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MariettaO [177]
3 years ago
5

Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The F

ICA tax for social security is 6.2% of the first $128,400 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. His net pay for the month is:_________
A) $3,857.30
B) $3,510.14
C) $4,538.00
D) $3,162.98
E) $4,190.84
Business
1 answer:
harina [27]3 years ago
8 0

Answer: $3,510.14

Explanation:

Trey Morgan's net pay will be amount remaining after deducting the FICA taxes for Social security and Medicare and the Federal income tax withheld.

The net pay is therefore:

= 4,538 - (4,538 * 6.2%) - (4,538 * 1.45%) - 680.70

= 4,538 - 281.356 - 65.801 - 680.70

= $3,510.14

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Monty Company expects to have a cash balance of $58,410 on January 1,
hodyreva [135]

Answer:

The ending cash balance of Jan is $ 68145 which is more than $58,410 . We get this balance after the borrowings. The cash balance is $   18172 for February .

Explanation:

<em>Monty Company </em>

<em>Cash Budget</em>

<em>                                            January         February</em>

Beginning Cash Balance        58410           35695

Add Receipts    

Collections from Customers 110330           194700

Sale of Marketable Securities 15576             0

Total Receipts                         125906          194700

Total available Cash               184316           230395

Less Disbursements

Direct Materials                   $64,900,         $97,350

Direct labor:                         $38,940,        $58,410

Manufacturing overhead:    $27,258,        $32,450

Depreciation                            ($1,947)      ( $1,947)  

Selling and

Administrative expenses:       $19,470,    $25,960.    

Total Disbursements              148,621       212,223  

Excess                                       35,695        18172

Financing

Add Borrowings                       $32,450         0

Less Repayments                       0                  0

Ending Cash Balance              68145           18172

Receipts are added to the cash balance to get the total available cash .

Total cash disbursements are subtracted from the total available cash to find the excess amount from which the repayments are subtracted and borrowings are added to get the ending cash balance.

8 0
3 years ago
Which of the terms below is often used in addition to the words "writing" and "record", and thus recognizes that UCC contracts a
hoa [83]

Answer:

<em>An electronic record</em>

Explanation:

An electronic record is data <em>that is or is being generated by a desktop. It is obtained when an agency or individual activity is initiated, conducted or completed.</em>

Instances of digital records include: email messages, handwritten documentation, electronic spreadsheets, digital photos, and databases.

6 0
3 years ago
Why are some producers forced to sell their products at the prevailing market price? Group of answer choices price takers find m
Crank

Some producers are forced to sell their products at the prevailing market price because of (C) a high degree of similarity to competitor's products.

<h3>What is the prevailing market price?</h3>
  • Prevailing Market Price refers to the market's published wholesale price and, in the absence of a declared wholesale price, the prevailing market price of any commodities.
  • The term "prevailing market conditions" refers to the average amount of rent paid by operators of similar sized and placed lodges throughout the country, as determined in good faith by the national protected area authority.
  • Because of their great degree of similarity to competitors' products, some producers are forced to offer their items at the prevailing market price.
  • The average wage paid to similarly employed workers in a certain occupation in the area of anticipated employment is described as the prevailing wage rate.

Therefore, some producers are forced to sell their products at the prevailing market price because of (C) a high degree of similarity to competitors' products.

Know more about market prices here:

brainly.com/question/24877850

#SPJ4

The complete question is given below:
Why are some producers forced to sell their products at the prevailing market price?

A. price takers find market analysis is too costly

B. they are very small players in the overall market

C. high degree of similarity to competitor's products

D. they can increase output without affecting the quality

8 0
1 year ago
A subject property has a swimming pool (worth $5,000) and a three-car garage (worth $4,500). Comp property A has a pool only and
AnnyKZ [126]

Answer and Explanation:

The calculation of the adjusted price that could use for these two comps in a CMA is given below:

For Comp property A, the value of the garage should be

= $452,500 + $4,500

= $457,000

And, for comp property B, the value of the pool should be

= $446,000 + $5,000

= $451,000

In this way, it should be considered

4 0
2 years ago
Wildhorse Co. sells merchandise on account for $2800 to Morton Company with credit terms of 2/8, n/30. Morton Company returns $8
kipiarov [429]

Answer: Cash $1,960

Sales returns and allowances $800

Sales discount $40

Accounts receivable $2,800

Explanation:

Sales = $2,800

Sales returns = $800

Discount rate = 2%

The final amount due will be:

= Sales- Sales returns

= $2,800 - $800

= $2,000

Sales discount = 2% × $2,000 = $40

Cash received will be:

Final amount due - Sales discount

= $2,000 - $40

= $1,960

The journal entry will be:

Debit Cash $1,960

Debit Sales returns and allowances $800

Debit Sales discount $40

Credit Accounts receivable $2,800

5 0
2 years ago
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