Answer:
Select which of the ways that entrepreneurs improve the economy is being described: As a family's basic needs are met, jobs are given to the people who help provide these needs.
new business
Explanation:
Entrepreneur improves the economy by starting a new business, they are employer of labor and improves the economy
Question Completion:
Describe the accounting treatment of Supplies Expenses.
Answer:
Supplies Expenses are debited while the Supplies account is credited with the supplies expenses.
Explanation:
This accounting treatment of Supplies Expenses reduces the balance of the Supplies account by the amount of supplies used during the period. Thus, what is left in the Supplies account is the cost of the unused supplies at the end of the accounting period. The treatment also accords with the accrual concept, which requires that expenses are matched to the revenues that they generate in the period.
Answer: 8.39%
Explanation:
Margin = Net Income/ Sales
Net income for the company including the new investment:
= 864,000 + (Sales * Contribution margin ratio - Fixed costs)
= 864,000 + (4,200,000 * 30% - 966,000)
= $1,158,000
The combined sales for the company is:
= 9,600,000 + 4,200,000
= $13,800,000
Combined margin:
= 1,158,000 / 13,800,000
= 8.39%
Answer:
Federal social insurance taxes include OASDI taxes (Social Security) and Medicare taxes. Currently. In 2012, the Social Security tax limit was $110,100, while their was no limit on Medicare.
The Social Security tax rate was temporarily reduced during 2011 and 2012 from 6.2% to 4.2%, so your Social Security tax withholdings were $4,624.20 in 2012.
Medicare taxes did not change in 2012 and were 1.45%, so your Medicare tax withholding were $1,812.50 in 2012.
Answer:
Following Journal Entries are recorded for Kingbird, Inc
Explanation:
<u>March 02</u>
Debit: Account Receivable = $954,000
Credit: Sale = $954,000
(Credit Sale is Recorded)
Debit: Cost of Good Sold = $590,000
Credit: Inventory = $590,000
(To Record Cost of merchandise Sold)
