An electronics store sold a home theater system to an employee for $400, even though the retail price was $650. The gross profit percentage is 47%. Such discounts are available to all employees. How much income should be recognized by the employee from these transactions?

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An employee who earned a salary of $4,000 per month was startled at how low his net pay was. The Payroll Department provided the following information: CPP: $100 each (employee and employer EI: $80 re employee. $112 re emplyer Income tax $750 Union dues $50 Charitable donation $25 Vacation pay accrued $240 Calculate the employee’s net pay.   Select answer from the options below $2,783 $2,995 $2,775 $2,543

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Use the information below to complete the first quarter Employee Earnings Record for Linda Morris. Linda is a sales manager and she is a salaried employee. Her social security number is 345-44-8577. The weekly pay period ended February 15, 2009. Earnings Deductions United Employee Employee Marital No. of Regular Overtime Health Way Insurance No. Name Status Allowances Morris, $789.0 121 S 1 Linda 0 Moyer, $845.0 122 M 4 $36.00 $36.00 Elizabeth 0 Nethers, $978.0 123 M 2 $78.00 $48.00 Porter 0 Russ, 124 S 0 $576.0 0 $28.00 George EARNINGS RECORD FOR QUARTER ENDED Employee No. Marital Withholding Last Name First Social Security No. Position Rate of Pay Pay Period Earnings Accumulated Earnings 2,367.00 No Ended Overtime Total Medicare Other Total Federal Social Income Security Tax Tax Regular Status Deductions Deduction $15.00 $25.00 Allowances Net Pay

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Saleem Enterprises is a graphic design company. The accountant needs to prepare the relative journal entries to determine items related to salaries, deductions, and contributions. a) On May 31, Saleem Enterprises had gross pay for employees of $49,000. Total employee contributions to the retirement savings plan is $1,700. The appropriate deduction rates are provided. Record the entry for salaries expense on May 31. Federal income tax rate 9.00% State income tax rate 6.00% FICA 7.65% FUTA 0.60% ISUTA 5.40% Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. For transactions with more than one debit, enter the debit accounts in alphabetical order. For transactions with more than one credit, enter the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit May 31 Record salaries and deductions b) Using the data from above and assuming Saleem Enterprises contributes the same amount toward the employee retirement…

Keiasia Coates Company sold merchandise for $2,000. The cost of the merchandise was $1,500. Five days later, the customer returns 20% of the merchandise, which is defective, and is not restored to Keasia Company’s merchandise inventory. On day 10, the customer sends a check for the amount due. Assuming the net method, indicate how these transactions combined would affect the following five financial statement items: assets, liabilities, owners equity, revenue, and expenses?   Answer: assets:increase, Liabilities: decrease, owners equity:increase, revenue:increase, expenses: increase why and how would liabilites be decreased in this scenario? explain process to answer of this problem

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