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vivado [14]
3 years ago
11

In order to improve the cash flow of the company, neal emerald decided to postpone depositing all employment taxes a few months

ago. he told his sales manager, " i’ll pay up before the irs catches up with me." what risks does emerald face by not upholding his responsibility for the collection and payment of employment taxes? is this ethical if he indeed does pay before he gets caught? why or why not?
Business
1 answer:
jok3333 [9.3K]3 years ago
5 0

The correct answer to this open question is the following.

No, it is not ethical.

The risks that Emerald faces by not upholding his responsibility for the collection and payment of employment taxes is that, first of all, this is not correct. He has an obligation, a moral and a fiscal obligation to report on time the employment taxes. That is why his actions are not ethical although he indeed does pay before he gets caught. That decision could be a business decision to buy some time and trying t fix other problems, but a true leader does not need to cover things with wrongdoings. What can of example is he showing to his employees?

Later on, on another occasion, he won't have the moral authority to demand ethical behavior from his employees. He is not setting an example.

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Which 3 should be entered as individual transactions, with their original dates, rather than entered using the initial journal e
Lerok [7]

a. Check to utility company for $87.26.

d. The three open invoices issued to the hair stylist.

e. Check to the telephone company for $54.19

Telephone expense, Utility expense and Rent Invoices issued to barbers require a new journal entry.

An expense is an item that generally requires an outflow of money or some form of property to another person or group in payment for an item, service, or other category of expense. For tenants, rent is an expense. For students and parents, teaching is a cost.

Expenses are money that costs or must be spent to do something. Most of the marble was imported from Italy at great expense. Vacations with dogs can often come at an additional cost. It wasn't a lot of money, but it helped me pay my bills.

Learn more about expense here

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6 0
1 year ago
Which of the following is TRUE regarding the economic order quantity (EOQ) model? A. Demand rate is dependent on order quantity.
Oduvanchick [21]

Answer:

D. Holding cost per unit per year is dependent on the selling price per unit.

Explanation:

The formulas are shown below:

Economic order quantity:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

The number of orders would be equal to

= Annual demand ÷ economic order quantity

The average inventory would equal to

= Economic order quantity ÷ 2

The total cost of ordering cost and carrying cost equals to

Ordering cost = Number of orders × ordering cost per order

Carrying cost = average inventory × carrying cost per unit

If in the question, the carrying cost is given in the percentage than the per unit cost is come after multiplying it with the selling price per unit

5 0
3 years ago
A company is obligated to pay its creditors $6,100 at the end of the year. If the value of the company's assets equals $5,800 at
Korvikt [17]

Answer:

The value of shareholders' equity is -$300

Explanation:

Shareholders' equity is the corporation's owners' residual claim on assets after debts have been paid.

Total assets= Total liability + shareholders' equity

Shareholders' equity = Total assets - Total liability

Shareholders' equity = $5,800 - $6,100

Shareholders' equity = -$300

6 0
3 years ago
The information necessary for preparing the 2018 year-end adjusting entries for Winter Storage appears below. Winter's fiscal ye
natima [27]

Answer:

Adjusting entries are entries that indicate the events of the company that have occurred but not yet recorded by the company.

a. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31         Depreciation Expenses        $7,000

2018            Accumulated Expenses                             $7,000

                 (Record depreciation on equipment )

b. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31         Salary expenses                   $3,400

2018             Salary payable                                          $3,400

             (Record salary incurred but not paid)

c. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31            Interest receivables            $660

2018               (12,000 * 6% * 11/12)

                      Interest revenue                                         $660

                     (Record of interest earned)

d. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31           Insurance Expenses             $11,250

2018              (15,000 * 9/12)

                     Prepaid Insurance                                   $11,250

                     (Record payment of insurance expenses)

e. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31.           Supplies Expenses               $1,500

2018               Supplies                                                   $1,500

                      (Record of supplies)

f. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31,          Deferred revenue               $1,400

2018              (4,200 * 2 month / 6 month)

                     Service revenue                                     $1,400

                    (Record advance payment for services provided)

g. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31,           Advertisement Expenses    $1,000

2018               Prepaid Advertisement                          $1,000

                     (Record payment for advertisement)

3 0
3 years ago
The following information is available on a depreciable asset owned by Mutual Savings Bank:
BARSIC [14]

Answer:

$4366.67

Explanation:

Given: Asset book value on july 1, year 3= $57800

          Salvage value= $5400

          Useful life left= 6 years.

Now, computing the depreciation expense under straight line method.

Formula; Depreciation= \frac{Asset\ book\ value - salvage\ value}{useful\ life}

Useful life in months= 6\times 12= 72\ months

Next, Depreciation expense= \frac{57800-5400}{72} = \$ 727.77

∴ Monthly depreciation expense= $ 727.77

Depreciation expense for last six months of year 3= 727.77 \times 6= \$ 4366.67

∴ Depreciation expense for last six month of year 3 is $4366.67.

3 0
3 years ago
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