Answer:
Income = $8,200
Less:
Federal tax 10% = -$820
State tax at 5.5% = -$451
FICA at 7.65% = -$627.30
Total deduction = -$1,898.30
Net pay = $6,301.70
Answer:
3.10; 1.53
Explanation:
Total Current Assets:
= Cash + Receivables + Inventory + Other Current Assets
= $99 + $91 + $179 + $15
= $384 million
Total Current Liabilities:
= Accounts Payable + current portion of long-term debt
= $92 + $32
= $124 million
Current Ratio:
= Total Current Assets ÷ Total Current Liabilities
= $ 384 ÷ $ 124
= 3.10
Acid Test Ratio:
= (Cash + Accounts Receivables ) ÷ Current Liabilities
= $(99 + 91) ÷ $124
= 1.53
Answer:
Part a
Debit : Raw material $4,200
Credit : Accounts Payable $4,200
Part b
Debit : Salaries $18,000
Credit : Salaries Payable $18,000
Part c
Debit : Factory utilities $2,200
Debit : Factory Insurance $1,800
Debit : Depreciation $3,500
Credit : Overheads $7,500
Explanation:
The journal entries for each type of manufacturing cost have been prepared above.
Cam will need to add in the price of internet if he wants to add internet from home. A printer to print his products for school, tax added to the total cost of the products and any other equipment that is needed to have the internet access to his devices are all added costs to make sure Cam receives what is needed. Cam will also need ink and paper to print his school papers out.
Answer:
The contract produced savings of $3,250
Explanation:
Calculation to determine the economic substance of the futures contract
First step is to calculate the Increased in price of diesel fuel
Increase in diesel fuel price=$3.50/gallon to $3.85/gallon
Increase in diesel fuel price=.35/gallon
Second step is to calculate the amount saved by the firm
Amount saved=$0.35 × 10,000 gallons
Amount saved=$3,500
Now let determine the economic substance of the futures contract
Futures contract economic substance=$3,500 − $250
Futures contract economic substance=$3,250
Therefore the economic substance of the futures contract is $3,250
