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3 years ago

What does accounting help you achieve in an organization?

Business

1 answer:

Misha Larkins [42]3 years ago

6 0

Answer:

Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.

Explanation:

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The following are budgeted data: January February March Sales in units 15,500 21,000 18,500 Production in units 18,500 19,500 17

Igoryamba

Answer: Purchases of raw materials for February would be budgeted to be 18870 Pound.

Explanation:

Given that,

Sales in January = 15,500 units

Sales in February = 21000 units

Sales in March = 18500 units

Production in units = 18,500 19,500 17,400

Material is required for each finished unit = 1 Pound

Inventory of materials at the end of each month = 30% of the following month's production needs

From the above information,

Total material required for units in February = 19500 × 1 Pound

= 19500 Pound

Desired ending inventory = 30% of 17400 = 5220

Beginning material inventory = 30% of February production units (19500)

= 5850

Purchases of raw materials for February would be budgeted = Total material required for units in February + Desired ending inventory - Beginning material inventory

= 19500 + 5220 - 5850

= 18870 Pound

4 0

3 years ago

The method by which consumers acquire products and services

Mariulka [41]

Retailing. The method by which consumers acquire products and services.
Distribution Channel. The chain of businesses through which a good or service passes until it reaches the end consumer.
Manufacturer. Produces the products.
Wholesaler. ...
Retailer. ...
Closeout stores. ...
Convenience Stores. ...
Department stores.

7 0

3 years ago

Reading from left to right, which list shows the tax types that proportionally increase with a rise in income?

Murrr4er [49]

Answer:

Regressive, proportional, progressive

Explanation:

There are three main tax categories: regressive, proportional, and progressive.

Regressive Tax

Regressive taxes are type f tax accessed as a percentage of the value of an asset purchased or possessed. Under this system, low-income earners tend to pay a higher amount compared to high income earners because it has no correlation with what the taxpayer earns or their income level.

Proportional Tax

In a proportional tax system, everyone irrespective of their income pay the same rate. This tax system affects everyone equally.

Progressive Tax

A progressive tax has it name implies is progressive in nature.The tax rate increases as the income level of the tax payer increases. Therefore high-income earning individuals pay more than low-income earning individuals

3 0

3 years ago

A man wants to set up a 529 college savings account for his granddaughter. How much would he need to deposit each year into the

jolli1 [7]

Answer:

Annual deposit= $1,621.26

Explanation:

Giving the following information:

FV= $50,000

Number of years= 17

Interest rate= 5%

To calculate the annual deposit required to reach the objective, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (50,000*0.07) / [(1.07^17)-1]

A= $1,621.26

8 0

3 years ago

The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total s

olasank [31]

Answer:

Dr Payroll Tax Expense $18,670

Cr Social Security Taxes Payable $13,200

Cr Medicare Taxes Payable $3,300

Cr State Unemployment Payable $280

Cr Federal Unemployment Payable $1,890

Explanation:

Preparation of the journal entry to record the payroll tax expense for the period

December 31

Dr Payroll Tax Expense $18,670

($13,200+$3,300+$280+$1,890)

Cr Social Security Taxes Payable $13,200

Cr Medicare Taxes Payable $3,300

Cr State Unemployment Payable $280

($35,000 x 0.8% = $280)

Cr Federal Unemployment Payable $1,890

($35,000 x 5.4% = $1,890)

(Record Payroll Taxes for the pay period)

8 0

4 years ago