##### Use Wage Bracket Method Table For DEC 31, 2018. To determine the answer. TABLE 2—BIWEEKLY Payroll...

Use Wage Bracket Method Table For DEC 31, 2018. To determine the answer.

 TABLE 2—BIWEEKLY Payroll Period (a) SINGLE person (including head of household)— (b) MARRIED person— If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is: If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is: Not over $142$0 Not over $444$0 Over— But not over— of excess over— Over— But not over— of excess over— $142 —$509 $0.00 plus 10% —$142 $444 —$1,177 $0.00 plus 10% —$444 $509 —$1,631 $36.70 plus 12% —$509 $1,177 —$3,421 $73.30 plus 12% —$1,177 $1,631 —$3,315 $171.34 plus 22% —$1,631 $3,421 —$6,790 $342.58 plus 22% —$3,421 $3,315 —$6,200 $541.82 plus 24% —$3,315 $6,790 —$12,560 $1,083.76 plus 24% —$6,790 $6,200 —$7,835 $1,234.22 plus 32% —$6,200 $12,560 —$15,829 $2,468.56 plus 32% —$12,560 $7,835 —$19,373 $1,757.42 plus 35% —$7,835 $15,829 —$23,521 $3,514.64 plus 35% —$15,829 $19,373 . . .$5,975.72 plus 37% —$19,373$23,521 . . . $6,206.84 plus 37% —$23,521 Source: Internal Revenue Service.

In: Accounting

##### With reference to provisions in the Contracts Act 1950 and case-law, discuss the following: Duties of...

With reference to provisions in the Contracts Act 1950 and case-law, discuss the following:
Duties of principal towards his agent.

In: Accounting

##### David Davis operates a kiosk in downtown Chicago, at which he sells one style of baseball...

David Davis operates a kiosk in downtown Chicago, at which he sells one style of baseball hat. He buys the hats from a supplier for $36 and sells them for$42. David’s current breakeven point is 33,600 hats per year.

(a1)

Calculate contribution margin per unit.

 Contribution margin per unit $enter Contribution margin per unit in dollars eTextbook and Media Attempts: unlimited (a2) Correct answer iconYour answer is correct. What is David’s current level of fixed costs? (Use the rounded contribution margin per unit calculated in the previous part.)  Current level of fixed costs$enter current level of fixed costs amount in dollars

eTextbook and Media

Attempts: unlimited

(b)

Assume that David’s fixed costs, variable costs, and sales price were the same last year, when he made $47,040 in net income. How many hats did David sell last year, assuming a 30% income tax rate? (Use the rounded contribution margin per unit calculated in the previous part.)  enter the number of hats hats eTextbook and Media Attempts: unlimited (c) Correct answer iconYour answer is correct. What was David’s margin of safety last year?  Margin of safety$enter Margin of safety in dollars

eTextbook and Media

Attempts: unlimited

(d)

If David wants to earn $84,672 in net income, how many hats must he sell, assuming a 30% tax rate? (Use the rounded contribution margin per unit calculated in the previous part.)  enter the number of hats hats eTextbook and Media Attempts: unlimited (e) Correct answer iconYour answer is correct. How many hats must David sell to break even if his supplier raises the price of the hats to$37 per hat? (Use the rounded contribution margin per unit for computation.)

 enter the number of hats hats

eTextbook and Media

Attempts: unlimited

(g)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

David has decided to increase his sales price to $43 to offset the supplier’s price increase. He believes that the increase will result in a 5% reduction from last year’s sales volume. What is David’s expected net income, assuming a 30% tax rate?  Net income$enter net income amount in dollars

In: Accounting

During 2020, Juan Gonzalez, president of Acme Inc. was paid a semimonthly salary of $6,100. Computer the amount of FICA taxes that should be withheld from him. A. 9th paycheck B. 22nd paycheck C. 24th paycheck D. If Juan's year to date earnings as of his 24th paycheck are$146,400 and his year-end bonus is $100,00, how much is the additional HI tax withheld? In: Accounting ##### Pinter Company had the following environmental activities and product information: 1. Environmental activity costs Activity Costs... 1. Pinter Company had the following environmental activities and product information: 1. Environmental activity costs  Activity Costs Design products (to reduce pollution)$ 118,800 Test for contamination 211,200 Treat toxic waste 660,000 Operate pollution control equipment 528,000

2. Driver data

 Solvent X Solvent Y Design hours 2,600 4,000 Testing hours 4,700 12,900 Pounds of waste 500 21,500 Machine hours 2,600 85,400

3. Other production data

 Solvent X Solvent Y Nonenvironmental production costs $3,080,000$6,028,000 Units produced 440,000 440,000

Required:

1. Calculate the activity rates that will be used to assign environmental costs to products.

 Design products $per design hour Testing$ per test hour Treating waste $per pound of waste Operating equipment$ per machine hour

2. Determine the unit environmental and unit costs of each product using ABC. If required, round your answers to the nearest cent.

 Activities Solvent X Solvent Y Unit environmental cost  Unit cost 

3. What if the design costs increased to $208,800 and the cost of toxic waste decreased to$330,000? Assume that Solvent Y uses 8,000 out of 16,000 design hours. Also assume that waste is cut by 50 percent and that Solvent Y is responsible for 6,270 of 6,600 pounds of toxic waste. What is the new environmental cost for Solvent Y? If required, round your intermediate calculations and answer to the nearest cent.
$per unit In: Accounting ##### Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat... Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,060 hours each month to produce 2,120 sets of covers. The standard costs associated with this level of production are:  Total Per Set of Covers Direct materials$ 43,460 $20.50 Direct labor$ 9,540 4.50 Variable manufacturing overhead (based on direct labor-hours) $4,664 2.20$ 27.20

During August, the factory worked only 500 direct labor-hours and produced 2,200 sets of covers. The following actual costs were recorded during the month:

The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus$35 per job, and the actual mobile lab operating expenses for February were $8,640. The company expected to work 120 jobs in February, but actually worked 124 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation’s revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) In: Accounting ##### Exercise 6.6. The ledger accounts of I-Cloud Internet Company appear as follows on March 31, 2016:... Exercise 6.6. The ledger accounts of I-Cloud Internet Company appear as follows on March 31, 2016:  Account No. Account Balance 101 Cash$80,000 111 Accounts Receivable $58.820 121 Supplies$10,600 131 Prepaid Insurance $25,000 141 Equipment$118,000 142 Accumulated Depreciation – Equipment $41,320 202 Accounts Payable$13,000 301 Lee Retha Hale, Capital $130,000 302 Lee Retha Hale, Drawing$13,000 401 Fees Income $374,460 510 Depreciation Expense – Equipment$21,160 511 Insurance Expense $11,400 514 Rent Expense$33,000 517 Salaries Expense $166,000 518 Supplies Expense$5,600 519 Telephone Expense $6,800 523 Utilities Expense$9,400

All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general journal in journalizing the closing entries. Use account number 399 for the Income Summary Account.

In: Accounting

##### A)McDonald’s offered toys that portrayed the characters in the movie The Incredibles for free with the...

A)McDonald’s offered toys that portrayed the characters in the movie The Incredibles for free with the purchase of a Happy Meal.  The giving away of these toys is an example of the use of what type of promotional tool?

A options:

B)

Which of the following is a commonly used pricing strategy that involves payment to an intermediary for promoting a manufacturer’s products?

B options:

 Price bundling Zero percent financing Quantity discount Promotional allowance Seasonal discount

C)

A __________ contains specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period.

C options:

 last year/current year sales ratio report sales call report sales quota selling expense report income statement

D)

Jane Caplow owns a picture-framing shop, The Caplow Company.  The average price she receives for a picture she frames for a customer is $120. This price must cover her average costs for a typical framed picture of$5 for glass, $2 for matting, and$13 for the frame, and $30 for the labor involved. She must also cover monthly expenses of$1,000 for rent and insurance, $200 for heat and electricity,$500 for advertising, and \$3,500 for her salary.  Caplow is considering buying an automatic mat-cutting machine in order to reduce the number of hours of direct labor required to produce a framed picture.  In considering this purchase, she should recognize this purchase will _____ Caplow's variable cost and _____ Caplow's fixed cost.

D)

 increase; decrease have no effect on; have no effect on decrease; increase increase; increase decrease; decrease

E)

Which of the following is a typical example of a fixed cost?

E)

 hourly wages sales commissions production goods raw materials building rental expense

In: Accounting