Answer:
Amount of OASDI taxes to withhold = $35.34
Explanation:
Find:
Amount received in march = $320
Amount of salary = $250
Find:
Amount of OASDI taxes to withhold .
Computation:
OASDI tax rate = 6.2%
Total amount = Amount received in march + Amount of salary
Total amount = $320 + $250
Total amount = $570
Amount of OASDI taxes to withhold = Total amount × OASDI tax rate
Amount of OASDI taxes to withhold = $570 × 6.2%
Amount of OASDI taxes to withhold = $35.34
Answer:
The correct answer is letter "D": Straight-line depreciation is higher than double-declining-balance depreciation in the later years.
Explanation:
With the straight-line approach, depreciation is distributed equally during the life cycle of an asset. While using the double-declining-balance approach, a higher amount of depreciation is allocated during the first years while the asset is highly used and the depreciation reduces as long as the life of the asset ends.
Thus, <em>given a certain asset, the depreciation with the double-declining-balance will be minimum at a later age but evenly distributed using the straight-line method. Then, the amount of depreciation with the straight-line method is likely to be higher.</em>
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
The cash distribution is subtracted from the investor's partnership basis
Explanation:
When partners wish to distribute more money than their earnings, then the amount of money distributed above the earnings' distribution must be subtracted from the partners' capital accounts.
For example, 3 partners each invested $50,000 in a partnership. The current year's profit is only $10,000, but the partners wish to distribute $25,000. The difference between the distribution and the profit = $15,000 which will be subtracted from the capital account (= $150,000 - $15,000 = $135,000).
Answer: a. Debit Retained Earnings $6.600: credit Common Dividends Payable $6.600
Explanation:
The Dividends to be paid are;
= dividend * common stock outstanding
= 0.5 * 13,200
= $6,600
When dividends are simply declared, the Retained earnings will be debited by the dividend amount because dividends come from Retained earnings.
The dividends will be credited to a liability account to show that the company owes its shareholders some dividends. The liability account is called the Common Dividends Payable account.