Answer:
Dave Brown's FICA-OASDI tax for the week is $415.40; and his FICA-Medicare tax for the week is $97.15.
Explanation:
The following are given in the question:
Cumulative earnings = $90,000
Gross pay for the week = $6,700
FICA-OASDI tax rate = 6.2%
FICA-Medicare tax rate = 1.45%
Therefore, we have:
FICA-OASDI tax for the week = Gross pay for the week * FICA-OASDI tax rate = $6,700 * 6.2% = $415.40
FICA-Medicare tax for the week = Gross pay for the week * FICA-Medicare tax rate = $6,700 * 1.45% = $97.15
Therefore, Dave Brown's FICA-OASDI tax for the week is $415.40; and his FICA-Medicare tax for the week is $97.15.
Note:
The full meaning of FICA is Federal Insurance Contributions Act, and the full meaning of OASDI is Old Age Survivor and Disability Insurance.
Answer:
The journal entry that Franz would make to record payment of this note would include:
credit to Note Receivable for $5,000
credit to Interest Revenue for $25
debit to Cash for $5,025
Explanation:
Franz Co. accepted a 30-day, 6% note in the amount of $5,000 from Bria Co., on January 1.
The amount of the interest per year = 6% x $5,000 = $300
The amount of the interest per month = $300/12 = $25
On January 31, the due date of the note, Bria honors the note and pays in full. The journal entry to record the collection in Franz Co. :
Debit Cash $5,025
Credit Note Receivable $5,000
Credit Interest revenue $25
Answer:
The four basic laws of supply and demand are: If demand increases and supply remains unchanged, then it leads to higher equilibrium price and higher quantity. If demand decreases and supply remains unchanged, then it leads to lower equilibrium price and lower quantity.
Answer: Too large
Explanation:
Thw following information can be gotten from the question:
d = 50 pairs per week
S = ordering cost = $20 per order
H = holding cost = 20% × $40 = $8
n = 52 weeks
D = Annual demand = 50 × 52 = 2600
We'll then calculate the economic order quantity which will be:
= ✓2DS/H
= ✓2×2600×20/8
= ✓13000
= 114 units
Therefore, the current lot size of 235 is too large
Answer:
C) $90,000
Explanation:
Beginning PBO = Interest cost/Discount rate =
Beginning PBO = $7,200/8%
Beginning PBO = $90,000