Answer:
Gomez Corp. Journal entry
1. 31-Jan
Dr Allowance for doubtful accounts $800
Cr Accounts receivable - C. Green $800
2. 9-Mar
Dr Accounts receivable - C. Green $300
Cr Allowance for doubtful accounts $300
3. 9-Mar
Dr Cash $300
Cr Accounts receivable - C. Green $300
Explanation:
1. On January 1 Gomez Corp was said to use the allowance method to account for uncollectibles which means we have to record the write off as uncollectibles by Debiting Allowance for doubtful accounts with $800 and Credit Accounts receivable - C. Green with the same amount.
2. On March 9, receives a payment of $300 from Green which means we have to record the accounts receivables reinstated by
Debiting Accounts receivable - C. Green with $300 and Crediting Allowance for doubtful accounts with same amount.
3. Since it receives a payment of $300 from Green on March 9 we have to record cash receipt by Debiting Cash with $300 and Crediting Accounts receivable - C. Green with $300.
PRESEdent <span>can limit the amount of time to debate a bill</span>
Benefits: you can use some money to pay for stuff you don't have. You don't have to worry about it right away.
Risks: lose track of how much you are spending compared to what you have. You can also get into serious debt without realizing it affecting your spending on things in the future.
Medicare tax is always payable on gross pay as Descibed below|
<u>Explanation</u>:
Note: 1
FICA Social security’s tax
FICA - social security tax is payable on maximum wages of $128,400.
Once an employee's year to date earnings or cumulative earnings exceed the wage base of $128,400, no additional Social Security tax isto be withheld from the employee's earnings.
So, before calculating the FICA - social security tax, we have to check whether the September earnings along with cumulative earnings until August is exceeding $128,400 or not .
If September earnings plus cumulative earnings until August is exceeding $ 128,400, then.
Social Security tax = [($128,400 minus Cumulative earnings until August) or gross salary whichever is lesser] into 6.20%. and if it is not, then
Social Security tax = Gross pay during September into 6.20%
Note 2
FICA minus Medicare tax
Medicare tax is always payable on gross pay. Medicare tax = Gross pay x 1.45%
Answer:
d. Absenteeism significantly increases costs.
Explanation:
Correlation shows how a change in the value of one variable cause a change in the value of another variable either in the same direction or opposite direction. correlation coefficient is the numerical value of the degree of correlation. the Correlation coefficients can either be -1, 1,or 0
1.0 means a perfect positive correlation and when r = -1.0 indicates a perfect negative correlation. where correlation, is zero (0), it means there is no relationship between the variables being tested.
Since correlation in this question is 0.7 which is tending towards +1, it means there is a strong or significant correlation between absenteeism and increased costs
