Answer:
Materials handling Allocation= $27.5
Explanation:
Giving the following information:
Each chair consists of 10 separate parts totaling $165 direct materials and requires 5.0 hours of machine time to produce.
Materials handling= $2.75 per part
Machining= $5.00 per machine hour
Assembling= $1.50 per part
Packaging= $3.75 per finished unit
Material Handling allocation base is: Number of parts.
Allocation= 10 parts* $2.75= $27.5
Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid
What is liability?
Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.
In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.
The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.
Find out more about liability on:brainly.com/question/17090843
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Missing options:
(A) assets. (B) liabilities. (C) salary expense. (D) revenue.
<span>The answer is C. research and content manager
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Answer:
b. Cash receipts journal.
Explanation:
When cash will be collected from customers net of discounts cash receipts journal will be used.
As at time of sale customers account will be debited and at the time when the payments will be received cash receipts journal will be debited and customer's account will be credited and accordingly, since cash is received and specific it is, General Journal will not be affected, and cash disbursements journal will also not be affected.
Also, as there are no purchases purchase journal will also not be affected, and sales journal will be affected at time of sale but not at he time of receiving payments from customers.
Thus, correct answer is
b. Cash receipts journal.
Answer:
Prepare closing entries for Wildhorse Co. on December 31, 2017
Explanation:
Sales revenue 417.650
Sales discount 15.020
Cost of goods 224.679
Selling expense 16.320
Administrative expense 38.719
Income tax expense 30.480
sales return and allowance 11.914
retained earnings 104.346
