Answer: A) debit to Salaries and Wages Expense for $88,800
Explanation:
When recording the payroll for the month, the gross pay of $88,800 will be debited to the Salaries and Wages expense account.
The relevant deductions are then made which in this case would be FICA taxes, Income taxes withheld and Medical insurance deductions. The unemployment taxes are the responsibility of the employer so will not be deducted.
The Journal entry will therefore be;
Debit Credit
April 30 Salaries and Wages Expense 88,800
FICA Taxes withheld 6,790
Income taxes withheld 18,500
Medical Insurance deductions 3,300
Salaries and Wages Payable 60,210
Answer:
<u>Centralized decision making authority</u>
Explanation:
The concept of total quality management was proposed by Edwards Deming who laid immense emphasis upon improvement of product quality and providing highest value to the customers.
The concept aims at providing high quality goods, effective after sales services, driven by the objective of providing highest level of possible satisfaction to the customers.
TQM includes benchmarking which means creating standards or benchmarks against which actual performance shall be evaluated.
It includes continuous improvement in products and services as this being one of it's objectives.
The concept does not incorporate centralized decision making which refers to decisions being taken only by the top management with subordinates having negligible say. Such decision making would increase the time and hence reduce efficiency.
Answer:
Whats a lawyers favorite suit...
A lawsuit
Explanation:
Answer:
b. inventory for $600
Explanation:
Before giving the answer, first we have to compute the amount which is shown below:
= (Purchase amount of inventory - the cost of returned goods) × discount rate
= ($33,000 - $3,000) × 2%
= $30,000 × 2%
= $600
Since the payment is made within 10 days. So, Elkins can avail of the 2% discount.
This transaction would credit the inventory for $600 as in the perpetual inventory method the amount of discount is adjusted to the inventory amount.
The journal entry is shown below:
Accounts payable A/c Dr $30,000
To Cash A/c $29,400
To Inventory A/c $600
(Being the amount is paid and the difference would be credited to the cash account)
Answer:
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