If a country engages in international trade to gain access to natural resources, they

During January, Luxury Cruise Lines incurs employee salaries of $2.1 million. Withholdings in January are $160,650 for the emplo

almond37 [142]

Answer:

a. The journal entries for the employee salary expense, withholdings, and salaries payable are the following:

Debit Credit

Salaries expenses account $2,100,000

Federal Income tax payable $315,000

State income tax payable $131,250

FICA social security tax payable $160,650

Blue shield payable $21,000

Cash account $1.472.1000

b. The journal entries for the employer-provided fringe benefits is the following:

Debit Credit

Salaries expenses (Fringe benefit account) $63,000

Blue shield payable $63,000

c. The journal entries for the employer payroll taxes is the following:

Debit Credit

Payroll Tax expense account $290,850

FICA Social security tax payable $160,650

Unemployment tax payable $130,200

Explanation:

a. The journal entries for the employee salary expense, withholdings, and salaries payable are the following:

Debit Credit

Salaries expenses account $2,100,000

Federal Income tax payable $315,000

State income tax payable $131,250

FICA social security tax payable $160,650

Blue shield payable $21,000

Cash account $1.472.1000

b. The journal entries for the employer-provided fringe benefits is the following:

Debit Credit

Salaries expenses (Fringe benefit account) $63,000

Blue shield payable $63,000

c. The journal entries for the employer payroll taxes is the following:

Debit Credit

Payroll Tax expense account $290,850

FICA Social security tax payable $160,650

Unemployment tax payable $130,200

3 0

3 years ago

You need a new computer, and you will need a loan in order to buy one. Which lender is most likely to charge you the highest int

Rom4ik [11]

I know the answer is but b and d because they have the key words savings and with credit you pay lower to so the answer should be A

4 0

2 years ago

Read 2 more answers

Which skills will be most beneficial for computer help desk technician

tester [92]

Here are five of the most advantageous soft skills for IT help desk technicians:<span>Critical Thinking. Oftentimes, help desk technicians have flow charts or predefined procedures they can follow to resolve known problems. ...Written Communication. ...Active Listening. ...Verbal Communication. ...Conflict Resolution.</span>

7 0

2 years ago

Economics can be defined as the study of?

bazaltina [42]

For whom resources are allocated to increase efficiency. economics can as well be described as the production, distribution and consumption of goods and services. scarce resources that have alternative uses

7 0

2 years ago

Small businesses have an advantage over large business in international trade in all these ways except: Multiple Choice they can

alexdok [17]

Answer:

their prices are usually lower due to low overhead.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace and enhance international trade.

Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

Small businesses have an advantage over large business in international trade in all of the aforementioned ways except that, their prices are usually lower due to low overhead cost such as office space, equipment, travel expenses, utilities, etc.,

An overhead cost is simply the cost associated with the smooth running the business.

In international trade, both small businesses and large businesses typically have the same price or amount of money set for the purchase of their goods regardless of the overhead cost.

8 0

3 years ago