Answer:
$18,000
Explanation:
To find the Sales Revenue we simply add the $12,000 cash received immediately, and the $30,000 received as partial payment, totalling $42,000.
Then, we simply complete the proposed income statement:
Income Statement for the Month Ended in March 31
Sales Revenue $42,000
Rent Expense $9,600
Wage Expense $14,400
Net Income $18,000
Net Income is equal to Revenue - expenses.
<span>Jayson should :
(1) Reduce the balance in its Inventory controlling account and inventory subsidiary ledger by $7,000.
(2) Record a $7000 current liability.
(3) Reduce the balance in its inventory controlling account and inventory subsidiary ledger by $7000
(4) Reduce the balance in the inventory controlling account and record a current liability both in the amount of $7000.</span>
Answer:
Step 1: Calculate FICA (OASDI & HI):
Total wage subjected to FICA is $930. Why? Contributions to 401K is only exempted from Fed. Income Tax Withholding (FIT) not FICA. As for HSA contrib., it is exempted for both FICA and FIT. However, the plan is non-qualified, which means that $25 contributed by employee is taxable for both. The $25 matching from employer for HSA is excluded from income and income taxes.
OASDI RATE 2012: 4.2% of $930; therefore, $39.06
HI RATE 2012: 1.45% of $930; therefore, $13.49
TOTAL FICA TAX: $52.55
STEP 2: Calculate FIT:
Total earnings subjected to FIT is ($930-100)= $830. Why? $100 contributions to 401k is exempted from FIT. HSA contrib. is unqualified.; therefore, contributions from employee is taxable. Using Wage Bracket Method 2012, the FIT is $89.
STEP 3: Getting the Take-Home Pay answer:
($930-100(401k))-25(HSA:Employee)-$52.55(FICA)-89(FIT)=$663.45
Explanation:
Answer:
Small macro disturbances can lead to much larger macro problems.
Explanation:
The Keynesian analysis depends entirely on demand. It is a simple analysis that shows that if a firm produces something and firm tries to price that product. it brings changes in gross demand directly and effects into converts GDP.
So we can say that even small disturbances can lead to big problems.
Answer:
$100
Explanation:
Of the beginning balance on the supplies account was $1,000 and purchase of supplies of $500, it would have given a balance of $1,500 in the supplies account during the day for the business. The amount that was used from supplies at end of day is $1,400.
So balance at end of day is 1,500- 1,400= $100.
Alternatively we can use the following formula
Closing balance= Opening balance+ Inflows - Outflows
Closing balance= 1,000+ 500 - 1,400
Closing balance= $100
