Answer: The correct answer is "b. Debit $8, 780".
Explanation: The entry that should appear on november 15 for the remittance of the month's social security taxes is "Debit $8, 780"
Because the balance of $ 4390 in its Social Security tax payable account + the additional $ 4390 on its October 31 pay date = $ 8780.
Answer:
Find below complete question:
Janus Coat Company purchased a delivery truck on June 1 for $30,000, paying $10,000 cash and signing a 6%, 2-month note for the remaining balance. The truck is expected to depreciate $6,000 each year. Janus Coat Company prepares monthly financial statements. Instructions:
(a) Prepare the general journal entry to record the acquisition of the delivery truck on June 1st. (b) Prepare any adjusting journal entries that should be made on June 30th. (c) Show how the delivery truck will be reflected on Janus Coat Company's balance sheet on June 30th.
Dr Truck $30,000
Cr Cash $10,000
Cr notes payable $20,000
Dr depreciation expense $500
Cr accumulated depreciation $500
Dr interest expense $100
Cr interest payable $100
Balance sheet extract on 30th June"
Delivery truck $30,000
Accumulated depreciation ($500)
Net book value $29,500
Explanation:
The journal entry to record the purchase of the truck would have $30,000 debited to truck account while cash and notes payable are credited with $10,000 and $20,000 respectively.
On 30 June depreciation expense =$6000/12=$500
Interest of one month on the note payable on 30th June=$20,000*6%*1/12=$100
Answer:
<em>$42.87</em>
Explanation:
<em>From the given question, we recall the following statements.</em>
<em>The Investment in new equipment =$4,000,000
</em>
<em>
The Minimum rate of return = 16%
</em>
<em>
The Expected selling price =$45 per pager
</em>
<em>
The sales estimated =300,000
</em>
<em>
Then,</em>
<em>Cost of target = the selling price - the profit desired
</em>
<em>
The Expected return on investment =$4,000,000 x 16% =$640,000
</em>
<em>
The Estimated profit per pager =640,000/300,000 =$2.13
</em>
<em>
Therefore desired profit per pager = $2.13
</em>
<em>
Which is,</em>
<em> $45 -$2.13 =$42.87
</em>
<em>Finally, the target cost per unit of the pager =$42.87</em>
Answer:
$12,650,000.
Explanation:
Reserves is the total amount of a bank's deposit that is not given out as loans
Reserves = Deposits - outstanding loans
Required reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Required reserves = reserve requirement x deposits
0.09 x 415 million = 37.35 million
Excess reserves is the difference between reserves and required reserves
50 million - 37.35 million = 12.65 million