Answer:
Explanation:
The journal entries are shown below:
1. Petty cash A/c $1,100
To Cash A/c $1, 100
(Being the petty cash fund is established)
2. Office supplies A/c Dr $614
Miscellaneous selling expense A/c Dr $200
Miscellaneous administrative expense A/c Dr $145
Cash short and over A/c $26
To Petty cash A/c $985
(Being the expenses are recorded)
The Cash short and over is computed below:
= $1,100 - $115- $614 - $200 - $145
= $26
Answer:
Pro forma income or fiscal summaries are some of the time dependent on an association's own definition which isn't technically a right definition.
Explanation:
Fundamentally proforma explanations are projections of the fiscal summaries like accounting report, Income proclamation and income articulation and so on which depend on presumptions like future costs, future income, speculation, financing and so forth. Subsequently it is right to state that proforma fiscal reports depend on element possess series of expectations.
Medicare tax is always payable on gross pay as Descibed below|
<u>Explanation</u>:
Note: 1
FICA Social security’s tax
FICA - social security tax is payable on maximum wages of $128,400.
Once an employee's year to date earnings or cumulative earnings exceed the wage base of $128,400, no additional Social Security tax isto be withheld from the employee's earnings.
So, before calculating the FICA - social security tax, we have to check whether the September earnings along with cumulative earnings until August is exceeding $128,400 or not .
If September earnings plus cumulative earnings until August is exceeding $ 128,400, then.
Social Security tax = [($128,400 minus Cumulative earnings until August) or gross salary whichever is lesser] into 6.20%. and if it is not, then
Social Security tax = Gross pay during September into 6.20%
Note 2
FICA minus Medicare tax
Medicare tax is always payable on gross pay. Medicare tax = Gross pay x 1.45%
Answer:
See explanation section.
Explanation:
The correct journal to record this transaction is -
Cash Debit $40,000
Common stock Credit $40,000
Note: As Callie Taylor invests the amount in exchange for common stock, An asset (cash) will be increased, and equity (common stock) will be increased. An increase in asset means debit, while an increase in equity means credit.
Answer:
14518.41
Explanation:
We would determine the future value of the sisters investment and use it to determine the amount to be deposited by the other sister
The formula for calculating future value:
FV = P (1 + r) n
FV = Future value
P = Present value
R = interest rate
N = number of years
13500 (1.104)^10 = $36,309.85
$36,309.85 = a(1.096)^10
a = $36,309.85 / 2.500953
a = $14518.41
