Answer: True
Explanation:
As the employed you work for the employer which means that it is best to act in a way that the employer deems appropriate.
If the employer therefore gives you constructive criticism, it is most likely to get you to act in a way that they deem appropriate. It would be best to listen carefully and take notes for reference because chances are that such advice will benefit you greatly with other employers or with your employees should you decide to set up your own shop.
Answer:
The correct answer would be, $70500
Explanation:
Raw Material Turnover means what amount of raw materials is used within a specific period of time. So the raw material turnover would be calculated by adding the beginning inventory with the amount of material used within the period, and then the remaining material will be deducted. So the whole calculations are shown as follows:
Beginning Raw Material Inventory: $5000
Raw Material Used: $71500
Ending Raw Material Inventory: $6000
Raw Material Inventory Turnover:
Beginning Inventory + Raw Material Used - Ending Raw Material
= 5000+71500-6000= $70500
Answer:
When a taxpayer has an underpayment of estimated tax or fall behind on his/her tax prepayment, then he/she is required to pay a penalty on Form 2210. This penalty is called underpayment penalty.
According to the tax laws, Mr. P and Ms. S can avoid an underpayment penalty if their withholding's and estimated tax payments equal or exceed one of the following two safe harbors:
- 90 percent of current tax liability ($200,000 x 90% = $180,000)
- 110 percent of previous year tax liability (110% x $170,000 = $187,000)
From the above calculation, it is clear that Mr. P and Ms. S's withholding's ($175,000) do not equal or exceed the amount of two safe harbors. So, they need to increase their withholding's or make estimated payments to avoid underpayment penalty.
If Mr. P and Ms. S increase their withholding's by $5,000 or make estimated payments of $1,250
per quarter ($5000/4), they can avoid the underpayment penalty.
Mr. Paula and Simon average gross income is greater than $150,000, so 110% is taken.
Answer:
November 1, 2016
Dr Cash 120,000
Cr Notes Payable 120,000
December 31, 2016
Dr Interest Expense 2,000
Cr Interest Payable 2,000
February 1, 2017
Dr Notes Payable 120,000
Dr Interest Payable 2,000
Dr Interest Expense 1,000
Cr Cash 123,000
Explanation:
Dunlin Development Company Journal entries
November 1, 2016
Dr Cash 120,000
Cr Notes Payable 120,000
December 31, 2016
Dr Interest Expense 2,000
($120,000 ×10% ×2/12)
Cr Interest Payable 2,000
February 1, 2017
Dr Notes Payable 120,000
Dr Interest Payable 2,000
Dr Interest Expense 1,000
(120,000×10%×1/12)
Cr Cash 123,000