When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the ______

Swifty Corporation started the year with $45600 in its Common Stock account and a credit balance in Retained Earnings of $33400.

PIT_PIT [208]

Answer:

Retained earnings balance =$54,700

Explanation:

Retained earnings is the proportion of profit made by a company which is not distributed as dividend but rather re-couped to be re-invested. A payment of dividend would reduce the balance of retained earnings while further profit retained increases it.

The balance of retained earnings at the end = opening balance + profit retained for the year - dividend paid for the year

= 33,400 + 36,500 - 15,200 = $54,700

Retained earnings balance =$54,700

6 0

3 years ago

Warwick's co., a women's clothing store, purchased $75,000 of merchandise from a sup- plier on account, terms fob destination, 2

Nostrana [21]

This question has a three part answer, with each part broken out below:

A. To record the purchase there is a debit to Purchases and a credit to Accounts Payable, each for $75,000.

B. To record the return there is a debit to Accounts Payable and a credit to Purchases Returns and Allowances, each for $9,000.

C. The amount of the payment is $75,000 - 9,000, which is $64,000. They are paying during the discount period, so will only be paying 98% of this amount, which is $62,720.

The entry is a debit to Accounts Payable for $64,000, a debit to Purchases Discounts for $1,280, and a credit to Cash for $62,720.

3 0

3 years ago

Armstrong Corporation manufactures bicycle parts. The company currently has a $18,500 inventory of parts that have become obsole

MaRussiya [10]

Explanation:

There are two alternatives

1. Sold for $6,300

The inventory parts should be sold for $6,300 as the current inventory parts are not relevant as it is a sunk cost i.e $18,500

2. Repair and after that sale it

Now in this case, we have to determine the benefit generated i.e come from

= Sale value - repairing cost

= $19,700 - $9,100

= $10,600

As we can see that the alternative 2 generated higher benefit as compare to the alternative 1 so it would be more beneficial for the company

3 0

3 years ago

Under variable costing, costs that are treated as period costs include: A. only fixed manufacturing costs. B. both variable and

kiruha [24]

Answer:

C. all fixed costs.

Explanation:

Under variable costing, all fixed cost are period cost. This make them non-capitalizable

Are treated as expenses and impact entirely on the net income

In other method some fixed cost are capitalzied through inventory but, in variable costing is not the case.

The only capitalized cost are the variable cost using this method.

5 0

4 years ago

Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $280,000 Depreciation e

Natali5045456 [20]

Answer and Explanation:

cash flow from operating activities

amount

net income $280,000

non cash expenditure:

depreciation $48,000

non operating gains:

loss on disposal of equipment $18,520

cash flow before working capital changes $347,520

working capital changes:

increase in accounts receivable ($17,280)

increase in accounts payable $8,960 ($8,320)

cash flow from operating activities $339,200

8 0

4 years ago

When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the _______.