Answer:
Glo-Brite Paint Company
1. Journal Entry:
Nov. 15:
Debit Withheld Taxes Liability $1,209.18
Credit Cash $1,209.18
To record the payment of withheld taxes to the Department of Revenue.
2. T-accounts:
Withheld Taxes Liability
Account Titles Debit Credit
Cash $1,209,18
Cash Account
Account Titles Debit Credit
Withheld Taxes Liability $1,209,18
Explanation:
a) Data and Calculations:
October withheld taxes = $1,209.18
b) Withheld taxes are government-mandated taxes withheld from employees for remittance directly to the tax authorities. Once they are withheld, they form a liability to the employer until remittance is made to the taxation authorities affected.
,Answer:
See below
Explanation:
A B C
Sales revenue
$70,000 $145,000 $32,000
Variable costs
($42,000) ($77,000) ($20,000)
Contribution margin
$28,000 $68,000 $12,000
Fixed costs
Operating income loss
The total operating income is
= $16,700 + $34,500 + ($950)
= $50,250
Should the fixed cost of C be eliminated, the operating income/(loss) of C
= $6,000 - $950
= $5,050
This is the net increase in the total operating income
Answer:
Most monthly streaming services cost around $50 per month slightly less
Explanation:
Answer:
$4,720 for cash and accrual method respectively
Explanation:
Under the cash method, the deduction would be
= Interest expense paid to creditor × (*number of months ÷ total number of months in a year)
= $14,160 × (4 months ÷ 12 months)
= $4,720
The 4 months is calculated from September 1 to December 31
Under the accrual method, the deduction would be
= Interest expense paid to creditor × (*number of months ÷ total number of months in a year)
= $14,160 × (4 months ÷ 12 months)
= $4,720
The 4 months is calculated from September 1 to December 31
Thus, the same deduction is allowed for both methods
The first step that you should take when you want to open a savings account is go to the bank and fill out an application form.
<h3>What is saving account?</h3>
A saving account refers to a bank account that includes a limited number of withdrawals, lack of cheque and linked debit card facilities.
The first step you should take when you want to open a savings account is go to the bank and fill out an application.
Therefore, D is the correct option.
Learn more about Saving account here:
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