Money that you owe the Internal Revenue Service because you did not pay enough in over the year is known as a _______________

During 2020, Leisel, a single taxpayer, operates a sole proprietorship in which she materially participates. Her proprietorship

spayn [35]

Answer:

i think it is $98,602

Explanation:

6 0

2 years ago

On January 15, the end of the first pay period of the year, North Company’s employees earned $26,000 of sales salaries. Withhold

Contact [7]

Answer: Please see the explanation column

Explanation:

Journal entry to record North Company’s salaries expense and related liabilities.

Date Particulars Debit Credit

Jan, 15 Sales salaries expense $26,000

To FICA Social Security taxes

payable at 6.2% $1,612

To FICA Medicare taxes

payable at 1.45% $377

To federal income taxes payable $2,000

To employee medical insurance payable $429

To employee union dues payable $180

Sales Salaries Payable $21.402

Working :

FICA Social Security taxes = 6.2% x $26,000 = $1,612

FICA Medicare taxes = 1.45% x 26,000 = $377

Salary payable =Sales salaries expense -(FICA Social Security taxes payable + FICA Medicare taxes payable + federal income taxes payable+medical insurance payable +employee union dues payable ) = 26,000 - (1612+377+2000+429+180)=$21,402.

6 0

3 years ago

Using the glossary will not help a reader develop better reading strategies true or false

Sidana [21]

When a reader uses their resources within the book to understand the book and how it is constructed, it helpes the reader develop better reading strategies. Using the glossary lets the reader identify and find information at a quicker rate which in turn, helps develop better reading strategies. Therefor, the answer is false, because the reader does develop better reading strategies when they use the glossary.

6 0

3 years ago

Suppose that Spain and Denmark both produce jeans and olives. Spain's opportunity cost of producing a crate of olives is 3 pairs

Lyrx [107]

Answer:

b. 6 pairs of jeans per crate of olives; and

c. 4 pairs of jeans per crate of olives

Explanation:

Olives Jeans Trade off Ratio (Olives:Jeans)

Spain 1 3 1:3 or 0.33:1 (1/3 = 0.33)

Denmark 1 11 1:11 or 0.09:1 (1/11= 0.09)

Spain & Denmark have less opportunity cost & hence comparative advantage than each other, in Olive & Jeans respectively.

Spain will export Olives to Denmark (importer). Denmark will export Jeans to Spain (Importer). Trade will be gainful if they get exchange ratio better than domestic exchange ratio.

'2 jeans pairs per olive crate' not gainful trade ratio for Spain, as it is getting more i.e 3 jeans pair per olive crate at its own domestic ratio.

'13 jeans per olive' not gainful for Denmark, as 0.07 = (1/13) olive per jeans is worse than its own domestic ratio i.e 0.09 = (1/11) olive per jeans

'4 jeans pairs per olive crate' is gaining trade ratio for:

Spain: As it gets 4 i.e more than 3 pairs of jeans per olive crate
Denmark : As it gets 0.25 = (1/4) i.e more than 0.09 olive crates per pair of jeans

'6 jeans pairs per olive crate' is gaining trade ratio for:

Spain: As it gets 6 i.e more than 3 pairs of jeans per olive crate
Denmark : As it gets 0.16 = (1/6) i.e more than 0.09 olive crates per pair of jeans

Both of them are gainful trade ratios, but:

1olive:4 jeans is more gainful for Denmark, as it is gaining relatively more than domestic exchange rate (0.25 is more > 0.09 than 4 > 3).
1olive:6jeans is more gainful for Spain as it is gaining relatively more than domestic exchange rate (6 is more > 3 than 0.16 > 0.09)

3 0

3 years ago

On January 1, 2017, Ayayai Company purchased 8% bonds having a maturity value of $200,000, for $216,849.76. The bonds provide th

Eddi Din [679]

Answer:

1. 1/01/2017

Dr Bonds receivable 200,000

Dr Premium on bonds receivable 16,849.76

(216,849.76-200,000)

Cr Cash 216,849.76

2. Carrying amount of bonds

1/01/2017 216,849.76

1/01/2018 213,859.76

1/01/2019 210,691.35

1/01/2020 207,332.83

1/01/2021 203,772.8

1/01/2022 200,000

3. 31/12/2017

Dr Interest receivable 16,000

Cr Interest revenue 13,010

Cr Premium on bonds receivable 2,990

Explanation:

1. Preparation of the journal entry at the date of the bond purchase.

1/01/2017

Dr Bonds receivable 200,000

Dr Premium on bonds receivable 16,849.76

(216,849.76-200,000)

Cr Cash 216,849.76

2. Preparation of a bond amortization schedule.

Date Cash received Interest revenue Premium amortized Carrying amount of bonds

1/01/2017 216,849.76

1/01/2018 16,000 13,010 2,990 213,859.76

1/01/2019 16,000 12,831.59 3,168.41 210,691.35

1/01/2020 16,000 12,641.48 3,358.52 207,332.83

1/01/2021 16,000 12,439.97 3,560.03 203,772.8

1/01/2022 16,000 12,227.20 3,772.80 200,000

Workings;

1/01/2018

($200,000*8%)=16,000

($216,849.76*6%)=13,010

(16,000-13,010)=2,990

(216,849.76-2,990)=213,859.76

1/01/2019

($200,000*8%)=16,000

(213,859.76*6%)=12,831.59

(16,000-12,831.59)=3,168.41

(213,859.76-3,168.41)=210,691.35

1/01/2020

($200,000*8%)=16,000

(210,691.35*6%)=12,641.48

(16,000-12,641.48)=3,358.52

(210,691.35-3,358.52)=207,332.83

3.Preparation of the journal entry to record the interest revenue and the amortization on December 31, 2017.

31/12/2017

Dr Interest receivable 16,000

($200,000*8%)

Cr Interest revenue 13,010

($216,849.76*6%)

Cr Premium on bonds receivable 2,990

(16,000-13,010)

3 0

3 years ago

Money that you owe the Internal Revenue Service because you did not pay enough in over the year is known as a ________________.