Please Give me the Answer of Accounting Question An electronics store sold a home theater system toan employee for $300, even though the retail pricewas $500. The gross profit percentage is 40%. Suchdiscounts are available to all employees. How muchincome should be recognized by the employee fromthese transactions?A) $0B) $100C) $120D) $200

Step 1: Introduction to the Discount AllowanceA discount allowance is a part of the pricing strategy…

Answered: An electronics store sold a home…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 11DQ

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An employee who earned a salary of $4,000 per month was startled at how low his net pay was. The Payroll Department provided the following information: CPP: $100 each (employee and employer EI: $80 re employee. $112 re emplyer Income tax $750 Union dues $50 Charitable donation $25 Vacation pay accrued $240 Calculate the employee’s net pay. Select answer from the options below $2,783 $2,995 $2,775 $2,543
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Rico Musgrove is an 18-year-old worker in the receiving department of Trynix Incorporated in Saint Paul, Minnesota. He notices that he received $170.00 gross pay for 40 hours of work on his first paycheck. Did his employer pay him correctly? F2 Multiple Choice # 3 E D AN 24 C Yes F3 No Insufficient Information to decide. 8.0 $ 4 R F F4 V m tv % 5 T G O F5 ! 8 DII F8 M 9 K DD F9 O < A O A F10 L P F11 L + F12 = command option
If an employee takes a customer to lunch and discusses business, can the employee deduct the cost of a meal? Explain. C O A. Employees can no longer deduct any portion of the cost of meals and entertainment. O B. Employees can deduct 50% of the entire cost. O C. Employees can deduct 50% of their own meals and entertainment that are business related but none of the cost of the customer's meal. O D. Employees can deduct 50% of their own meals and entertainment that are business related as well as 100% of the cost of the customer's meal.
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. نفة C. Gross Pay through Gross Pay for August 31 $ 5,200 2,700 132,100 September $ 2,400 2,800 8,700 Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. a) ✓ Answer is complete but not entirely correct. September Tax Earnings Subject Tax Rate Tax Amount to Tax FICA-Social $ 2,400.00 6.20% $ 148.80 Security FICA-Medicare 2,400.00✓ 1.45% 34.80 FUTA 1,800.00 0.60% 10.80 SUTA 1,800.00 5.40% 97.20 b) September Tax Earnings Subject Tax Rate Tax Amount to Tax FICA-Social $ 2,800.00 6.20% $ 173.60 Security FICA-Medicare 2,800.00…
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Q3. Joe's Tax Service prepares tax returns for low-to middle-income taxpayers. Its service operates January 2 through April 15 at a counter in a local grocery store. All jobs are classified into one of three categories: standard, multiform, and complex. Following is information for last year. Also, last year, the fixed cost of rent, utilities, and so forth were $50,000. Standard Multiform Complex Billing rate $60 $125 $250 Average variable costs (30) (75) (150) Average contribution margin $20 $50 $100 Number of returns prepared 1,750 600 350 (a.) Determine Joe's break-even dollar sales volume. Product , Weighted Selling Price , Weighted Contribution Margin Standard Multiform Complex Total Contribution margin ratio: Break-even sales volume: (b.) Determine Joe's margin of safety in sales dollars.
Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl Laborer 45 ₱50 Aileen Office Secretary 46 ₱45 Jose Laborer 50 ₱52 Jay Factory Supervisor 55 ₱48 Richmond Sales Agent 52 ₱60 Edward Laborer 48 ₱45 The following are to be deducted from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Compute the following: A. How much is the amount charged to the Work in Process account? B. How much is the amount charged to Manufacturing Overhead? C. What is the total amount charged to Selling and Administrative expenses?
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