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rosijanka [135]
3 years ago
15

Partial balance sheets and additional information are listed below for Funk Company. Funk Company Partial Balance Sheets as of D

ecember 31 2021 2020 Assets Cash $ 39,000 $ 19,500 Accounts receivable 93,500 89,600 Inventory 24,500 39,000 Liabilities Accounts payable $ 57,500 $ 71,000 Additional information for 2021: Net income was $169,000. Depreciation expense was $29,000. Sales totaled $790,000. Cost of goods sold totaled $324,000. Required: Prepare the summary entry for the amount of cash received from customers during 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) g
Business
1 answer:
mart [117]3 years ago
5 0

Answer:

$786,100

Explanation:

Funk Company

Accounts receivable $93,500 -$ 89,600

=$3,900

Sales totaled $790,000 - $3,900

=$786,100

Hence;

Cash (received from customers)$786,100

Add Accounts receivable $3,900

Sales revenue $790,000

Therefore the amount of cash received from customers during 2021 will be $786,100

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According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare
Sunny_sXe [5.5K]

Answer and Explanation:

a. The computation of an employer's payroll taxes is shown below:-

Employer's payroll taxes =  Social Security tax payable + Medicare tax payable + State Unemployment tax payable + Federal Unemployment tax payable

= ($560,000 × 6%) + ($560,000 × 1.5%) + ($60,000 × 0.6%) + ($60,000 × 0.6%)

= $33,600 + $8,400 + $3,240 + $360

= $45,600

b. The Journal entry is shown below:-

Payroll tax expense $ Dr, $45,600    -

     To Social Security tax payable $33,600

     To Medicare tax payable $8,400

     To State Unemployment tax payable $3,240  

    To Federal Unemployment tax payable $360

(Being accrual of payroll taxes is recorded)

5 0
3 years ago
Where the combined strength of two items is greater than the sum of their individual strengths. In the media business, this term
ddd [48]

Answer:

The correct answer is: Synergy.

Explanation:

The term synergy means cooperation and its most frequent use was, until now, in the field of medicine, where the synergistic effect of two organs is discussed as the improvement that is produced by the fact that these organs work together.

Applied to the business world, synergy is the production of additional effects that results from the joint work of two or more organizations, taking into account that those effects would not occur if those organizations acted separately.

Synergy in operational activities are those that apply to a function or resource in which the consequences of that collaboration are manifested. It can be synergies in marketing, such as those created when using sales channels, after-sales services or even common logistics; synergies in supplies, which generate benefits in purchase prices or payment conditions for volume purchases or transformation synergies or other operational activities, share production or management schedules or controls, etc.

4 0
3 years ago
Grand Adventure Properties offers a 7 percent coupon bond with annual payments. The yield to maturity is 5.85 percent and the ma
tensa zangetsu [6.8K]

Answer:

The market price of this bond is: $1,069.8.

Explanation:

To calculate the market price of the bond, we have to use the following formula:

Bond Price= C*((1-(1+r)^-n)/r)+(F/(1+r)^n)

C= periodic coupon payments: $1,000*7%= $70

F= Face value: $1,000

r= Yield to maturity: 5.85%

n= No. of periods until maturity: 8 years

Bond Price= 70*((1-(1+0.0585)^-8)/0.0585)+(1,000/(1+0.0585)^8)

Bond Price= 70*((1-0.635)/0.0585)+(1,000/1.58)

Bond Price= 70*6.24+633

Bond Price= 436.8+633

Bond Price= 1,069.8

7 0
3 years ago
______________ knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide i
olga_2 [115]

Answer:

The correct word for the blank space is: Market.

Explanation:

Market knowledge refers to the collection of information about the business and all its resources being offered to the market. It does not only help entrepreneurs to have a better understanding of what the firm is and what it can do but also allows them to improve the decisions they take to direct the business process towards the organizational goal.

6 0
3 years ago
Semi-fixed Cost will be
Phantasy [73]

Answer:

B. more than zero if no products were made and would then increase in direct proportion to output

Explanation:

Semi-fixed Cost will be "more than zero if no products were made and would then increase in direct proportion to output."

This is because a semi-fixed cost also known as semi-variable cost or mixed cost is a combination of both a fixed factor and a variable factor.

Such that if production was zero some costs would still be incurred. However, as output rises, the variable part of the costs will rise in direct proportion to output.

7 0
3 years ago
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