Answer:
Credit to Cash for $4,995 is correct
Explanation:
here is a complete question
has a gross salary for May of $7,000. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. He is also subject to federal income tax at a rate of 21%. Which of the following is a part of the journal entry to record the disbursement of his net pay? (Assume a FICA-OASDI Tax of 6.2 % and FICA-Medicare Tax of 1.45%. Round the final answer to the nearest dollar.) A. debit to Cash for $4,995 B. debit to FICA Tax Payable of $4,995 O C. debit to Employee Income Tax Payable of $4,995 D. credit to Cash for $4,995
The computation of the amount that becomes the part for accrual the employer payroll taxes is shown below:
Gross Pay $7,000
Less: Deductions
Federal Income tax $1,470 ($7000 × 21%)
FICA-OASDI tax $434 ($7000 × 6.2%)
FICA-Medicare tax $102 ($7,000 × 1.45%)
Total Deductions 2006
Net pay $4,995
Answer:
The correct answer is Option C.
Explanation:
A statement of cash flows shows actual cash movement (inflow / outflow) relating to operating, financing and investing activities of a company. Essentially, there are two methods used in determining cash flows, which are: (i) direct method (ii) indirect method.
The Option C is correct because the movement in income tax payable is used in determining the actual tax paid and this is subtracted from the net income in order to determine the cash flows from operating activities.
The other options are used as adjustments to net income in determining cash flows from operating activities using the indirect method.
When people are led to think about their own death they are more attracted to a charismatic leader.
The German sociologist Max Weber invented the idea of charismatic authority. It involves a kind of organisation or leadership where the leader's charisma confers authority. This contrasts with two other sorts of authority, namely traditional authority and legal authority. The three categories of authority that Max Weber identified are comprised of each of the three sorts.
The first time the word "charisma" came into use was in Saint Paul's writings to the fledgling Christian communities in the first century.
Learn more about Charismatic here
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Answer: See explanation
Explanation:
The missing amounts are gotten below:
Sales revenue:
May company = 90,000
Reed company = 107,000
Sales returns
May company = 300
Reed company = 5,000
Net sales
May company = 87,000
Reed company = 102,000
Cost of goods sold
May company = 56,000
Reed company = 60,500
Gross profit
May company = 31,000
Reed company = 41,500
Operating expenses
May company = 15,000
Reed company = 26,500
Net income
May company = 16,000
Reed company = 15,000
Then, the gross profit rate would be calculated as:
= Gross Profit/Net sales
For May company, this will be:
= 31,000/87,000
= 0.36
= 35.6%
For Reed company, this will be:
= 41,500/102,000
= 0.47
= 40.7%
Note that some of the formula used to solve the above question include the net sales which is the difference between the sales and sales return.
Gross profit is the difference between the net sales and the cost of the goods sold
Net income is the difference between the gross profit and the operating expenses