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?
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- Answer?Mary 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 $500A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.
- Forman's Services is a small accounting firm that offers payroll and bookkeeping services to small businesses and individuals. A local merchant has approached Will Forman, the owner, about taking over his payroll disbursements, but is concerned about the fees Forman's normally charges. The costs and revenues at Forman's Services follow. Sales revenue Costs FORMAN'S SERVICES Annual Income Statement Labor Equipment lease Rent Supplies Owner's salary Other costs Total costs Operating profit (loss) If Forman's gets the merchant's business. It will incur an additional $31,000 in labor costs. Will also estimates that he will have to Increase equipment leases by about 10 percent, supplies by 15 percent, and other costs by 5 percent. There will be no additional rent. Required: a. What are the differential costs that would be incurred as a result of adding this new client? b. Will would normally charge about $51,000 in fees for the services the store would require. How much could he offer to…Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. Is the customer entitled to a discount?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 Pay
- Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single and claims two withholding allowances, how much would be deducted from his pay for FIT? Hint: There are two ways to determine his deduction—do not use tables for percentage method. a. Wage-bracket table $ b. Percentage methodI am having trouble figuring out how to enter the journal entries for a rebate: So the first transaction is that the company purchased office supplies for $850 on account. The next transaction says the company received a rebate for $40 on the supplies purchased. How do I write the second entry into a general journal.Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the blank 2 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Married Filing Jointly Head of Household Single or Married Filing Separately At least But less than Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding The Tentative Withholding Amount is: $380$390$400$410$420 $390$400$410$420$430…
- As you learned in the previous chapter, Olney Company is a small manufacturing firm located in Newtown, Pennsylvania. The company has a workforce of both hourly and salaried employees. In the last chapter, gross wages were computed for each employee. Adjacent to their name, each employee's gross wages are shown in the Payroll Register. The next task is computing the FICA withholding for each employee and the employer's liability. Requirements: Compute the OASDI for each employee. Compute the HI for each employee. Compute the employer FICA liability. Payroll Register Complete the steps below: Compute the OASDI for each employee. Compute the HI for each employee. Compute the totals for each tax. Note: Round your final answers to the cent. OLNEY COMPANY, INC.Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Mangino, R. $740.00 $fill…Kareem is writing and printing a check with QuickBooks for the first time. The check is for a subcontractor who did plumbing work for a contractor. What will he categorize as an indirect expense? Select an answer: the plumber's contract labor the administrative expenses involved the contractor's hourly rateOn July 29, 20Y1, Ever Green Company, a garden retailer, purchased $12,000 of seed, terms 2/10, n/30, from Fleck Seed Co. Even though the discount period had expired, Mary Jasper subtracted the discount of $240 when she processed the documents for payment on August 13, 20Y1. Is Mary committing an illegal act? Is Mary behaving in a professional manner? Mary Jasper is not behaving in a Give reasons for your answers. What choices does Fleck Seed Co. have when it processes the receipt of $11,760 for payment of the invoice?
