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anygoal [31]
3 years ago
9

Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay perio

d of January 15 - 31.
Gross payroll $19,676
Federal income tax withheld $3,438
Social security rate 6%
Federal unemployment tax rate 0.8%
Medicare rate 1.5%
State unemployment tax rate 5.4%
Salaries Payable would be recorded in the amount of
a) $15,018.09
b) $13,542.39
c) $14,762.30
d) $19,676.00
Business
1 answer:
Tanya [424]3 years ago
8 0

Answer:

The correct answer is B. Salaries Payable would be recorded in the amount of 13,542.39.

Explanation:

Given that the company's gross payroll is $19,676, and that a discount of $3,438 must be applied by the Federal Income Tax, a 6% social security rate, a 0.8% federal unemployment rate, a 1.5% rate Medicare and 5.4% state unemployment rate, the following gross discounts must be made to gross payroll to determine wages to be paid after taxes:

3,438 (Federal Income Tax)

19,676 x 0.06 = 1,180.56 (social security rate)

19,676 x 0.008 = 157.408 (federal unemployment rate)

19,676 x 0.015 = 295.14 (Medicare rate)

19,676 x 0.054 = 1,062.5 (state unemployment rate)

Therefore, those discounts should be subtracted from the gross payroll in order to get the Salaries Payable:

19,676 - 3,438 - 1,180.56 - 157.4 - 295.14 - 1,062.5 = 13,542.39.

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On March 1, 2017, Westmorlan Company acquired real estate on which it planned to construct a small office building. The company
OleMash [197]

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Answer. Debit cost of land.

Explanation:

The cost of property includes the price of purchase and other related tax e.g vat paid on the property, plants or equipment.

The cost of the asset further includes all cost spent to bring it to the desired state of use while subtracting all income earned in the process and this necessitate the treatment of the cost of raising warehouse and salvage materials.

Included in the cost of the asset acquired are the professional fees incurred like the Architecture, Attorney etc. Furthermore the cost included the driveway and parking lots for they are also necessary to make it usable.

5 0
3 years ago
Which dot plot shows three TV's in two houses? A dot plot titled How many T V's Are in Your House going from 0 to 4. 0 has 1 dot
JulijaS [17]

Answer:

The answer is "The first choice".

Explanation:

Please find the graph file of the given question:

In the given question the first choice is correct because in the graph it has 3 dots, which denotes the (tv's) in 2 that is equal to the two houses.

8 0
2 years ago
Read 2 more answers
Anderson Compounds produces two industrial chemical compounds, Gorp and Gumm, from the same process, which last year, cost $480,
Olin [163]

Answer:

b. 320000

Explanation:

In order to calculate the joint cost of Gorp we need to understand what the method means and how it's used to calculate it. The adjusted sales method is used to allocate joint costs based on the prices the products are sold.

First of all we need to calculate the percentage of Selling price of Gorp to that of the total selling price of both Gorp and Gumm.

I.e: 60 ÷ (60+30) × 100

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Now we calculate joint cost allocated to Gorp.

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3 0
2 years ago
A Japanese insurance company purchases U.S. government securities. From the perspective of the United States, the balance of tra
Helga [31]

Answer:

a. not change; improve

Explanation:

Balance of trade is the difference in value over a period of time between a country’s imports and exports of goods and services,  usually expressed in the unit of currency of a particular country (e.g., dollars for the United States, yen for the Japan).

Balance of payments record the receipts and payments of the residents of the country in their transactions with residents of other countries.

A Japanese insurance company purchases U.S. government securities. From the perspective of the United States, the balance of trade with Japan will not change and the balance of payments with Japan will improve.

7 0
2 years ago
The market for college education is perfectly competitive. Over the recent years, costs of equipping and maintaining modern clas
SVETLANKA909090 [29]

Answer:

Equilibrium price increases while the effect on equilibrium quantity is indeterminate.

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Due to the higher cost of equipping and maintaining schools, the supply of schools would fall. This would increase the price of schools and the supply would fall.

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Taking the effect of demand and supply together, the equilibrium price would rise and there would be indeterminate effect on quantity

I hope my answer helps you

5 0
3 years ago
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