Answer:
Dr Accounts Payable 9200 Cr Cash 9016 Cr Inventory 184
Explanation:
The payment terms of 2/10, n/45 mean that if paid within 10 days the company is entitled to a 2% discount. Otherwise full payment is required within 45 days.
Since we're settling the account within 10 days ( 7 days after purchase ) we are entitled to a 2% discount.
Originally the inventory was recorded at 9200 Dr and a Cr to Accounts payable of 9200.
The day the invetory is paid we will record the following (August 10)
Dr Accounts Payable $9200
Cr Cash/Bank $9016
Cr Inventory $184
Since we're using the perpetual inventory system the actual cost of inventory is 9016 and not 9200. Thus inventory is now recorded at 9016. The cast amount is the actual amount used to settle the account after the 2% discount was applied.
Answer:
c. sells off a major portion of its business to another company.
Explanation:
The corporation that should obtain the approval of the shareholder prior when the business major portion is sell off to the another company as it is very crucial decision taken by the company. It cant be taken without the approval of the shareholder as they are the original investors of the company
So as per the given situation, the option c is correct
Answer:
$13,466
Explanation:
For 2019, the wage limit for Social Security tax is $132900
Thus;
Social Security tax $132,900x 6.2% = $8,239.80
Medicare tax = $299,000 x 1.45% = $4335.50
Additional Medicare Tax ($299,000 - $200000) x 0.9% = $891
therefore,
Amount of FICA Tax = $8239.80 + $4335.50 + $891 = $13,466.30 which is approximately $13,466
Answer:
Both statements I and III are correct.
Explanation:
<u>1.Construct a zero investment portfolio that will yield a sure profit
</u>
<u>
</u>
<u>3.Make simultaneous trades in two markets without any net investments</u>
Answer:
should be equal to their marginal revenue product.
Explanation:
This applies to basically all employees that work in competitive markets, their salaries should equal their marginal revenue product.
An employee's salary = the market value of hiring the employee = marginal revenue product
The formula for calculating marginal revenue product = marginal physical product x marginal revenue
where:
- marginal physical product = extra units produced by the employee
- marginal revenue = price of the units produced
For example, a new employee can produce 100 units per day and each unit is sold at $0.75, therefore the employee's marginal revenue product = 100 units x $0.75 per unit = $75 per day
