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Yuri [45]
2 years ago
7

Gloria Rose works at College of Austin and is paid $ 30 per hour for a​ 40-hour workweek and​ time-and-a-half for hours above 40

. LOADING...​(Click the icon to view payroll tax rate​ information.) Requirements 1. Compute Rose​'s gross pay for working 60 hours during the first week of February. 2. Rose is​ single, and her income tax withholding is 20 % of total pay. Rose​'s only payroll deductions are payroll taxes. Compute Rose​'s net​ (take-home) pay for the week. Assume Rose​'s earnings to date are less than the OASDI limit. 3. Journalize the accrual of salaries and wages expense and the payments related to the employment of Gloria Rose. Requirement 1. Compute Rose​'s gross pay for working 60 hours during the first week of February. Gross Pay
Business
1 answer:
Solnce55 [7]2 years ago
8 0

Answer and Explanation:

1. The gross pay is

Straight time pay

= 40 hours × $30 per hour

= $1,200

overtime pay

= 40 hours × $30 per hour × 1.5

= $1,800

So, the total gross pay is

= $1,200 + $1,800

= $3,000

2. Now the net take home pay is

Gross pay                        $3,000

Less: deductions

Income tax withholding (20%)  -$600

Employee OASDI tax (6.2%)  -$186

Employee medicare tax (1.45%) -$43.50

Net take home pay $2,170.50

3. Now the journal entries are

Wages expense $3,000

             To Income tax payable $600

             To Employee OASDI tax payable $186

             To Employee medicare tax payable $43.50

             To wages payable $2,170.50

(Being the wages expense is recorded)

We debited the expenses as it increased the expenses and credited all liabilities it increased the liabilities  

Wages payable Dr $2,170.50

         To cash  $2,170.50

(being cash paid is recorded)

For recording this we debited the wages payable as it reduced the liabilities and credited the cash as it also reduced the current assets

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Answer:

d) partly a variable cost and partly a fixed cost.

Explanation:

CVP income statement is also known as cost volume profit income statement, it is generally a product of CVP analysis and it include five elements:

  • Price of products.
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CVP analysis are conducted to know how changes in cost and volume would impact company´s operating income and net income. It require all the cost of company should be segregated into variable and fixed cost. It also calculate contribution margin, which help to identify the profit of company before deducting fixed cost.

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3 years ago
Which interest-bearing account is best for people who won't need access to their money for several months or longer?
Alecsey [184]
The answer is A. 
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This makes them a good option for people have some extra money that they won't need in a near future.
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3 years ago
Item 15Item 15If Beck's Bicycles, Inc.'s income statement shows gross profit of $350 million, with operating expenses of $120 mi
Alinara [238K]

Answer:

$161 million

Explanation:

Given that,

Gross profit = $350 million

Operating expenses = $120 million

Tax rate = 30%

First, we need to find out the income before taxes by subtracting operating expenses from the gross profit then we are able to determine net income after taxes.

Income before tax:

= Gross profit - Operating expenses

= $350 million - $120 million

= $230 million

Net income after taxes:

= Income before tax - Taxes

= $230 million - (0.30 × $230 million)

= $230 million - $69 million

= $161 million

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3 years ago
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Analysis of data from marketing reports and recommendation-making based on that analysis are the duties of a marketing researcher, also known as a marketing research analyst. Their suggestions assist the marketing staff in project planning and helping to keep the company's consumer base constant.

Numerous marketing researchers also contribute to the creation and execution of marketing content strategies and data analysis of the business, its goods or services, and client purchasing patterns. Being knowledgeable about current marketing trends in one's business and remaining current with new marketing technologies are essential components of every marketing researcher's job.

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1 year ago
On January 2 Kelly company performed $800 worth of services for a client. The client paid $100 immediately, but promised to pay
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Answer:

$100, $700, $800

Explanation:

Calley Journal entries would include:

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Credit $800 to the revenue account

This follows the double entry rule that a credit in one account must correspond to at least one debit in another account.

We debit all asset accounts(receivables,cash) when increased and credit all liabilities account when increased. We credit all income account(revenue) when increased and debit all expenses account when increased.

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Read 2 more answers
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