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Sergeeva-Olga [200]
3 years ago
12

The general ledger shows a balance of $ 66 comma 200 in the Merchandise Inventory account at the end of the period. The physical

inventory count shows inventory of $ 63 comma 000. ​(Assume a perpetual inventory​ system.) The adjusting entry includes a​ ________.
Business
1 answer:
madam [21]3 years ago
6 0

Answer:

The adjusting entry includes a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $3,200

Explanation:

Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory immediately

The adjusting entry is calculated by subtracting the physical inventory account from the merchandise inventory account

Given

Physical Inventory Account= $63,000

Merchandise Inventory Account= $66200

Adjusting Entry = Merchandise Inventory Account - Physical Inventory Account

Adjusting Entry = $66,200 - $63,000

Adjusting Entry = $3200

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Answer:

a. adds $10,000 in bank reserves.

Explanation:

Given that

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And, the same is to be considered

Thus, all the other options are incorrect

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Jamarcus's employer pays 80 percent of his medical insurance. If the insurance costs Jamarcus $20 a week, how much is his employ
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Ruben, Gerald, and Norma all work for the same company. Gerald and Norma both evaluate the company’s financial picture, but Gera
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The correct answer is (B)

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2 years ago
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An employee time ticket is an hour-by-hour summary of the employee’s activities throughout the day. True or false?.
padilas [110]

It is true that an employee time ticket is an hour-by-hour summary of the employee’s activities throughout the day.

A time ticket is used to track the hours for which an employee will be paid in the upcoming payroll. Employees' time tickets are reviewed and approved by a supervisor at the closing of each pay period. After which the payroll team use them to calculate the hours worked by an employee. This serves as a basis for calculating gross pay.

When an employee clocks in or out, they generally put a time ticket into a time clock that are printed in an oblong, thick paper shape. Usually time tickets are physical cards that are stamped with beginning and ending times of employees work days. The payroll accountant or bookkeeper creates time tickets after the pay month has ended.

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7 0
1 year ago
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent case
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Answer: a.19.59% b.15.11%.

Explanation:

Average tax  rate is given as  the total tax paid divided by  total taxable income which is expressed as a percentage and must be less than the marginal tax rate.

Chandler is single and reports

taxable income of $132,200.

Tax liability: 25,903

Marginal rate: 24 %

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0.1959 x 100 = 19.59%.correct

b. Lazare, a head of household, records

taxable income of $80,600.

Tax liability: 12,176

Marginal rate: 22 %

Average rate: 12.30 X %= wrong

Average rate = total liable tax/ total income= 12,176/ 80,600= .0.15106= 0.1511

0.1511 x 100 = 15.11%.correct.

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