9 ) / 50x 100

11/50 x 100

=22%

4 0
3 years ago
Consider the overall market for beverages in the US. This market consists of both alcoholic and non-alcoholic drinks. Within the
Andru [333]

Answer:

The correct answer is: a macro-segment.

Explanation:

The Market Opportunity Analysis or MOA is a tool used to identify market opportunities and measure them to determine if they can be profitable for the company before the firm starts planning to work with it. The MOA implements segmentation to classify as specific as possible the product that is intended to be offered.

Micro-segments refer to products with narrow scopes while macro-segment products have wider reach and variability inherent. Thus, in the example, <em>ales represent the macro-segment since it has varieties such as brown ale, pale ale, golden ale, Scotch ale, and mild ale just to mention a few.</em>

4 0
3 years ago
A small trucking company is planning to install a GPS system in each of the five trucks the company owns. Each system costs $460
tatiyna

Answer:

a. The $7002.73 new annual net income is necessary to recover the  initial investment of the five GIS systems at the annual effective interest rate of 10%

b.   Since $6000 revenue is less than $7002.73 project is not viable financially.

Explanation:

a . Total initial cost = 4600*5

                                = $23000

Total Salvage Value = 300*5

                                   = $1500

Operating cost = $1000 with a gradient of $100.

PV of operating cost = 1000(P/A,5,10%) + 100(P/G,5,10%)

                                   = 1000(P/A,5,10%) + 100(P/A,5,10%)(A/G,5,10%)

                                   = 1000*3.7908 + 100*3.7908*1.8101

                                    = 3790.8 + 686.17

                                     = $4476.97

PV of salvage value = 1500(P/F,5,10%)

                                  =1500*0.6209

                                  = $931.35

NPV = -23000 - 4476.97 + 931.35

        = - $26545.62

annual revenue to get $26545 = 26545.62(A/P,5,10%)

                                                     = 26545.62*0.2638

                                                      = $7002.73

Annual Revenue = $7002.73

Therefore, The $7002.73 new annual net income is necessary to recover the initial investment of the five GIS systems at the annual effective interest rate of 10%

b.   Since $6000 revenue is less than $7002.73 project is not viable financially.

3 0
3 years ago
Ceres corporation acquired a mineral mine for $6,000,000 of which $600,000 was ascribed to land value after the mineral has been
myrzilka [38]

Answer:

$11,880,000

Explanation:

Depletion is an estimated cost of a natural resource that is extracted. This resource is expensed as the extraction is made.

As per given data

Value of Rights = $60,000,000

Land Value = $600,000

As we know land does not depreciate or depleted.

Depletion Value = $60,000,000 - $600,000 = 59,400,000

Estimated resources = 9 million units

Resources extracted in the period = 1.8 million units

Depletion expense is based on ratio of the amount of extraction in period to the total expected resource.

Depletion Expenses = $59,400,000 x 1.8 million units / 9 million units = $11,880,000

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3 years ago
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Because the New Testament is about Jesus
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