A human resources department could assume the staffing function of management. True False

Financial statement data for two years for Townson Company are as follows: Year 2 Year 1 Sales $3,645,000 $4,250,000 Fixed asset

Serga [27]

Answer:

C) Townson's fixed asset turnover ratio has decreased between Year 1 and Year 2.

Explanation:

Year 2 Year 1

Sales $3,645,000 $4,250,000

Fixed assets:

Beginning of year 880,000 820,000

End of year 520,000 880,000

fixed asset turnover (FAT) ratio = net sales / average fixed assets

FAT ratio year 1 = $4,250,000 / [($820,000 + $880,000) / 2] = 5

FAT ratio year 2 = $3,645,000 / [($880,000 + $520,000) / 2] = 5.2

Townson's fixed asset turnover ratio increased between year 1 and year 2.

6 0

2 years ago

In accordance with RESPA, whenever a buyer obtains a new first mortgage loan from a chartered or insured lender, when the loan i

Hoochie [10]

Answer:

A. 3 business days

Explanation:

In accordance with RESPA, whenever a buyer obtains a new first mortgage loan from a chartered or insured lender, when the loan is insured by the FHA or guaranteed by the VA, or when the loan will be sold to one of the federally related secondary mortgage market agencies, a good-faith estimate of the settlement costs must be provided by the lender within 3 business days.

5 0

2 years ago

Read 2 more answers

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was

andrey2020 [161]

Answer: C. credit to SUTA Payable of $810

Explanation:

The SUTA tax is a certain percentage expected of employers to pay to the state so as to provide palliative or benefit to displaced workers.

The state unemployment tax rate = 5.4% = 0.054

Taxable amount = $15,000

Tax fee = SUTA rate × taxable amount

SUTA tax amount = $15,000 × 0.054

SUTA tax fee = $810.

Therefore accrued payroll taxes will be feature a journal entry to credit the State Unemployment Tax payable of $810.

5 0

2 years ago

On December 31, Rivera Company receives a utility bill in the mail for $440. Rivera Company intends to pay the bill in early Jan

olga55 [171]

Answer:

(a)overstated

(b)overstated

(c)no effect

Explanation:

(a) As there is an expense account (utilities expense) which, is not included in the income statement, result for the year will be higher than if was.

(b)The revenues account will be oaky. But, the total expenses will be lower, as there are cost of the period which are not included.

So the Net incoem will be higher than a correct income as their expenses do not include this utilities expense

(c) The balance sheet will have no effect in the total Asset or Total Liaiblities+SE but, it is a change in the composition.

The income (reained earnings) should be lower as the income will be lower and a liability will be create (utilities payable) to fill this so:

with the mistake:

liab 0 equity (+400)

ammending the mistake

liab 400 equity 0

the net effect is zero.

It will decrease equity and increase liability, but the su of both will be the same

7 0

2 years ago

The following is not a category of facts that provide verification of the level of control and independence in determining wheth

gizmo_the_mogwai [7]

Answer:

The correct answer is letter "A": Length of relationship.

Explanation:

The Internal Revenue Service (IRS) 20-Point Test is a guideline aiming to determine if an individual is an employee or an independent contractor of a company for tax-related purposes. The test considers three main categories: behavioral control, financial control, and the type of relationship between the individual and the company. Independent contractors and employees are treated legally different and must be properly classified by firms to avoid lawsuits.

Therefore, the length of a relationship between an individual and an organization is not considered at the moment of determining if that individual is an employee or a contractor.

4 0

2 years ago