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2 years ago

Dewey just won a million-dollar lottery jackpot. one year from now, he is likely to be:

1 answer:

5 0

I would say that one year from now he is likely to be destitute of the one million because he will most likely give a lot of it to family and friends and also pay off debts which most likely will leave very little disposable cash for him/herself.

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Vince Lupino works for Best Supplies Company, which pays its employees time and a half for all hours worked in excess of 40 hour

ZanzabumX [31]

Answer and Explanation:

As per the given question the solution of given points is given here:-

a. Regular pay for the week = Rate of pay × Hours per week

= $12 × 40 hours

= $480.00

b. Overtime pay for the week = Rate of pay × 8 hours × 1.5 times

= $12 × 8 hours × 1.5 times

= $144.00

c. Total gross wages = (Social security withheld + Medicare tax withheld + Federal income tax withheld + Net pay)

= $38.69 + $9.05 + $54 + $522.6

= $624.00

d. Social security withheld = Total gross wages × Social security tax

= $624 × 6.2%

= $38.69

e. Medicare tax withheld = Total gross wage × Medicare tax rate

= $624 × 1.45%

= $9.05

f. Total withholding = Social security withheld + Medicare tax withheld + Federal income tax withheld

= $38.69 + $9.05 + $54

= $101.74

g. Net pay = Total gross wages - Total withholding

= $624.00 - $101.74

= $522.26

2. The Journal entry is here below:-

Wage Expense Dr, 624

To Social security taxes payable $38.69

To Medicare Tax Payable $9.05

To Federal Income Tax Payable $54

To Wages Payable $522.26

(Being the payroll is recorded)

4 0

2 years ago

DonutVille caters to its retirement population by selling over 10,000 donuts each week. To produce that many donuts weekly, Donu

nata0808 [166]

Answer:Flour should be acquired through a contract.

Explanation: Acquiring flour through a contact will be very important for DonutVille as it will ensure a follow-up and a feedback system where the manager of DonutVille establish a relationship with the company supplying the flour through one of its distributors or agents.

When purchasing of flour is achieved through a contact, it makes the contact a responsible person who will be needed to guarantee the supply of flour on time and to Communicate with the manager of DonutVille should there be any matters arising in the process getting supplies.

8 0

2 years ago

Label demand as elastic, unit elastic, or inelastic for each scenario. Use the midpoint method when applicable to calculate the

Alborosie

Answer:

The demand for signature lunchbox container is inelastic. Price elasticity of demand is -1

The demand for gasoline is inelastic. Price elasticity of demand is 0.5

The demand for bus in Austin is inelastic. Price elasticity of demand is -1.38

Explanation:

Midpoint formula for price elasticity of demand = (change in quantity demanded/average quantity demanded) ÷ (change in price/average price)

Signature lunchbox container

change in quantity demanded = 15,000 - 20,000 = -5000

average quantity demanded = (20,000 + 15,000)/2 = 35,000/2 = 17,500

-5000/17,500 = -0.286

change in price = 4 - 3 = 1

average price = 4+3/2 = 7/2 = 3.5

1/3.5 = 0.286

Price elasticity of demand = -0.286/0.286 = -1. The demand is inelastic because the price elasticity of demand is less than 1

Gasoline

Price elasticity of demand is 0.5. The demand for gasoline is inelastic because the price elasticity of demand is less than 1.

Bus in Austin

change in quantity demanded = 61,000 - 70,000 = -9,000

average quantity demanded = (70,000+61,000)/2 = 65,500

-9,000/65,500 = -0.137

change in price = 2.21 - 2 = 0.21

average price = (2+2.21)/2 = 2.105

0.21/2.105 = 0.0998

Price elasticity of demand = -0.137/0.0998 = -1.38. The demand for bus in Austin is inelastic because the price elasticity of demand is less than 1

3 0

2 years ago

Exquisite Jewelers is developing its annual financial statements for the current year. The following amounts were correct at Dec

Molodets [167]

Answer:

Complete balance sheet is given below. (Req A and B)

Asset ($)

Non-Current Asset

Investment in stock $36,000

Store equipment $67,000

Accumulated depreciation ($19,000)

Current Asset

Cash $58,000

Accounts Receivable $71,000

Merchandise inventory $154,000

Equipment held for disposal $9,000

Prepaid insurance $1,500

Total Asset $377,500

Liabilities

Non-Current Liabilities

Long-term note payable $42,000

Current Liabilities

Accounts payable $52,500

Income taxes payable $9,000

Total Liabilities $103,500

Equity

Common stock $100,000

Stock premium $10,000

Retained earnings $164,000

Total Equity $274,000

Grand total $377,500

Net book value of equipments is given below.

Store equipment $67,000

Accumulated depreciation ($19,000)

Net book Value $48,000

Net book value is the amount at which asset subject to depreciation is accounted into balance sheet. It is the value that shows future benifits that is to be derived from the asset.

5 0

2 years ago

Which of the following contributed to the creation of the Federal Reserve System? I. the bank panic of 1907 II. the Great Depres

lorasvet [3.4K]

Answer:

a. I only

Explanation:

The Federal Reserve System or FED is the central bank of the United States that was created on december 23, 1913. Prior to the bank panic in 1907, congress men were motivated for renew demands for banking and to do a currency reform.

The Great Depression that last from 1929 to 1939 and the loan crisis of the 1980´s were events that took place after the FED creation, then they could not contribute to its foundation.

7 0

2 years ago