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3 years ago

matt, a shareholder, can run for director by simply placing his name on the company's proxy statement. True or False?

1 answer:

6 0

False

Reason: A Shareholder cannot go for the director's by writing his name on the proxy Statement. Instead he has to place his name on the AGM or Annual General Meeting, where Shareholders meet, propose for their plans and Vote for The Company's Director.

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ABC Corp. received a 3-month, 8% per year, $1, 500 note receivable on December 1. The adjusting entry on December 31 will includ

stich3 [128]

Answer:

Option D is the correct answer.

d) debit to interest Receivable of $10

Explanation:

Under the accrual basis or principle of accounting, we match the revenue with the expenses and record the transactions in the period to which they relate to rather than when the cash is paid or received. This means that the interest receivable that is accrued for time period relating to this year should be recorded as a revenue in the current period and as an asset under interest receivable as it will be received in the next period.

Thus, the interest on the note relating to 1 month of December will be recorded as follows,

Interest Revenue = 1500 * 0.08 * 1/12 = 10

31 Dec 2021

Interest Receivable 10 Dr

Interest Revenue 10 Cr

7 0

3 years ago

Selected data from a February payroll register for Coronado Company are presented below. Some amounts are intentionally omitted.

dlinn [17]

Answer:

1. Overtime= $1,000

2. Gross Pay= $10,000

3. State Income Taxes = $400

4. Total Deductions= $2,483

5/ Salaries and wages expenses = $10,000 (Gross Pay)

Explanation:

The question says to find the following:

1. Overtime

2. Total

3. State Income Taxes

4. Total Deductions

5. Salaries and Wages Expense

1. Overtime

Overtime is derived after calculating the total Gross Pay (2nd question)

Total Gross Pay= Regular + Overtime

$10,000= $9,000 + Overtime

Therefore, Overtime = $10,000-$9,000

Overtime= $1,000

2. Total Gross Pay (this should be treated before the 1st which is overtime)

= Gross Pay =

= calculated as FICA tax expense /the percentage of FICA taxes

FICA tax expense = $765

% of FICA taxes = 7.65

Gross Pay= $765 / 7.65% (0.0765)

= $10,000

3. State Income Tax

The state Income Taxes is derived as follows

Gross Pay x the given percentage (4%)

State Income taxes = $10,000 x 0.04

State Income taxes = $400

4. Calculate the total deductions

Total Deductions are the sum of the following

FICA taxes + federal Income taxes + State Income taxes + Union dues

= $765+ $1,128+$400+$190

= $2,483

5. Salaries and Wages Expense

The answer to this is simply the derived total gross pay (regular + overtime) Calculated in step 2

Gross pay= salaries and wages expense= $10,000

4 0

3 years ago

Which of the following is a good conductor of electricity? A. Glass B. Plastic C. Rubber D. Wet skin

EastWind [94]

Conductors have free electrons and they conduct electrical current very easily.

Good conductors are the following materials: copper, aluminum, gold, and silver. Glass, air, plastic, rubber, and wood on the other hand are insulators .

From the given options, only wet skin (answer D) is a good conductor of electricity.

8 0

3 years ago

Read 2 more answers

Quick-as-Lightning, a delivery service, purchased a new delivery truck for $40,000 on January 1, 2019. The truck is expected to

stich3 [128]

1. $3,700

2. $8,000 and $6,400

3. $5,120

The computation of the depreciation expense for the years are shown below:

1) Straight-line method:

= (Original cost - residual value) ÷ (useful life)

= ($40,000 - $3,000) ÷ (10 years)

= ($37,000) ÷ (10 years)

= $3,700

In this method, the depreciation is same for all the remaining useful life

So for year 2019 and 2020 the same depreciation expense i.e $3,700 is charged separately for each year

(2) Double-declining balance method:

First we have to find the depreciation rate which is given below:

= One ÷ useful life

= 1 ÷ 10

= 10%

Now the rate is double So, 20%

In year 2019, the original cost is 40,000, so the depreciation is $8,000 after applying the 20% depreciation rate

And, in year 2020, the depreciation is

= ($40,000 - $8,000) × 20%

= $6,400

3) For 2021, it would be

= ($40,000 - $8,000 - $6,400) × 20%

= $5,120

Basically we applied the above formulas

To know more about Depriciation follow the link:

brainly.com/question/1203926

#SPJ4

8 0

1 year ago

What payroll deductions might change depending on the state you live in

Blizzard [7]

State and local taxes

6 0

3 years ago

matt, a shareholder, can run for director by simply placing his name on the company's proxy statement. True or False?​

matt, a shareholder, can run for director by simply placing his name on the company's proxy statement. True or False?