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3 years ago

A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

1 answer:

7 0

D) All of the above because they all go through a process called “transferring” which means connecting to someone else’s device through WiFi and transferring payments through there.

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Compare transnet with a perfect competitor in terms of price and output and profit

Sholpan [36]

Transnet SOC Ltd is a rail, port, and pipeline company in Johannesburg.

Price: This company is a price maker, therefore, in terms of price, Transnet perfect compitetor is a price taker.

Output: Transnet has the ability to decide the quantity of their output and they have many competitors on this one.

Profit: Transnet might be able to increase their profit but in a competition it would be hard because customers might switch to the competitor.

5 0

3 years ago

Jumpin Corporation uses the percentminusofminussales method to estimate uncollectibles. Net credit sales for the current year am

Fudgin [204]

Answer:

The amount of Uncollectible Account Expense reported on the income statement will be: $ 64,800

Explanation:

Jumpin Corporation

Percent of Sales method

Net credit sales $ 2 100 000,

Un collectible estimated 3%

Un collectibles Accounts = 3% of $ 2 100,000, = $ 63,000

Unadjusted Allowance for Un collectible Accounts $ 1, 800 Dr.

Required Adjustment = $ 64,800

The amount of Un collectible Account Expense reported on the income statement will be: $ 64,800

In the percent of sales method emphasis is laid on the matching principle in the income statement and amount of bad debts expense is subtracted from the accounts receivables.

5 0

3 years ago

The two functions of financial accounting are to measure business activities and prepare tax returns. True or false

Schach [20]

The two functions of financial accounting are to measure business activities and prepare tax returns. FALSE

<h3>What is a Tax return?</h3>

A tax return is a document submitted to a taxing body that lists earnings, outlays, and other pertinent financial data.
Taxpayers compute their tax liabilities, set up tax payments, and request refunds for overpaid taxes on their tax returns.
Tax returns must typically be filed yearly.
In the United States, tax returns including data necessary to compute taxes are filed with the Internal Revenue Service (IRS) or with the state or local tax collecting agency (Massachusetts Department of Revenue, for instance).
The IRS or another applicable authority's forms are often used to complete tax returns.

To learn more about Tax return, refer to the following link:

brainly.com/question/27300507

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6 0

1 year ago

Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan,

aliina [53]

Answer:

Follows are the solution to the given points:

Explanation:

For question 1:

Exp on the Debit Salary = $ 1,500,000

Credit payable Income tax = $375,000

Credit accounts payable (pension plan)= $63,000

Credit payable tax on FICA= $114,750

Credit payable salary (Balance) $947,250

For question 2:

Exp = $100,500 for Debit Wages

Cr.= $31,500 (Surgical Insurance) Payable accounts

Cr. = $6,000 in insurance accounts payable

Cr. = $63,000 Payable Accounts (Pension plan)

For question 3:

EXP= $207,750 for Debit Payroll Tax

Cr. = $114,750 for FICA payable tax

Cr. =$93000 for Federal and State (Unemployment tax)

$FICA TAX = \$1500,000 \times \frac{(6.2+1.45)}{100} = \$ 114,750\\$

Tax on state or federal unemployment $=\$ 1500,000 \times 6.2 \% = \$ 93,000\\$

5 0

3 years ago

Rida, Inc., a manufacturer in a seasonal industry, is preparing its direct materials budget for the second quarter. It plans pro

Lisa [10]

Answer and Explanation:

The Preparation of direct materials budget for the second quarter is prepared below:-

Rida, Inc.,

Direct materials budget

for the second quarter

Particulars Amount

Units to be produced 229,000

Material required per unit 0.6

Material needed for production 137,400

Budgeted Ending Inventory 63,960

(266,500 units × 0.60 pounds × 40%)

Total material requirements 201,360

(137,400 + 63,960]

Beginning Inventory (56,500)

materials to be purchased 144,860

(201,360 - 56,500)

material Price per pound $179

Budgeted Cost of Direct

material purchases $25,929,940

(144,860 × $179)

Here we assume 0.60 pounds of a key raw material instead of 613 pounds.

8 0

2 years ago