Government have been mandating deductions from both employers and employees to fund various social programs. Discuss the features of these deductions and what are their advantages and disadvantages? This is to be posted on the Discussion forum, please write it in you own words.

Q: Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest…

A: Net income means the profit earned from sale of goods or services after deducting all expenses…

Q: Excelsior Inc. began the year with capital assets of $200,000 and accumulated amortization of…

A: Gain or loss on sale of asset is the difference between sale value of asset and book value of asset.…

Q: Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for…

A: Definition: FIFO stands for First in First out. The inventory received first should be sold first.

Q: Following are the transactions and adjustments that occurred during the first year of operations at…

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: Lynn is a single mother with two children. She qualifies to file as head of household. Her total…

A: Tax liability: When the assessee is earned their income from the different kinds of sources of the…

Q: Quick Stop makes candy bars for vending machines and sells them to vendors in cases of 30 bars.…

A: Return on Investments (ROI)   Return on investment is the profit earned from an investment in any…

Q: A portion of the current assets section of the December 31, 2020, balance sheet for Carr Co. is…

A: Accounts receivable indicate the balances on accounts of customers to whom the company sold goods on…

Q: Halliford Corporation expects to have earnings this coming year of $2.64 per share. Halliford plans…

A: Stock price will be the sum of present value of all future dividends and present value of terminal…

Q: Kohl Co. provides warranties for many of its products. The January 1, 2019, balance of the Estimated…

A: Warranty Expenses is computed by multiplying the Sales amount into the Warranty provision.

Q: When computing OASDI, consider earnings and current wages and the cap. Scenario 2: Partially Exceeds…

A: The following computations are done for Jordan to calculate OASDI withholdings.

Q: What is one reason individuals and corporations contribute so generously to charitable…

A: Charitable organizations are those organizations which are not driven by profit objective and…

Q: Uncollectible Accounts-Percentage of Sales and Percentage of Recelvab At the end of the current…

A: We shall answer the first question since the exact one was not specified. Please resubmit a new…

Q: I need help

A: Differential cost analysis of two alternatives is made by taking the relevant costs of the…

Q: Suppose you observe the following situation: Security Peat Co. Re-Peat Co. Beta 1.70 .85 Expected…

A: In the given case, beta  and the expected return of each security is given .  So , the risk free…

Q: For several years Orbon Inc. has followed a policy of paying a cash dividend of $0.74 per share and…

A: Introduction: Stock dividend: When the company is short of cash for paying cash dividends then it…

Q: Use the following information for the Exercise below. (Algo) [The following information applies to…

A: ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…

Q: Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with…

A: Balance sheet: It is a statement which reports both assets and liabilities as on a particular date…

Q: 36. The following data relate to direct labor costs for the current period: Standard costs 7,200…

A: Formula: Labor time variance = (Actual hours worked - Standard hours allowed)*Standard rate per hour…

Q: Net income was $40,000; accounts receivable decreased by $10,000; inventory increased by $3,000;…

A: The cash flow statement is an essential part of the financial statements of the organization. It is…

Q: The balance sheet caption for common stock is the following: Common stock without par value,…

A: Stock shows the right of the ownership of the shareholder.

Q: The following selected amounts are available for Vaughn Manufacturing. Retained earnings $3650…

A: Option (c) is the correct answer

Q: Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce…

A: Goodwill is the excess amount paid over and above the book value of the assets in the business.

Q: Presented here are summarized data from the balance sheets and income statements of Wiper Inc.:…

A: PLEASE GIVE A LIKE, your response matters  “Since you have posted a question with multiple…

Q: (Present value of complex cash flows) How much do you have to deposit today so that beginning 11…

A:

Q: Francis Inc. has the following stockholders' equity section in its November 30, 2019, balance sheet:…

A: Common stock: It is a kind of security that owns ownership of equity in a firm or company. Common…

Q: A stock has a beta of 1.24 and an expected return of 12.2 percent. A risk-free asset currently earns…

A:

Q: I need help

A: 1. Prepare the income statement.

Q: Ryan Neal bought 1,200 shares of Ford at $15.98 per share. Assume a commission of 2% of the purchase…

A: The conceptual formula used:

Q: Exercise 2) Elmer's Electronics has the following information for the first three years of business:…

A: Calculation for net income under full costing: Particulars 2019 ($) 2020 ($) 2021($) Sales…

Q: Cowboy Ice Cream reported the following events during Year 1 of operation: 1. Acquired $15,000 cash…

A: Accounting Equation of the business says that after every transaction, total assets in the business…

Q: he following information was available for the year ended December 31, 2019: Earnings before…

A: Times interest earned ratio refers to the measure used to check whether the company is able to pay…

Q: The main purpose of buying insurance is to have financial protection in case of a loss. O eliminate…

A: The answer for main purpose of buying insurance is to have financial protection in case of loss.…

Q: Oriole Company's trial balance at December 31 shows Supplies $7,300 and Supplies Expense $0. On…

A: Adjusting entries are those journal entries which are passed at the end of the period in order to…

Q: lable from the accounting records of Spenser Co. for the year ended December 31, 2015 Selling,…

A: Gross profit = Net Sales - Cost of goods sold Operating Income = Gross profit - Selling, general and…

Q: The following information was available for the year ended December 31, 2019: $300,000 50,000…

A: Return on Investment: Return on Investment is also known as the Return on Assets Ratio. It measures…

Q: The advantage of having bills paid automatically from a checking account is that DO bill payments…

A: Recurring bills are a kind of bills for which a company charges its customers on a recurring basis…

Q: Kibble for Kats is an exempt organization with fross receipts of $585,000. If Kibble for Kats and…

A: Explanation : As per IRS, Maximum penalty for late filing of return is the smaller of $10,500 or 5…

Q: Interest rates on 4-year Treasury securities are currently 6.3%, while 6-year Treasury securities…

A: In the given question we need to compute the what 2-year securities will be yielding 4 years from…

Q: Required information [The following information applies to the questions displayed below] The Field,…

A: Liquidation seems to be the process whereby a corporation is wound up. In addition, the company's…

Q: Current Attempt in Progress On January 1, 2018, Morris Enterprises issued 9%, 5-year bonds with a…

A: Interest is calculated on face value of bond. Calculation of Interest Interest = Face value of bond…

Q: Assume a corporation has earnings before depreciation and taxes of $107,000, depreciation of…

A: Depreciation is an expense that is deducted from income statement but does not involve actual outlay…

Q: The information presented here represents selected data from the December 31, 2019, balance sheets…

A: The balance sheet is also known as the statement of financial position considered as one of the most…

Q: a. Prepare balance sheets for Rockwell Interiors as of February 29 and March 31, 20Y0. b. Determine…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: 1. Summarize total assembly department costs for April 2017, and assign them to units completed (and…

A: Cost Accounting: A type of accounting process that aims to capture a company's costs of production…

Balance of Payments

BOP is categorized into the following three components: