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
7nadin3 [17]
3 years ago
12

During January, Luxury Cruise Lines incurs employee salaries of $1.1 million. Withholdings in January are $84,150 for the employ

ee portion of FICA, $165,000 for federal income tax, $68,750 for state income tax, and $11,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $68,200 for federal and state unemployment tax and $33,000 for the employer portion of health insurance. Record the necessary entries in the Journal Entry
Business
1 answer:
finlep [7]3 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

1. Salary expense A/c Dr $1,100,000

             To income tax payable A/c $233,750

             To FICA Tax payable A/c    $84,150

             To Accounts payable A/c    $11,000

             To Salaries payable A/c       $771,100

(Being the expenses and Withholding are recorded and the remaining balance is credited to salary payable account)

2. Salary expense A/c Dr $33,000

         To Accounts payable A/c    $33,000

(Being the employer portion of health insurance is recorded)

3. Payroll tax expense A/c Dr $152,350

      To FICA Tax payable A/c    $84,150

      To Unemployment tax payable A/c $68,200

(Being payroll tax expense is recorded)

You might be interested in
Interview a business owner on this crisis experienced in the workplace
patriot [66]

There are several crises experienced by employees during recent pandemic. So, in an interview with a business owner regarding the crisis experienced, one can ask about how can businesses deliver better outcomes in times of a crisis.

<h3>What is an interview?</h3>

An interview is a meeting or a formal consultation at which information is obtained (as by a reporter, television commentator, or pollster) from a person.

It is a conversation in which you and an employer exchange information. The main features of the interview are conducted in the form of conversation, which is shaped by certain guidelines and questions between the researcher and the respondent. It is used in surveys and participant observation methods.

Learn more about interview here,

brainly.com/question/15128068

#SPJ1

7 0
1 year ago
John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA taxes are 7.65% of gross ea
Anastasy [175]

Answer:

The net pay for John Jansen is $2894

Explanation:

For calculating the net pay for John Jansen we have to subtract all the FICA taxes and federal income taxes and also state income taxes, with authorized voluntary deductions also being subtracted from the gross earnings .

Given information -          Gross earning                         = $4000

                                         FICA taxes                                = 7.65%

                                         Federal income taxes               = $675

                                         State income taxes                    = 3%

                                       Authorized voluntary deductions = $5

One important to remember here is that FICA taxes and State taxes would be calculated on the gross earnings of John

FICA taxes = 7.65% of $4000

                  = .0765 x $4000

                  = $306

State taxes = 3% of $4000

                   = .03 x $4000

                   = $120

NET PAY = gross earnings - FICA tax - state tax - federal income tax -

                                                         authorized voluntary deduction

   = $4000 - $306 - $120 - $675 - $5

   = $2894

 

7 0
3 years ago
Sawaya Co., Ltd, of Japan, is a manufacturing company whose total factory overhead costs fluctuate considerably from year to yea
coldgirl [10]

Answer:

Explanation:

1. Indirect Material variable cost Per Direct Labor HR 5000000/50000=100

Indirect Material (variable) 100*75000 =7500000

Rent Fixed 6000000

Hence total Maintenace Fixed =17625000-7500000-600000= 4125000

2.

                   Low            High      Change

Cost 3250000 4125000 875000 [4125000-3250000]

Activities 50000          75000   25000

variable Portion of Maitencance cost =875000/25000= 35.00

Fixed cost=4125000-75000*35=1500000

Variable cost=35

cost formula for maintenance= 1500000+35b

3.

Indirect Material (variable) 100*70000 = 7000000

Rent Fixed                      6000000

Maintenance cost = 1500000+35*70000=3950000

5 0
2 years ago
Ron Jones has been a trusted employee for over 10 years. He is responsible for ordering merchandise inventory, receiving the inv
ch4aika [34]

Answer:

Segregation of duties.

Explanation:

Segregation of duties -

The concept of segregation of duties is based on the shared responsibilities .

It refers to the method of assigning different person for different task , is referred to as segregation of duties .

It is the fundamental building block for running a business efficiently , in order to reduce any management risk .

In the business it is the major case of any fraud or error , as one person is responsible for maximum duties functioning in the business .

Therefore , it is import to divide various duties .

Hence , from the given scenario of the question,

The correct answer is segregation of duties .

5 0
3 years ago
How long does Bankruptcy stay on your credit report?
svlad2 [7]

The bankruptcy public record is deleted from the credit report either seven years or 10 years from the filing date of the bankruptcy, depending on the chapter you filed. Chapter 13 bankruptcy is deleted seven years from the filing date because it requires at least a partial repayment of the debts you owe

7 0
3 years ago
Other questions:
  • Which of the following will improve your bargaining position with customers a. ​The product your team produces has become more c
    5·1 answer
  • Craig's collected $15,000 from customers for games played in july. craig's sold bowling merchandise inventory from its pro shop
    14·1 answer
  • If a country's P X/ P Y in autarky is less than the P X /P Y on the world market, then this country has a comparative advantage
    15·1 answer
  • Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A wi
    7·1 answer
  • An article in the Wall Street Journal noted that the demand for video Internet advertising was increasing at the same time that
    5·1 answer
  • Which of the following is a valid criticism of the use of money as a store of value in modern economies?a. annual inflationary l
    13·1 answer
  • Ivanhoe Company purchased a new machine on October 1, 2017, at a cost of $77,980. The company estimated that the machine has a s
    6·1 answer
  • How would a decrease in u.s. capital investment by peruvians impact the supply of the peruvian sol and the u.s. dollar price of
    7·1 answer
  • In the base year the average family spent 25% of its income on Good X, 25% on Good Y, and 50% on Good Z. Over the second year th
    15·1 answer
  • Find the total graduated commission for 26 cooking demonstrations if the commission is ​$2 for the first 20 ​demonstrations; ​$5
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!