(b) Statue of frauds
<span>Statue of frauds is generally the requirement of particular
contracts to be in writing and signed by all parties involved in an agreement.
In the context of real estate, the statue of frauds protects tenants from
unfair eviction or tenancy termination. Similarly, it protects property buyers from
sellers’ “change of mind” or refusal to sell the property on the grounds that
the seller obtained a higher offer price from another interested buyer. However,
there are exemptions to the statue of frauds which vary from state to state. </span>
Answer:
a. Provide the journal entry for the vacation pay
Debit Vacation and Holiday expense $49,000
Credit Vacation and Holiday payable $49,000
<em>(To record earned Vacation and Holiday expenses)</em>
b. Provide the journal entry for the pension benefit
Debit Pension expense $30,000
Credit Pension liability $30,000
<em>(Being pension benefit recognition)</em>
Explanation:
- The earned vacation and holiday expense has to be recognized in line with the accrual principle of accounting.
- The pension benefit was also recognized in line with the accrual principle of account. The pension plan is a contribution of 6% of employee salaries, which amounted to $500,000. So, 0.06 x 500,000 = $30,000.
A fall in the level of prices increases the money value while the increase in the prices level decreases the money value. Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. This means as the inflation rises every dollar buys a smaller percentage of a good or a service.
Answer: $1,110.11
Explanation:
The Employer is to pay and withhold all taxes except the income tax withheld so the employer's payroll tax expense will be;
= Social Security Tax + Medicare tax + FUTA + SUTA
= ( 0.062 * 8,838) + ( 0.0145 * 8,838) + ( 0.008 * 7,000) + ( 0.054 * 7,000)
= 547.96 + 128.15 + 56 + 378
= $1,110.11
<em>SUTA and FUTA are payable on first $7,000 of an employee's pay.</em>
Answer:
HTML doc or web page
explaining this will not really help it will just be in the file under web page or HTML doc