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hodyreva [135]
3 years ago
6

In one month, mikhail's furnishings can make 160 carpets or 160 quilts, while dominique's parlor can make 120 carpets or 200 qui

lts. Currently, mikhail's is making 80 carpets and 80 quilts per month while dominique's is making 60 carpets and 100 quilts. If from now on mikhail's starts making nothing but carpets and dominique's makes nothing but quilts, and the two shops trade 90 quilts from dominique's for 70 carpets from mikhail's every week, what will be each shop's gain from trade?
Business
1 answer:
mr_godi [17]3 years ago
3 0

Answer:

They both are in a better position after trading in 10 units of each product.

Explanation:

Since both companies decided to specialized production, the answer is comparing the total products they have after trading (2nd scenario) against the initial situation where both companies produced the 2 products. In this case, mikhail's will have 90 carpets, and 90 quilts and dominque's will have 70 carpets and 110 quilts. Comparing with the 1st scenario (without trading) both companies are in a better position having 10 units more of each product, so the trade benefited both in absolute terms

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The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Ne
alexgriva [62]

Answer and Explanation:

The journal entry to deposit the FICA and FIT taxes is as follows:

FICA OASDI $2,244.10  

FICA HI $524.83  

FIT W/H $6,515.00  

         To Cash  $9,283.93

(Being to record deposit the FICA and FIT taxes)

Here the FICA OASDI FICA HI FIT W/H is debited and the cash is credited

So the same is to be considered

5 0
2 years ago
Prepare the journal entry to record Regis’s employer payroll taxes resulting from the January 8 payroll. Regis’s state unemploym
Vilka [71]

Answer:

1a.

FICA-Social Security 5,369.20

FICA-Medicare 1,255.70

FUTA 519.60

SUTA 4,676.40

1B.

Dr Office salaries expense 25,760.00

Dr Sales salaries expense 60,840.00

Cr FICA—Social sec. taxes payable 5,369.20

Cr FICA—Medicare taxes payable 1,255.70

Cr Employee fed. inc. taxes payable 12,760.00

Cr Employee medical insurance payable 1,440.00

Cr Employee union dues payable 780.00

Cr Salaries payable 64,995.10

2.

Dr Payroll taxes expense 11,820.90

Cr FICA—Social sec. taxes payable 5,369.20

Cr FICA—Medicare taxes payable 1,255.70

Cr State unemployment taxes payable 4,676.40

Cr Federal unemployment taxes payable 519.60

Explanation:

1a. Calculation for the amounts for each of these four taxes of Regis Company.

REGIS Company’s:

Tax January 8 earnings

Subject to tax ×Tax Rate= Tax Amount

FICA-Social Security

86,600× 6.20%= 5,369.20

FICA-Medicare 86,600×1.45%= 1,255.70

FUTA 86,600×0.60%=519.60

SUTA 86,600× 5.40% =4,676.40

1B. Preparation of the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities

Jan 8

Dr Office salaries expense 25,760.00

Dr Sales salaries expense 60,840.00

Cr FICA—Social sec. taxes payable 5,369.20

Cr FICA—Medicare taxes payable 1,255.70

Cr Employee fed. inc. taxes payable 12,760.00

Cr Employee medical insurance payable 1,440.00

Cr Employee union dues payable 780.00

Cr Salaries payable 64,995.10

2. Preparation of the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll

Jan 8

Dr Payroll taxes expense 11,820.90

(5,369.20+1,255.70+4,676.40+519.60)

Cr FICA—Social sec. taxes payable 5,369.20

Cr FICA—Medicare taxes payable 1,255.70

Cr State unemployment taxes payable 4,676.40

Cr Federal unemployment taxes payable 519.60

Calculation for the amount Subject to tax

Office salaries $25,760

Sales salaries $60,840

Subject to tax=$86,600

4 0
3 years ago
What is the term of shipping directly from the supplier to the end consumer rather than from the​ seller, saving both time and r
Citrus2011 [14]

The term which describes the shipping who directly supplies from the supplier to the end consumer rather than from the​ seller, saving both time and reshipping​ costs is "Drop Shipping."

<h3>What is drop shipping?</h3>

When a vendor creates a website & sells items that they do not maintain in stock, this practice is known as drop-shipping.

Some key features of drop shipping are-

  • A third party, such as a manufacturer, another store, or a wholesaler, receives an order from the seller and ships the products straight to the customer.
  • A rapidly spreading trend involves online middlemen who charge you more money by keeping the difference between both the wholesale and prices.
  • Although drop-shipping is not prohibited, there is a lot of potential for issues and abuse on the part of both customers and sellers.
  • Following an online purchase, the drop-shipping company sends the ordered item directly to the consumer.
  • It provides both big and small businesses with a way to source goods, earn some extra cash, and free up some storage space.

To know more about drop shipping, here

brainly.com/question/13959949

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7 0
1 year ago
Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
Vikki [24]

Answer:

Appropriate Terminology

a. If Kevin's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct -------- using the data provided.

bar chart or histogram

b. However, if Kevin's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that a -------- would be more appropriate.

table

Explanation:

A bar chart or graph represents categorical data with rectangular bars.  It can be used to visualize data distributions, compare data groups, and to track periodic changes in data.  Tables are versatile organization tools that can communicate information with or without the use of other graphical tools.

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2 years ago
What is the primary goal of the As-Is process model? Group of answer choices
sineoko [7]
The answer to the question is C
6 0
3 years ago
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