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Anestetic [448]
3 years ago
9

According to a summary of the payroll of Scotland Company, total salaries were $500,000. Assume that social security taxes are p

ayable at a 6% rate and Medicare taxes are payable at a 1.5% rate with no maximum earnings. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries would include a:
Business
1 answer:
OleMash [197]3 years ago
5 0

Answer:

The journal entry to record accrued salaries would include a credit to salaries payable of $364500.

Explanation:

Salaries payable = 500000 - (500000*6%) - (500000*1.5%) - 98000

                            = $364500

Therefore, The journal entry to record accrued salaries would include a credit to salaries payable of $364500.

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Assume the following: The standard labor rate per hour is $17.00. The standard labor-hours allowed per unit of finished goods is
andreyandreev [35.5K]

Answer: $17,000

Explanation:

Labour efficiency variance = Standard rate * (Standard hours - Actual hours )

Standard hours:

= Standard labor-hours allowed per unit * Number of units produced in period

= 3 * 15,000

= 45,000 hours

Labor efficiency variance = 17 * (45,000 - 44,000)

= $17,000 Favorable

<em>Favorable because the standard amount is higher than the actual amount. </em>

6 0
2 years ago
Which of the following is not a benefit of using advertising to promote a product or service?
nevsk [136]
Is personal and persuasive
8 0
3 years ago
Manufacturing overhead for the month was underapplied by $6,000. The company allocates any underapplied or overapplied manufactu
nikitadnepr [17]

Answer:

b. debit to Work in Process of $660.

Explanation:

Particulars        Work in         Finished   Cost of Goods Sold Total

                           Process  Goods

Manufacturing

overhead

applied during

the month    9680         9680       68640       88000

Percentage of total 11.0% 11.0% 78.0% 100.0%

Allocation of under-applied

manufacturing overhead   660    660         4680          6000

5 0
2 years ago
Michael has been saving his money and wants to invest it. after doing some research, he has decided to invest $20,000 into a cer
ivolga24 [154]

Answer: Micheal will earn an interest of $600 in the first year based on  nominal interest rates.

Since we need to compute the interest paid out at the end of year 1, we use the following formula in order to find the interest

SI = P * N * R

where

SI = Simple interest

P = Principal or initial amount invested

N = Number of years

R = Nominal interest rate

Nominal interest rate refers to the rate quoted on the CD or the rate agreed upon. In this question, the nominal interest rate is 3%.

Substituting the values in the formula above we get,

SI = 20000 * 1 * 0.03

SI = 600

8 0
3 years ago
Read 2 more answers
MC Qu. 98 At the beginning of the recent... At the beginning of the recent period, there were 1,470 units of product in a depart
agasfer [191]

Answer:

Using the weighted average method, the equivalent units produced by the department were:

= 8,760 units.

Explanation:

a) Data and Calculations:

                                         Units    Conversion  

 Ending inventory             1,560

Units completed             8,370

Units available                9,930

Beginning inventory        1,470         35%

Additional units started 8,460

Equivalent units of production:

Units completed            8,370         8,370 (100%)

Ending inventory           1,560            390 (25%)

Equivalent units of production       8,760

4 0
3 years ago
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