State of Denial has enacted a 6% sales tax, and City of Angels has enacted a 1% sales tax. Businesses that collect sales taxes must transfer all collections to State within 30 days after the end of the month. State must transfer collected taxes to local governments within 90 days after the end of the month. City and State account for sales taxes in the general fund, and each has a December 31 fiscal year end. Sales subject to sales taxes in City were $5,000,000 in December and $3,000,000 in January. At year-end, City State
Revenues Payable Revenues Payable
50,000 350,000 0 50,000
80,000 480,000 480,000 80,000
50,000 300,000 350,000 0
$0 $350,000 $300,000 $50,000

Responsible for setting the goals and planning for the future as well as leading and controlling the work of others. out the decisions of top management. often responsible for various departments such as the production, marketing, and accounting departments. process or function of planning organizing leading and controlling. the resources arranged in an orderly and functional way to accomplish goals and objectives. the company on track and making sure goals are met. for the daily operations of a business. examples of this are supervisors, office managers, and crew leaders. act or process of creating goals and objectives as well as the strategies to meet them. for the daily operations of a business. examples of this are supervisors, office managers, and crew leaders. how the firm is structured and who is in charge of whom. direction and vision

Select the correct answer. ramon applied to the state university in the city where he lives, but he was denied admission. what should he do now? a. change his mind about graduating and drop out of high school so he can start working right away. b. decide not to go to college, because he didn’t have a backup plan. c. stay positive and write a mean letter to let the college know that they made a bad decision. d. learn from this opportunity, reevaluate his options, and apply to his second and third choices.

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .