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Alex777 [14]
3 years ago
13

FCIA deduction consists of

Business
1 answer:
Veseljchak [2.6K]3 years ago
3 0
Unlike federal income tax, FICA tax is a percentage of each employee's taxable wages. It consists of two types of taxes: Social Security and Medicare. ... Social Security includes the old-age, survivors, and disability insurance taxes. Medicare includes hospital insurance tax.
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Empire Company is a manufacturer of smartphones. Its controller resigned in October 2017.
Helen [10]

Answer:

a. Schedule of cost of goods manufactured for October 2017.

Raw materials costs  ($264,000  + $18,000 - $29,000)   $253,000

Direct labor costs                                                                 $190,000

Depreciation on factory equipment                                      $31,000

Indirect labor cost                                                                  $28,000

Rent on factory facilities                                                        $60,000

Utilities expense $12,000  × 75%                                            $9,000

Insurance expense $8,000 × 60%                                         $4,800

Add Opening Work in process Inventory                            $20,000

Less Closing Work in process Inventory                             ($14,000)

Cost of goods manufactured                                               $581,800

b. Income statement for October 2017.

Sales Revenue                                                                     $780,000

Less Cost of Goods Sold :

Opening Finished goods Inventory                $30,000

Add Cost of goods manufactured                 $581,800

Less Closing Finished goods Inventory        ($50,000)   ($561,800)

Gross Profit                                                                           $218,200

Less Expenses :

Advertising expense                                        $90,000

Selling and administrative salaries                  $75,000

Depreciation on sales equipment                   $45,000

Utilities expense 12,000  × 25 %                        $3,000

Insurance expense 8,000 × 40 %                      $3,200   ($216,200)

Net Profit / Loss                                                                       $2,000

Explanation:

First, Prepare the cost of goods manufactured for October 2017 and include the amount in the calculation of cost of goods sold.

In the cost of goods manufactured schedule, include only the costs that are factory related.

Then, Prepare the income statement for October 2017, making sure to adjust the Utilities and Insurance expenses appropriately.

4 0
3 years ago
The use of sharp, temporary price cuts as a form of _________________ would enable traditional US automakers to discourage new c
svlad2 [7]

Answer:

The correct answer is predatory pricing.

Explanation:

When we speak of the legal right "defense of free competition", what we are referring to, in very simple words, is a field of law that seeks to safeguard that competition in the markets occurs "in good and sound fashion", this it is, without cheating, fraud or other "abusive" devices that are apt to achieve, maintain or increase the market power of those who execute them, thereby damaging the collective well-being of the economic agents participating in those markets (and not only the of the individuals directly involved in a certain transaction).

3 0
3 years ago
Read 2 more answers
Jackson Company had a net increase in cash from operating activities of $10,000 and a net decrease in cash from financing activi
zmey [24]

Answer:

A. an outflow or decrease of $1,000.

Explanation:

Ending balance of cash = Opening balance of cash + Net cash flow of the period

Ending balance of cash = Opening balance of cash + ( Cash flow from operating activities + cash flow from investing activities + cash flow from financing activities )

$11,000 = $4,000 + $10,000 + cash flow from investing activities - $2,000

$11,000 = $12,000 + cash flow from investing activities

Cash flow from investing activities = $11,000 - $12,000

Cash flow from investing activities = -$1,000

7 0
3 years ago
ritical analysis Q10 Suppose that unexpectedly rapid growth in real income abroad leads to a sharp increase in the demand for Am
mash [69]

Answer:

Output and employment will increase exerting modest upward pressure on the price level.      

Explanation

In simple words, the increased demands for the good would work as an incentive for the producer to produce more and they can also lower their cost of production by producing in mass which will further lead to economies of scale.

More production means more requirement of workers which will eventually lead to more employment opportunities in the country. However, this increase   would lead to modest increase in prices due to more purchaser power in the country.

4 0
3 years ago
Nathan has been unable to trust banks since the failure of his savings and loan bank. He claims that storing his hard-earned mon
Lerok [7]

Answer:

Nathan's contention is wrong.

Explanation:

Storage of money at home involves the opportunity cost of losing out on income that would've been generated had the same money been invested elsewhere or deposited with a bank.

Secondly, money stored at home is vulnerable to theft and other forms of risks.

Thirdly, stored money at home does not contribute to any economic benefit since such money is out of circular flow of money in the economy. So it yields no return.

Thus, Nathan's contention of stored money at home being costless is wrong.

4 0
3 years ago
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