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kozerog [31]
3 years ago
10

In the following summary of data for a payroll period, some amounts have been intentionally omitted:

Business
1 answer:
notsponge [240]3 years ago
8 0

Answer:

A. Calculation of the amounts omitted in lines (1), (3), (8), and (12):

1. At regular rate

= $365,500

3. Total earnings

= $430,000

8. Union dues

= $2,250

12. Sales Salaries

= $116,100

B. Journal to record the payroll accrual:

Debit:

11. Factory Wages $227,900

12. Sales Salaries    $116,100

13. Office Salaries  $86,000

Credit Payables:

4. Social security tax         $25,800

5. Medicare tax                   $6,450

6. Income tax withheld    $109,700

7. Medical insurance         $14,800

8. Union dues                     $2,250

10. Salaries Payable        $271,000

To record the payroll accrual.

C. Journal Entry to record the payment of the payroll:

Debit Payables:

4. Social security tax         $25,800

5. Medicare tax                   $6,450

6. Income tax withheld    $109,700

7. Medical insurance         $14,800

8. Union dues                     $2,250

10. Salaries Payable        $271,000

Credit Cash Account                          $430,000

To record the payment of the payroll.

Explanation:

a) Data and Calculation of the amounts omitted in lines (1), (3), (8), and (12):

Earnings:

1. At regular rate                      $365,500

2. At overtime rate                       64,500

3. Total earnings                        430,000

Deductions:

4. Social security tax      25,800

5. Medicare tax                6,450

6. Income tax withheld 109,700

7. Medical insurance     14,800

8. Union dues                 2,250

9. Total deductions                  159,000

10. Net amount paid                271,000

Accounts debited:

11. Factory Wages 227,900

12. Sales Salaries    116,100

13. Office Salaries  86,000

1. At regular rate = 3. Total earnings - 2. At overtime rate

= $430,000 - 64,500

= $365,500

3. Total earnings = 9. Total deductions + 10. Net amount paid

= $159,000  +  271,000

= $430,000

8. Union dues = 9. Total deductions - other deductions from 4 to 7.

= $159,000 - (25,800 + 6,450 + 109,700 + 14,800)

= $2,250

12. Sales Salaries = 3. Total earnings - 11. Factory Wages - 13. Office Salaries)

= (430,000 - 227,900  -  86,000)

= $116,100

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Since the student comments to his roommate that the only way he will be able to pass his final exams is to not sleep for the next three days, one can say that the  statement suggests that option c) there is a trade off between studying and sleep.

<h3>What means trade-off?</h3>

The Definition of trade-off is known to be the act or the process that is used in equalizing the factors all of which are not able to achieve at the same time such as the trade off between studying and sleep.

Note that the term  trade-off is seen as a point where there is a situational decision that entails the act of lowering or losing one quality, quantity and even  property so that one can be able to get  other aspects or things,

Therefore, Since the student comments to his roommate that the only way he will be able to pass his final exams is to not sleep for the next three days, one can say that the  statement suggests that option c) there is a trade off between studying and sleep.

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On June 1 of Year 1, a company paid $2,400 cash to rent office space for one year beginning immediately. Based solely on this in
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Rent expenses = $200 per month

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In conclusion, with an assumption that the company's accounting year is same as the calendar year, the income statement would show $1,000 of rent expense.

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Answer:

$83,850

Explanation:

Lacy's Linen Mart

Cost Retail

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Add: net purchases$331,000 $499,000

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Cost-to-retail percentage

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Answer:

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Answer:

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