The correct statement is that the net salary of Lauren will be $623.52 after the deductions of tax withholding against her gross pay of $765.
So, the correct option that matches the statement quoted above is D. Calculations regarding the deduction of tax withholding are shown below.
<h3>Calculation of net salary</h3>
Net salary of Lauren can be calculated by subtracting all the given deductions from gross pay available in the hands of Lauren.
The withholding of taxes of Lauren will be calculated as,
Calculating further,
and
Now deducting the summation of tax withholding from the gross pay, we get net salary as,
So, net pay of Lauren will be $623.52 for such period.
Hence, the correct option is D that the net salary of Lauren will be $623.52 after the deductions of tax withholding against her gross pay of $765.
Learn more about Net Salary here:
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<u>Solution and Explanation:</u>
<u>
Answer:1</u> The total annual cash inflows associated with the new machine for capital budgeting purposes is:
=$10000
<u>Answer:2 </u>The internal rate of return promised by the new machine to the nearest whole percent is:
Particulars Year Amount ($)
Cash outflow 0 -40000
Cash inflow 1 10000
2 10000
3 10000
4 10000
5 10000
6 10000
IRR 13%
=13% using IRR function in excel.
<u>Answer:3</u> IRR=17%
with salvage value
Particulars Year Amount ($)
Cash outflow 0 -40000
Cash inflow 1 10000
2 10000
3 10000
4 10000
5 10000
6 22000
IRR 17%
using IRR function in excel.
Answer:
b. Dec. 31
Income Summary 925
Fees Earned 750
Rent Revenue 175
Explanation:
At the end of each accounting period, the elements of the income statements which are the revenues earned and the expenses incurred are usually closed to the income summary account.
The revenue earned which is normally a credit balance is closed by debiting the account and crediting the income summary. The expenses are closed by crediting the account and debiting the income summary.
Hence if Fees Earned, $750, and Rent Revenue, $175,
Total revenue = $750 + $175
= $925
Answer:
The correct answer is c) $72,000
Explanation:
(Using the percentage of net sales method)
- Uncollectible accounts expense for the year is estimated to be $54,000
- If the balance of the Allowance for Uncollectible Accounts is an $18,000 credit before adjustment.
$54,000 + $18,000= $72,000
The balance after adjustment is $72,000
