Harold is part of a human resources team researching a cafeteria benefits program for his company. Harold is part of a temporary, self-managed, cross-functional team. The statement is true.
What is research?Research refers to deep investigations of the data and information available to provide credentials with facts and figures to provide results that will utilize for the new research.
The Functions of the Human Resource department include the hiring and onboarding of a candidate in an organization. It also includes their training and development as well as performance appraisal by examining their performance in the organization.
The function of a cross-functional team is handling different working in different departments for a certain period of time, in this case, Harold is doing the same, working for the research department for a fixed project and then coming back to the HR department.
Therefore, the statement is True.
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Knowledge Check 01 Transactions that result in significant investing and financing activities but that do not involve cash are reported either directly after the statement of cash flows or in a note to the financial statements. Group startsTrue or False
It is TRUE that the significant non-cash investing and financing activities transactions, which cannot be reported in the statement of cash flows, are reported after the statement or in a separate note to the financial statements.
Some of the significant non-cash investing and financing activities include the issuance of stock for long-term assets or debt retirement and purchasing long-term assets with long-term notes payable.
Thus, these significant non-cash investing and financing activities cannot be reported in the statement of cash flows but require separate disclosure.
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You are replacing a team’s leader and have noticed a number of team norms. If you are wondering how certain behaviors got established as acceptable, you should inquire about:
CHECK ALL THAT APPLY
- What behaviors research has shown are most productive for teams
- Patterns of behavior that were laid down during the forming stage, when the team was just starting out
- Explicit statements that influential people have made about what behaviors are good and bad
- Critical events in the team’s history that reinforced certain behaviors
Answer:
✘ What behaviors research has shown are most productive for teams
✔ Patterns of behavior that were laid down during the forming stage, when the team was just starting out
✔ Explicit statements that influential people have made about what behaviors are good and bad
✔ Critical events in the team’s history that reinforced certain behaviors
You should inquire about Patterns of behavior that were laid down during the forming stage, when the team was just starting out, Explicit statements that influential people have made about what behaviors are good and bad, and Critical events in the team’s history that reinforced certain behaviors. Thus, option B, C and D are correct.
What are patterns of behavior?Chains of behavior is another name for behavior patterns, emphasizing its structure as a complex connection of simpler behavioral segments. They could be created through operant conditioning using different segments presented in the right sequence. referred to as a behavioral pattern.
Some actions can be picked up through experience. Any person can be conditioned to act a certain way, regardless of background. This can start as early as infancy. For instance, if you were raised in a home where someone struggles with anxiety, you may have picked up on coping mechanisms or ways of handling situations that are similar. This may thus create the appearance that you suffer from anxiety yourself, but this is not the case.
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Henderson Company has fixed costs of $35,000 and a contribution margin ratio of 25%. If expected sales are $200,000, what is the margin of safety as a percent of sales
Answer:
30%
Explanation:
As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000. Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjustment for the investment’s fair value, if appropriate. 2. Assume significant influence was acquired.
Required:
Record the transactions from the purchase through the end of the year, including any adjustment for the investment’s fair value, if appropriate.
The appropriate journal entry to record the transactions from the purchase through the end of the year, including any adjustment for the investment are:
1. Journal entries
1. Debit Investment in Midlin common shares $360,000
Credit Cash $360,000
(To record investment in Midlin common shares)
2. No journal entry required
3. Debit Cash $15,000
($300,000×$0.25×20%)
Credit Investment revenue $15,000
(To record dividend received)
4. Debit Fair value adjustment $15,000
Credit Net unrealized holding gains and losses- OCI $15,000
($375,000-$360,000)
(To record fair value adjustment)
2. Journal entries
1. Debit Investment in Midlin common shares $360,000
Credit Cash $360,000
(To record investment in Midlin common shares)
2. Debit Investment in Midlin common shares $27,000
Credit Investment revenue $27,000
($135,000×20%)
(To record investment revenue)
3. Debit Cash $15,000
($300,000×$0.25×20%)
Credit Investment revenue $15,000
(To record dividend received)
4. No journal entry required
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a. According to the Coase theorem, private parties can negotiate to an efficient solution in the presence of externalities if the _______________ relatively low.
b. Suppose Jeremy, Francis, and Andrew are part of Mu Epsilon Nu, a college fraternity known for its very loud, rambunctious weekend parties. The parties annoy many of the residents in nearby apartment complexes due to the loud music and blaring neon lights. This is an example of :
According to the Coase theorem, private parties can negotiate an efficient solution in the presence of externalities if the transaction costs are relatively low.
When Jeremy, Francis, and Andrew are part of Mu Epsilon Nu, a college fraternity known for its very loud, rambunctious weekend parties and the parties annoy many of the residents in nearby apartment complexes due to the loud music and blaring neon lights, it illustrates an example of an external cost.
An external cost simply means the cost that is incurred by an individual or firm as a result of the economic transactions of another entity.
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Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as they are initially cut or to process them further into filet mignon and the New York cut.
If the T-bone steaks are sold as initially cut, the company figures that a 1-pound T-bone steak would yield the following profit:
Selling price ($2.40 per pound) $ 2.40
Less joint costs incurred up to the split-off point where
T-bone steak can be identified as a separate product 1.60
Profit per pound $ 0.80
If the company were to further process the T-bone steaks, then cutting one side of a T-bone steak provides the filet mignon and cutting the other side provides the New York cut. One 16-ounce T-bone steak cut in this way will yield one 6-ounce filet mignon and one 8-ounce New York cut; the remaining ounces are waste. It costs $0.19 to further process one T-bone steak into the filet mignon and New York cuts. The filet mignon can be sold for $3.60 per pound, and the New York cut can be sold for $3.30 per pound.
Required:
1. What is the financial advantage (disadvantage) of further processing one T-bone steak into filet mignon and New York cut steaks?
2. Would you recommend that the T-bone steaks be sold as initially cut or processed further?
1. The Lone Star Meat Packers' financial advantage of further processing one T-bone steak into Filet Mignon and New York cut steaks is $0.41 per pound.
Data and Calculations:
Selling price per pound of T-bone steaks = $2.40
Split-off costs = $1.60
Profit per pound =$0.80 ($2.40 - $1.60)
6-ounce filet mignon = 0.375 pounds (6/16)
8-ounce New York cut = 0.5 pounds (8/16)
Further processing costs = $0.19
New sales prices after further processing:
Filet Mignon = $1.35 ($3.60 x 0.375)
New York cuts = $1.65 ($3.30 x 0.5)
Total price per pound = $3.00
Total cost after further processing = $1.79 ($1.60 + $0.19)
Profit per pound after further processing = $1.21 ($3.00 - $1.79)
Financial advantage from further processing = $0.41 ($1.21 - $0.80)
Thus, the financial advantage of further processing one T-bone steak into Filet Mignon and New York cut steaks is $0.41 per pound.
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A partnership began its first year of operations with the following capital balances: Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was the balance in Thurman's Capital account at the end of the second year
From the information given, the balance that will be in the capital account of Thurman at the end of the second year will be $132860.
The partners account at the end of the second year for Thurman will be calculated thus:
Beginning capital = $126100Add: Net income = $19760Less: Drawings = $13000Ending capital = $132860Therefore, the balance in the account will be $132860.
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Discussion Questions
15-1. This chapter discusses four important issues
that will shape compensation professionals?
work for years to come. Which one of these
issues stands to create the greatest uncertainty
for compensation professionals? Explain
your answer.
The question is about the Compensation of professionals and its issues.
The most important issue out of the four discussed is the workforce diversity, this creates a great uncertainty in compensating the professionals.
Diversity in professionals create an environment where a group of people are working more and hard while the other group of people does not work much hours but still the compensation is on a similar level and sometimes when this compensation is varied with the group it is highly regarded as the inequality.
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Mars Mission Inc. is a regulated publicly held corporation. Under the Securities Act of 1934, Mars is required to a. engage in market surveillance to deter undesirable practices. b. disclose information about its organization and financial situation. c. contribute to the operations of national stock exchanges. d. all of the choices.
Mars Mission Inc. which us a regulated publicly held corporation, were required to B: disclose information about its organization and financial situation. Under the Securities Act of 1934.
The Securities Exchange Act of 1934 was set up to oversee securities transactions that are related to secondary market.And to ensure greater financial transparency and accuracy and this is what is expected from Mars Mission Inc which is under this act.Therefore, option B is correct.
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executive Summary in cooperatives
Answer:
In recent years there has been growing interest in having fisheries stakeholders involved in various aspects of fisheries data collection and experimentation. This activity is generally known as cooperative research and may take many forms, including gear technology studies, bycatch avoidance studies, and surveys. While the process is not new, the current interest in cooperative research and the growing frequency of direct budgetary allocation for cooperative research prompted this report. Cooperative Research in the National Marine Fisheries Service addresses issues essential for the effective design and implementation of cooperative and collaborative research programs.
expound on the different forms of elasticities of supply
Answer:
The price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price. Elasticities can be usefully divided into five broad categories: perfectly elastic, elastic, perfectly inelastic, inelastic, and unitary.
Explanation:
ournalize the entries to record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected.
Answer:
Paid $436 to the state sales tax department for taxes collected
In 2018, Joshua gave $12,300 worth of XYZ stock to his son. In 2019, the XYZ shares are worth $28,800. If Joshua had not given his son the stock in 2018 and held onto it instead, how much more would his estate have been worth than if he had made the gift
Answer:
It has given that Joshua gave $15000 worth of XYZ stock to his son during 2018.
Explanation:
A share is a bit of a company or fiscal asset power shareholders are who enjoy shares in a company.
Computation for total quantum of how much more would his estate have been worth than if he had made his gift.
Since we were told that in 2018, Joshua gave the quantum of $12,300 to this son, the XYZ shares are worth the quantum of $28,800. If Joshua had not given his son the stock in 2018 then the ($28,800+$12,300) much more would his estate have been worth than if he had made the gift.
The answer is $12,300
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Which of these masking techniques is used for masking a flush-mounted part?
O Reverse masking
O Back masking
O Reverse taping
O Fine line masking
A lot of painter use different type of masking techniques. The type of masking techniques that is used for masking a flush-mounted part is Fine line masking.
Fine Line tapes are known too have thin, smooth backings that are made to create low-profile paint edges.
A painter can also have a sharp paint lines by using fine line tapes with smooth backings coated with some adhesives to stop paint edge bleed.
Scotch Fine Line 218, a type of fine line masking tape is made for straight line application, and it can be found in nine narrow widths for a number of paint striping options.
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g At the beginning of the year, Calvin paid $5,000 for 60 shares of Eddington stock. In June, he received a $300 cash distribution with respect to the stock. His Form 1099-DIV reported that $170 was an ordinary dividend and $130 was a nontaxable return of capital. Compute Calvin's tax basis in his 60 shares at year-end.
Based on the information given Calvin's tax basis in his 60 shares at year-end is $4,870.
Using this formula
Tax basis=Beginning cash-Nontaxable return of capital
Where:
Beginning cash=$5,000
Nontaxable return of capital=$130
Let plug in the formula
Tax basis=$5,000-$130
Tax basis=$4,870
Inconclusion Calvin's tax basis in his 60 shares at year-end is $4,870.
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Please answer the questions in the image. This is so frustrating....
If the lowest-paid employee earned $15,000 a year, what would the maximum salary be for the highest-paid manager under the 7-to-1 rule?
Under the 7-to-1 rule, the maximum salary that would be paid to the highest-paid manager is $105,000.
Data and Calculations:
Lowest-paid employee's annual earnings =$15,000
Maximum-Minimum Salary Rule = 7-to-1
The maximum salary paid to the highest-paid manager = $105,000 ($15,000 x 7).
Thus, the maximum salary paid to the highest-paid manager under the company's 7-to-1 rule is $105,000.
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Meg O’Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used for personal purposes for many years. Her father originally purchased the equipment for $1,860. Because the equipment is out of production and no longer available, the property is currently worth $5,250. Meg has decided to begin a new jewelry manufacturing trade or business. What is her depreciable basis for depreciating the equipment?
Answer:
1,700
Explanation:
"O’Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used ...". O’Brien has to take into consideration the factors that affect depreciation as well as the continuous rise situation of the equipment.
What is depreciation?Generally, depreciation is simply defined as owing to wear and tear, an asset's value decreases over time.
In conclusion, her depreciable basis for depreciating the equipment will be the ratio of diminishing depreciation against the price increase.
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On January 1, 2022, Austin Company received a 12-month, $100,000 note with a stated rate of 7%. On April 30, 2022, Austin discounted the note at the Houston Bank. The bank's discount rate is 8%. What are the cash proceeds from discounting the note receivable?
Answer:
$101,293
Explanation:
$100,000 face amount + $7,000 interest to maturity ($100,000 x 7%) = maturity value less the discount for the time remaining to maturity of $5,707 ($107,000 x 8% x 8/12) = $101,293
In the long run a company that produces and sells popcorn incurs total costs of $1,050 when output is 90 canisters and $1,200 when output is 120 canisters. The popcorn company exhibits a. economies of scale because total cost is rising as output rises. b. diseconomies of scale because total cost is rising as output rises. c. economies of scale because average total cost is falling as output rises. d. diseconomies of scale because average total cost is rising as output rises.
The popcorn company exhibit economies of scale because average total cost is falling as output rises.
The first step is to determine the average cost when output is 90 and 120 canisters.
Average cost = total cost / total output
average cost when output is 90 = $1050 / 90 = $11.7
average cost when output is 120 = $1200 / 120 = $10
Average cost reduced when output increases from 90 to 120. This is known as economies of scale. A firm experiences economies of scale when as output increases, average total cost reduces.
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Covan, Inc. is expected to have the following free cashflow:
Year 1 2 3 4
FCF 13 15 16 17 Grow by 4% per year
a. Covan has 66 million shares outstanding, 33 million in excess cash, and it has no debt. If its cost of capital is 13%, what should be its stock price?
b. Covan reinvests all its FCF and has no plans to add debt or change its cash holdings (it does not invest its cash holdings). If you plan to sell Covan at the beginning of year 2, what is its expected price?
c. Assume you bought Covan stock at the beginning of year 1. What is your expected return from holding Covan stock until year2?
Answer:
a
Explanation:
you add
Can anybody help explain how to address issues that hamper individuals performance.
Answer:
Not every employee performance review that comes in will be positive. Targets will be missed, employees will underperform and as a people manager, you’ll need to find a way to either improve the situation or part ways with the employee.
When it comes to the challenging task of addressing employee performance issues, the key is to focus on potential solutions, rather than problems. Here’s how.
It’s difficult to talk about poor performance with employees, but avoiding the problem will only prolong the tough discussion. Be specific and state the problem clearly so that your employee understands what’s going on. Encouraging words are okay to share, but the employee needs to walk away knowing what the problem was and how to improve.
When it comes to improving employee performance, it is worthwhile to customize your approach. You may have to deal with each employee differently to get the same results. Know what motivates your employees, when to step in softly, and when to simply be direct.
Sometimes employees are fully aware of their performance issues but are unable to improve the situation on their own. It’s important to listen to an employee’s concerns during the performance review.
what ideas do you feel the organization should have the opportunity to mandate without union involvement?
Answer:
any ideas that would improve things for the employees. if the ideas result in the deterioration of employees' well-being, safety or anything regarding the employees, the the union would get involved. the union exists for this reason.
of products found in each category.
Select the most appropriate category for each good or service listed.
1. Appliances
multiple choice 1
convenience
shopping
specialty
unsought
2. Automobile battery jumpstart services
multiple choice 2
convenience
shopping
specialty
unsought
3. Cemetery plots
multiple choice 3
convenience
shopping
specialty
unsought
4. Clothes
multiple choice 4
convenience
shopping
specialty
unsought
5. Expensive wine
multiple choice 5
convenience
shopping
specialty
unsought
6. Gas
multiple choice 6
convenience
shopping
specialty
unsought
7. Jewelry
multiple choice 7
convenience
shopping
specialty
unsought
8. Milk
multiple choice 8
convenience
shopping
specialty
unsought
The question examines categories of items. The following items are placed in the right categories as shown below.
1. Appliances: shopping
2. Automobile battery jumpstart services: specialty
3. Cemetery plots: specialty
4. Clothes: shopping
5. Expensive wine: specialty
6. Gas: shopping
7. Jewelry: specialty
8. Milk: shopping.
What are Speciality goods?
Specialty goods are goods that have very unique traits which the buyers are willing to go the extra mile to plan for and purchase.
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When you are saving money you are: A:gathering B:cutting back C:discounting D:accumulating
Answer:
accumulating?
Explanation:
On Apr. 1, you, the business owner donated the following assets to Eat Your Life Away: cash,
$20,000; accounts receivable, $14,700; food supplies, $3,300; and Kitchen Utensils, $12,000.
There were no liabilities received. On the same day, you paid three months’ rent on a lease rental
contract, $6,000. The following day, you paid the premiums on property and casualty insurance
policies, $4,200.
On April 4, you received $9,400 cash from BTL who had contracted you to supply food for its
50 employees for the month of April. As a result of this BTL contract, you purchased on the
following day additional restaurant office equipment on account from Angelus Press for $8,000.
On April 6, you received $11,700 cash from customers who were owing you from Stann Creek
on account. Because of the competition in the City amongst restaurant owners, on April 10, you
paid Amandala Newspapers $350 cash for a newspaper advertisement to announce your presence
in the city. On April 12, having received the money from your debtors in Stann Creek, you
decided to pay Angelus Press $6,400 for part of the debt incurred on April 5. On the same day,
you provided food worth $21,900 to a major political party having a convention on account for
the period April 1–12. Because of the bi-monthly payment agreement with your cook, you paid
her salary for two weeks of $1,650.
On April 17, you received cash from cash customers for foods sold during the period April 1–16,
$6,600 and you paid cash for food supplies, $725 the following day. Having established that the
political party is trustworthy, you provided additional foods on account for another rally held at
the Bliss Center for the period April 13–20, $16,800.
On April 24, you received cash from cash customers for food sold for the period April 17–24,
$4,450. On April 26, you received cash from the political party who bought food on account,
$26,500. Being another two-weeks period, you paid your cook’s two weeks’ salary of $1,650 on
April 27. You paid your telephone bill of $540 for the month of April on April 29 and BEL bill
of $760 the following day.
On the last day of the month, you received cash of $5,160 from cash customers for food sold for
the period April 25–30, supplied food on account to BTL & Digicel staff on account for the
remainder of April, $2,590. Because you had to pay for personal expenses, you withdrew
$18,000 for personal use.
Instructions
The Belize Income Tax Department wishes to conduct an audit of small businesses in Belize
and “Eat Your Life Away” was selected as one of the businesses the Tax Department
wishes to audit. Hence, it wants you to provide the following:
1. All the journal entries that you made during the month using a two-column journal and would
like you to use the following charts of accounts:
Cash Capital Accounts Receivable
Drawing Food Supplies Sales Revenue
Prepaid Rent Salary Expense Prepaid Insurance
Food Supplies Expense Kitchen Utensils Rent Expense
Accumulated Depreciation-Kitchen Utensils Depreciation Expense
Accounts Payable Insurance Expense Salaries Payable
Miscellaneous Expense Unearned Revenues
2. Post the journal to a ledger accounts.
3. Prepare an unadjusted trial balance.
Eat Your Life Away will prepare the following journal entries, post them to the ledger, and extract an unadjusted trial balance as follows:
1. Journal Entries:
Apr. 1 Debit Cash $20,000
Debit Accounts receivable $14,700
Debit Food supplies $3,300
Debit Kitchen Utensils $12,000
Credit Capital $50,000
Apr. 2 Debit Prepaid Rent $6,000
Credit Cash $6,000
Apr. 3 Debit Prepaid Insurance $4,200
Credit Cash $4,200
Apr. 4 Debit Cash $9,400
Credit Unearned Revenue $9,400
Apr. 5 Debit Kitchen Utensils $8,000
Credit Accounts Payable $8,000
Apr. 6 Debit Cash $11,700
Credit Accounts receivable $11,700
Apr. 10 Debit Advertising Expense $350
Credit Cash $350
Apr. 12 Debit Accounts Payable $6,400
Credit Cash $6,400
Apr. 12 Debit Accounts Receivable $21,900
Credit Sales Revenue $21,900
Apr. 12 Debit Salary Expense $1,650
Credit Cash $1,650
Apr. 17 Debit Cash $6,600
Credit Sales Revenue $6,600
Apr. 18 Debit Food Supplies $725
Credit Cash $725
Apr. 20 Debit Accounts Receivable $16,800
Credit Sales Revenue $16,800
Apr. 24 Debit Cash $4,450
Credit Sales Revenue $4,450
Apr. 26 Debit Cash $26,500
Credit Accounts Receivable $26,500
Apr. 27 Debit Salary Expense $1,650
Credit Cash $1,650
Apr. 28 Debit Miscellaneous Expense $540
Credit Cash $540
Apr. 29 Debit Miscellaneous Expense $760
Credit Cash $760
Apr. 30 Debit Cash $5,160
Credit Sales Revenue $5,160
Apr. 30 Debit Unearned Revenue $2,590
Credit Sales Revenue $2,590
Apr. 30 Debit Drawings $18,000
Credit Cash $18,000
2. Ledgers Accounts:
Cash
Date Account Titles Debit Credit
Apr. 1 Capital $20,000
Apr. 2 Prepaid Rent $6,000
Apr. 3 Prepaid Insurance $4,200
Apr. 4 Unearned Revenue $9,400
Apr. 6 Accounts receivable $11,700
Apr. 10 Advertising Expense $350
Apr. 12 Accounts Payable $6,400
Apr. 12 Salary Expense $1,650
Apr. 17 Sales Revenue $6,600
Apr. 18 Food Supplies $725
Apr. 24 Sales Revenue $4,450
Apr. 26 Accounts Receiv. $26,500
Apr. 27 Salary Expense $1,650
Apr. 28 Miscellaneous Expense $540
Apr. 29 Miscellaneous Expense $760
Apr. 30 Sales Revenue $5,160
Apr. 30 Drawings $18,000
Apr. 30 Balance $43,535
Totals $83,810 $83,810
Capital
Date Account Titles Debit Credit
Apr. 1 Cash $20,000
Apr. 1 Accounts receivable $14,700
Apr. 1 Food supplies $3,300
Apr. 1 Kitchen Utensils $12,000
Apr. 30 Balance $50,000
Totals $50,000 $50,000
Accounts Payable
Date Account Titles Debit Credit
Apr. 5 Kitchen Utensils $8,000
Apr. 12 Cash $6,400
Apr. 30 Balance $1,600
Totals $8,000 $8,000
Accounts Receivable
Date Account Titles Debit Credit
Apr. 1 Capital $14,700
Apr. 6 Cash $11,700
Apr. 12 Sales Revenue $21,900
Apr. 20 Sales Revenue $16,800
Apr. 26 Cash $26,500
Apr. 30 Balance $15,200
Totals $53,400 $53,400
Drawing
Date Account Titles Debit Credit
Apr. 30 Cash $18,000
Food Supplies
Date Account Titles Debit Credit
Apr. 1 Capital $3,300
Apr. 18 Cash $725
Apr. 30 Balance $4,025
Totals $4,025 $4,025
Sales Revenue
Date Account Titles Debit Credit
Apr. 12 Accounts Receivable $21,900
Apr. 17 Cash $6,600
Apr. 20 Accounts Receivable $16,800
Apr. 24 Cash $4,450
Apr. 30 Cash $5,160
Apr. 30 Unearned Revenue $2,590
Apr. 30 Balance $57,500
Totals $57,500 $57,500
Prepaid Rent
Date Account Titles Debit Credit
Apr. 2 Cash $6,000
Salary Expense
Date Account Titles Debit Credit
Apr. 12 Cash $1,650
Apr. 27 Cash $1,650
Apr. 30 Balance $3,300
Totals $3,300 $3,300
Prepaid Insurance
Date Account Titles Debit Credit
Apr. 3 Cash $4,200
Kitchen Utensils
Date Account Titles Debit Credit
Apr. 1 Capital $12,000
Apr. 5 Accounts Payable $8,000
Apr. 30 Balance $20,000
Totals $20,000 $20,000
Miscellaneous Expense
Date Account Titles Debit Credit
Apr. 10 Cash $350
Apr. 28 Cash $540
Apr. 29 Cash $760
Apr. 30 Balance $1,650
Totals $1,650 $1,650
Unearned Revenues
Date Account Titles Debit Credit
Apr. 4 Cash $9,400
Apr. 30 Sales Revenue $2,590
Apr. 30 Balance $6,810
Totals $9,400 $9,400
3. Eat Your Life Away
Unadjusted Trial Balance
As of April 30,
Date Account Titles Debit Credit
Cash $43,535
Capital $50,000
Accounts Payable 1,600
Accounts Receivable 15,200
Drawings 18,000
Food Supplies 4,025
Sales Revenue $57,500
Prepaid Rent 6,000
Salary Expense 3,300
Prepaid Insurance 4,200
Kitchen Utensils 20,000
Miscellaneous Expense 1,650
Unearned Revenue $6,810
Totals $115,910 $115,910
See the attachment for Data Analysis of Transactions.
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At the end of the first pay period of the year, Sofia earned $6,000 of salary. Withholdings from Sofia’s salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $540 of federal income taxes, $200 of medical insurance deductions, and $50 of life insurance deductions. Compute Sofia’s net pay for this first pay period. (Round your intermediate and final answers to 2 decimal places.)
A withholding tax is the amount remitted on the employees behalf by the employer.
When the salary or payroll is computed then that amount is deducted from the earned salary which gives the net salary.
Sofia’s net pay $ 4751
Sofia earned salary of $6,000
Less
FICA Social Security taxes =6.2% ×$6,000= $372
FICA Medicare taxes= 1.45% ×$6,000 = $87 ,
Federal income taxes, $540
Medical insurance deductions $200,
Life insurance deductions $50
Total Deductions: $1075
Sofia’s net pay $ 4751
The FICA , Social Security ,Federal or other taxes are deducted by the government which benefit the citizen in older age or any other difficult circumstances.
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The first step in pursuing your financial goals is_______. PLEASE HELP
Answer:
The first step towards realizing your financial goals is creating a realistic budget. A budget is simply a spending plan that is based on your expenses and income. A written plan helps you stay on track, day to day and month to month, for meeting your financial goals. For most students, debt is a part of life.
Explanation:
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The first step towards realizing our financial goals is creating a realistic budget and evaluating our current financial situation.
What is a budget?Simply put, a budget is a spending plan based on our income and outgoings. A written plan keeps you on track to meet your financial goals on a daily and monthly basis. It is a financial plan that details expected expenses and income for a specific time period.
To assist us in achieving our financial objectives, develop a financial plan. Taking inventory of what we have and considering what we need is a good place to start. Keep track of our income and expenses. We may move forward with confidence when we know how much money we can dedicate to certain objectives each month.
Therefore, a realistic budget is the first stage of the financial planning process and it can change our financial situation.
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Your grandmother has been putting $3,000 into a savings account on every birthday since your first (that is, when you turned 1). The account pays an interest rate of 4%. How much money will be in the account on your 18th birthday immediately after your grandmother makes the deposit on that birthday
Answer:
I believe the answer is 6,480,000.
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Explanation:
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