Debit Credit
March 11
Salary and wage expense (+E, -SE) 200,000
Liability for income taxes withheld-employees (+L) 40,000
Liability for insurance premiums withheld-employees (+L) 1,000
FICA taxes payable - employees (+L) 15,000
Cash (-A) 144,000
Payroll for February including employee deductions.
Labor costs are the costs a business incurs to pay its hourly employees. This item may also include payroll taxes and benefits paid to employees. Wage costs can be recognized as a line item in the expense portion of the income statement. This is a type of variable cost.
Wage Expense is an expense account, but Payroll Payable is a current liability account. A current liability is a liability that a company has to pay within one year. Companies report expense accounts on the income statement and liability accounts on the balance sheet.
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You will need...A. insurance in the event of a proffesional mishap.
Answer:
Market value of the stocks $
Market value of common stocks (3 shares x $40) 120
Market value of preferred stock ( 1 share x $100) 100
Total market value of the stocks 220
Total value of 50 packages of securities
= 50 x $154
= $7,700
The total value of preferred stocks
= $100/$220 x $7,700
= $3,500
The correct answer is A
Explanation:
There is need to calculate the market value of the two stocks by multiplying the units of each stock by their respective current market price. Then, we will determine the total value of the 50 packages of securities, Finally, we will determine the total value to be assigned to preferred stock, which is the market value of preferred stock divided by the total market value multiplied by the total value of 50 packages of securities.
Answer: Substitution Effect.
Explanation:
The substitution effect occurs when consumers switch from one product to another similar product that is of a lower price. The substitution effect majorly affects price sensitive consumers in a market.
Answer:
The answer is: Union shop
Explanation:
Union shop refers to an agreement between a company and a labor union making it mandatory that all employees must belong to the labor union or if they are hired recently, they must join the union within a certain period of time.
In this case the time given to Max was 8 weeks for him to join the union or he would not be able to work there.
