Answer:
Because of resources are limited and we must decide
Explanation:
Answer: $10,710
Explanation: The FICA tax (Federal Insurance Contribution Act) an employee payroll tax that funds Social Security benefits 6.2% and Medicare health insurance 1.45%.
Company A
Earnings $50,000
r = 6.2%
Social security = $50,000 × 0.062
= $3100
Medicare = $50,000 × 0.0145
= $725
Company B
Earnings = $90,000
Social security = $90,000 × 0.062
= $5580
Medicare = $90,000 × 0.0145
= $1305
Brooke FICA tax obligations of the year.
= $5580 + $1305 + $3100 + $725
= $10,710
Answer:
c. Dec. 31Fees Earned750 Rent Revenue175 Income Summary925
Explanation:
The journal entry to record the closing of Fees earned and rent revenue is given below:
On Dec 31
Fees earned $750
Rent revenue $175
To Income summary $925
(Being the revenues and fees earned is closed)
For recording this we debited the fees earned and rent revenue and credited the income summary so that the correct recording and posting could be done
Therefore the total amount of $925 is credited to income summary
