Answer:
c. debit to Payroll Tax Expense for $1,050.
Explanation:
The payroll tax expense includes various expense like - Social security tax payable, medicare tax payable, unemployment tax payable, etc.
So, we consider these items only.
The journal entry is shown below:
Payroll expense A/c Dr XXXXX
To Social security taxes payable A/c XXXXX
To Medicare taxes payable A/c XXXXX
(Being payroll expense is recorded)
All other information which is given is not relevant. Hence, ignored it
Profit = $40,000
Given,
Total sales are $500,000
Total fixed costs are $300,000
Contribution margin ratio is 68%
Solution:
Profit = Total Sales × Contribution margin ratio − Total Fixed costs
= $500,000 × 68% − $300,00
=$340,000 −$300,000
Profit =$40,000
Profit:
Profit; also known as net income is the financial gain acquired when the amount of revenue generated by a company exceeds costs and expenses. Profit is the bottom line of a company′s income statement that shows the financial performance during the period.
Learn more about contribution margin :
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Answer:
False
Explanation:
When interpreting correlation, it is important to remember that correlation does not equal causation. We would only be able to conclude that a part of the variation in one of the variables (as measured by its variance) can be considered as being due to its relationship with the other variable.
Answer:
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Explanation:
