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kari74 [83]
3 years ago
9

M Corp. has an employee benefit plan for compensated absences that gives each employee 15 paid vacation days. Vacation days can

be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days. At December 31, 2021, M's unadjusted balance of liability for compensated absences was $27,600. M estimated that there were 200 total vacation days available at December 31, 2021. M's employees earn an average of $138 per day. After recording any necessary adjustment, in its December 31, 2021, balance sheet, what amount of liability for compensated absences is M required to report
Business
1 answer:
kicyunya [14]3 years ago
3 0

Answer:

$27,600

Explanation:

Here, at the end of December 2021, M's unadjusted balance of liability towards vacation days are found to be 200 Days. And also provided that, on an average, each employee will earn $138 per day.

The amount of Liability for compensated absences in M Corporation = 200 Days * $138 per day = $27,600

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Irina-Kira [14]

The amount of net investment income tax that the taxpayer is required to pay is $231.

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<h3>What is net investment income tax?</h3>

Net Investment Income Tax are generally imposed by the Internal Revenue on entities' net investment income.

Net investment income tax = ($6,150 - $75) * 3.8%

Net investment income tax = $6,050 * 3.8%

Net investment income tax = $231

In conclusion, the amount of net investment income tax that the taxpayer is required to pay is $231.

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8 0
2 years ago
What are the two characteristics of a product or service that define quality?
Nata [24]

Answer: Design quality and process quality

Explanation: A product or service is performed through a set of actions, which define whether it is good or bad (quality). Therefore, it can be said that the quality of the product or service, comes from the ability of the organization to respond to the needs and expectations of customers satisfactorily. Designing the quality of the products is the route that the seller follows to satisfy all the needs of the client and the process used for this, which must be thorough to meet the expectations of the customers.

7 0
3 years ago
If a business had a capacity of $10,000,000 of sales, actual sales of $6,000,000, break-even sales of $4,500,000, fixed costs of
FrozenT [24]

Answer:

2000000

Explanation:

because that is what is left

5 0
3 years ago
During June, Buttrey Corporation incurred $84,000 of direct labor costs and $24,000 of indirect labor costs. The journal entry t
Natali [406]

Answer:

debit to work in process of $84,000

Explanation:

Preparation of The journal entry to record the accrual of these wages

The journal entry to record the accrual of these wages would include a: DEBIT TO WORK IN PROCESS of 84,000

Debit work in process $84,000

Credit to factory payroll $84,000

(To record the accrual of wages)

Therefore The journal entry to record the accrual of these wages would include a: debit to work in process of $84,000

3 0
3 years ago
What does the income statement determines ?
nordsb [41]

Answer:

The purpose of the income statement is to show the reader how much profit or loss an organization generated during a reporting period. This information is more valuable when income statements from several consecutive periods are grouped together, so that trends in the different revenue and expense line items can be viewed.

Explanation:

7 0
2 years ago
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