1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
SCORPION-xisa [38]
3 years ago
12

During the month of March, Munster Company's employees earned wages of $64,000. Withholdings related to these wages were $4,896

for Social Security (FICA), $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $700 for state unemployment tax.
a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.
b) Prepare the entry to record the company's payroll tax expense.
Business
1 answer:
STALIN [3.7K]3 years ago
8 0

Answer:

A) March 31 journal entries for wages expense and wages payable

  • Dr Salaries and Wages Expense account 64,000
  • Cr FICA Taxes Payable account 4,896
  • Cr Federal Income Tax Payable account 7,500
  • Cr State Income Tax Payable account 3,100
  • Cr Union Dues Payable account 400
  • Cr Salaries and Wages Payable account 48,104

B) March 31 journal entries for company's payroll tax expenses

  • Dr Payroll Tax Expense account 5,596
  • Cr FICA Taxes Payable account 4,896
  • Cr State Unemployment account 700

You might be interested in
an important feature of supply chain management is its application of sophisticated information technology that allows companies
xz_007 [3.2K]
I agree that the y is connected to fry nye the answer would have to be so be it through the needs
3 0
2 years ago
Donald (a married taxpayer filing jointly) owns a wide variety of commercial rental properties held in a single-member LLC. Dona
adell [148]
Today I got this right ccccccccccc is Right
6 0
3 years ago
Let’s examine how the goals of the Fed influence its response to shocks. Suppose that in scenario A the Fed cares only about kee
dolphi86 [110]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

6 0
3 years ago
Use the graph illustrating the market for gasoline-fueled cars to answer the question. Which situation corresponds with this gra
Reika [66]

The situation that corresponds with the graph of the market for gasoline-fuelled cars is the average price of crude oil decreased, causing the price of gasoline to decrease as well.

The graph is a diagram of the demand and supply curve for gasoline-fuelled cars. There is a rightward shift of the demand curve. A rightward shift of the demand curve indicates that the demand for gasoline-fuelled cars have increased.

<u><em>Factors that can lead to a rightward shift of the demand curve for gasoline-fuelled cars</em></u>

  • A decrease in the cost of a <em>complement good:</em> A <em>complement good</em> is a good that can be used together with a gasoline-fuelled car. An example of a <em>complement good</em> for gasoline-fuelled car is gasoline. If there is a decrease in the cost of gasoline, the demand for gasoline-fuelled cars would increase.

  • An increase in the price of<em> substitute goods</em>: A <em>substitute good </em>is a good that can be used in place of another good. A substitute for gasoline-fuelled cars are electric cars. If the price of electric cars increase, the demand for gasoline-fuelled car would increase.

To learn more, please check: brainly.com/question/14842844?referrer=searchResults

3 0
2 years ago
____ 16. a decrease in the price of domestically produced nuclear reactors will be reflected in
Alchen [17]

I guess the correct answer is the GDP deflator but not in the consumer price index.

A decrease in the price of domestically produced nuclear reactors will be reflected in the GDP deflator but not in the consumer price index.

8 0
3 years ago
Other questions:
  • Which type of residential setting may care for one to three clients in a family-like atmosphere, including meals and social acti
    7·1 answer
  • Which of the following companies is using cost drivers effectively to manage value chain activities cost efficiently?a. Company
    9·1 answer
  • Sergio, the manager of a software firm, has a new project for his team. He is preparing a set of targets and making decisions on
    15·1 answer
  • What do you need to become a business development manager
    14·1 answer
  • Zachary Corporation produces products that it sells for $18 each. Variable costs per unit are $6, and annual fixed costs are $24
    12·1 answer
  • The following information relates to a companyâs accounts receivable: gross accounts receivable balance at the beginning of the
    13·1 answer
  • 5 sentences on student wellness
    10·1 answer
  • The united states helped mexico’s economy during world war ii by ordering raw materials and offering workers jobs. buying the ri
    14·1 answer
  • There are hundreds of highly targeted, upstart sites on the Internet along with magazines created by users. Initially, the main
    12·1 answer
  • randy and debbie are in charge of training new marketing department employees at company abc. in a training session, debbie comm
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!