Answer:
$103,000
Explanation:
W-2 taxable income = gross salary - employee contributions to 401-K - flexible spending account savings - health insurance paid by employee
W-2 taxable income = $120,000 - $12,000 - $2,000 - $3,000 = $103,000
Form W-2 records all the employee's taxable income including wages, salary, tips, bonuses, and other taxable compensation. It also includes all the deductibles that employees can make including 401-K contributions, health premiums and flexible spending accounts.
Answer:
The gain on retirement = $4,600
Explanation:
The gain or loss on retirement = Carrying Value of the Bonds - Call price of the Bonds
The gain or loss on retirement = $111,100 - $106,500
The gain on retirement = $4,600
Note: Par value will not be taken for the calculation of the above
Answer:
From this information one can conclude that last period the variable overhead efficiency (quantity) variance was <u>unfavorable.</u>
Explanation:
The variable overhead efficiency variance measures the difference between the actual and budgeted hours worked with respect to standard variable overhead rate per hour.
Variable overhead efficiency variance can be calculated thus:
Actual labor hours less budgeted labor hours x Hourly rate for standard variable overhead
If the time it takes to manufacture a product and the time budgeted for it matches or performs well, the labor efficiency is favorable.
Variable overhead efficiency variance is deemed unfavorable when it takes the company more time than budgeted to produce. This also shows labor efficiency variance was unfavorable.
The company plays $33,500 to tear down the old buildingand $47,000 to landscapethe lot. It also pays a total of $1,540,000 in construction costs-this amount consists of $1,452,200 for the new building and $87,800 for lighting andpaving a parking areanext to the building. Prepare a single journal entry to record thesecosts incurred by Cala, all of which are paid in cash.Cost of LandPurchase price for land$280,000Purchase price for old building$110,000Demolition costs for an old building $33,500Fill and level the land$47,000Total cost of land$470,500Cost of New building and land improvementsCost of new building$1,452,200Cost of land improvements<span>$87,800</span>
