Answer:
c.credit to Wages Payable for $6,300.
Explanation:
The journal entry to record the wages expense is shown below;
Wages expense dr ($10,500 × 3 ÷ 5) $6,300
To Wages payable $6,300
(being the wages expense is recorded)
Here the wages expense is debited as it increased the expense and credited the wages payable as it increased the liabilities
Answer:
Equipment, credit, $229,100
Explanation:
we record the entry when we purchase the equipment is
we debit the equipment, and credit the cash/accounts payable depending on whether we paid the cash or purchased the equipment on account.
We debit the equipment because equipment is our asset, and when asset goes up we debit them. We credit the cash because again cash is our asset and when asset goes down we credit them.
Now at the time of disposal, we want to remove the asset from our balance sheet. Equipment is disposed now. In other words, equipment is our asset, and disposing the equipment means asset goes down, and we show this effect by credit the equipment.
Vertical cooperative advertising is usually legal, except when bogus advertising allowances are given in the form of hidden price concessions.
Answer:
additional income is $11050 if the business is organized as a partnership rather than as a corporation
Explanation:
given data
investors = 10
own = 10%
earn = $500000
corporate tax rate = 34%
personal tax rate = 35 %
to find out
How much additional spendable income
solution
we find here first income if formed as corporation in hand that is
income if formed as corporation = earn × own ( 1 - corporate tax ) × ( 1 - personal tax )
income if formed as corporation = 500000 × 10% ( 1 - 34% ) × ( 1 - 35% )
income if formed as corporation =$21450
and
income will be taxable if form partnership that is
income if formed partnership = earn × own ( 1 - personal tax )
put here value
income if formed partnership = 500000 × 10% ( 1 - 35% )
income if formed partnership = $32500
so
additional income is $32500 - $21450
additional income is $11050
