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3 years ago

What does a budget account for primarily??

1 answer:

6 0

<span>The Government uses the budget system to determine the allocation of resources among its major functions such as ensuring the national defense, promoting commerce, and providing health care as well as to determine the objectives and scope of individual programs, projects, and activities. I guess that is what youre asking for?</span>

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Anakin puts $600 per year (starting today) into a retirement account. The account pays 5% effective annual interest. How much wi

Lina20 [59]

Answer:

$3,249.80

Explanation:

Time Cash Flow

0 600

1 600

2 600

3 600

4 600

Future Value of this cash flow at the end of year 4 = 600 * ((1+4%)^5 – 1)/4%

Future value = 600 * [(1+0.04)^5 - 1 ] / 0.04

Future value = 600 * (1.04^5 - 1) / 0.04

Future value = 600 * (1.216653 - 1) / 0.04

Future value = 600 * 0.216653/ 0.04

Future value = 600 * 5.416325

Future value = $3249.795

Future value = $3,249.80

8 0

3 years ago

During January, Luxury Cruise Lines incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employ

Zarrin [17]

Answer: Please see below for answer

Explanation:

Journal for employee salary and withholdings

Particulars Debit Credit

Salaries Expense $1, 200,000

FICA tax Payable $91,800

Federal Income Tax Withholding Payable $180,000

State Income Tax Withholding Payable $75,000

Health Insurance Payable $12,000

Salaries Payable $841,200

Journal to record employer provided fringe benefits for January

Particulars Debit Credit

Salaries expense(fringe benefits)$ 36,000

Accounts payable to blue cross shield $36,000

Journal to record employer payroll taxes

Particulars Debit Credit

Payroll Tax Expense $166, 200

FICA tax Payable $91,800

unemployment tax payable $74,400

6 0

3 years ago

What is an opportunity cost of saving for the future?

LuckyWell [14K]

Answer:

The biggest opportunity cost regarding liquidity has to do with the chance that you could miss out on a prime investment opportunity in the future becse you can't get your hands on your money that's tied up in another investments.

Explanation

4 0

3 years ago

Read 2 more answers

Webster Corporation is preparing its cash budget for April. The March 31 cash balance is $36,400. Cashreceipts are expected to b

galben [10]

Answer:

Webster Corporation

Amount to borrow in April

B) $21,600.

Explanation:

a) Webster Corporation

Cash Budget for the month of April

Beginning Cash balance $36,400

Cash receipts 641,000

Total receipts $677,400

Cash expenses:

Purchases $608,500

Others 27,000

Selling & Admin. 33,500 669,000

Balance 8,400

Borrowing 21,600

Minimum cash balance $30,000

b) Webster's cash budget for April shows that it needs to borrow $21,600 in order to meet the minimum cash balance of $30,000. This is because the company does not generate enough cash in April to pay for expenses and meet minimum requirements for cash balance every month. The preparation of Webster Corporation's Cash Budget is a way of planning for the occurrence of the cash shortage that necessitated the borrowing.

4 0

3 years ago

Hairston Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets a

aleksandrvk [35]

Answer:

Amount in flexible budget of cost of direct material for the month of November shall be $93,456

Explanation:

Flexible budget is the budget prepared based on actual level of output, in relation to standard cost as estimated.

Here, for the month of November

Actual activity = 7,920 units

Standard material cost = $11.80 per unit

Amount in flexible budget based on actual quantity of output shall be

7,920 $\times$ $11.80 = $93,456

Actual cost = $93,926

Therefore, amount in flexible budget of cost of direct material for the month of November shall be $93,456

5 0

4 years ago