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3 years ago

Grammy's Bakery had the following information for the bi-weekly pay period ending June 30: earnings

Business

1 answer:

sweet [91]3 years ago

8 0

Answer:

c. Credit $3.00

Explanation:

The computation of the amount applied to FUTA Payable is shown below:

The Current Earnings for T. Baker is

= 50 × 10

= $500

And,

The FUTA applied is

= 6% of $500

= $3

So here we credit the futa payable by $3

Therefore the option c is correct

And, the rest of the options are wrong

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In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when c

lara31 [8.8K]

Answer:

Deferred Tax Asset:

The amount of taxes that is paid or carried forward but not yet identified in the income statement is referred as deferred tax asset

Journal Entries:

Debit: Income Tax Expense (balancing amount) = 812,500

Debit: Deferred Tax Asset = 87,500

Credit: Income Tax Payable = 900,000

Income tax expense reduces the stockholders. equity. Hence, debit income tax expense with $812,500 .
Deferred tax asset is an asset and is increased by $87,500. Therefore, debit deferred tax asset account with $87,500.
Income tax payable increases the liability by $900,000. Therefore, credit Income tax payable account with $900.000.

Working note:

Determine the amount of deferred tax asset.

Deferred tax asset = Rent collected in 2021 × Enacted tax rate

Deferred tax asset = $350,000 × 25%

Deferred tax asset = $87,500

Determine the amount of income tax expense.

Income tax expense = Income tax payable — Deferred tax asset

Income tax expense = $900,000 = $87,500

Income tax expense = $812,500

5 0

3 years ago

The Asian Garden, a local Thai restaurant, expects sales to be $ 285,000 in January. Its average customer restaurant bill is $

Alex_Xolod [135]

Answer:

a. How much of the total sales revenue is expected to be paid incash?

$855,000

b. How many customer transactions does the company expect inJanuary?

19,000

c. How much of the total sales revenue is expected to be paid with credit cards?

$171,000

d. How many customer transactions will be paid for by customers using creditcards?

11,400

e. When budgeting for January's operating expenses, how much should the restaurant expect to incur in credit card transactionfees?

$10,260

f. How much of the total sales revenue is expected to be paid with debit cards?

$57,000

g. How many customer transactions will be paid for by customers using debitcards?

3,800

h. When budgeting for January's operating expenses, how much should the restaurant expect to incur in debit card transactionfees?

$2,660

i. How much money will be deposited in the restaurant's bank account during the month of January related to credit and debit card sales? Assume the credit and debit card issuers deposit the funds on the same day the transactions occur at the restaurant(there is no processing delay).

$215,080

j. What is the total amount of money that the restaurant expects to deposit in its bank account during the month of January from cash, credit card, and debit card sales? Again assume the credit and debit card issuers deposit the funds on the same day that the transaction occurs.

$272,080

Explanation:

total sales $285,000 / $15 = 19,000 customers

cash sales = $285,000 x 20% = $57,000
credit cards = $285,000 x 60% = $171,000
debit cards = $285,000 x 20% = $57,000

credit card fees = (11,400 x $0.60) + ($171,000 x 2%) = $10,260

debit card fees = (3,800 x $0.55) + ($57,000 x 1%) = $2,660

8 0

3 years ago

Ms. McClure is thinking about getting her master's degree in education. She estimates that she will spend about $12,000 a year f

leva [86]

Answer:

ehshdhdhfbdhwiejfhfuebdbchfudhrj

Explanation:

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3 years ago

Once the information is complete and conclusions are made, then management can make more confident business decisions. This is p

Dovator [93]

The act of making the decision is the part of this step of market research that makes management more confident business decisions.

<h3>What is market research?</h3>

This refers to the activity of gathering market information about consumers' needs and preferences.

Some steps of a market research includes:

present the findings
make the decision
develop the research plan
collect the information