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SVEN [57.7K]
3 years ago
9

Knowledge Check 01 As of December 31, Marr, Inc., has accrued benefits to its employees for medical insurance (in the amount of

$12,000) and a contribution to a retirement program (at 10% of the employees' $200,000 gross salary). Prepare the December 31 entry for Marr by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
Ipatiy [6.2K]3 years ago
4 0

Answer:

Journal Entry to record the employee benefit expense

Dr. Employee Benefits Expense                   $32,000

Cr. Employee Medical Insurance Payable   $12,000

Cr. Employee retirement program payable $20,000

Explanation:

Employee benefits expense is the sum of medical insurance and retirement program expenses. As these payments are accrued and not yet been paid, so these will be classified as liabilities.

Employee Medical Insurance expense = $12,000

Employee retirement expense = $200,000 x 10% = $20,000

Employee benefits expense = Employee Medical Insurance + Employee retirement program

Employee benefits expense = $20,000 + $12,000

Employee benefits expense = $32,000

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A company produces a single product. Variable production costs are $12.90 per unit and variable selling and administrative expen
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Answer:

$10,965

Explanation:

Computation for the dollar value of the ending inventory under variable costing

First step is to find the Units in ending inventory

Using this formula

Units in ending inventory = Units in beginning inventory + Units produced−Units sold

Let plug in the formula

Units in ending inventory= 0 units + 4,900 units−4,050 units

Units in ending inventory = 850 units

Last step is to find the Value of ending inventory under variable costing

Using this formula

Value of ending inventory under variable costing = Unit in ending inventory × Variable production cost

Let plug in the formula

Value of ending inventory under variable costing= 850 units × $12.90 per unit

Value of ending inventory under variable costing = $10,965

Therefore the dollar value of the ending inventory under variable costing would be $10,965

6 0
3 years ago
Aztec Company reports current E&P of $200,000 in 20 X 3 and accumulated E&P at the beginning of the year of negative $10
kondaur [170]

Answer:

How much of the distribution is treated as a dividend in 20X3?

100000

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E&P CURRENT       200000

E&P ACCUMULATE -100000

Dividend                   100000

3 0
2 years ago
Antiques R Us is a mature manufacturing firm. The company just paid a dividend of $11.40, but management expects to reduce the p
drek231 [11]

Answer:

The correct answer is $57.

Explanation:

According to the scenario, the computation of the given data are as follows:

Dividend = $11.40

Growth rate = -0.05

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So, we can calculate the price by using following formula:

Price = Dividend × ( 1 + Growth rate) ÷ ( return rate - growth rate)

By putting the value, we get

= $11.4 × ( 1 - 0.05) ÷ ( 0.14 + 0.05)

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Answer:

The correct answer is relationship era.

Explanation:

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Third, I will always strive to learn about my line of work. This coincides with my second quality. 

Fourth, I will make sure that I am always two steps ahead of my game. While having direction is great, it is best to keep my feet up and know what to expect. This will ensure that I will encounter as little problem as possible. 

Lastly, I will never stop innovating. Innovating does not just mean that I should have great ideas; innovating means making my great ideas even greater! By learning how to do so, it will make sure that my business will not get left behind. 
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