A company receives $176, of which $16 is for sales tax. The journal entry to record the sale would include a

Krete is an unmarried taxpayer with income exclusively from wages. By December 31, year 1, Krete's employer has withheld $16,000

storchak [24]

Answer:

The answer is: $0

Explanation:

Krete would have been forced to pay a penalty only if her taxes due after withholdings were over $1,000 . Since she only owed $200 in taxes, she will not receive any penalty for underpayment. But she will still have to pay a penalty for not paying the $200 she owes (this is a separate penalty).

4 0

3 years ago

The Rule of 72 is: a. A tool to determine the number of years until retirement for an employee b. Used to estimate how fast pric

Veseljchak [2.6K]

Answer:

b. Used to estimate how fast prices will double using a given annual inflation rate

Explanation:

Rule of 72 is a fast statistical method to determine how long an investment will double given annual interest rate.

Simply divide 72 by the annual interest rate.

Alternatively it can be used to calculated annual rate of return required to double investment.

Alternatively it can be used to calculate annual rate of return required to double an investment.

For example if $1,000 is to be doubled in 5 years.

Years to double= 72/ Interest

Interest= 72/5= 14.4%

5 0

2 years ago

QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty

prisoha [69]

Answer:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Explanation:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

We Recognise Revenue to depict transfer of control of mower

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

There is no option for customer to take the warranty or not, so this is a service warranty.The warranty is measured at the best estimate of expenditure required to settle the obligation that is at 10% of sales.

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Utilise the Warranty Provision when the warranty claim is subsequently received

7 0

3 years ago

Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. Durin

amm1812

Answer:

The journal entries are made as follows;

Explanation:

1.Cash 100,000*50 Dr.$5,000,000

Common Stocks 100,000*5 Cr.$500,000

Paid in capital-common stocks Cr.$4,500,000

2.Treasury Stocks 20,000*45 Dr.$100,000

Cash 20,000*45 Cr.$100,000

3. Cash 7,500*46 Dr.$345,000

Treasury Stocks 7,500*45 Cr.$337,500

Paid in Capital-Treasury stocks 7,500*(46-45) Cr.$7,500

4.Cash 7,500*44 Dr.$330,000

Paid in capital-Treasury Stock 7,500*1 Dr.$7,500

Treasury stocks 7,500*45 Cr.$337,500

.

6 0

2 years ago

Which of these is most likely a short-term goal for a high school freshman? A. Buy a house B. Retire comfortably C. Graduate fro

SVETLANKA909090 [29]

Answer:

D. Attend this afternoon's meeting

Explanation:

So Many high school freshman have a goal just to become familiar with their new setting.

3 0

3 years ago