Just want to make sure I am doing my simple math correctly. I recently lost my office manager. I have an account that I charge 23.50 hourly, the officers are there 38 hours a week. $23. 50 hour times 36 hours= $846.00 for the 1st officer $23.50 hour times 36 hours= $846.00 for the 2nd officer Total of first week for 2 officers= $1692.00 So if I bill out for (2) officers @ $23.50 hour for 2 weeks is $3,384 Correct

Just want to make sure I am doing my simple math correctly. I recently lost my office manager. I have an account that I charge 23.50 hourly, the officers are there 38 hours a week. $23. 50 hour times 36 hours= $846.00 for the 1st officer $23.50 hour times 36 hours= $846.00 for the 2nd officer Total of first week for 2 officers= $1692.00 So if I bill out for (2) officers @ $23.50 hour for 2 weeks is $3,384 Correct

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 71IIP

See similar textbooks

Similar questions

It is the last day of the month and fiscal year, your manager asks you to create an invoice for $10,000 (debiting Accounts Receivable and Crediting Sales) and send it to a specified customer. Normally invoices are sent to customers when products have been shipped or the service has been finished. You manager tells you that we will be shipping equipment and performing the setup services for this customer next month (as early as next week). You know that by preparing the closing entries tomorrow, the revenue will be included in this year’s fiscal year and then the revenue account will be set to zero for the beginning of the year. What is your manager trying to accomplish by asking you to do this?
It is the last day of the month and fiscal year, your manager asks you to create an invoice for $10,000 (debiting Accounts Receivable and Crediting Sales) and send it to a specified customer. Normally invoices are sent to customers when products have been shipped or the service has been finished. You manager tells you that we will be shipping equipment and performing the setup services for this customer next month (as early as next week). How would the company’s financial statements (and the users of the financial statements) be affected if you record this entry?
t is the last day of the month and fiscal year, your manager asks you to create an invoice for $10,000 (debiting Accounts Receivable and Crediting Sales) and send it to a specified customer. Normally invoices are sent to customers when products have been shipped or the service has been finished. You manager tells you that we will be shipping equipment and performing the setup services for this customer next month (as early as next week). You know that by preparing the closing entries tomorrow, the revenue will be included in this year’s fiscal year and then the revenue account will be set to zero for the beginning of the year. How would you respond to your manager? Do you have any suggestions or alternative ways you would recommend to your manager on how to record this?
you have a job, working for Big Stuff. Today, you worked four hours and expect to be paid next week at a rate of $15 per hour, or $60. When on the way home, you put gas in your car to replace what you used today. You put the charge of $20 on your credit card. When you get home, you look at your bank account online and find that you were paid by Big Stuff last week, and $100 has been added to your checking account. You also have received a bill from the electric company for $85 and decide to pay it. You started out today with $45 in your checking account. You never have any cash in your wallet. Your Ending Cash Balance is $60. 1. Using the BASE Method, what is your Beginning Cash balance? Show your work. 2. Now that you know the beginning cash balance, your ending cash of $60, and that you had paid a bill for $85, how much money had been added to your checking account from collecting your earnings? Show your work. 3. How about if you knew the beginning cash…
You are the manager of accounting for a company that sells computer software packages. You have just received word from the comptroller that there has been a change in the expense allowances for employees using their own cars on business. Previously one rate was applied to all employees, but now there will be different allowance rates for regular and nonregular drivers Effective immediately, regular drivers will receive $1.00 per mile for the first 650 miles driven per month, and 25¢ for each additional mile; nonregular drivers will receive 80¢ per mile for the first 150 miles per month, and 25¢ for each additional mile Regular drivers are those who use their own cars frequently on the job to drive to their sales territories. Nonregular drivers are those employees-such as home-office personnel-who only occasionally use their cars on business. To ensure that these categories are used properly, you have requested that the manager of each department notify Accounts Payable, in writing,…
You are working for a large firm that has asked you to attend a career fair at a university that is 185 miles from your office. You need to be there at 9:00 a.m. on a Monday morning. You can drive your personal car and be reimbursed $0.55 per mile, but you would need to leave home at 5:30 a.m. to get to the event and set up on time. Company policy allows you to spend the night if you must leave town before 6:00 a.m. The hotel across the street from campus charges $85 per night. Instead of driving, you could catch a 7:00 a.m. flight with a round-trip fare of $260. Flying would require you to rent a car for $29 per day, and you would have an airport parking fee of $20 for the day. The company pays a per diem of $40 for incidentals if you spend at least 6 hours out of town. (The per diem would be for one 24-hour period for either flying or driving.) As a manager, you are responsible for recruiting within a budget and want to determine which is more economical. Use the information provided…
You are working for a large firm that has asked you to attend á career fair at a university that is 185 miles from your office. You need to be there at 9:00 a.m. on a Monday morning. You can drive your personal car and be reimbursed $0.55 per mile, but you would need to leave home at 5:30 a.m. to get to the event and set up on time. Company policy allows you to spend the night if you must leave town before 6:00 a.m. The hotel across the street from campus charges $85 per night. Instead of driving, you could catch a 7:00 a.m. flight with a round-trip fare of $260. Flying would require you to rent a car for $29 per day, and you would have an airport parking fee of $20 for the day. The company pays a per diem of $40 for incidentals if you spend at least 6 hours out of town. (The per diem would be for one 24-hour period for either flying or driving.) As a manager, you are responsible for recruiting within a budget and want to determine which is more economical. Use the information provided…
Maggie wants to open a checking account that will be the least expensive, given her normal financial transactions. She typically writes 15 checks a month and uses an ATM 35 times a month. Her monthly minimum checking balance falls to about $350 on an average. Which of the following accounts would be least expensive for Maggie? (Show all your work.) (10 points)Account A:No monthly fee is charged if a minimum balance of at least $300 is maintained.A $5.00 fee is charged in any month the minimum balance falls below $300.An ATM fee of $0.10 per transaction is charged on all transactions. Account B:No monthly fee is charged if a minimum balance of at least $500 is maintained.A $3.00 fee plus $0.10/check is charged in any month the minimum balance falls below $500.There is no ATM fee on transactions.
(essay) Jiffy Trading runs 10 branches and pays for a variety of expenses. Anna, the Accounts Payable Clerk of Jiffy Trading writes the checks for each supplier and the Accounting Manager signs the checks. Anna decided she needs a raise and the Manager told her to wait for six months. Anna devised a plan to get a raise on her own. She created a new supplier account for her friend's business, Prime Auto Parts. Anna also created two purchase orders for Prime Auto Parts for P20,000 and P15,000 and wrote checks to pay theses invoices. She knows the Manager will sign all checks only looking at the checks over P30.000. She delivers the checks to her friend who will encash the checks and give the money to Anna. Is this a good way for Anna to obtain a raise? Eventually, what will be the effect of her actions? How can Jiffy prevent this type of incident?
Jane James owns an appliance store. She usually receives $50,000 worth ofappliances per month. She does not like to owe people money and alwayspays her bills on the day she receives the invoice. Someone told her thatif she delayed payment, she could actually increase her profit because themoney would be earning interest in her account. She went through her billsand found that she actually had an additional 10 days, on average, to payher invoices. She also found that she was earning 2 percent interest on themoney she had in her money market savings account.a. If she delayed payment by the 10 days, how much additional interest wouldshe earn for the year?b. Explain how this problem represents a disbursement float.
Use the information below to log Zoe’s payments and deposits in her checking account register. Friday, 10/5 When she checks her account balance online. Zoe sees that she was charged $36 the previous day for overdrawing on her account. Unfortunately for her, her last check was deducted from her account before her next paycheck was deposited. During the past two weeks, Zoe worked 42 hours at $7.50 an hour. From the total pay, $27 was taken out for taxes. Record the net pay that was automatically deposited into her account today. Date Check no. Provide a Description of the transaction Calculate Payment/debit (-) Credit (+) Calculate Balance
Ryan Egan and Jack Moody are both cash register clerks for Organic Markets. Lee Sorrell is the store manager for Organic Markets. The following is an excerpt of a conversation between Ryan and Jack: Ryan: Jack, how long have you been working for Organic Markets? Jack: Almost five years this November. You just started two weeks ago … right? Ryan: Yes. Do you mind if I ask you a question? Jack: No, go ahead. Ryan: What I want to know is, have they always had this rule that if your cash register is short at the end of the day, you have to make up the shortage out of your own pocket? Jack: Yes, as long as I’ve been working here. Ryan: Well, it’s the pits. Last week I had to pay in almost $40. Jack: It’s not that big a deal. I just make sure that I’m not short at the end of the day. Ryan: How do you do that? Jack: I just shortchange a few customers early in the day. There are a few jerks that deserve it anyway. Most of the time, their attention is elsewhere and they don’t think to check…