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3 years ago

Natalia worked in an automobile plant. she lost her job when the plant relocated to another state.

Business

1 answer:

Agata [3.3K]3 years ago

6 0

Answer:

$400.65

Explanation:

Natalia's last 26 weekly salaries:

Week Salary

1 715

2 700

3 730

4 730

5 730

6 720

7 700

8 720

9 720

10 720

11 725

12 720

13 725

14 730

15 730

16 735

17 735

18 735

19 740

20 740

21 740

22 740

23 740

24 740

25 740

26 740

The total compensation for the last 26 weeks = $18,940

her average weekly salary = $18,940 / 26 = $728.46

her unemployment compensation = average weekly salary x 55% = $728.46 x 55% = $400.65

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In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when c

lara31 [8.8K]

Answer:

Deferred Tax Asset:

The amount of taxes that is paid or carried forward but not yet identified in the income statement is referred as deferred tax asset

Journal Entries:

Debit: Income Tax Expense (balancing amount) = 812,500

Debit: Deferred Tax Asset = 87,500

Credit: Income Tax Payable = 900,000

Income tax expense reduces the stockholders. equity. Hence, debit income tax expense with $812,500 .
Deferred tax asset is an asset and is increased by $87,500. Therefore, debit deferred tax asset account with $87,500.
Income tax payable increases the liability by $900,000. Therefore, credit Income tax payable account with $900.000.

Working note:

Determine the amount of deferred tax asset.

Deferred tax asset = Rent collected in 2021 × Enacted tax rate

Deferred tax asset = $350,000 × 25%

Deferred tax asset = $87,500

Determine the amount of income tax expense.

Income tax expense = Income tax payable — Deferred tax asset

Income tax expense = $900,000 = $87,500

Income tax expense = $812,500

5 0

3 years ago

What is the simple interest earned on $2200 at a 4.6% interest rate for 3 years? Round your answer to the nearest cent

Vlad1618 [11]

It would be $303.60 simple interest earned

5 0

3 years ago

A salaried employee receives an annual salary of $40,000. There are 26 pay

Rina8888 [55]

Answer:

B. $1,738.46

Explanation:

Gross pay is the regular pay plus bonuses, allowances, and commissions.

In this case, the regular pay will be $40,000 divide by 26 pay periods.

=$40,000/ 26

=$1,538. 46

Gross pay = $1,538. 46 + $200 bonus

=$1,738. 46

8 0

3 years ago

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transa

harkovskaia [24]

Answer:

See explanation section

Explanation:

Cash Net Income

a) Purchased $100 of supplies for cash -$100 No Effect

Note: Purchasing supplies will reduce cash that is an asset and on the other hand, supplies is also an asset which will increase due to purchase. Therefore, no effect on net income.

b) Recorded an adjusting entry to record No Effect -$20

use of $40 of the above supplies.

Note: Using of supplies means supplies will reduce. That means asset will reduce. On the other hand, an expense, that is, supplies expense will increase that leads to the decrease on net income.

c) Made sales of $1,300, all on account. No Effect $1,300

Note: Sales on accounts will affect the net income directly but as the company does not receive cash, there is no effect on cash.

d) Received $800 from customers in $800 No Effect

payment of their accounts

Note: Receive cash will affect the cash, $800. As accounts receivable decreases, there is no effect on net income.

e) Purchased equipment for cash, $2,500 -$2,500 No Effect

Note: Purchasing equipment will reduce cash that is an asset and on the other hand, equipment is also an asset which will increase due to purchase. Therefore, no effect on net income.

f) Recorded depreciation of building for No Effect -$600

period used, $600

Note: Depreciation of building is an expense, therefore, net income will decrease. As depreciation expense is a non-cash account, no effect on cash.

4 0

3 years ago

Warren Company began the accounting period with a $38,000 debit balance in its accounts receivable account. During the accountin

Rudiy27

Answer:

c. $107,000

Explanation:

We can calculate cash collected from the customers by following calculations

Accounts receivable op balance $38,000

Add : Sales on account during year $88,000

Less Closing Balance on Receivables - $19,000

Cash Collected from Customers $107,000

This is the net amount collected on behalf of customers while $19,000 is still recoverable in consequent accounting cycle.

Hope that helps.

5 0

4 years ago