Answer:
$1,778
Explanation:
Mileage (12 trips x 400 miles x 0.235 per mile) $1,128
Lodging (12 trips x 50 per night max) $600
Meals ($100x0.50) $50
Dan’s qualified medical total expense for the year$1,778
$1,128+$600+$50= $1,778
Therefore the amount of Dan’s qualified medical expenses for 2012 is $1,778
<span>sales volume=(fixed cost+target profit)/benefaction per unit
=(100,000+20,000)/(100-20)
=(120,000/80)
=1500</span>
The answer is true as it is a common business for entrepreneurs as a correlation between dollars earned and hours worked.
Answer: $74,102
Explanation:
FICA Tax Payable by Employer = 1.45% × $185,000 + 7.65% × ($1,020,000 - $185000)
= $2,682.5 + $63,877.5
= $66,560
State unemployment tax = 1% × ($1,020,000 - $601,000)
= $4,190
Federal unemployment tax = 0.8% × ($1,020,000 - $601,000)
= $3,352
Payroll tax expense = FICA Tax Payable by Employer + state unemployment tax + federal unemployment tax
= $66,560 + $4,190 + $3,352
= $74,102
Answer:
Date Description Dr. Cr.
Dec 31 Sales discounts $200
Allowance for sales discounts $200
Explanation:
Expected sales discounts. $10,000 × 2% = $200
As the discount is expected and according to the accrual accounting concept the expenses accrued or expected to incurred should be recorded in the period in which revenue of that expense is recorded. Discount of 2% is expected to be availed by the customer amounting sales of $10,000. and it will be availed after year end as discount period will end after year end.
