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
Answer:
The answer is option B) According to the Lewis two-sector model the creation of a Modern (urban) Sector will:
Create a flow of labor from the traditional sector into the modern sector.
Explanation:
The two sector model propounded by W. Arthur Lewis is a theory of development that identifies two sectors: the traditional and modern sector.
According to this theory, the creation of a modern sector will generate a flow of excess labor from the traditional sector to the urban sector where there is more demand for labor.
Over time, this migration will create more jobs, stimulate industrialization and a framework for sustainable development.
Answer:
The correct answer is the opportunity cost of producing a good.
Explanation:
The production possibility curve or frontier shows all the different bundles of two goods that can be produced using the given resources.
The opportunity cost of a good is the amount of other good sacrificed to produce this one.
The slope of production possibility curve represents the opportunity cost of producing a good.
Answer:
$112,000
Explanation:
The computation of using activity based costing for overhead costs to activity cost pools is below:-
Factory utilities for processing
= $99,000 × 0.30
= $29,700
Factory utilities for Setting up
= $99,000 × 0.50
= $49,500
Factory utilities for others
= $99,000 × 0.20
= $19,800
Total = $99,000
Indirect Labor for processing
= $13,000 × 0.20
= $2,600
Indirect labor for setting up
= $13,000 × 0.30
= $3,900
Indirect labor for others
= $13,000 × 0.50
= $6,500
Total = $13,000
Overhead costs = $99,000 + $13,000
= $112,000
Answer:
Purchases= 3,500lbs
Explanation:
Giving the following information:
Production= 4,000*1.5= 6,000 lbs
Beginning inventory= 5,000 lbs
Ending inventory= 2,500 lbs
<u>To calculate the direct materials purchase, we need to use the following formula:</u>
Purchases= production + desired ending inventory - beginning inventory
Purchases= 6,000 + 2,500 - 5,000
Purchases= 3,500lbs
