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vampirchik [111]
2 years ago
11

What is the different between book-keeping and accounting​

Business
1 answer:
nalin [4]2 years ago
4 0

Answer:

Bookkeeping is a transactional and administrative function that records financial transactions such as orders, refunds, sales, and transfers on a daily basis. Accounting is more subjective, offering accounting insights to company managers based on facts gleaned from their bookkeeping records.

Explanation:

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According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare
Sunny_sXe [5.5K]

Answer and Explanation:

a. The computation of an employer's payroll taxes is shown below:-

Employer's payroll taxes =  Social Security tax payable + Medicare tax payable + State Unemployment tax payable + Federal Unemployment tax payable

= ($560,000 × 6%) + ($560,000 × 1.5%) + ($60,000 × 0.6%) + ($60,000 × 0.6%)

= $33,600 + $8,400 + $3,240 + $360

= $45,600

b. The Journal entry is shown below:-

Payroll tax expense $ Dr, $45,600    -

     To Social Security tax payable $33,600

     To Medicare tax payable $8,400

     To State Unemployment tax payable $3,240  

    To Federal Unemployment tax payable $360

(Being accrual of payroll taxes is recorded)

5 0
2 years ago
Financial statements can be prepared _____. (select all that apply.) multiple select question.
marysya [2.9K]

Financial statements can be prepared : b. may be prepared more than once a year; c. may have a fiscal year end other than December 31.

<h3>What is financial statement?</h3>

Financial statement help to summarize the financial position of a business and it as well help to show  the day to day transaction of a company or day to day activities of a business at a particular period of time.

Financial statement of a company can be prepared more that once in a year and financial statement may tend to have fiscal year end that is other than last month of the year which is 31st December.

Therefore Financial statements can be prepared : b. may be prepared more than once a year; c. may have a fiscal year end other than December 31.

Learn more about financial statement here:brainly.com/question/21307159

#SPJ1

The complete question is:

Financial statements ______. (Select all that apply.)

a. must have a calendar year end of December 31

b. may be prepared more than once a year

c. may have a fiscal year end other than December 31

d. are prepared just once a year

8 0
1 year ago
What is approximate debt of the United States right now
Olenka [21]

Answer:

$27 trillion.

Explanation:

5 0
2 years ago
Read 2 more answers
Jackson company has the following financial information for their most recent fiscal year: Revenues Cost of Sales Interest Expen
irinina [24]

Answer:

The calculations are shown below

Explanation:

The computations are shown below:

But before that, first we have to prepare the income statement so that the values could come    

Particulars Amount  

Revenues $99,700  

Less: Cost of sales -$64,700  

Gross profit $35,000  

Less: Interest expenses -$1,800  

Earnings before tax $33,200  

Less: Taxes -$11,620  

Net income $21,580  

So, the calculations are shown below:

1. Earnings per share = Net income ÷ Common stock outstanding  

= $21,580 ÷ 16,000 shares    

= $1.35 per share

2. Price earnings ratio = Stock price per share ÷ Earnings per share  

= $22 ÷ $1.35    

= 16.3 times  

3. Long term debt to equity ratio  = Long term debt ÷ Total equity  

= $45,800 ÷ $120,000    

= 0.38 times  

4. Total market value = Number of shares outstanding × Market price per share

= 16,000 shares  × $22    

= $352,000  

4 0
2 years ago
HELP!!! Marketing
Harrizon [31]

Answer:

1. ANSWER: 20,000

2. ANSWER: $400,000

3. ANSWER: $28.45

Explanation:

1. If the average price for a new disposable cell phone is $20, and the total market potential for that product is $4 million;and Topco, Inc. has a planned market share of 10 percent. Then, Topco have the potential to sell in this market 10% * $4 million / $20 = 20,000 units of the proposed cell phone.

2. The planned market share in dollars is 10% * $4 million = $400,000

3. If Atlantic Car Rental charges $29.95 per day to rent a mid-size automobile. Pacific Car Rental, Atlantic's main competitor, just reduced prices on all its car rentals. In response, Atlantic reduced its prices by 5 percent.

Now Atlantic's new cost of rental for mid-size cars is: 95% of $29.95 =  $28.45

5 0
3 years ago
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