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
olchik [2.2K]
3 years ago
8

The following monthly data are taken from Ramirez Company at July 31 Sales salaries, $320,000, Office salaries, $64,000, Federal

income taxes withheld, $96,000; State income taxes withheld, $21,500, Social security taxes withheld, $23,808, Medicare taxes withheld, $5,568, Medical insurance premiums, $7,500; Life insurance premiums, $4,500, Union dues deducted, $1,500, and Salarie subject to unemployment taxes, $51,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%.
1.& 2 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July

3. Using the above information, complete the below table.
Business
1 answer:
vfiekz [6]3 years ago
5 0

Answer:

1 Total premium % paid by Employees Premium paid by employees Premium paid by employer Employee medical insurance payable 7500 40% 3000 4500 Employee life insurance payable 4500

Explanation:

You might be interested in
Assume that the resort town of Ocean View passed a law imposing an extra tax on boardwalk food businesses that used plastic cups
TEA [102]

Answer:

The answer is: A) Is the law rationally related to a legitimate government interest?

Explanation:

A legitimate government interest applies when a government (in this case municipal government) passes a law to protect the health, safety, and economy of it's citizens.

This law will probably be reviewed using a rational basis, which is the least strict type of legal scrutiny.

3 0
3 years ago
Find out equilibrium price and output for the following market condition.
Ierofanga [76]

Answer:

At equilibrium demand is equal to supply therefore  

Qd=Qs

50-2P=3P

By collecting like terms

50=3P+2P

50=5P

P=10

THEREFORE  equilibrium price  is 10

Explanation:

6 0
3 years ago
Brian is saving money for an entertainment system. He decides to put his money in the bank in a traditional savings account inst
const2013 [10]
C. It could only be withdrawn at a certain time.
7 0
3 years ago
Match each account type with its description. Tiles basic checking account interest-bearing checking account savings account mon
antiseptic1488 [7]
Basic checking account = <span>Both does not earn interest and has a low minimum balance requirement; 
</span>interest-bearing checking account = <span>Both earns interest and allows unlimited ATM use;
</span>savings account = Both restricts access to funds through withdrawals;<span> 
money market deposit account = pays higher interest than a savings account;
</span>
4 0
3 years ago
BuyCo, Inc., holds 25 percent of the outstanding shares of Marqueen Company and appropriately applies the equity method of accou
Oxana [17]

Answer:

$12,000

Explanation:

Calculation for What Equity in Investee Income should BuyCo report for 2020

Equity income accrual $25,000

($100,000 × 25%)

Less: deferral of intra-entity unrealized gross profit ($3,000)

Less: Patent amortization ($10,000)

Equity in investee income $12,000

Calculation for Intra-entity unrealized gross profit

Profit within remaining inventory $12,000

× Ownership percentage 25%

Intra-entity unrealized gross profit 3,000

($12,000*25%)

Therefore Equity in Investee Income should BuyCo report for 2020 is $12,000

3 0
2 years ago
Other questions:
  • M purchases a $70,000 Life Insurance Policy with premium payments of $550 a year for the first 5 years. At the beginning of the
    6·1 answer
  • Relish Corp. is a famous fast food chain in the United States. However, increasing competition affects the company's market. Nic
    8·2 answers
  • Mill Company began operations on January 1,2017, and recognized income from construction-type contracts under different methods
    13·1 answer
  • In March this year Mr. Monteagudo s restaurant achieved sales of $108,000.00. Mr. Monteagudo s menu prices are 5% are higher tha
    14·1 answer
  • When using the accounting equation, recording the purchase of equipment for cash would include an increase to the (Cash/Equipmen
    12·1 answer
  • The government of Granita is thinking about imposing a very small tax on one or more of the following goods: anvils, books, and
    9·1 answer
  • Rent is $1,258. Phone charges last month were $46.88. Groceries cost about $115/week. What is a good estimate of your monthly ex
    6·1 answer
  • Suppose a stock had an initial price of $75 per share, paid a dividend of $1.55 per share during the year, and had an ending sha
    9·1 answer
  • KLM Corporation's quick assets are $6,123,000, its current assets are $13,440,000 and its current liabilities are $8,144,000. It
    11·1 answer
  • What does this picture reminds you of a nightmare of give 2-4 sentences
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!