Need help with a business question

Dan Jones and Pat Smith are two employees of Lone Star, Inc. In January 2017, Dan's gross pay was $11,500, and Pat's gross pay w

Rina8888 [55]

Answer:

C) a credit to FICA-Medicare Taxes Payable for $390.05

Explanation:

Before passing the journal entry, first we have to do the calculations which are shown below:

The Total salary would be

= Dan's gross pay + Pat's gross pay

= $11,500 + $15,400

= $26,900

Now the FICA-OASDI Tax would be

= Total salary × tax rate

= $26,900 × 6.2%

= $1,667.80

And, the FICA-Medicare Tax would be

= Total salary × tax rate

= $26,900 × 1.45%

= $390.05

Now the journal entry would be

Salary expense A/c Dr $26,900

To FICA Social security payable $1,667.80

To FICA Medicare tax payable $390.05

To Salaries payable $24,842.15

(Being salary expense is recorded)

6 0

3 years ago

Williams manufactures a variety of iron products, made to customer specifications, in small batches. Willie Williams, owner, is

Shtirlitz [24]

Answer:

(C) Janitorial, Welding, HR, Data Svcs, Assembly

Explanation:

Question: If the step-down method is used in this case, which sequence of allocations is not valid?

The step method will allocate a portion of a service department to others service department cost thus, increasing the cost of these.

In this case cost from Janitorialo will go into HR and Data serivces.

Is important to understand that these method have as goal to allocate their cost into production department. The production department receive cost from the service department. They do not allocate into service. Never.

Having said that statement; the conclusion is that option C is incorrect as it is doing a distribution of produciton department into service department.

6 0

4 years ago

Which type of tort happens when you unfairly damage another company's reputation?

nirvana33 [79]

Is c
Because is like your challenging them so it cant be any others

5 0

4 years ago

Which of the following factors is not used to determine whether an activity is a hobby or a business?A) the taxpayer's expertise

melisa1 [442]

Answer: Option D

Explanation: As per the tax laws, the activities in which the taxpayer has expertise in and he or she is getting some kind of monetary benefit from performing it, then such activity will be seen as a business.

However, if the taxpayer do not repetitively perform an activity and derives no personal gain other than pleasure from performing such activity, then it will be a hobby.

Hence from the above we can conclude that the correct option is D.

7 0

3 years ago

4. The great economist Joseph Schumpeter coined the term ""creative destruction"" to characterize the free market economy. Why s

strojnjashka [21]

Answer:

As the competition progress, certain corporations or firms can have competitive advantages that allows them to excel in the process of production and lower the costs while introducing new innovative technologies with the help of economies of scales.

This can lead to monopolies that eventually exploit the customers and harm the environment and communities around them. It is because of this, that the free trade and free market have to be promoted and protected by the government.

Explanation:

4 0

4 years ago

Need help with a business question ​

Need help with a business question