Answer:
Option "C" is the answer.
Explanation:
Option "C" is the answer.
The decrease in the supply of oil will shift the supply curve leftwards. Similarly, the increases in the demand will shift the demand curve rightwards. The leftwards shift in the supply and rightward shift in the demand curve will result in an increase in price but the change in quantity can not be predicted because the magnitude of change will depend on the shift in the curves.
Answer:
b. 2018 net income is overstated by $750
Explanation:
As the ending inventory is overstated the COGS will be understated thus, the income was overstate as well. Because the expenses reduced from the sales revenues were lower than correct.
Also we can deduct the same logic considering the accounting equation
Assets = liab + equity
if asssets are 750 higher than it should, then Equiy is higher as well
+750 = +750
Equity is affected for the net income and dividends. Thus, we can also conclude the net income is overstated by 750
Kei·ret·su
kāˈretso͞o/
noun
(in Japan) a conglomeration of businesses linked together by cross-shareholdings to form a robust corporate structure.
Answer:
The total payroll tax expenses is $3139.5
See the prepared journal in the explanation below.
Explanation:
Before it is presented on a general journal, the calculation is done below;
1. Payroll tax expenses:
FICA Social Security taxes = 6.2% * 2300 * 10
= 0.062 * 2300 * 10
= $1,426
FICA Medicare taxes = 1.45% * 2300 * 10
= 0.0145 * 2300 * 10
= $333.5
FUTA taxes = 0.6% * 2300 * 10
= 0.006 * 2300 * 10
=$138
SUTA taxes = 5.4% * 2300 * 10
= 0.054 * 2300 *10
= $1242
Total payroll tax expenses = $1,426 + $333.5 + $138 + $1242
= $3139.5
Date General Journal Debit Credit
Jan. 31 Payroll tax expense $3139.5
FICA- Social sec. taxes payable $1,426
FICA- Medicare taxes payable $333.5
FUTA taxes payable $138
SUTA taxes payable $1242
(Payroll tax expense recognized)
