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Algebra with Finance Unit 3-4
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Terms in this set (17)
GROSS PAY
the total pay from an employer before taxes or other deductions
NET PAY
the amount of income after the deduction of taxes, benefits, and voluntary contributions from a paycheck
INCOME TAX
tax that governments impose on income generated by business and individuals
SALARY DEDUCTIONS
money withheld from an employee's paycheck. These can be voluntary or involuntary
PROPERTY TAX
taxes that are based on the assessed value of property owned
SALES TAX
a percentage paid to the government of sales on products or services
MEDICARE TAX
used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled
SOCIAL SECURITY TAX
an insurance program available through the U.S. government that provides income to people who retire, become disabled, or who receive survivor's benefits
ODOMETER
a gauge on the dashboard of a car that indicates the distance a car has traveled since it left the factory
SPEEDOMETER
a device that tells the rate at which the car is traveling
FUEL ECONOMY
how much gasoline a car uses to travel a certain distance
MILES PER GALLON
a type of fuel economy measurement, which uses the English Standard system
MEAN
the sum of all the numbers in a data set divided by the number of elements in the data set
MEDIAN
the middle number when numbers are in ascending or descending order
RANGE
a value that tells how dispersed or spread out a data set is
DEPRECIATE
decrease in value over time
APPRECIATE
increase in value over time
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Verified questions
ACCOUNTING
Mini Computer Solutions makes all sales on account, so virtually all cash receipts arrive in the mail. Luke Hill, the company president, has just returned from a trade association meeting with new ideas for the business. Among other things, Hill plans to institute stronger internal controls over cash receipts from customers. Take the role of Luke Hill, the company president. Write a memo to employees outlining procedures to ensure that all cash receipts are deposited in the bank and that the total amounts of each day’s cash receipts are posted to customer accounts receivable.
ACCOUNTING
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41 million cash on October 1, 2018, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. 1. Prepare the journal entries on October 1, 2018, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. 2. Record the adjustments on December 31, 2018, for (a) Precision Castparts and (b) Midwest Bank. 3. Prepare the journal entries on September 30, 2019, to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank.
ACCOUNTING
Welch Men’s Clothing revenues and cost data for 2017 are as follows: Mr. Welch, the owner of the store, is unhappy with the operating results. An analysis of other operating costs reveals that it includes $30,000 variable costs, which vary with sales volume, and$15,000 (fixed) costs. Required: 1. Compute the contribution margin of Welch Men’s Clothing. 2. Compute the contribution margin percentage. 3. Mr. Welch estimates that he can increase units sold, and hence revenues by 25% by incurring additional advertising costs of $8,000. Calculate the impact of the additional advertising costs on operating income. 4. What other actions can Mr. Welch take to improve operating income?$ $$ \begin{matrix} \text{Revenues} & \text{\$600.000}\\ \text{Cost of goods sold (all variable costs)} & \text{300.000}\\ \text{Gross margin} & \text{300.000}\\ \text{Operating costs:}\\ \text{Salaries fixed} & \text{\$140.000} & \text{ }\\ \text{Sales commissions (12\\\% of sales)} & \text{72.000} & \text{ }\\ \text{Depreciation of equipment and fixtures} & \text{10.000} & \text{ }\\ \text{Store rent (\$ 3.500 per month)} & \text{42.000} & \text{ }\\ \text{Other operating costs} & \text{45.000} & \text{309.000}\\ \text{Operating income (loss)} & \ & \text{\$ (9000)}\\ \end{matrix} $$ $
ACCOUNTING
If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to a. debit Salary Expense and credit Cash. b. debit Tim Jones, Salary and credit Cash. c. debit Cash and credit Tim Jones, Withdrawals. d. debit Tim Jones, Capital and credit Cash. e. none of the above.
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