An employee worked 40 hours at $12 per hour and 5 overtime hours at 1.5 times regular pay. Federal income taxes were deducted from the employee's pay at a rate of 20 percent. Social Security and Medicare taxes were deducted at a combined rate of 7.65 percent. What was the employee's net pay?
a. $412.40
b. $480.00
c. $570.25
d. $600.50
a
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A company purchased $8900 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $445 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:
A. $8633. B. $8201. C. $8246. D. $8900. E. $8455.
Altima, Inc. finished Job A40 on the last working day of the year. It utilized $370 of direct materials and $3420 of direct labor. Altima uses a predetermined overhead allocation rate based on direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a ________.
A) debit to Finished Goods Inventory $5158 and a credit to Materials Inventory $5158 B) debit to Cost of Goods Sold $5158 and a credit to Finished Goods Inventory $5158 C) debit to Finished Goods Inventory $5158 and a credit to Work-in-Process Inventory $5158 D) debit to Work-in-Process Inventory $5158 and a credit to Finished Goods Inventory $5158
Answer the following statements true (T) or false (F)
1. In a standard costing system, each input of direct materials, direct labor, and manufacturing overhead has a cost standard and an efficiency standard. 2. A standard cost system helps management set performance standards. 3. A favorable direct materials cost variance occurs when the actual direct materials cost incurred is less than the standard direct materials cost. 4. A favorable direct materials cost variance occurs when the actual direct materials cost incurred is greater than the standard direct materials cost. 5) Favorable and unfavorable variances are netted together in the same way debits and credits are.
A haircut, a manicure, and a pedicure are all examples of ________
A) intangible services B) tangible services C) tangible goods D) tangible possessions E) intangible possessions