Answer:
$174,500.
Explanation:
Budgeted sale in June would made up of the collections:
Month of sale collection
45% × June = 45% × 170,000 = 76500
Month following sale
50% × May sales = 50% × 180,000 = 90000
Second month following sales
= 5% × April sales = 5% × 160,000 = 8000
Budgeted cash collection for June
= 76,500 +90,000 +8,000
= $174,500.
Answer:
23.68%
Explanation:
The computation of the cost of not taking a cash discount is shown below:-
Cost of not taking a cash discount = [Discount percentage ÷ (100% - Disc.%)] × (360 ÷ (Final due date - Discount period))
= (2% ÷ 98%) × (360 ÷ (50 - 19))
= 2.04% × 11.61
= 23.68%
Therefore for computing the cost of not taking a cash discount we simply applied the above formula.
Answer:
From the information provided
Federal rate tax of earnings = 30000 × 0.6%
= 30000 × 0.006
= 180
State rate tax of earnings = 30000 × 5.4%
= 30000 × 0.054
= 1620
Medicare taxes = 2625
Social security taxes = 10500
Total payroll tax expenses = Medicare taxes + social security taxes + state rate tax on earnings + federal rate tax on earnings
= 10500 + 2625 + 180 +1620
= $ 14925
THUS,
JOURNAL ENTRY
___Accounts_______Debit ($)____Credit ($)
Payroll Tax Expense__ 14925
Social Security Payable___________ 10,500
Medicare Payable________________2625
FUTA Payable ___________________180
SUTA Payable ___________________1620
Answer:
A firm commitment arrangement with an investment banker occurs when an investment banker buys the securities for less than the offering price and accepts the risk of not being able to sell them.
The correct option is B.
Explanation:
A firm commitment arrangement happens when an investment banker buys the securities for less than the offering price and accepts the risk of not being able to sell them.
However, the issuer receives a little less money than the offering price but he gets a specific amount for all the security being issued. The risk rests completely on the investment banker.
Therefore, the correct option is B.
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