Answer:
December 31,
DR Payroll Tax Expense...........................................$18,670
CR Social Security Taxes Payable..........................................$13,200
Medicare Taxes Payable....................................................$3,300
Federal Unemployment Tax Payable...............................$280
State Unemployment Tax Payable...................................$1,890
Federal Unemployment tax = 0.8% * 35,000 = $280
State Unemployment tax = 5.4% * 35,000 = 1,890
Answer and Explanation:
The journal entries are shown below;
On Sept 15
Merchandise inventory $77,500
To Accounts payable $77,500
(Being purchase of inventory is recorded)
On Sep 29
Accounts payable $77,500
To Cash $75,175
To Merchandise inventory (3% of $77,500
) $2,325
(Being payment to suppliers after discount is recorded)
Savings are for saving not spending
Answer:
$700,000
Explanation:
The computation of the total raw materials used is shown below:
= Beginning raw material inventory + purchase of raw material - ending raw material inventory
= $250,000 + $750,000 - $300,000
= $700,000
We simply added the purchase and deduct the ending inventory to the beginning inventory so that the raw material used could come
