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shusha [124]
3 years ago
9

At December 31, 2011 the accounting records of Gordon, Inc. contain the following items: If the Notes Payable is $10,000, the De

cember 31, 2011 cash balance is:
Business
1 answer:
Vadim26 [7]3 years ago
6 0

The question is incomplete. The complete question is as follows,

At December 31, 2011 the accounting records of Gordon, Inc. contain the following items:

Accounts Payable 2500

Land 30000

Building 31250

Notes Payable ?

Retained earnings 125000

Accounts Receivable 18750

Cash ?

Equipment 40000

Capital Stock 12500

If the Notes Payable is $10,000, the December 31, 2011 cash balance is:

Answer:

Cash = $30000

Explanation:

The accounting equation states that the sum of total assets is always equal to the sum of total liabilities plus total equity. We can state the equation as follows,

Total Assets = Total Liabilities + Total Equity

So,

(30000 + 31250 + 18750 + 40000 + Cash) = (2500 + 10000) + (125000 + 12500)

120000 + Cash = 12500 + 137500

Cash = 150000 - 120000

Cash = $30000

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Lauren has gross pay of $765 and federal tax withholdings of $68. Determine Lauren's net pay if she has the additional items wit
White raven [17]

The correct statement is that the net salary of Lauren will be $623.52 after the deductions of tax withholding against her gross pay of $765.

So, the correct option that matches the statement quoted above is D. Calculations regarding the deduction of tax withholding are shown below.

<h3>Calculation of net salary</h3>

Net salary of Lauren can be calculated by subtracting all the given deductions from gross pay available in the hands of Lauren.

The withholding of taxes of Lauren will be calculated as,

\rm Security\ Tax= Gross\ Pay\ x\ rate\\\\\rm Security\ Tax= 765\ x\ 0.062\\\\\rm Security\ Tax= \$47.43

Calculating further,

\rm Medicare\ Tax\ = Gross\ Pay\ x\ rate\\\\\rm Medicare\ Tax\ = 765\ x\ 0.0145\\\\\rm Medicare\ Tax\ = \$11.09

and

\rm State\ Tax\ = Federal\ Tax\ x\ Rate \\\rm State\ Tax\ = 68\ x\ 0.22\\\\\rm State\ Tax\ = \$14.96

Now deducting the summation of tax withholding from the gross pay, we get net salary as,

\rm Net\ Pay= Gross\ Pay- Tax\ Withholding\\\\\rm Net\ Pay= 765-(14.96+11.09+47.43+68)\\\\\rm Net\ Pay= \$623.52

So, net pay of Lauren will be $623.52 for such period.

Hence, the correct option is D that the net salary of Lauren will be $623.52 after the deductions of tax withholding against her gross pay of $765.

Learn more about Net Salary here:

brainly.com/question/24017475

4 0
2 years ago
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Lilit [14]

Answer:number one

Explanation:

6 0
3 years ago
Which of the following is true of external recruiting, compared to internal recruiting?
Mkey [24]

Answer:

The answer is E. The process takes longer

Explanation:

External recruitment is the process of announcing vacancies to the people outside ones organization while Internal recruitment is the process of announcing vacancies for the internal staffs only.

The process of external recruitment is usually longer and more expensive than internal recruitment. For example, payment to publish the vacancies in any national newspapers or payment for outsourcing company that specializes in recruitment.

Option A is wrong because external recruitment discourages employee loyalty.

Option B in incorrect because this is so for internal recruitment

8 0
3 years ago
Rough Hewn Lumber Company orally contracts with Joe for the purchase of five acres of Joe's timberland. Joe makes the transfer b
Reptile [31]

Answer:

b. quasi contract

Explanation:

-Liquidated damages refers to a mechanism in a contract in which a party can request a compensation because of breach.

-Quasi contract is  an agreement that is recognised by a court when there is no written contract between two parties and there is a conflict about a payment of a product or service.

-Reformation is a change made by a court in a document when one party that participates in it makes a request.

-Restitution is when someone receives a compensation for a loss or an injury.

According to the options given and the definitions, the answer is quasi contract.

7 0
3 years ago
The employer amount of FICA taxes that Red Mountain is required to pay is equal to the amount that it withholds from its employe
kolezko [41]

Answer:

$189,000

Explanation:

The computation of total expense with regards to this payroll is shown below:-

Total expense = Salaries and wages earned by employees + Employer's portion of FICA taxes

= $180,000 + $9,000

= $189,000

Therefore for computing the total expenses with regards to this payroll we simply applied the above formula and we ignore all other values as they are not relevant.

5 0
3 years ago
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