Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.3% and the state unemployment tax rate is 3.5%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $17 per hour and worked 45 hours for the week ended January 13 , 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara's earnings. (Round to the closest cent)
In: Accounting
Three different companies each purchased trucks on January 1, 2018, for $76,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $6,000. All three trucks were driven 81,000 miles in 2018, 55,000 miles in 2019, 46,000 miles in 2020, and 71,000 miles in 2021. Each of the three companies earned $65,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. d-1. Calculate the retained earnings on the December 31, 2021, balance sheet?
In: Accounting
Three different companies each purchased trucks on January 1, 2018, for $74,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 80,000 miles in 2018, 60,000 miles in 2019, 45,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $63,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. d-1. Calculate the retained earnings on the December 31, 2021, balance sheet?
In: Accounting
Three different companies each purchased trucks on January 1, 2018, for $74,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 80,000 miles in 2018, 60,000 miles in 2019, 45,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $63,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. c-1. Calculate the book value on the December 31, 2020, balance sheet?
In: Accounting
| ($ Millions) | JetBlue Airways | Southwest Airlines |
| Total liabilities, 2017 | $ 1,108 | $ 13,973 |
| Total liabilities, 2016 | $ 1,444 | $ 14,845 |
| Total assets, 2017 | $ 9,781 | $ 25,110 |
| Total current assets, 2017 | $ 1,206 | $ 4,815 |
| Total assets, 2016 | $ 9,323 | $ 23,386 |
| Total current assets, 2016 | $ 1,403 | $ 4,498 |
| Revenue, 2017 | $ 7,015 | $ 21,171 |
| Net income, 2017 | $ 1,147 |
$ 3,488 |
(Please show calculations so I know how to do it)
a.) Compute the return on equity ratio for JetBlue and Southwest for 2017. Which Company earned the higher return for its shareholders?
b.) Compute the debt-to-equity ratio for each company as of December 31, 2017. Which company relies more on creditor financing?
In: Accounting
Excel format! Please show calculations, it is important! Thank you!
PROBLEM # 1
ABC Co. purchased 1,000 shares of XYZ for $23 each this year and classified the investment as a trading security. ABC sold 400 shares of the stock for $24 each. At year end the price per share of the XYZ Company had increased to $26.
Instructions
Prepare the journal entries for these transactions and any year-end adjustments.
PROBLEM # 2
On January 1, 2017, LabTech Inc. purchased 40% of the common shares of UnderTech Company for $280,000. During the year, UnderTech earned net income of $140,000 and paid dividends of $34,000.
Instructions
Prepare the entries for LabTech to record the purchase and any additional entries related to this investment in UnderTech Company in 2017.
In: Accounting
RTI Company’s master budget calls for production and sale of 19,300 units for $98,430; variable costs of $44,390; and fixed costs of $18,600. During the most recent period, the company incurred $33,300 of variable costs to produce and sell 18,600 units for $86,300. During this same period, the company earned $26,300 of operating income. (Do not round intermediate calculations. Round final answer to the nearest whole dollar.)
| Required: |
| 1. |
Determine the following for RTI Company: |
| a. |
Flexible-budget operating income. |
| b. |
Flexible-budget variance, in terms of contribution margin. |
| c. |
Flexible-budget variance, in terms of operating income. |
| d. |
Sales volume variance, in terms of contribution margin. |
| e. |
Sales volume variance, in terms of operating income. |
In: Accounting
Practice Problems for Bio 1:
1) Short hair is dominant over long hair in dogs. If a short-haired dog whose mother was long-haired is crossed with a long-haired dog, what proportion of the offspring will be short-haired?
2) The common grackle is a species of robin-sized blackbirds that are fairly common over most of the United States. Suppose that long tails (L) were dominant to short tails in these birds. A female short-tailed grackle mates with a male long-tailed grackle who had one parent with a long tail and one parent with a short tail. What is the male's genotype? What is the genotypic ratio?
2) A man with type O blood has a sister with type AB blood. What are the genotypes and phenotypes of their parents?
3) The inheritance of curly hair illustrates incomplete dominance. When a curly haired individual reproduces with a straight-haired one, the children all have wavy hair. What offspring would be produced, in what proportions, when two people with wavy hair reproduce?
4) Colorblindness is an X-linked trait recessive disorder. A woman who does not carry the color-blindness allele has children with a man who is color blind. What proportion of their children will be color blind?
5) Huntington disease (HD) is an autosomal dominant disorder. A person who is heterozygous for the Huntington disease allele has offspring with someone who does not have HD. What proportion of their children will have HD?
In: Biology
Minden Company manufactures a high-quality wooden birdhouse that sells for $30 per unit. Variable costs are $6 per unit and fixed costs total $180,000. During 2018, Minden Company sold 50,000 birdhouses to customers. The president of Minden Company believes the following changes should be made in 2019: 1. the selling price of the birdhouse should be increased by 20% 2. increase advertising by $30,000 A.)Assume these changes are made. Calculate the number of units Minden Company must sell in 2019 in order to break-even
B.) Assume these changes are made. Calculate the number of units Minden Company must sell in 2019 in order to earn a target profit equal to 25% of sales.
C.) Assume these changes are made. Calculate the number of units Minden Company must sell in 2019 in order to earn a net income that is 80% greater than the net income earned in 2018.
Need help with parts a,b and c. Thank you
In: Accounting
Job Withdrawal
People often go through as dissatisfaction sours their commitment to the organization or their job.
Draw from your own work experience. Think about a job dissatisfaction experience you went through. It can be in your current job or a job you recently held.
1. Overall, were you or the individual satisfied or dissatisfied
with the job or volunteer work?
2. Which category was, or is most likely to, foster the
dissatisfaction? Categories could include personal dispositions,
tasks and roles, supervisors and co-workers, or pay and
benefits.
3. Describe how your level or the individual's level of
satisfaction or dissatisfaction was manifest. For example, did your
behavior or the individual's behavior change? Did your or the
individual's dissatisfaction cause you or the individual to avoid
work by being late or absent, or quit? Perhaps you or the
individual withdrew psychologically but remained at work
physically.
4. How could the organization have prevented job withdrawal?
In: Operations Management