Academic Integrity: tutoring, explanations, and feedback — we don’t complete graded work or submit on a student’s behalf.

5. Ace Appliances sells dishwashers with a 3-year warranty. They expect 3% of th

ID: 2594909 • Letter: 5

Question

5. Ace Appliances sells dishwashers with a 3-year warranty. They expect 3% of the dishwashers to need repairs in year 1,7% in year 2 and 15% in year 3. They sell 500 dishwashers in 2009 with the warranty in effect from 2009 to 2011. Each repair is estimated at $40. 114% of the dishwashers need repairs in 2009, what is the 2009 warranty expense? 6. An employee's hourly rate is $25, with time-and-a- half for hours over 40 hours. FICA is withheld at the rate of 8%, federal income tax withholding is 15% and state income tax withholding is 3%. What is the employee's net pay if the employee worked 45 hours this week? Round to the nearest dollar.

Explanation / Answer

Answer 5. Warranty Expenses -2009 = 500 Dishwashers X 4% X $40 Warranty Expenses -2009 = $800 Answer 6. Basic Salary - 40 hrs X $25      1,000.00 OT Salary - 5 hrs X $25 X 1.50 times          187.50 Gross Pay    1,187.50 Less: FICA - 8% X $1,187.50            95.00 Less: Federal Income Tax - 15% X $1,187.50          178.13 Less: State Income Tax - 3% X $1,187.50            35.63       308.75 Net Pay       878.75 Answer 42-c. $69,350 Bank's Cash Balance Per Bank Statement    62,300.00 Add: Deposit not recorded by bank      8,500.00 Less: Outstanding Checks    (1,450.00) Bank Balance after Reconcilation    69,350.00 Answer 43. ANDERSON COMPANY Bank Recocilation Jun 30, 2014 Bank's Cash Balance Company's Cash Balance Per Bank Statement    10,241.43 Per General Ledger      9,745.06 Add: Add: Deposit in transit, not recorded by bank      5,113.40 Proceeds of note collected by bank    1,900.00 Interest Revenue on Note          75.00      1,975.00    15,354.83    11,720.06 Less: Less: Outstanding Checks: Bank Service Charges         (35.00) Chq No 506 (1,948.52) NSF Check       (79.00)       (114.00) Chq No 510 (1,800.25)    (3,748.77) Bank Balance after Reconcilation    11,606.06 Company Balance per Reconcilation    11,606.06

Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
Chat Now And Get Quote