An electronics store sold a home theater system to an employee for $400, even though the retail price was $650. The gross profit percentage is 47%. Such discounts are available to all employees. How much income should be recognized by the employee from these transactions?
Q: The 2019 annual report for Anglo-American PLC, the world's leading global mining company, shows that…
A: Step 1: Calculation of Total AssetsTotal Assets = Non-current Assets + Current AssetsTotal Assets =…
Q: Please provide solution this financial accounting question
A: Step 1: Equity Equity = Equity value/(Equity value + Debt value)Equity = $8 billion/($8 billion +…
Q: General Account answer need
A: To calculate the Net Advantage of Leasing (NAL), we'll use the following steps:Compute the cost of…
Q: The following cost data relate to the manufacturing activities of Newberry Company during the just…
A: Explanation of Manufacturing Overhead Costs: These are indirect production costs that cannot be…
Q: answer
A: Approach to solving the question:Understanding and Analysis Detailed explanation: To find the total…
Q: General accounting
A: Explanation: The formula for calculating ROE using the given data will be:ROE = Equity multiplier *…
Q: please solve this question Financial accounting question
A: Step 1: Define Cost of DebtThe cost of debt is a return that is made by a firm on its debt to its…
Q: I need Solution
A: Concept of Stockholders' EquityStockholders' Equity represents the owners' residual interest in a…
Q: Can you please solve these general accounting question?
A: Step 1: Define Flows from Financing ActivitiesCash flows from financing activities include cash…
Q: What is its average payment period? General accounting
A: Understanding the RelationshipThe cash cycle, operating cycle, and average payment period are…
Q: General accounting
A: Step 1: Define Credit PolicyBusiness institutions formulate credit policies to establish rules for…
Q: All production is sold as it is produced?
A: Step 1:First, calculate the equivalent units of production: Equivalent units of production = Units…
Q: Get correct solution for this general accounting question not use ai
A: Step 1: Define Gross ProfitGross profit is the difference between net sales revenue and the cost of…
Q: True or False: A company that incurred $1,000 in production costs reported cost of goods sold of…
A: Answer: False Explanation:Let's analyze the statement step by step based on the cost of goods…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Debt to Assets RatioThe debt to assets ratio measures the proportion of total…
Q: Suppose Columbia Sportswear Company had accounts receivable of $302,580,850 at January 1, 2018, and…
A: Concept of Accounts ReceivableAccounts receivable refers to the money owed to a company by its…
Q: The total manufacturing costs incurred for the year are $278,000. The overhead cost was 62% of the…
A: Explanation of Direct Labor Cost:Direct labor cost refers to the wages paid to workers directly…
Q: Need help this question general accounting
A: a. Contribution Margin= revenues - (variable manufacturing costs + variable nonmanufacturing costs)=…
Q: Calculate net income after taxes using a 34% tax rate ??
A: Step 1: Definition of Net IncomeNet income after taxes is calculated by subtracting all expenses…
Q: What is Artisan's labor efficiency variance for October on these general accounting question?
A: Step 1: Calculation of standard direct labor hoursNumber of units produced = 8,000Time required per…
Q: How much income should be recognized?
A: Explanation of Retail Price:The retail price is the price at which a product is sold to customers,…
Q: VR Corporation makes a product whose direct labor standard are 1.3 hours per unit and $14 per hour.…
A: Explanation of Standard Time: Standard Time represents the predetermined or expected time that…
Q: Kindly help me with accounting questions
A: Step 1:First calculate the dividend income: Dividend income = Number of shares * Dividend per share…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Equivalent Units of Production (EUP)Equivalent units of production (EUP)…
Q: What is company bs net income?
A: Step 1: Definition of Net IncomeNet income represents the amount of earnings remaining after all…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Profit Margin RatioThe profit margin ratio measures how much operating income…
Q: help
A: Step 1: Given Value for Calculation Cost of Goods Sold = cogs = $695,000Gross Profit = gp = $287,000…
Q: Quick answer of this accounting questions
A: Cash Return on Assets:Cash Return on Assets = Net Cash Flows from Operating Activities / Average…
Q: A company has net income of $268,000 and total assets of $2,576,000. What is the ROA?
A: Explanation of Return on Assets (ROA):Return on Assets (ROA) is a financial metric that measures how…
Q: Revenue budget variance.
A: Explanation of Revenue Budget Variance: This is the difference between actual and budgeted revenue,…
Q: What amount must Mr. Hines include in his income for 2016?
A: Detailed explanation:Mr. Hines must include $2,100 in his income for 2016. According to IRS…
Q: The concept that states assets should be recorded at their original cost is known as the: i.…
A: Concept of Cost Principle:The cost principle states that assets should be recorded at their original…
Q: I want solution
A: Explanation of Gross Profit:Gross profit represents the profit a company earns after deducting the…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Manufacturing Cycle Efficiency (MCE)Manufacturing Cycle Efficiency (MCE)…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of the Accounting EquationThe accounting equation is:Assets=Liabilities+Owner's…
Q: Based on this information, what is the division assets turnover??
A: Step 1: Define Asset TurnoverThe ratio determines the number of times a company's sales exceeds its…
Q: Owner's equity for our company is $980,000, and total liabilities are $377,000. The company paid…
A: Step 1: Formula Total assets = Total liabilities + Total equity Step 2: Substitution Total assets =…
Q: Please provide answer this financial accounting question not use ai
A: To calculate the Return on Equity (ROE) and Return on Invested Capital (ROIC), we will use the…
Q: Accounting 21
A: Concept of FIFO (First-In, First-Out) MethodThe FIFO method is an inventory valuation technique…
Q: Please provide correct answer general Accounting
A: Step 1: Define Cash Flow StatementThe cash flow statement is drafted to analyze the inflows and…
Q: Hello.tutor please provide correct answer general Accounting
A: Step 1: Define Equivalent Units of ProductionEquivalent units of production (EUP) are a measure of…
Q: Answer this financial accounting question
A: Explanation of Profit Margin:Profit margin measures the percentage of revenue that a company retains…
Q: Financial Accounting
A: Step 1: Define WACCA company's weighted average cost of capital (WACC) is its overall financing cost…
Q: What is its average payment period?
A: Step 1: Recall the Cash Cycle formula.Cash Cycle = Operating Cycle - Average Payment Period Step 2:…
Q: General Account
A: To calculate the cost per equivalent unit of production for direct materials, follow these steps:…
Q: Please solve this question general accounting
A: Step 1: Definition of Applied Factory OverheadApplied factory overhead refers to the allocation of…
Q: Prepare its income statement for the year under variable costing..(accounting)
A: Step 1: Sales RevenueThe sales revenue is calculated as: Sales Revenue=Units…
Q: Please provide answer this accounting problem with correct calculation
A: Step 1: Cost ratio Mark up basis: Selling priceSelling price = 100% Selling price ratio = Cost ratio…
Q: Recalculate net income for all three years using variable costing. General Account.
A: Key Information RecapSelling Price per Unit: $1,700Variable Production Costs per Unit: $900Fixed…
Q: Please solve this question general accounting
A: Step 1: Define Turnover RatiosTurnover ratio are also called the efficiency ratios as they shows how…
Answer?
Step by step
Solved in 2 steps
- After evaluating the information provided by the employees of La Nueva Era bookstore: Determine the amounts that must be reported in the employees' W2.Calculate the Social Security and Medicare payment that the employer must make.Calculate the state unemployment that the employer must pay at the rate of 6% of the first $ 10,000 the employee earns.Make the entries to the wage related to the debts contracted with the different agencies in contributions by the employer. Employee Name Weekly salary Retirement payment Juan del Pueblo $1,250.00 $21.93 Ramonita Ramírez $950.00 $37.12 Brenda Montalvo $1,100.00 $88.00 Camilo Monge $590.00 $23.02 Jorge Emmanueli $860.00 $92.00 Mariel Estrada $1,020.00 $48.00 Emanuel Reyes $750.00 $25.60 Ernesto Ramírez $640.00 $26.40 Daniela Morales $1,000.00 $32.68 Ángel Carrasquillo $860.00 $68.80Mary operates a wholesale business that distributes canned food. She receives a complaint from a customer and accepts $500 worth of product back from the customer that was billed on account. The cost of the product is $300. Which of the following entries is correct? Select one: a. Dr. Sales Returns and Allowances $500, Cr. A/R $500 and Dr. Merchandise Inventory $300, Cr. COGS $300 b. Dr. A/R $500, Cr. Sales Returns and Allowances $500 c. Dr. A/R $500, Cr. Sales Returns and Allowances $500 and Dr. Merchandise Inventory $300, Cr. COGS $300 d. Dr. Sales Returns and Allowances $500, Cr. A/R $500If 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.
- Please help wiith the steps on how to calculateAnswer the question on the photo.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
- Subject - account Please help me. Thankyou.Use the information below to complete the first quarter Employee Earnings Record for Linda Morris. Linda is a sales manager and she is a salaried employee. Her social security number is 345-44-8577. The weekly pay period ended February 15, 2009. Earnings Deductions United Employee Employee Marital No. of Regular Overtime Health Way Insurance No. Name Status Allowances Morris, $789.0 121 S 1 Linda 0 Moyer, $845.0 122 M 4 $36.00 $36.00 Elizabeth 0 Nethers, $978.0 123 M 2 $78.00 $48.00 Porter 0 Russ, 124 S 0 $576.0 0 $28.00 George EARNINGS RECORD FOR QUARTER ENDED Employee No. Marital Withholding Last Name First Social Security No. Position Rate of Pay Pay Period Earnings Accumulated Earnings 2,367.00 No Ended Overtime Total Medicare Other Total Federal Social Income Security Tax Tax Regular Status Deductions Deduction $15.00 $25.00 Allowances Net PayMr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from XYZ: Description Amount Basic salary Overtime and holiday pay Transportation and cellphone allowance Reimbursement of office supplies for XYZ Reimbursement of utilities payment for XYZ P25,000 2,500 4,000 2,000 4,000 How much of the above is the gross income of Mr. Ponce? а. Р37,500 ОБ. Р33,500 О с. Р31,500 d. P27,500
- Help me fastSaleem Enterprises is a graphic design company. The accountant needs to prepare the relative journal entries to determine items related to salaries, deductions, and contributions. a) On May 31, Saleem Enterprises had gross pay for employees of $49,000. Total employee contributions to the retirement savings plan is $1,700. The appropriate deduction rates are provided. Record the entry for salaries expense on May 31. Federal income tax rate 9.00% State income tax rate 6.00% FICA 7.65% FUTA 0.60% ISUTA 5.40% Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. For transactions with more than one debit, enter the debit accounts in alphabetical order. For transactions with more than one credit, enter the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit May 31 Record salaries and deductions b) Using the data from above and assuming Saleem Enterprises contributes the same amount toward the employee retirement…Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week $ Earnings $ OASDI Tax HI Taxable Earnings $ HI Tax