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2 years ago

The following selected transactions relate to liabilities of Food Emporium whose fiscal year ends on December 31.

Business

1 answer:

Kaylis [27]2 years ago

8 0

Answer: Please see explanatory column for answer.

Explanation:

No Journal entry

Date Amount and explanation Debit Credit

Jan 26 No entry No entry

Reason: this is because even though an agreement was reached in the negotiation,no transaction took place.

Journal to record loan from City Bank

Date Amount and explanation Debit Credit

March 1 Cash $350,000

Notes payable $350,000

Journal to record payment of loan with interest from City Bank from March - September.

Date Amount and explanation Debit Credit

September 1 Notes payable $350,000

Interest Expense $14,000

Cash $364,000

calculation: Interest = PxRXT= 350,000 X 8% X 6/12= $14,000

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Sydney has inherited her grandmother's estate worth approximately $4.5 million. She is worried about paying taxes on the estate

weeeeeb [17]

Answer:

She pays the inheritance tax , while the estate is responsible for the estate tax.

Explanation:

Inheritance tax is a form of tax that every beneficiary of an inherited estate must pay. Regardless of the situation and location of the inherited property , inheritance tax is calculated individually for different beneficiary.

The estate in which a particular property is located is responsible for the estate tax. This is calculated based on the value of the property and paid by the estate management for all properties within the estate before rents are remitted to the landlords.

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2 years ago

Read 2 more answers

Tenet Engineering, Inc. operates two user divisions as separate cost objects. To determine the costs of each division, the compa

skad [1K]

Answer:

$136,190

Explanation:

The computation of computer cost allocated to Division B is shown below:-

Computer cost allocated to Division B = Computer service cost × Computer time of Division B ÷ Total computer time.

= $260,000 × 220 ÷ (200 + 220)

= $260,000 × 220 ÷ 420

= $260,000 × 0.5238

= $136,190

Therefore for computing the computer cost allocated to Division B we simply applied the above formula.

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2 years ago

PLEASE HELP

Ksivusya [100]

Jorge Rodrigues annual salary is:

$S=\$48,000$

We know that 1 year consists of 12 months, so the gross wage per month can be obtained by dividing the annual salary by 12:

$\frac{S}{m}=\frac{48,000}{12}=\$4,000$

1 year also contains 52 weeks, so the gross wage per week is obtained by dividing the annual salary by 52:

$\frac{S}{w}=\frac{48,000}{52}=\$923$

Finally, 1 year contains 26 bi-week periods, so the gross wage per bi-week period is:

$\frac{S}{b}=\frac{48,000}{26}=\$1846$

In this part, we know that Lexi's salary per month is:

$s=\$1600$

We know that 1 year consists of 12 months: therefore, the annual salary contains 12 monthly salary, so we can write

$S=ns$

where

n = 12 is the number of months

S is the annual salary

Substituting s, we find:

$S=(12)(1600)=\$19,200$

Here the Monthly salary of Ryo is

$s=\$2200$

So her annual salary is the monthly salary multiplied by 12:

$S=ns=(12)(2200)=\$26,400$

Then Ryo has been offered a raise of $250 per month, so her new salary per month will be

$s'=2200+250=\$2450$

Therefore, her new annual salary will be

$S'=ns'=(12)(2450)=\$29,400$

So, the amount that Ryo will earn more per year is:

$\Delta S=S'-S=29,400-26400=\$3000$

Being paid salary means that we are paid with a fixed regular payment, usually paid every month.

Being paid by hourly rate instead means that we are paid a fixed amount for every hour of work: therefore, the total monthly salary will depend on the number of hours of work.

Therefore, the main advantages/disadvantages are the following:

- Advantage of being paid salary: the payment is fixed, therefore it is independent on the number of hours worked - so even if one month we work less hours, we still receive the same pay

- Disadvantages: the salary is fixed and cannot be increased by working more - in fact, in the hourly payment, by working more hours it is possible to earn more.

In this problem, the amount of the check in the restaurant is

$c=\$340$

The customer decides to leave a 20% tip, which corresponds to $\frac{20}{100}$ of the amount of check.

Therefore, we can write the amount of the tip left as

$t=\frac{20}{100}c$

Simplifying, we get

$t=\frac{1}{5}c$

And by substituting c = 340, we find the tip left:

$t=\frac{1}{5}(340)=\$68$

In this problem, Sandra is paid per day.

Her pay per day is

$d=\$95$

Which means that she is paid 95 dollars per day.

In this month, Sandra has worked for

n = 22 days

Therefore her total earning for this month will be

$T=nd$

and substituting n = 22 and d = 95, we find:

$T=(22)(95)=\$2090$

First of all, we have to find the total number of pieces produced by summing the number of pieces produced each day.

For Zinke, the total number of pieces produced is:

n = 54 + 55 + 59 + 62+ 60 = 290

The price per piece produced is

p = $1.60

Therefore, the gross pay is equal to the number of pieces times the price per piece:

$P=np=(290)(1.60)=\$464$

Then we have to repeat the exercise for Bello. The total number of pieces produced is:

n = 24 + 28 + 30 + 31 + 27 = 140

The price per piece is

p = $2.80

So, the gross pay is:

$P=np=(140)(2.80)=\$392$

10)

Here the fare for the whole drive was

f = $19.30

However, Steve gave the driver a total of 20$. This means that the tip gave by Steve to the driver is

$t=20\$ - 19.30\$ = 0.70\$$

Here we are asked to determine if the tip is adequate, generous or not enough. In order to evaluate this, we have to calculate what is the tip in % with respect to the fare.

It is:

$\frac{t}{f}\cdot 100 = \frac{0.70}{19.30}\cdot 100 =3.6\%$

The tip is 3.6% of the fare: therefore, the tip is not enough (an adequate tip can be considered between 10 and 20 %).

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2 years ago

Someone who wants credentials in skilled training, but in less time than a four- year degree should consider...

Pavlova-9 [17]

Answer:

Career or technical education.

Explanation:

Someone who wants credentials in skilled training, but in less time than a four- year degree should consider Career or technical education.

A technical education course is solely based on providing skilled training which will help the student to learn the practicalities in a shorter period of time.

They are focused on a specific kind of skilled training which you can use in your career. Technical education is also known by the name of a diploma which can be completed in a period of 2 years or even in a period of months.

4 0

2 years ago

Brown Office Supplies recently reported $20,000 of sales, $8,250 of operating costs other than depreciation, and $1,750 of depre

laiz [17]

Answer:

Net earnings before taxes = $9,300

Explanation:

Provided information, we have

Sales for the period = $20,000

Less: Operating Cost = $8,250

Less: Depreciation = $1,750

Operating income = $10,000

Less: Interest = $10,000 $\times$ 7% = $700

Thus, net earnings before taxes = $9,300

Note: All the expenses including depreciation, and interest are charged before taxes.

Therefore, depreciation and interest has been deducted before charging taxes.

4 0

2 years ago