Answer:
Reject Order Accept order Net Income
Increase (Decrease)
Revenues = $0 $105,000 $105,000
(3750 units x $28)
Costs-Manufacturing = $0 -$71,250 -$71,250
(3750 units x $19 (VC)
)
Shipping $0 -$3,750 -$3,750
(3750 units x $1)
Net Income $0 $30,000 $30,000
Pharoah Electronic would realize the net Income of $30,000 by accepting the special order. Hence, the special order should be accepted.
Answer: To know the amount of tax the business should pay from reported profit which is different from it's actual tax bill
Explanation:
Income tax expense could be described as what is calculated that the company owes in taxes according to accounting rules. They are reported on the income statement.
While Income tax payable is described as the actual amount the company owes in taxes based on the rules of tax code. They appear on the balance sheet of the company accounting documents until the bills are cleared off or paid.
The reason for understanding the difference is to know the amount of tax the business should pay from reported profit which is different from it's actual tax bill
Hi there!
Answer:
D. credit Wages Payable for $2,880.
Explanation:
-First we calculate the cost per employee per day
$15 per hour * 8 hours/day = $120 per day per employee
-Then we calculate the daily cost in wages
8 employees x $120 = $960 per day
-Then we <em>accrue</em> wages until the end of the month (Monday, Tuesday and Wednesday)
Daily cost $960
Days worked till the month ends 3
Accrued expense $2,880
<em><u>Journal entry:
</u></em>
Debit Credit
Wages expense $2,880
Wages Payable $2,880
Answer:
1) b. National security documents
c. Documents with confidential information
2) i - requires
ii - open
iii - accused of a crime
iv - future
v - future
vi - closed
3) c. Regulatory Flexibility Act
4) True
5) True, 60days
Explanation:
1) Two categories of records that are exempt from public disclosure under the Freedom of Information Act are; "National security documents & Documents with confidential information".
2) The Government in the Sunshine Act requires all agency meetings to be open to the public unless they meet certain criteria. If a person is going to be accused of a crime, if future agency action would be frustrated, or if the meeting involves future litigation or rule making, then the meeting may be closed.
3) The law which requires the government to reassess the impact on business and continue to look for less burdensome means of achieving a governmental goal is Regulatory Flexibility Act.
4) It is true that the Regulatory Flexibility Act relieved small businesses of certain record-keeping requirements under agency rules and federal statutes.
5) The Small Business Regulatory Enforcement Fairness Act gives Congress 60 days to review new federal regulations to be sure that they do not unduly burden small businesses.
