John Kenneth Galbraith is an economist, most widely read economists and is considered to be the most well known economist. In the past, he had said that all societies had an economy of scarcity. In the present, the united states had acquired what Galbraith said, calling an economy of abundance.
Answer:
Income = $8,200
Less:
Federal tax 10% = -$820
State tax at 5.5% = -$451
FICA at 7.65% = -$627.30
Total deduction = -$1,898.30
Net pay = $6,301.70
Explanation:
There are several drawbacks involved with the use of the tiered pricing approach, such as the commitment of a buyer to the firm, a - customer relationship and a variety of benefits and services for the customer.
a) The end of year will be awarded to customers purchasing $100,000 worth of products, due to a five percent bonus offer for their sales throughout the year.
b) commitments to resolve all customer service problems in the next day turnaround time.
c) Consumers ordering goods over $500,000 will be compensated with a 10% discount and a 4-hour contribution to solving all customer service issues.
Delectable's financial statements will show Allowance for Doubtful Accounts of $1,000 on balance sheet and Bad debts expense of $950 on Income statement
Here, we are to determine the records of bad debts expenses on Income statement and Allowance for doubtful accounts on Balance sheet.
Bad debts expense = Estimated bad debts - credit balance in allowance account
Bad debts expense = $1,000 - $50
Bad debts expense = $950
Journal Entry
General journal Debit Credit
Bad debts expense $950
Allowance for Doubtful accounts $950
(Bad debts expense recorded)
The allowance for doubtful account will be $1,000. ($950+$10) because the Allowance for Doubtful Accounts had $50 credit balance.
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