Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
(B) cause
(C) place
(D) organization
Answer:
The correct answer is (A) event
Explanation:
Event marketing is a strategy that consists of giving memorable experiences to the consumers of a brand, in order to last in their memory. This type of activity aims to identify the brand and connect with it.
Thanks to these events, the company increases its brand recognition, improves the image, establishes strong relationships with customers, employees and suppliers.
What contract is it:
a. old social
b. new social?
Answer:
Old social contract
Explanation:
Old social contract is a type of contract that emphasises the long term commitment between the employer and the employee and stable conditions are defined for both parties.
New social contract on the other hand is one that is short term, and there is little commitment to the contract from both parties.
In the given scenario Gourd Supermarkets provides extensive training program for all new employees. They then spend a day in customer service and workplace safety training each year.
This shows a long term commitment, so it is a form of old social contract.
Answer: a. Old social contract
Explanation: this is an old social contract which is defined as one between an employee and the employer (organisation, business, company or firm) where the employee contributes his/her ability, education, loyalty, and commitment to the organization, and expect wages and benefits, work, advancement, and training in return. Thus, the old social contract emphasizes on long-term commitments with stable conditions between employers and employees. The old social contract is in direct contrast with the new social contract which exists between an employee and an organization wherein the employee takes personal responsibility for employability and the employer gives challenging assignments, lateral career moves, and creative development opportunities.
A) Record the employee salary expense, withholdings, and salaries payable.
B) Record the employer-provided fringe benefits.
C) Record the employer payroll taxes.
Explanation:
The journal entries are shown below:
a. Salaries expense $2,900,000
To Income tax payable $616,250 ($435,000 + $181,250)
To FICA tax payable $221,850
To Account payable $29,000
To Salaries payable $2,032,900
(Being the employee salary expense, withholdings, and salaries payable is recorded)
b. Salaries expense $87,000
To Account payable $87,000
(Being the employer-provided fringe benefits is recorded)
c. Payroll tax expense $179,800
FICA tax expense $221,850
To Unemployment tax payable $401,650
(being the employer payroll taxes is recorded)
Answer:
$252,000
Explanation:
The question is to determine the contribution of Sam's Bookstore for the first quarter
Contribution Margin represents the profit an organisation can generate from the sale of a product. in order to calculate, the variable costs are deducted from the revenue from sale.
The formula for Contribution margin = Sales- the cost of goods sold - variable selling expense.
Selling Price = $65
Reported ales = $910,000
First, we determine the number of books sold in the first quarter
= $910 000/ $65 = 14 000 books
Second, since the store sold 14,000 books in the first quarter, the total variable selling cost for the books sold
= total books sold x the variable selling expense per book
= 14,000 x $4 = $56,000= total variable selling expense
Third, since the store sold 14,000 books in the first quarter, the total variable administrative cost for the books sold
= total books sold x the variable administrative expense per book
= 14,000 x $3 = $42,000= total variable Administrative expense
Four, determine the contribution margin as follows:
Sales - cost of goods sold - variable selling expense - variable administrative expense
= $910,000-$560,000- $56,000-$42,000= $252,000
Buildings $28,210,000
Less: Accumulated depreciation-buildings 13,200,000 15,010,000
Equipment 48,670,000
Less: Accumulated depreciation-equipment 4,980,000 43,690,000
Total plant assets $62,680,000
During 2020, the following selected cash transaction occurred.
April 1 Purchased land for $2,200,000
May 1 Sold equipment that cost $840,000 when purchased on January 1, 2016. The equipment was sold for $504,000
June 1 Sold land purchased on June 1, 2010 for $1,450,000. The land cost $399,000
July 1 Purchased equipment for $2,480,000
Dec. 31 Retired equipment that cost $491,000 when purchased on December 31,2010. The company received no proceeds related to salvage.
-Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
-Record adjusting entries for depreciation for 2020. Credit account titles are automatically indented when the amount presented in the problem. If no entry is required, select "No Entry for the account titles and enter 0.
Answer:
April 01 2020
Land Debit $ 2,200,000
Cash Credit $2,200,000
To record purchase of land
May 01 2020
Cash Debit $ 504,000
Allowance for depreciation equipment Debit $ 363,720
Equipment Credit $ 840,000
Gain on sale of equipment Credit $ 27,720
To record sale of equipment and to recognise gain on sale
June 01 2020
Cash Debit $ 1,450,000
Land Credit $ 399,000
Gain in sale of land Credit $1,051,000
To record sale of land and gain on the sale
July 01 2020
Equipment Debit $ 2,480,000
Cash Credit $ 2,480,000
To record purchase of equipment
December 31 2020
Allowance for depreciation Debit $ 491,000
Equipment Credit $ 491,000
To record retirement of equipment
The adjusting entry for depreciation is as follows:
December 31 2020
Depreciation expense - Equipment Debit $ 4,985,000
Depreciation expense - Buildings Debit $ 578,200
Allowance for depreciation - Equipment Credit $ 4,985,000
Allowance for depreciation - Buildings Credit $ 578,200
Explanation:
Computation for Depreciation expense for the year
Equipment Jan 01 2020 $ 48,670,000 for 4 months @ 10 %
Sales - May 01 2020 $( 840,000)
Adjusted balance May 01 2020 $ 47,830,000 for 2 months @ 10 %
Purchases July 01 2020 $ 2,480,000
Adjusted balance July 01 2020 $ 50,310,000 for 6 months @ 10 %
Depreciation expense for 4 months = $ 48,670,000*10 % *4/12 = $1,622,333
Depreciation expense for 2 months = $ 47,830,000*10 % *2/12 = $ 797,167
Depreciation expense for 6 months = $ 51,310,000*10 % *6/12 =$ 2,565,500
Total depreciation equipment $ 4,985,000
Depreciation on buildings $ 28,910,000 * 2 % $ 578,200
Depreciation has to be recorded for full year on assets retired on December 31 2020
Computation of gain and loss on sale of equipment
Cost of equipment purchased on January 1 2016 $ 840,000
Depreciation rate 10 %
Equipment sold on May 01 2020
Depreciation charged for 4 years and 3 months @ 10 %
$ 840,000 * 4.33 *10 % $ 363,720
Net book value of equipment disposed on May 01 2020 $ 476,280
Sale value of equipment $ 504,000
Gain on sale of equipment $ (27,720 )
The gain on sale of land is the difference between the cost and sales proceeds since land is not depreciated
Sale proceeds - Cost = $ 1,450,000 - $ 399,000 = $ 1,051,000
The assets that was retired on Dec 31 2020 was purchased on December 31 2010 and was considered for depreciation for 10 years and was fully depreciated and had ni book value on the date of retirement
Answer:
Please see answers below
Explanation:
Joan may as well put a call through to Maria in addition to his previous mail. Several remedial options are available to Juan and each has its own merits and demerits. It is proper for the tenant to consider each options carefully and seek legal opinion where necessary. However, if Maria declines to do the repairs, Juan may seek the following remedies
• Repair and deduct remedy . In this type of remedy, a tenant may deduct money that is equivalent of a month's rent to cover the cost of the repair or defect. Rental unit 156 covers a condition whether faulty or substandard rented unit could affect the tenant's health and safety. Since the landlord has refused to do the repair, she is guilty of implied warranty of habitability which includes leak in the roof, gas leak, no running water etc. Also, the tenant may not have to file a lawsuit against the landlord since this type of remedy has legal aid. Other conditions attached in addition to the above are ; the repairs cannot cost more than a month's rent, the tenant cannot use the repair and deduct remedy more that twice in any 12 month period, tenant must have informed the landlord in writing and through calls of the faulty area that requires repair. His family or pets must not be the cause of the faulty area that needed to be repaired etc.
• The abandonment remedy . Here, the tenant could move out of the faulty unit or defective rental unit due to its substandard condition which could affect his health and safety. Where the tenant uses the abandonment remedy judiciously, he is not liable to pay any other rent once he has abandoned or moved out of the defective rental unit. The conditions attached are that; the defects must be serious and directly related to the tenant's health and safety, the tenant or his family must not be the cause of the faulty space that requires repair. Moreover, the tenant must have informed the landlord whether in writing or orally telephone calls of the defects that requires repair.
• The rent withholding remedy. Legally, a tenant could withhold house rent if the landlord fails to take care of serious defects that negates the implied warranty of habitability. Conditions attached to this type of remedy are; the defects to be repaired must have threatened the tenant's safety and wellbeing. Again, the faulty or defective unit must be such that it becomes uninhabitable for the tenant . The tenant, his family or pets must not be the cause of the defects that requires repairs. The tenant must have also notified the landlord either through phone calls on in writing, amongst others.
• The tenant could also file a lawsuit against the landlord to recover the cost expended to fixing the faulty repairs where the landlord was not willing to do so. Conditions that must be met before this option could stand in the court of law are; the rental unit has serious defect that is not safe for living. A housing inspector has inspected the house and found to be short of minimum requirements for habitable place etc. A tenant may seek this type of redress where the option for out of court settlement has failed with the landlord.