ACC 281 week 5 post assessment

967 words 4 pages
1. A company’s ending accounts receivable balance and the period’s advertising expense would be found on which financial statements, respectively balance sheet and income statement (Yes. Accounts receivable will be on the balance sheet and the advertising expenses on the income statement)
2. How does financial accounting differ from managerial accounting managerial accounting deals with internal reporting and financial deals with internal reporting (Yes. Managerial accounting deals with internal reporting and financial accounting deals with external entities)
3. What calculation would you use to determine the net income
Revenues minus expenses equal net income. (Yes. Net Income = revenues – expenses)
4. Your healthcare
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Income tax withholdings amounted to $270; his medical insurance deduction was $30. The Social Security tax rate is 6% on the first $55,000 earned per employee, and Medicare is 1.5% on the first $130,000. Cumulative gross pay before considering the preceding data totaled $54,202. What is Conrad’s take-home pay
$962.17 (Yes. Correct Calculation: ([40 hours x $28] + [5 hours x $42] = $1,330; [$55,000 - $54,202] x 0.06 = $47.88; $1,330 x 0.015 = $19.95; $1,330 - $47.88 - $19.95 - $270 - $30 = $962.17))
14. London Corporation paid $1,000 of accounts payable with cash on the last day of the month. The company had a current ratio of 4 before the disbursement. As a result of this payment, the current ratio will increase. (Yes. Making an accounts payable payment with cash on the last day of the month will increase the current ratio.)
15. Many similarities exist when we compare service, merchandising, and manufacturing organizations. Which type of business in the healthcare industry would fit the manufacturing classification both a and b (Yes. Manufacturing of medical equipment and manufacturing of drugs would fit the manufacturing classification.)
16. If the total fixed cost and the contribution margin per unit of product are given, explain how to compute the number of units that must be sold to break even
The contribution margin per unit of product is divided into the total fixed cost to obtain the number of units that must be sold to break even.

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