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ankoles [38]
3 years ago
13

Journalize the following payroll tax liability of David Roadways. Payroll tax expenses totaling $177.01 include:1. Social Securi

ty Tax paid $83.72 2. Medicare Tax paid $9.58 3. State Unemployment Tax paid $72.91 4. Federal Unemployment Tax paid $10.80
Business
1 answer:
marta [7]3 years ago
8 0

Answer:  The journal entry is as follows:

Explanation:

Given that,

Payroll tax expenses totaling = $177.01

Social Security Tax paid (SST) = $83.72

Medicare Tax paid (MT) = $9.58

State Unemployment Tax paid (SUT) = $72.91

Federal Unemployment Tax paid (FUT) = $10.80

Salary expense A/c       Dr.    $177.01

To SST payable                                             $83.72

To MT payable                                               $9.58

To SUT payable                                             $72.91

To FUT payable                                             $10.80

( entry for payroll tax liability of David Roadways)

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Selected information taken from the accounting records of Vigor Company follows:
MariettaO [177]

Answer and Explanation:

The computation is shown below:

But the following calculations must be done

Account receivable turnover = Net sales ÷ average account receivable

5 = Net sales ÷ ($900,000 + $1,000,000) ÷ 3

5 = Net sales ÷ $950,000

Now the net sales is

= $950,000 × 5

= $4,750,000

And,

Inventory turnover ratio = Cost of goods sold ÷ average of account receivable

4 = Cost of goods sold ÷ ($1,100,000 + $1,200,000) ÷ 3

4 = Cost of goods sold ÷ $1,150,000

Cost of goods sold

= $1,150,000 × 4

= $4,600,000

Now the gross profit is

a. The gross profit is

= Sales - cost of goods sold

= $4,750,000 - $4,600,000

= $150,000

2. The days sales outstanding in both the cases are as follows:

DSO in inventory

= 360 ÷ 4

= 90 days

And, DSO in account receivable

= 360 ÷ 5

= 72 days

7 0
3 years ago
Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
Tom [10]

Answer:

$76,260

Explanation:

Calculation to determine the total period cost for the month under variable costing

Using this formula

Total Period cost = Variable selling and administrative cost + Fixed manufacturing overhead + Fixed selling and administrative cost

Let plug in the formula

Total Period cost = ($14 × 1,760) + $18,180 + $33,440

Total Period cost =$24,640+$18,180 + $33,440

Total Period cost =$76,260

Therefore the total period cost for the month under variable costing is $76,260

8 0
3 years ago
Alfred, a trader at the New York Stock Exchange (NYSE), executes the decisions made by investors and takes action based on reque
densk [106]

Answer:

Capital Market

Explanation:

Capital markets are the financial markets which deal in bonds, stock, mutual funds and various other long term investments. Alfred is a trader who works at a capital market because that is the market where decisions are made by the investors and traders work accordingly. Moreover, traders in the capital market alter the decisions and make new ones based on the request of buyers and sellers.

8 0
3 years ago
A company's board of directors votes to declare a cash dividend of $.80 per share of common stock. The company has 16,000 shares
den301095 [7]

Answer:

$8,400

Explanation:

The computation of the total amount of the cash dividend is shown below:

= Outstanding number of shares × cash dividend per share

= 10,500 outstanding shares × $0.80

= $8,400

The cash dividend is computed only on outstanding shares i.e issues shares minus treasury shares

So, it will not be computed on authorized shares either on issued shares

5 0
3 years ago
Which of the following processes is intensifying the exchange and diffusion of people, ideas, and goods worldwide, creating more
iogann1982 [59]

Answer:

d. globalization

Explanation:

-Industrialization is the process of transforming an economy to focus on the manufacturing activity.

-Neoliberalization  is a process that has the goal of transfering control of the economic factors to the private sector and it involves: free market trade and fewer regulations in the financial markets.

-Migration  refers to the movement of people from one place to another one to work and live.

-Globalization is the process in which technology, information, people, jobs are shared  through borders and it has generated more integration between people and cultures around the world.

According to this, the process that has intensified the exchange and diffusion of people, ideas, and goods worldwide, creating more interaction and engagement among cultures is globalization.

4 0
3 years ago
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