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Nady [450]
3 years ago
12

Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in a

ddition to state unemployment fax and federal unemployment tax. Of the total salaries, $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company, 10% of salaries expense).
Requirements:
1. Journalize Ricardo's expenses for employee benefits and for payroll taxes. Explanations are not required.
2. What was Ricardo's total expense for 2018 related to payroll?
Business
1 answer:
Lana71 [14]3 years ago
6 0

Answer:

1. Journalize Ricardo's expenses for employee benefits and for payroll taxes. Explanations are not required.

Assuming Ricardo has not yet paid the expenses:

XX, 2018, employee benefits and payroll tax expenses

Dr FICA tax (OASDI) expense 3,844

Dr FICA tax (Medicare) expense 899

Dr FUTA tax expense 132

Dr SUTA tax expense 1,188

Dr Worker health insurance 3,000

Dr Worker life insurance 330

Dr 401k plan 6,200

    Cr FICA tax (OASDI) payable 3,844

    Cr FICA tax (Medicare) payable 899

    Cr FUTA tax payable 132

    Cr SUTA tax payable 1,188

    Cr Worker health insurance payable 3,000

    Cr Worker life insurance payable 330

    Cr 401k plan payable 6,200

If Ricardo has already paid the expenses and benefits, you should only credit cash for $15,593

2. What was Ricardo's total expense for 2018 related to payroll?

$15,593 + $62,000 = $77,593

Explanation:

salaries expense $62,000

FICA taxes (OASDI) = $62,000 x 6.2% = $3,844

FICA taxes (Medicare) = $62,000 x 1.45% = $899

FUTA taxes = $22,000 x 0.6% = $132

SUTA taxes = $22,000 x 5.4% = $1,188

health insurance $3,000

life insurance $330

retirement benefits $6,200

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Vladimir [108]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Production:

January= 1,750 units

February= 2,120 units

The company budgets 5 pounds per unit of direct materials at a cost of $ 45 per pound.

Beginning inventory= 5,300 pounds.

Desired ending inventory= 40​% of the next​ month's direct materials needed for production.

The desired ending balance for February is 4,000 pounds.

The purchases of direct material are calculated using the following formula:

Purchases= sales + desired ending inventory - beginning inventory

January (in pounds):

Production= 1,750*5= 8,750

Desired ending inventory= (2,120*5)*0.4= 4,240

Beginning inventory= (5,300)

Total purchase= 7,690 pounds

Total cost= 7,690*45= $346,050

February (in pounds):

Production= 2,120*5= 10,600

Desired ending inventory= 4,000

Beginning inventory= (4,240)

Total purchase= 10,360 pounds

Total cost= 10,360*45= $466,200

6 0
3 years ago
6%/12%Your grandmother is giving you $100 a month for four years while you attend college to earn your bachelor's degree. At a 6
RoseWind [281]

Answer:

The answer is "0.39010989"

Explanation:

PMT= 100\\\\n= 4 \times 12 =48 \\\\r= \frac{6.0}{12}= 0.005

PV =?

PV= PMT\times \frac{(1-\frac{1}{1+r^n})}{r}

      =100 \times \frac{(1-\frac{1}{1+0.005^{48}})}{0.005}\\\\=100 \times \frac{(1-\frac{1}{1+3.55})}{0.005}\\\\=100 \times \frac{(1-\frac{1}{4.55})}{0.005}\\\\=100 \times \frac{(\frac{4.55 -1}{4.55})}{0.005}\\\\=100 \times \frac{(\frac{3.55}{4.55})}{0.005}\\\\=100 \times 0.0039010989\\\\=0.39010989

3 0
3 years ago
Some of the considerations you might use to analyze the data include
Semenov [28]
B characteristics of the children etc
6 0
3 years ago
Specialization:
AysviL [449]

Answer:

Specialization can lead to an increase in overall production

Explanation:

We specializes in something we are skilled at and will become better at and so we will be able to produce more of that goods and services

8 0
3 years ago
Up-Town Express processed 89,233 packages this month. If this is 36.5% less than last month, how many packages did they process
solniwko [45]

Answer:

X=140.524.4≅140,524 Packages

Correct option is C (140,524)

Explanation:

Given Data:

Up-Town Express processed =89,233 packages this month

Less than last month=36.5%=0.365

Required:

Packages did they process last month=?

Solution:

Let say X is the number of Packages they process last month.

Equation from above data:

89233+0.365X=X

89233=X-0.365X

0.635X=89233

X=89233/0.635

X=140.524.4≅140,524 Packages

Correct option is C (140,524)

4 0
3 years ago
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