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3 years ago

Paul Company completed the salary and wage payroll for March 2011. The Payroll provided the following details:

Business

1 answer:

Anastaziya [24]3 years ago

4 0

Answer:

1. Journal Entry

Date Account Titles and Explanation Debit Credit

March Salary and Wage Expenses $200,000

2011 Liability for income tax withheld - $40,000

Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

Cash $144,000

(Payroll for February including employee deductions)

2. Journal Entry

Date Account Titles and Explanation Debit Credit

March Payroll tax expenses $15,000

2011 FICA taxes payable - Employer $15,000

(Employer Payroll taxes on February payroll)

3. Journal Entry

Date Account Titles and Explanation Debit Credit

March Liability for income tax withheld $40,000

2011 - Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

FICA taxes payable - Employers $15,000

Cash $71,000

(Remittance of payroll taxes and deduction for February payroll)

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Great Lake Glassware Company issues $1,121,000 of its 12%, 10-year bonds at 99 on February 28, 2018. The bonds pay interest o

Fynjy0 [20]

Answer:

The correct answer is option (D).

Explanation:

According to the scenario, the computation of the given data are as follows:

Total amount = $1,121,000

Bonds percentage = 12%

Bonds year = 10 years

Time period Feb.28 - Aug.31 = 6 months

Total interest expense = Cash payment of interest + Amortization of discount

So, Cash payment of interest = $1,121,000 × 12% × 6÷12

= $67,260

Amortization of discount = ( $1,121,000 × 1÷100) ÷ 20 = $560.5

So, Total interest expense = $67260 + $560.5 = $67,820.5 or $67,821

Hence, The journal entry is shown below.

Aug.31 Interest Expense A/c Dr $67,821

To Cash A/c $67,260

To Amortization of discount A/c $561

( Being interest expense is recorded)

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3 years ago

Explain five (5) contributions of the manufacturing industry to industrialization

Drupady [299]

Answer:

Line production system

Scale of production

Development of Factories

Development of Capital Machinery

Development of Capital Goods Industry.

Explanation:

Line production system: This system was adopted in manufacturing companies to divide the tasks between the workers so a product can be manufactured in the fastest way possible

Scale of production: The manufacturing industry develop high levels of production that allow surpluses of production of goods in the economy.

Development of Factories: The manufacturing industry was the first in organize the Plant for production purposes. Therefore, the creation of what is nowadays known as factories was a consequence of this organization.

Development of Capital Machinery: Manufacturers Researched and developed new machines to improve the times of production. With time this technology was used for more industries to achieve fast performances.

Development of Capital Goods Industry: As machines were developed the industry of Capital goods arose and became an important source of technology for companies.

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3 years ago

A company issued rights to its existing shareholders without consideration. The rights allowed the recipients to purchase unissu

docker41 [41]

Answer:

Both Common Stock and Additional Paid-In Capital in Excess of Par Value

Explanation:

The entries for rights issue will affect both accounts because:

1. The purchase of the common stock will increase the Common stock account

2. Additional Paid-in capital will be increased because it is noted in the question that the recipients of the rights issue are given the purchase of the common stock 'in excess of par value'. The excess amount will be credited to the additional PIC

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3 years ago

Elliot is preparing a training program for his company's subsidiary in Paris, France. He speaks French fairly well, but does not

morpeh [17]

Answer:

B. Establish a partnership with a local person to help him navigate local customs and communication preferences.

Explanation:

Elliot should establish a partnership with a local person to make him understand local customs and communication preferences. Enrolling in a french class is costly and time-consuming. Since Elliot is preparing a presentation, the important thing is for him to understand are the dos and the don ts as per the french culture as far as communication is concerned.

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3 years ago

Identify a difference between the crisis stage and the dissolution stage of organizational decline. Select one: a. In the crisis

pentagon [3]

Answer: c. Decline is reversible at the crisis stage, whereas it is irreversible at the dissolution stage.

Explanation: Crisis Stage; at this stage decline is still reversible if the

organisation reorganizes it ways of operations or conducting business. What they can do at this point is to carryout cutbacks and layoffs which would help reduce it's financial burden and create additional capital to run the business. At the dissolution stage nothing can be done anymore to salvage the company as it would have run into bankruptcy and would need to fold up.

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4 years ago

Read 2 more answers