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3 years ago

Which three activities are part of the function of accounting?

Business

1 answer:

IgorC [24]3 years ago

4 0

The 3 activities which are part of the function of accounting includes:

Classifying financial transactions
interpreting financial transactions
Recording financial transactions

Accounting (including bookkeeping) refers to the process of recording, preparing, analyzing and interpreting financial information or statements for future purpose.

As regards the options, 3 activities which are part of the function of accounting includes:

Classifying financial transactions
interpreting financial transactions
Recording financial transactions

In conclusion, the process of accounting helps to identifies, records, classifies and communicate the company's economic events to interested users.

Missing word includes "1. prioritizing financial transactions 2. classifying financial transactions 3. planning financial transactions 4. interpreting financial transactions 5. recording financial transactions"

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Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll inform

alekssr [168]

Answer:

Gross pay:

consultant $4,000
computer programmer $3,300
administrator $2,800

Net pay:

consultant $2,767.98
computer programmer $2,295.48
administrator $1,993.98

Explanation:

regular earnings overtime withholding

allowances

Consultant $4,000 per week N/A 2

Computer programmer $60 per hour 1.5 1

Administrator $50 per hour 2 2

computer programmer worked 50 hours = ($60 x 40) + ($60 x 10 x 1.5) = $3,300

administrator worked 48 hours = ($50 x 40) + ($50 x 8 x 2) = $2,800

Social security taxes:

Consultant = 6% x $4,000 = $240
Computer programmer = 6% x $3,300 = $198
Administrator = 6% x $2,800 = $168

Medicare taxes:

Consultant = 1.5% x $4,000 = $60
Computer programmer = 1.5% x $3,300 = $49.50
Administrator = 1.5% x $2,800 = $42

Federal income taxes:

Consultant: amount subject to withholding = $4,000 - (2 x $75) = $3,850. Federal income taxes = $356.90 + [28% x ($3,850 - $1,796) = $932.02
Computer programmer = amount subject to withholding = $3,300 - (1 x $75) = $3,225. Federal income taxes = $356.90 + [28% x ($3,225 - $1,796) = $757.02
Administrator = amount subject to withholding = $2,800 - (2 x $75) = $2,650. Federal income taxes = $356.90 + [28% x ($2,650 - $1,796) = $596.02

Gross pay:

consultant $4,000
computer programmer $3,300
administrator $2,800

Net pay:

consultant $4,000 - ($240 + $60 + $932.02) = $2,767.98
computer programmer $3,300 - ($198 + $49.50 + $757.02) = $2,295.48
administrator $2,800 - ($168 + $42 + $596.02) = $1,993.98

6 0

3 years ago

Strait Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total

AlekseyPX

Answer:

c. $52,670

Explanation:

The computation of the fixed cost and the variable cost per hour by using high low method is shown below:

Variable cost per desk = (High cost - low cost) ÷ (Highest production - lowest production)

= ($82,700 - $63,300) ÷ (3,500 desk - 1,240 desk)

= $19,400 ÷ 2,260 desk

= $8.58

Now the fixed cost equal to

= High cost - (High production × Variable cost per desk)

= $82,700 - (3,500 desk × $8.58)

= $82,700 - $30,030

= $52,670

6 0

3 years ago

A stock with a beta of 0.8 has an expected rate of return of 12%. If the market return this year turns out to be 5 percentage po

Sunny_sXe [5.5K]

Answer:

The correct answer is: The expected rate of return for the stock would be around 7%.

Explanation:

The Beta coefficient is a numeral measure that portraits the volatility of a stock compared to the overall market performance. If a stock's beta is closed to the numerical value one (1) it implies it is highly correlated to the price movement of the overall market.

In that case, if a stock's beta is 0.8 it implies it follows the market price movements. If the stock expected rate return is 12% but the market return turns out to be 5% points below expectations, it means the stock's return would end up being around 7%.

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3 years ago

Valli Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $700000 and cred

marshall27 [118]

Answer:

Adjusting entry Valli Company will make to record the bad debts expense:

Debit Bad Debts Expense $25,000

Credit Allowance for Doubtful Account $25,000

Explanation:

Valli Company uses the percentage of sales method for recording bad debts expense. Bad debts expense is calculated by using the following formula:

Bad Debts Expense = % Estimated Bad debts × Credit Sales

In Valli, Credit sales are $2,500,000 and % estimated is 1%.

Bad Debts Expense = 1% x $2,500,000 = $25,000

The adjusting entry to record the bad debts expense will be:

Debit Bad Debts Expense $25,000

Credit Allowance for Doubtful Account $25,000

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3 years ago

What is the set of official government statistics on aggregate economic activity in production, income, investment and savings?

IrinaK [193]

What is the set of official government statistics on aggregate economic activity in production, income, investment and savings?

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3 years ago