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laiz [17]
3 years ago
6

The Payroll records of Oregon Mist contained the following information for the month of November: Salaries $ 350,000 FICA Taxes

(including Social Security and Medicare) 21,700 Federal Unemployment Taxes 3,500 State Unemployment Taxes 1,750 The journal entry to record the monthly Payroll Tax Expense would include a: A. debit to Payroll Tax Expense of $25,200. B. credit to FICA Taxes Payable of $43,400. C. debit to Payroll Tax Expense of $48,650. D. debit to Payroll Tax Expense of $26,950.
Business
1 answer:
uysha [10]3 years ago
8 0

Answer: D. debit to Payroll Tax Expense of $26,950.

Explanation:

We should note that the payroll tax expense will consist of the federal unemployment tax, the state unemployment tax and the FICA taxes. This will then be:

= 3500 + 1750 + 21700

= 26950

Therefore, the journal entry to record the monthly Payroll Tax Expense would include debit to Payroll Tax Expense of $26,950.

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A company had sales of $699,000 and cost of goods sold of $280,000. Its gross profit equals:
alexgriva [62]

Answer:

$(419,000) is the answer

8 0
3 years ago
Data mining is an integral part of ___________________ which is the overall process of converting raw data into useful informati
bekas [8.4K]

Knowledge discovery in databases (KDD), which is the total process of transforming raw data into valuable information, includes data mining as a crucial component.

<h3>What is data mining and how it works explain?</h3>

In order to uncover patterns in company data that may be used to make better decisions, data mining is the application of a number of technologies, methods, and analytical approaches. It combines statistics, artificial intelligence, and machine learning to find patterns, correlations, and anomalies in enormous data sets.

<h3>Why is data mining useful?</h3>

The ability to find hidden patterns for one's own use is made possible by data mining software, which is incredibly helpful to enterprises. Since they are employed in data analysis and forecasting, these patterns help to improve business relationships by increasing the potential of the organization.

Learn more about data mining: brainly.com/question/17092948

#SPJ4

4 0
2 years ago
Lightfoot Inc., a software development firm, has stock outstanding as follows: 15,000 shares of cumulative preferred 4% stock, $
Nana76 [90]

Answer:

Dividend Payment per unit

Year     Common Dividend  Preferred Dividend

1.                        0                                $0.3

2.                        0                                $0.5

3.                        $0.79                        $1.6

4.                        $2.69                        $0.8

Explanation:

Dividend distributed to preferred share is based on the predetermined rate associated with these share. When the dividend is declared preferred share dividend is paid first. The remainder is distributed between the common stockholders.

Value of Preferred share = 15,000 shares x $20 par value = $300,000

Dividend on Preferred share = $300,000 x 4% = $12,000 per year = $12,000 / 15,000 = $0.8 per share

Dividend Payment

Year  Dividend Declared   Common Dividend  Preferred Dividend

1.           $4,500                              0                         $4,500

2.           $7,500                               0                        $7,500

3.           $39,010                      $15,010                     $24,000

4.           $63,110                       $51,110                      $12,000

Dividend Payment per unit

Year     Common Dividend  Preferred Dividend

1.                        0                       $4,500 / 15,000=$0.3

2.                        0                       $7,500 / 15,000=$0.5

3.    $15,010/19,000 = $0.79      $24,000 / 15,000=$1.6

4.    $51,110/19,000 = $2.69       $12,000 / 15,000=$0.8

Working

Year  Dividend Declared   Common Dividend  Preferred Dividend Balance

1.           $4,500                              0                    ( 4,500 - 12,000) = ( 7,500)

2.           $7,500                               0         (-7,500+7,500-12,000) = (12,000)

3.           $39,010                      $15,010    (-12,000+39,010-12,000) = 0

4.           $63,110                       $51,110                     (63,110-12,000) = 0

3 0
3 years ago
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for t
mixer [17]

Answer:

yes yes NO ( A  )

Explanation:

products X,Y,Z

units produced : X = 1500 , Y = 2000,  Z = 3000

per unit sales value at split-off : X = $19, Y = $21,   Z = $24

Added processing costs per unit : X = $7, Y = $7.50 , Z = $7

per unit sales value if processed further : X = $29, Y = $29, Z = $30

COST OF JOINT MATERIAL INPUT = $149000

To check for products to be processed further we apply

(unit sales value if processed further - per unit sales value at split-off ) - ( added processing cost )

for product  X = $29 - $19 - $7 = $3

for product Y = $29 - $21 - $7.5 = $0.50

for product Z = $30 - $24 - $7 = - $1  ( negative value )

products to be processed beyond the split of point would be : X Y

because Z  has a negative contribution margin

4 0
3 years ago
The inventory of Whispering Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Reali
lorasvet [3.4K]

Answer:

a.  the ending inventory is $397,887

Explanation:

The computation of the inventory by the LCNRV Method is as follows;

As we know that the inventory should be reported at lower cost or net realizable value

So according to the given situation , the inventory based on LCNRV method to each item is $397,887

Hence, the ending inventory is $397,887

For calculation kindly see the attachment below:

8 0
3 years ago
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