A marketing strategy concentrates on the target market and clients' needs. As a result, choice (B) is appropriate.
What Is a Marketing Plan?An operational document known as a marketing plan describes the advertising approach that will be used by a firm to create leads and connect with its target market. A marketing strategy outlines the public relations (PR) and outreach initiatives that will be carried out over time, along with how the business will evaluate their success.
A business plan, which outlines all of the key components of a company, including its objectives, core principles, mission statement, budget, and tactics, includes a marketing strategy.
Hence, option (B) is accurate.
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Saxon Manufacturing is considering purchasing two machines. Each machine costs $9,000 and will produce cash flows as follows. Saxon Manufacturing uses the net present value method to make the decision, and it requires a 15% annual return on its investments. The present value factors of 1 at 15% are: 1 year, 0.8696; 2 years, 0.7561; 3 years, 0.6575. Which machine should Saxon purchase
Here's link[tex]^{}[/tex] to the answer:
bit.[tex]^{}[/tex]ly/3gVQKw3
How does New York's on-time payment record compare to the national rate?
New York State has a relatively high credit score or on time payment compared to the national average.
What is on time payment?Paying suppliers on the contractually stipulated due date, also referred to as the invoice maturity date, is what is meant by "on-time payment,". It also hast d with credit scores. Although the idea of on-time payment is fairly straightforward, it has been found to be one of the trickiest aspects of corporate payments.
It's important to keep in mind that credit scores can vary greatly depending on the individual, and a state's average credit score is just one factor that contributes to its overall financial health.
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Brewsky's is a chain of micro-breweries. Managers are interested in the costs of the stores and believe that the costs can be explained in large part by the number of customers patronizing the stores. Monthly data regarding customer visits and costs for the preceding year for one of the stores have been entered into the regression analysis and the analysis is as follows:
In a regression equation expressed as y = a + bx, how is the letter y best described?
a) An estimate of the total customers for the month.
b) The observed store cost for a given month
c) The estimate of the number of new customer visits for the month.
d) The proximity of the data points to the regression line.
Answer:
b) The observed store cost for a given month
Explanation:
As we know that
The regression equation should be expressed in
y = a + bx
So here the y denotes the cost of the observed store for the given month
That means it shows the total cost
So according to the given situation, the option b is correct
And, the same would be considered and relevant
Moreover, all other options would be incorrect
ADR purchases wood screws from a local representative. The local rep visits the shop once every 3 weeks (21 days). When he arrives he counts the number of boxes of wood screws in inventory and works with the inventory manager to place an order that day. The screws are shipped from a local distribution center. The average daily demand, lead time, safety stock, and on hand inventory are provided below. How many boxes of screws should ADR order
Answer: Attached below is the missing data related to your question
answer : 66 boxes
Explanation:
Determine the number of boxes of screws that ADR should order
we can determine the number of boxes by applying the relationship below
Q ( quantity of boxes ) = d ( T + L ) + SS - I ------ ( 1 )
where: d = 2 ( average daily demand )
T = 21 ( frequency of visit by local rep )
L = 4 ( lead time )
SS = 20 , I = 4
back to equation 1
Q = 2 ( 21 + 4 ) + 20 - 4
= 2 ( 25 ) + 16
= 50 + 16 = 66 boxes
"Insider" information is material given
by an employee to
A. another employee of the same business
B. the general public
C. a few non-employees in the public
Insider information, also known as interior information, refers to personal facts related to a publicly traded organisation that can furnish a financial benefit in the markets.
How do people get insider information?The SEC's Edgar database lets in free public access to all filings related to insider shopping for and promoting of stock shares. A number of monetary facts web sites offer easier-to-use databases of insider buying.
This includes Social Security Numbers, financial institution information, different non-public identifiable monetary information, and certain transactions with monetary institutions.
An insider is a director, senior officer, entity, or character that owns greater than 10% of a publicly-traded company's vote casting shares.
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https://brainly.com/question/21484893#SPJ4A flexible expense and a periodic expense are basically the same thing.
Answer:
A flexible expense is a type of business expense that can vary in amount from one period to the next.on the other hand Periodic expenses, on the other hand, are expenses that occur on a regular basis
Explanation:
A flexible expense is a type of business expense that can vary in amount from one period to the next. These expenses are typically not fixed and can be adjusted based on the needs of the business.
Periodic expenses, on the other hand, are expenses that occur on a regular basis, but not necessarily at the same intervals. These expenses may be fixed or variable in amount, and they may be related to the operation of the business or to the personal needs of the owner.
While both flexible expenses and periodic expenses can vary in amount, they are not necessarily the same thing. Flexible expenses are typically discretionary expenses that can be adjusted based on the needs of the business, while periodic expenses are more predictable and may be necessary for the operation of the business.
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Marco, Jaclyn, and Carrie formed Daxing Partnership (a calendar-year-end entity) by contributing cash 10 years ago. Each partner owns an equal interest in the partnership and has an outside basis in his/her partnership interest of $104,000. On January 1 of the current year, Marco sells his partnership interest to Ryan for a cash payment of $137,000. The partnership has the following assets and no liabilities as of the sale date:
Tax Basis FMV
Cash $ 18,000 $ 18,000
Accounts receivable 0 12,000
Inventory 69,000 81,000
Equipment 180,000 225,000
Stock investment 45,000 75,000
Totals $ 312,000 $ 411,000
The equipment was purchased for $240,000, and the partnership has taken $60,000 of depreciation. The stock was purchased seven years ago.
4.
value:
1.00 points
Required information
a. What are the hot assets [§751(a)] for this sale? (Select all that apply.)
Accounts receivable
Inventory
Stock investment
Potential depreciation recapture in the equipment
References
eBook & Resources
Difficulty: 2 MediumLearning Objective: 21-01 Determine the tax consequences to the buyer and seller of the disposition of a partnership interest, including the amount and character of gain or loss recognized.
5.
value:
1.00 points
Required information
b. What is Marco’s gain or loss on the sale of his partnership interest?
References
eBook & Resources
ProblemDifficulty: 2 MediumLearning Objective: 21-01 Determine the tax consequences to the buyer and seller of the disposition of a partnership interest, including the amount and character of gain or loss recognized.
Check my work
6.
value:
1.00 points
Required information
c. What is the character of Marco’s gain or loss?
$23,000 ordinary income and $10,000 capital gain
$10,000 ordinary income and $23,000 capital gain
$33,000 ordinary income
$33,000 capital gain
None of these
References
eBook & Resources
Difficulty: 2 MediumLearning Objective: 21-01 Determine the tax consequences to the buyer and seller of the disposition of a partnership interest, including the amount and character of gain or loss recognized.
Check my work
7.
value:
1.00 points
Required information
d. What are Ryan’s inside and outside bases in the partnership on the date of the sale?
Answer:
I have no idea
Explanation:
I apologize
a) The hot assets according to [§751(a)] for this sale are:
a. Accounts receivableb. Inventoryd. Potential depreciation recapture in the equipment.b) Marco’s gain or loss on the sale of his partnership interest is $33,000 ($137,000 - $104,000).
c) The character of Marco’s gain or loss is d. $33,000 capital gain.
d) Ryan’s inside and outside bases in the partnership on the date of the sale are $137,000 ($411,000/3).
What are hot assets in a partnership?Hot assets refer to these assets: "unrealized receivables" and "inventory items," which generate ordinary business income when sold.
The hot assets also include, in this instance, the "unrealized depreciation recapture" in the equipment of the partnership.
Data and Calculations:Tax Basis FMV
Cash $ 18,000 $ 18,000
Accounts receivable 0 12,000
Inventory 69,000 81,000
Equipment 180,000 225,000
Stock investment 45,000 75,000
Totals $ 312,000 $ 411,000
Question Completion:The equipment was purchased for $240,000, and the partnership has taken $60,000 of depreciation. The stock was purchased seven years ago.
a. What are the hot assets [§751(a)] for this sale? (Select all that apply.)
a. Accounts receivable
b. Inventory
c. Stock investment
d. Potential depreciation recapture in the equipment
b. What is Marco’s gain or loss on the sale of his partnership interest?
c. What is the character of Marco’s gain or loss?
a. $23,000 ordinary income and $10,000 capital gain
b. $10,000 ordinary income and $23,000 capital gain
c. $33,000 ordinary income
d. $33,000 capital gain
e. None of these
d. What are Ryan’s inside and outside bases in the partnership on the date of the sale?
The hot assets according to [§751(a)] for this sale are Accounts receivable, Inventory, and the potential depreciation recapture in the equipment because they generate ordinary business income when sold.
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A politician says, "We could help low-wage workers by offering them tax credits like the earned income tax credit, but it would be cheaper to do it by raising the minimum wage because that would cost the government nothing." a. What type of policy is the minimum wage? A tax expenditure An automatic stabilizer A government regulation Social insurance b. How can the minimum wage increase government spending? A higher minimum wage raises costs for businesses. A higher minimum wage decreases the amount of tax revenue collected by the government. If a higher minimum wage increases unemployment, government spending on social insurance programs will increase. The minimum wage increases the amount of tax revenue collected by the government.
Answer:
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Explanation:
The manufacturing overhead budget at Levetron Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 7,700 direct labor-hours will be required in August. The variable overhead rate is $9.20 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $143,990 per month, which includes depreciation of $25,640. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for August should be:
Answer:
$27.9
Explanation:
Labor hours × Variable manufacturing over head rate
= 7,700 × $9.2
= $70,840
We will then add fixed manufacturing overhead to the above
= $143,990 + $70,840
= $214,830
The next step is to divided the above by the direct labor hour
= $214,830 / 7,700
= $27.9
Therefore the predetermined overhead rate for August is $27.9
Delta bought equipment on 1/1/15 at a cost of $525. The equipment has a useful life of 7 years and no salvage value. The full cost of the equipment was mistakenly expensed immediately as repairs and maintenance expense.
a) Assume the error was discovered on 1/1/17. Because of the error, is net income for 2015 correct or incorrect (if incorrect, is it too high or too low and by what amount?)
b) Assume the error was discovered on 1/1/17. Because of the error, is net income for 2016 correct or incorrect (if incorrect, is it too high or too low and by what amount?)
c) Now assume, instead, that the error was caught on 1/1/18. Because of the error, are total assets on 1/1/18 correct or incorrect? (if incorrect, are they too high or too low and by what amount?)
d) Now assume that the error is not discovered until 1/1/24, are R.E. and total assets correct or incorrect on 1/1/24? (if incorrect, are they too high or too low and by what amount?)
Answer:
Delta
a) Error discovered on 1/1/17: Net income for 2015 is incorrect. The net income is too low by $525
b) Error discovered on 1/1/17: Net income for 2016 is incorrect. The net income is too high by $75.
c) Error discovered on 1/1/18: Total assets for 1/1/18 are incorrect. The assets are too low by $300 ($525 - $225)
d) Error discovered on 1/1/24: Retained earnings and total assets are correct.
Explanation:
a) Data and Analysis:
Cost of equipment on 1/1/15 = $525
Estimated useful life = 7 years
Salvage value = $0
Cost of equipment recorded as Repairs and Maintenance Expense
Acellus Businesses management
Any more ? Like intro to accounting or mastering excel?
A company is considering the purchase of a new machine for $48,000. Management predicts that the machine can produce sales of $16,000 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhead totaling $8,000 per year including depreciation of $4,000 per year. Income tax expense is $3,200 per year based on a tax rate of 40%. What is the payback period for the new machine
Answer:
The accounting rate of return is 10%
Explanation:
I hope this helps you! :D
Your credit score has no effect on the interest you might receive on loans. O True O False
Answer:
False
Explanation:
explain the two types of tertiary production
In economics, the types of tertiary production is categorized into:
Personal servicesBusiness services.What does tertiary production entails in the field?Tertiary production refers to the service sector of an economy, and it can be divided into two types:
Personal services: This type of tertiary production includes services that are directed at individuals and families, such as healthcare, education, and personal care services.Business services: This type of tertiary production includes services that are directed at businesses and organizations, such as financial services, consulting, and legal services.As well, personal services tend to be more labor-intensive and face-to-face, while business services tend to be more technology-intensive and impersonal. Both types of tertiary production are important for the functioning of an economy and the well-being of its citizens.
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Global businesses that have extended their public relations strategies worldwide should: Group of answer choices Ensure that communications with local media take place in the area's native language. Never decentralize their global public relations programs to ensure the company has "one voice." Assume that there is no anti-American sentiment in the countries where they have operations. Ignore local customs and emerging issues in the locations where they operate.
Answer:
Ensure that communications with local media take place in the area's native language.
Explanation:
Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various multinational enterprise (MNE) to produce goods and services that is used by consumers across the world.
A multinational enterprise (MNE) can be defined as any business firm that engages in the production of goods and services in two or more countries.
Generally, a multinational enterprise (MNE) has subsidiaries in other countries and as such derives a high amount of revenue outside its home country by providing goods and services that meets the need of customers through the use of advanced technology.
Some examples of a multinational enterprise (MNE) are Amazon, BNP Paribas, Alcatel-Lucent, Apple, Chevron, Casio, Disney, etc.
Hence, global businesses that have extended their public relations strategies worldwide should ensure that communications with local media take place in the area's native language. For example, a multinational enterprise that has a branch in Shanghai, China must ensure that its communication and PR strategies are done in Chinese language in order to appeal to the senses of the locals. This would go a long way to foster the relationship between the organization and the people living in Shanghai and consequently boosting the brand's image and acceptance of its goods and services.
Cameron Corp. has a target capital structure of 40% debt and 60% equity. The company's tax rate is 30% and the yield to maturity on their outstanding bonds is 12%. If their weighted average cost of capital is 9.6%, what is the company's cost of common equity
Answer:
rE = 0.104 or 10.4%
Explanation:
The WACC or weighted average cost of capital is the cost of a firm's capital structure. The capital structure can consist of one or more of the following components namely debt, preferred stock and common equity. The WACC is calculated as follows,
WACC = wD * rD * (1 - tax rate) + wP * rP + wE * rE
Where,
w represents the weight of each component r represents the cost of each component D, P and E represents debt, preferred stock and common equity rD * (1 - tax rate) is the after tax cost of debtplugging in the available values for wD, wE, tax rate, rD and WACC in the formula above, we can calculate the cost of common equity to be,
0.096 = 0.4 * 0.12 * (1 - 0.3) + 0.6 * rE
0.096 = 0.0336 + 0.6 * rE
0.096 - 0.0336 = 0.6 * rE
0.0624 / 0.6 = rE
rE = 0.104 or 10.4%
Because of inflation, the $1 you will have in the future will be worth _________. a. less than $1 you have today, b. more than $1 you have today, c. the same as $1 you have today, d. it is impossible to know the answer to the question And the answer b. more than $1 you have today is the wrong answer. I just took the test
Answer:less than it is toda
Explanation:
less than it is today. Inflation is an increase in the overall price level of goods and services in an economy over a period of time. As prices rise, the purchasing power of a dollar decreases, so a dollar in the future will be worth less than a dollar today. This is why it is important to consider inflation when planning for the future, especially when it comes to saving and investing.
Larry is studying productivity in an office, and decides to use a survey to collect data on how productive his employees are. In addition to using the survey, Larry records how many deliverable items each employee completes in a week and checks to see if productivity scores on the survey are associated with the number of deliverable items the employee completes. By doing this, what is Larry checking
Answer:
The question is incomplete, the options are missing. The options are the following:
a) Discriminant validity
b) Convergent validity
c) Internal validity
d) Criterion validity
And the correct answer is the option B: Convergent validity.
Explanation:
To begin with, the term known as "Convergent validity" refers to a concept used in the sociology and psichology and more other sciences who focus on the behaviors of the population with the primary goal of dealing with relation between two measures of constructs that should theorycally be related. So that means that the major purpose of this method is to prove how much relation there is between those two measurements that established to be close enough to be related. That is why that in this case Larry is checking the convergent validity so that he will see how much of the real productivity actually matches with the scores planned.
Wacky Wendy produces gourmet cheese in Wisconsin. Wendy has sales as follows: Wacky Wendy's Sales: State Sales Iowa $ 350,512 Michigan $ 134,589 Minnesota $ 849,142 Wisconsin $ 1,323,032 Totals $ 2,657,275 Wendy is a Wisconsin corporation and has the following operations: Wendy has income tax nexus in Iowa, Minnesota, and Wisconsin. The Michigan sales are shipped from Wisconsin (a throwback state). $100,000 of the Wisconsin sales were to the federal government. What is Wendy's Wisconsin sale numerator
Answer: $1,457,621
Explanation:
Bassee on the information given in the question, Wendy's Wisconsin sales numerator will be calculated as the addition of the value of Wisconsin's sales and Michigan Sales and this will be:
= $1,323,032 + $134,589
= $1,457,621
Therefore, Wendy's Wisconsin sales numerator is $1,457,621.
Gibbs Corporation produces industrial robots for high-precision manufacturing. The following information is given for Gibbs Corporation.
Per Unit Total
Direct materials $410
Direct labor $340
Variable manufacturing overhead $ 75
Fixed manufacturing overhead $1,708,000
Variable selling and administrative expenses$ 56
Fixed selling and administrative expenses $ 560,000
The company has a desired ROI of 22%. It has invested assets of $54,430,000. It anticipates production of 2,800 units per year.
1).Compute the cost per unit of the fixed manufacturing overhead and the fixed selling and administrative expenses.
2). Compute the desired ROI per unit. (Round answer to 0 decimal places, e.g. 125.)
3). Compute the markup percentage and target selling price using absorption-cost pricing. (Round the markup percentage to 3 decimal places, e.g. 2.250% and the target selling price to 0 decimal places, e.g. 125.)
Answer:
Gibbs Corporation
1) Fixed cost per unit
= $810
2) ROI per unit
= $4,277
3) Markup percentage = Total cost per unit
= 252-927%
3b) Target selling price, using absorption costing
= Total cost per unit plus Markup
= $5,960
Explanation:
a) Data and Calculations:
Per Unit Total
Direct materials $410
Direct labor $340
Variable manufacturing overhead $ 75
Fixed manufacturing overhead $1,708,000
Variable selling and administrative expenses $ 56
Fixed selling and administrative expenses $ 560,000
Total variable and fixed costs $881 $2,268,000
ROI = 22% = $11,974,600 ($54,430,000 * 22%)
Invested assets = $54,430,000
Estimated annual production units = 2,800
1) Fixed cost per unit = $810 ($2,268,000/2,800)
2) ROI per unit = $4,277 ($11,974,600/2,800)
3) Markup percentage = Total cost per unit = $4,277/$1,691 * 100 = 252.927%
3b) Target selling price, using absorption costing
= Total cost per unit plus Markup = $5,960 ($1,691 + $4,277)
On January 2, 2020, Oriole Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows:
January 2, 2020 $603000
September 1, 2020 1810800
December 31, 2020 1810800
March 31, 2021 1810800
September 30, 2021 1218000
Oriole Company borrowed $3300000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $13560000 in 7% bonds outstanding in 2020 and 2021. The interest capitalized for 2020 was: ___________-
a. $474600
b. $158200
c. $482340
d. $120660
Answer:
Oriole Company
The interest capitalized for 2020 was: ___________-
d. $120660
Explanation:
a) Data and Calculations:
Construction Expenditures:
Date Expenditure Weight Weighted Average
January 2, 2020 $603,000 12/12 $603,000
September 1, 2020 1,810,800 4/12 603,600
December 31, 2020 1,810,800 0/12 0
Accumulated Weighted-Average Expenditure $1,206,600
January 2, 2020 Construction Loan $3,300,000
Interest rate of construction loan = 10%
Capitalized Interest for 2020 = $1,206,600 * 10% = $120,660
2021 Expenditure:
March 31, 2021 1,810,800
September 30, 2021 1,218,000
Other outstanding debts:
7% bonds = $13,560,000
In a project schedule, which types of dependencies are most common?
Answer:
Finish to Start, finish to finish.
Explanation:
Which accounting regulations body investigates and refers fraud and insider trading cases to the SEC to prosecute?
Ο Α. Financial Industries Regulating Association
OB.
OC.
OD.
hts reserved.
American Institute of Certified Public Accountants
Government Accounting Standards Board
State Board for Accountancy
Reset
Next
Accounting regulations organization Financial Industries Regulating Association conducts investigations and refers fraud and insider trading cases to the SEC for prosecution.
What does SEC stand for?The U.S. Securities and Exchange Commission (SEC) is an independent statutory government organization tasked with safeguarding investors, preserving the fair and orderly operation of the securities markets, and promoting capital formation.
What is the SEC?The U.S. Securities and Exchange Commission (SEC) is an independent federal government regulatory body tasked with fostering capital formation, preserving the fair and orderly operation of the securities markets, and safeguarding investors. As the initial government regulator of the securities, it was established by Congress in 1934.
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Ross Martin arrived at the following tax information:Tax information:
Gross Salary. $59,045
Interest Earnings. $305
Dividend Income. $265
Stamdard deductions. $12,000
Itemized deductions. $11,450
Adjustments to Income. $2,200
What amount would Ross report as taxable income?
Answer:
$33,965
Explanation:
Calculation to determine What amount would Ross report as taxable income
Using this formula
Taxable income =Gross Salary+Dividend Income+Interest Earnings-Adjustments to Income-Itemized deductions-Standard deductions
Let plug in the formula
Taxable income = $59,045 + $265+ $305 − $2,200 − $11,450 − $12,000
Taxable income= $33,965
Therefore The amount that Ross would report as taxable income is $33,965
An airline has a marginal cost per passenger of $20 on a route from Detroit to New Orleans. At the same time, the typical fare charged is $400. The planes that fly the route are usually full, yet the airline claims it loses money on the route. This loss may occur because Choose one: A. economic profits are less than accounting profits. B. total costs are higher than the sum of fixed costs and variable costs.
Answer:
A
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
explain any 2 functions of MBBS doctor.
Answer:
Two functions of MBBS doctors are diagnosing and treating medical conditions and providing preventive care. Diagnosing and treating medical conditions involves using medical history, physical examinations, lab tests, and other diagnostic procedures to identify and treat illnesses, diseases, and injuries. Preventive care includes providing advice about healthy lifestyle choices, such as diet, exercise, and stress management, as well as providing immunizations, screenings, and other preventive measures.
Explanation:
Boulderado has come up with a new composite snowboard. Development will take Boulderado four years and cost $250,000 per year, with the first of the four equal investments payable today upon acceptance of the project. Once in production the snowboard is expected to produce annual cash flows of $200,000 each year for 10 years. Boulderado's discount rate is 10%. Calculate the IRR for the snowboard project and use it to determine the maximum deviation allowable in the cost of capital estimate that leaves the investment decision unchanged.
Answer:
a) 13.704%
b) 3.704%
Explanation:
Development of composite snowboard = 4 years
Total cost / investment = 250,000 * 4 = $1,000,000
Annual cash flows ; $200,000 for 10 years
discount rate = 10%
cash flow at t = 0 = ( Total cost / investment ) = - $1,000,000
a) calculate the IRR for the snow board
attached below is the calculation using online tool
IRR = 13.704%
b) maximum deviation allowable in cost of capital
maxi deviation = IRR - r
= 13.704% - 10% = 3.704%
Using the following information about the family’s assets and liabilities, calculate the debt ratio: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000
Based on the various assets and liabilities that the family has, the debt ratio can be calculated to be 54.1%.
How is the debt ratio calculated?The debt ratio can be calculated as:
= Total debt / Total assets
Total debts
= Credit card balance + Utility bill(Car loan (60 months) + Student loan (7 years)
Total assets
= Checking account + Savings account + Home + Car + Household items + Retirement account + Other assets
= (5,500 + 210,000 + 180,000+ 25,000) / (3,000 + 13,000 + 320,000 + 25,000 + 15,000 + 64,000 + 39,000)
= 258,500 / 479,000
= 54.1%
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $620,000; Office salaries, $124,000; Federal income taxes withheld, $186,000; State income taxes withheld, $41,500; Social security taxes withheld, $46,128; Medicare taxes withheld, $10,788; Medical insurance premiums, $15,000; Life insurance premiums, $12,000; Union dues deducted, $9,000; and Salaries subject to unemployment taxes, $66,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%.
Required:
Record the employer's payroll expenses and liabilities for the month of July. Record the employer's benefit expense. Record the cash payment of all liabilities related to the July payroll.
Answer:
1. July 1
Dr Payroll tax expense $60,876
Cr FICA-Social security taxes payable $46,128
Cr FICA-Medicare taxes payable $10,788
Cr State Unemployment Taxes Payable $3,564
Cr Federal Unemployment Taxes Payable $396
2. July 1
Dr Employee benefits expense $16,200
Cr Employee Medical Insurance Payable $9,000
Cr Employee Life Insurance Payable $7,200
3. July 1
Dr FICA-Social security taxes payable $92,256
Dr FICA-Medicare taxes payable $21,576
Dr Federal income taxes payable $186,000
Dr State income taxes payable $41,500
Dr Medical insurance payable $10,000
Dr Life insurance payable $7,000
Dr Union dues payable $4,000
Cr State Unemployment Taxes Payable $3,564
Cr Federal Unemployment Taxes Payable $396
Cr Cash $366,292
Explanation:
1. Preparation of the journal entry to Record the employer's payroll expenses and liabilities for the month of July
July 1
Dr Payroll tax expense $60,876
($46,128+$10,788+$3,564+$396)
Cr FICA-Social security taxes payable $46,128
Cr FICA-Medicare taxes payable $10,788
Cr State Unemployment Taxes Payable $3,564
($66,000 × 5.4%)
Cr Federal Unemployment Taxes Payable $396 ($66,000 × 0.6%)
(To record the employer's payroll expenses and liabilities)
2. Preparation of the journal entry to Record the employer's benefit expense
July 1
Dr Employee benefits expense $16,200
($9,000+$7,200)
Cr Employee Medical Insurance Payable $9,000 [$15,000 × (100%-40%)]
Cr Employee Life Insurance Payable $7,200
[$12,000 × (100%-40%)]
(To Record the employer's benefit expense)
3. Preparation of the journal entry to Record the cash payment of all liabilities related to the July payroll
July 1
Dr FICA-Social security taxes payable $92,256
($46,128+$46,128)
Dr FICA-Medicare taxes payable $21,576
($10,788+$10,788)
Dr Federal income taxes payable $186,000
Dr State income taxes payable $41,500
Dr Medical insurance payable $10,000
Dr Life insurance payable $7,000
Dr Union dues payable $4,000
Cr State Unemployment Taxes Payable $3,564
($66,000 × 5.4%)
Cr Federal Unemployment Taxes Payable $396 ($66,000 × 0.6%)
Cr Cash $366,292
($92,256+$21,576+$186,000+$41,500+*$10,000+$7,000+$4,000+$3,564+$396)
(To Record the cash payment of all liabilities)
Here are the journal entries for the month of July payroll costs and liabilities, as well as the employer's benefit expense and cash payment of all liabilities linked to the July payroll:
For the month of July, record the following payroll costs and obligations for the employer:
* Debit: Salaries Expense $744,000
* Debit: FICA Taxes Payable $56,916
* Debit: Medicare Taxes Payable $11,576
* Debit: SUTA Taxes Payable $3,564
* Debit: FUTA Taxes Payable $4,000
* Debit: Medical Insurance Premiums Payable $6,000
* Debit: Life Insurance Premiums Payable $4,800
* Credit: Cash $620,000
* Credit: Accounts Payable $124,000
Make a note of the employer's benefit expense:
* Debit: Employer Benefit Expense $10,800
* Credit: Medical Insurance Premiums Payable $6,000
* Credit: Life Insurance Premiums Payable $4,800
Make a cash payment for any liabilities associated with the July payroll:
* Debit: Cash $744,000
* Credit: Salaries Expense $56,916
* Credit: FICA Taxes Payable $11,576
* Credit: Medicare Taxes Payable $3,564
* Credit: SUTA Taxes Payable $3,564
* Credit: FUTA Taxes Payable $4,000
* Credit: Medical Insurance Premiums Payable $6,000
* Credit: Life Insurance Premiums Payable $4,800
The journal entries above show how to account for employer payroll costs and liabilities. The first journal entry documents accumulated payroll, which includes employee deductions. The employer's benefit spending is recorded in the second journal entry. The third journal entry reflects the cash payment of all July payroll liabilities.
Learn more about journal entries, here:
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