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2 years ago

Why is it important to keep your own financial records?

Business

1 answer:

Serhud [2]2 years ago

4 0

Answer:

You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business

Explanation:

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Does walmart have wheelchairs for customers to use

erastovalidia [21]

Yes they do they r required to have handy cap acesse and to have em for the ones who can't buy one

4 0

2 years ago

Misty and John formed the MJ Partnership. Misty contributed $50,000 of cash in exchange for her 50% interest in the partnership

Pie

Answer:

$78,000

Explanation:

The computation of interest at year end is shown below:-

Interest at year end = Cash contribution + Income of partnership + Share of partnership liabilities - Cash from the partnership

= $50,000 + $20,000 × 50% + $60,000 × 50% - $12,000

= $90,000 + $10,000 + $30,000 - $12,000

= $78,000

Therefore for computing the partnership interest at year end we simply applied the above formula by considering all the items given in the question

4 0

2 years ago

On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees

Elanso [62]

Answer:

Please check the images attached below

Explanation:

Salaries Payable = (Salariesexpense - Socialsecurity taxes - Medicaretaxes - Incometaxes - MedicalcareInsurance Education - Union dues)

=$28,000−$1,736−$406−$3,800−$678−$190

=$28,000−$6,810

=$21,190

Hence, the salaries payable are $21,190.

Compute the social security taxes using the equation as shown below:

\begin{array}{c}\\{\rm{Social security taxes}} = {\rm{FICA tax rate}} \times {\rm{Salaries expense}}\\\\ = 6.2\% \times \$ 28,000\\\\ = \$ 1,736\\\end{array}

Socialsecuritytaxes=FICAtaxrate×Salariesexpense

=6.2%×$28,000

=$1,736

Hence, social security taxes are $1,736.

Compute the Medicare taxes using the equation as shown below:

Medicaretaxes=Medicaretaxrate×Salariesexpense

=1.45%×$28,000

=$406

Hence, Medicare taxes are $406.

4 0

2 years ago

Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1

Allisa [31]

Answer:

b. $103,345

Explanation:

Assets = Liabilities + Owner's Equity

Owner's Equity (Year 1) = $908,100 - $267,845

= $640,255

Owner's Equity (Year 2) = $980,279 - $233,892

= $746,387

increase in Owner's Equity = Owner's Equity (Year 2) - Owner's Equity (Year 1)

= $746,387 - $640,255

= $106,132

Net income during Year 2 = Increase in Owner's Equity - Additional investment + Withdrawals

= $106,132 - $28,658 + $25,871

= $103,345

Therefore, the amount of net income during Year 2 is $103.345.

7 0

3 years ago

Which of the statement(s) is correct? i. Corporations rarely pay tax on the interest income. ii. Higher tax bracket people tend

Doss [256]

Answer:

E. All the statements are correct

Explanation:

i. Corporations rarely pay tax on the interest income.

This statement is correct. Some companies do not even pay any income taxes.

ii. Higher tax bracket people tend to buy municipal bond because it is federal tax exempt.

Correct, people who have high incomes, and are subject to a high federal income tax rate often buy municipal bonds because these bonds are exempt from federal income tax.

iii. Short term capital gain and long-term capital gain are treated differently for individuals.

Correct. Short-term capital gains are those obtained from the sale of property that was owned for less than one year. This gains are often treated with the highest tax rate.

Long-term capital gains are those obtained from the sale of property that was owned for more than one year, and are treated with more favorable tax rates.

iv. The corporate tax rates in the U.S. is one of the lowest among the developed nations.

This statement is correct. The corporate tax rate in the U.S. is a nominal 21% (the effective rate can be as low as 0% for some companies). This is one of the lowest rates among developed nations, whose rates hover around 25 to 30% on average.

5 0

2 years ago