1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Effectus [21]
2 years ago
11

Traves Corporation incurred $69,000 of actual Manufacturing Overhead costs during October. During the same period, the Manufactu

ring Overhead applied to Work in Process was $68,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:
Business
1 answer:
Andru [333]2 years ago
3 0

Answer:

                                           Dr.            Cr.  

Work in progess                68,000

Manufacturing overhead                68,000

Explanation:

The appliesmanufacturing overhead will be recorded to work in process account by debiting Work in process and crediting manufacturing overhead account. Now it will be added to the value of work in process and ultimately added to the value of finished goods which is Inventory value.

You might be interested in
Every worker sees a social security (fica) tax taken out of his or her paycheck. the nominal tax rate on workers is 7.65 percent
denpristay [2]
Part A:

Because, there is a ceiling on the amount of earnings that is taxable. Any earning below the ceiling will be taxed at 7.65% of the earning while any earning above the eiling will be taxed at 7.65% of the ceiling.

Given that the ceiling on the amount that is taxable is $117,000. If a worker earns $40,000, then the worker's FICA tax will be 7.65% of $40,000 = 0.0765 x $40,000 = $3,060

Therefore, the percentage of income that is paid in social security taxes by a worker in 2014 earning $40,000 is 7.65%



Part B:

Because, there is a ceiling on the amount of earnings that is taxable. Any earning below the ceiling will be taxed at 7.65% of the earning while any earning above the eiling will be taxed at 7.65% of the ceiling.

Given that the ceiling on the amount that is taxable is $117,000. If a worker earns $80,000, then the worker's FICA tax will be 7.65% of $80,000 = 0.0765 x $80,000 = $6,120

Therefore, the <span>percentage of income that is paid in social security taxes by a worker in 2014 earning</span> $80,000 is 7.65%


Part C:

Because, there is a ceiling on the amount of earnings that is taxable. Any earning below the ceiling will be taxed at 7.65% of the earning while any earning above the eiling will be taxed at 7.65% of the ceiling.

Given that the ceiling on the amount that is taxable is $117,000. If a worker earns $200,000, then the worker's FICA tax will be 7.65% of $117,000 = 0.0765 x $117,000 = $8,950.50

Therefore, the percentage of income that is paid in social security taxes by a worker in 2014 earning $200,000 is given by

\frac{8950.5}{200000} \times100\%=4.48\%
8 0
3 years ago
If merchandise costing $500 is sold on account for $620, how is this transaction recorded when using a perpetual inventory syste
kipiarov [429]

Answer:

Explanation:

Debit Accounts Receivable and credit Sales Revenue for $620;

DEBIT: Cost of Goods Sold CREDIT: Inventory for $500

5 0
2 years ago
Bari Jay, a gown manufacturer, received an order for prom dresses from China. Her cost is $45 a gown. If her markup based on sel
Furkat [3]

Answer:

The answer is: The selling price is $76.05

Explanation:

To calculate the markup we can use the following formula:

Markup Percentage = Gross Profit / Unit Cost

where:

  • unit cost = $45
  • markup percentage = 69%
  • gross profit = selling price - unit cost

69% = gross profit / $45

69% x $45 = gross profit

$31.05 = gross profit

$31.05 = selling price - $45

selling price = $76.05

3 0
3 years ago
Define the following terms. work study federal student aid programs federal student loan
crimeas [40]
Work-Study=Work for pay and to learn a trade. Ex: Working for a metalworking company while pursuing a welding degree.
Federal Student Aid Programs=Helps students pay off their debts and afford food.
Federal Student Loan=The Government pays for your school but you usually have to pay it back. However, under Obama, there was a provision that forgave that debt if you went into public service. (Police, firefighting, etc)
8 0
3 years ago
Describe two examples of important things that financial planning skills can help you do, and explain why these things are impor
Alex777 [14]

Answer:

Two examples of important things that financial planning skills can help us do are:

  1. Acquire a strong savings habit
  2. Set realistic goals

Explanation:

Acquire a strong savings habit: This is achievable when a person has a clear understanding of how much are their expenses and how much is needed to be save in order to acquire capital goods or to construct a fund for unexpected costs.

Set realistic goals: When a person knows how much its income is and has a realistic financial planning he knows what goals are achievable and which are not.

7 0
3 years ago
Other questions:
  • Suppose the Fed carries out an open market sale of $100m and simultaneously decreases the minimum required reserve ratio from 10
    11·1 answer
  • In early January 2019, Blue Corporation applied for a trade name, incurring legal costs of $15,400. In January 2020, Blue incurr
    15·1 answer
  • Answer the question on the basis of the following information. Assume that if the interest rate that businesses must pay to borr
    8·1 answer
  • A U.S. automobile company sells many of its cars in countries that have lower taxes on corporate profits than the U.S. Why might
    6·1 answer
  • Tharaldson Corporation makes a product with the following standard costs:Standard Quantity or Hours Standard Price or Rate Stand
    11·1 answer
  • HELP ASAP!! GIVING BRAINLIEST! NEED THE LAST ANSWER PLEASE
    5·1 answer
  • The federal government passes a law which a company, JuneCorp, feels unjustifiably discriminates against the company and harms i
    15·2 answers
  • Which of the following is NOT one of the core capabilities that span across all five mission areas?
    8·1 answer
  • If your payment history counts for 35% of your credit score and the type of credit you use accounts for 10% of your score, which
    10·1 answer
  • Alyssa was a severe schizophrenic who had to be institutionalized. Alyssa's cousin, Marlene, told Alyssa that she would buy her
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!