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SVETLANKA909090 [29]
3 years ago
14

On June 30, 2019, the State Unemployment Tax Payable account in the general ledger of Alan Office Supplies showed a balance of $

2,113. This represents the SUTA tax owed for the second quarter of the year. On July 31, 2019, the business issued a check to the state unemployment insurance fund for the amount due. Record this payment in general journal form.
Business
1 answer:
MariettaO [177]3 years ago
8 0

Answer:Alan journal $. $

Date. Description Dr. Cr

July 31,19 suta tax Dr. 2,113

Bank. Cr. 2,113

Narration. Payment of outstanding tax

The payment that are cash related can be posted through a bank or cash account as a book of original entry for cash, if however they are posted through a journal the same objective can be achieved.

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From her sales income, barbara has subtracted cost of goods sold, operating expenses, interest expense, and taxes. what she has
Murrr4er [49]
The answer is net income
Net income is the amount of capital that the Company's made during an operational year after all relevant expenses have already been deducted.
Some amount of the net income will be shared to shareholders according to the percentage, and some of it will be put in company's capital to expand the operation.
6 0
3 years ago
Superior Corporation reported taxable income of $1,000,000 in 20X3. Superior paid a dividend of $100,000 to its sole shareholder
Komok [63]

Answer:

$225,000

Explanation:

Federal corporate income tax (21% flat rate)

$1,000,000 x 21% = $210,000

Federal dividend tax (15%).

$100,000 x 15% = $15,000

Dividens are neither expenses nor deductible, so they do not reduce the amount of corporate taxable income. Therefore we must add up the two quantities.

$210,000 + $15,000 = $225,000

7 0
3 years ago
A model of demand predicts that a rise in price will cause a decrease in the quantity of a good consumers want to buy anda in pr
luda_lava [24]

Answer:

Option (a) is correct.

Explanation:

According to the law of demand, there is an inverse relationship between the price of the product and the quantity demanded for that product. Hence, if there is an increase in the price of the good then as a result this will decrease the quantity demanded for the good and if there is a fall in the prices of the goods then as a result the quantity demanded for the goods increases.

Therefore, the change in the price level of the goods represents the cause and its effect is the change in the quantity demanded for the goods that a consumer want to purchase.

8 0
3 years ago
Following is selected financial information from General Mills, Inc., for its fiscal year ended May 29, 2016 ($ millions):
mojhsa [17]

Answer:

General Mills, Inc.

1. Income Statement for the fiscal year ended May 29, 2016:

Revenue                    $16,563.1

Cost of goods sold   $10,733.6

Gross profit                $5,829.5

Total expenses          $4,092.7

Net Income                 $1,736.8

2. General Mills, Inc. Balance Sheet for the fiscal year ended May 29, 2016:

Cash                             $763.7

Non-cash assets      20,948.6

Total assets             $21,712.3

Total liabilities          16,405.2

Stockholders' equity 5,307.1

Total Liab. + equity $21,712.3

3. General Mills, Inc. Statement of Cash Flows for the fiscal year ended May 29, 2016:

Cash from operating activities    $2,629.8

Cash from investing activities             93.4

Cash from financing activities*     (2,293.7)

Net Cash Flows                               $429.5

Cash, beginning year                        334.2

Cash, ending year                           $763.7

Explanation:

a) Interestly, General Mills, Inc.'s income statement shows the financial performance (profit points) of the company when revenue is compared with the cost of goods sold and the expenses.  The first profit point is the gross profit, which is the difference between revenue and cost of goods sold.   The second profit point is the net income, which is the difference between the gross profit and the expenses incurred for the period in running the business.

b) On the other hand, General Mills, Inc.'s balance sheet shows the financial position of the company.  They show what the business owns (assets) and what it owes (liabilities) outsiders and the owners of the company (equity).

c) While, General Mills, Inc.'s statement of cash flows shows the cash flows from operating, financing, and investing activities of the company, and the net cash flows for the period, which can be reconciled to the beginning cash to obtain the ending cash balance.

6 0
3 years ago
Which of the following is a fixed cost?
Mice21 [21]

Answer:

The answer is d. payment to hire a security worker to guard the gate to the factory around the clock.

Explanation:

Let re-visit to the concept of Fixed cost before applying to the questions.

Fixed costs are costs which are unchanged given changes in production level.

a. payment to a electric utility is not fixed cost because higher level of production required higher electricity consumption which leads to higher cost of electricity.

b. cost of raw material is not fixed cost because the higher the production level, the higher the raw material required for production.

c. wages to hire assembly line workers is not fixed cost because the higher the production level, the more workers required and the higher the wages will be.

d. payment to hire a security worker to guard the gate to the factory around the clock is fixed cost because regardless of the production level, the security worker will work for the same amount of time and receive the same level of payment as his workload is much likely to remain the same.

So, d is the correct choice.

3 0
3 years ago
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