Answer: Check explanation
Explanation:
Based on the information given, the journal entry will be:
Debit Wages and Salaries $17273
Credit Employee Income Tax Payable $2268
Credit Social security tax payable $827
Credit Medicare tax payable $194
Credit Pension plan deduction payable $711
Credit Health Insurance premium payable $807
Credit Cash $12466
Note:
Wages and salaries expense is the addition of Regular Earnings and the Overtime Earnings which is:
= 16,370 + 903
= 17,273
Answer: The average collection period of the receivables in terms of days was 73 days.
Explanation:
Given that,
Accounts Receivable at the beginning of the year = $390,000
Accounts Receivable at the end of the year = $410,000
Net credit sales during the year = $2,000,000
Average collection period of the receivables in terms of days:
Average accounts receivables = 
= 4,00,000
Net credit sales = 
= 5
∴ Accounts receivable days = 
= 73 days
The average collection period of the receivables in terms of days was 73 days.
Answer:
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Explanation:
The economist's analysis in the scenario painted above incorporates the idea of OPPORTUNITY COST.
Opportunity cost refers to a value or a benefit which must be given up in order to enjoy or acquire another benefit. Because resources are scarce, one always has to make decision about how to use one's resources efficiently. In the scenario given above, Joe had the opportunity to put his money in a fixed deposit account or to use it to buy gold coins; he choose the latter given up the former. Thus, the former, which he gave up is his opportunity cost.<span />
