Answer:
Net pay is $383,750
Explanation:
Hermandez builders net pay can be computed by deducting the following from the gross payroll amount:
Federal income taxes
social security
medicare
charitable contributions
union dues
The net pay is computed thus:
Gross payroll pay $500,000
Federal income taxes $63,000
Social security $31,000
medicare $7,250
charitable contributions(1%*$500000) $5,000
union dues (2%*$500000) $10,000
($116,250)
Net pay $383,750
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.
Answer:
Net income will be $160000
So option (c) will be the correct answer
Explanation:
We have given debt common stock = $680000
Credit liabilities = 350000
Credit paid in capital = 190000
And excess of par 30,000 credit Assuming the only changes in retained earnings
So 680000 = 350000+190000+30000+ retained earning
So retained earning = $110000
Dividend paid = $50000
So net income = dividend paid + retained earning = $110000+$50000 = $160000
So option (c) will be the correct answer
Answer:
Journal.
Explanation:
Businesses record their daily financial transactions in a journal, also known as the businessperson's diary.
A journal entry involves the process of keeping the records of business transactions made by an organization.
The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.
In Accounting, most businesses use a double-entry account system and as such, the total amount debited must equal the total amount credited in a journal entry.
