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sergiy2304 [10]
3 years ago
9

According to a summary of the payroll of Kirby Co., $700,000 in earnings were subject to the 7.6% FICA tax. Also, $108,500 in ea

rnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.6%; federal unemployment, 0.9%. $ b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Statement of Cash Flows Balance Sheet Income Statement Assets = Liabilities + Stockholders' Equity + = + + + Statement of Cash Flows
Business
1 answer:
Ganezh [65]3 years ago
8 0

Answer:

FICA   53,200

SUTA    4, 991

FUTA        976.5

Total   59, 167. 5

Assets No effect.

Liaiblities increase by 59,167.5

Equity decrease by 59,167.5

Cash flow statemnet: no effect

Explanation:

700,000 x 7.6% = 53,200 FICA

108,500 x 4.6% =    4,991 SUTA

108,500 x 0.9% =    976.5 FUTA

This are expenses which, decreases the equity.

As we are performing the accrual of payroll taxes we recognize the payable amount.

There is no cash involve

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The contingency theory of leader assumed that there are two kinds of leaders: TASK ORIENTED AND RELATIONSHIP ORIENTED LEADERS. A task oriented leader is one who is most concerned about getting jobs done than with the feeling of and relationship among his team. A relationship oriented leader is one who is primarily concerned with the feelings of his team members and their relationships with one another.
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2 years ago
What does increasing marginal opportunity costs​ mean? A. Increasing the production of a good requires smaller and smaller decre
lilavasa [31]

Answer:

B. Increasing the production of a good requires larger and larger decreases in the production of another good.

Explanation:

Opportunity cost refers to the foregone units of production of a good in exchange for producing units of another good.

Marginal cost on the other hand refers to additional cost incurred when an additional unit is produced.

Marginal opportunity cost relates to the additional opportunity cost incurred  when additional unit of second good is produced in exchange for foregoing or sacrificing units of production of first good.

Increasing marginal opportunity cost would mean as more and more units of good A are produced, for each extra unit of production of Good A, higher units of production of Good B are sacrificed i.e larger and larger decrease in the production of another good.

4 0
3 years ago
National defense is a good that is non excludable and nonrival in consumption. Suppose that, instead of national defense being p
timama [110]

Answer:

Alan is better off by $15

Explanation:

the number of citizens in latvia = 10

if citizens were levied $10 each, total amount

= 10*10

=$100

each persons valuation = 100*0.25

= $25

$25 is also Alans valuation sice he is a part of this population.

since he contribited $10, his net gain would be

$25.00 - $10.00

= $15.00

Alan is better of by $15 in the tax system.

8 0
3 years ago
Bond Valuation and Changes in Maturity and Required Returns Suppose Hillard Manufacturing sold an issue of bonds with a 10-year
g100num [7]

Answer:

It will be sold at $1,186.71

Explanation:

We will calculate the present value of the cuopon payment and the maturity at the new market rate of 7%

<u>The coupon payment will be calcualte as the PV of ordinary annuity</u>

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C $50 (1,000 x 10%/2 as there are 2 payment per year)

time    16 (8 years x 2 payment per year)

rate     0.035 (7% rate / 2 payment per year)

50 \times \frac{1-(1+0.035)^{-16} }{0.035} = PV\\

PV $604.7058

<u>The maturity will be calculate as the PV of a lump sum</u>

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity  1,000.00

time         8 years

rate  0.07

\frac{1000}{(1 + 0.07)^{8} } = PV  

PV   582.01

<u>The market price will be the sum of both:</u>

PV cuopon $604.7058

PV maturity  $582.0091

Total $1,186.7149

6 0
3 years ago
The company has net sales revenue of $5.0 million during 2018. The company's records also included the following information: As
il63 [147K]

Answer:

1.45 times

Explanation:

The computation of company's fixed asset turnover ratio is shown below:-

Average of Net Property, plant and equipment = ($3.0 million +  $3.9 million) ÷ 2

= $6.9 million ÷ 2

= $3.45 million

Fixed asset turnover ratio = Net Sales ÷ Average of Net Property, plant and equipment

= $5 million ÷ $3.45 million

= 1.45 times

Therefore for computing the fixed assets turnover ratio we simply applied the above formula.

3 0
3 years ago
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