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nataly862011 [7]
3 years ago
7

Caribbean Tours’ total payroll for the month of January was $600,000. The following withholdings, fringe benefits, and payroll t

axes apply:Federal and state income tax withheld $60,000Health insurance premium paid by employer (Bluecross) 10,800Contribution to retirement plan paid by employer (Fidelity) 24,000FICA tax rate (Social Security and Medicare) 7.65%Federal and state unemployment tax rate 6.20%Assume that none of the withholdings or payroll taxes has been paid by the end of January (record them as payables), and no employees’ cumulative wages exceed the relevant wage bases.1. Record the employee salary expense, withholdings, and salaries payable.2. Record the employer-provided fringe benefits.3. Record the employer payroll taxes.
Business
1 answer:
USPshnik [31]3 years ago
6 0

Answer:

wages expense  600,000 debit

      FICA taxes payables                              45,900 credit

      Federal and state income tax payable 60,000 credit

      Wages payable                                     494,100 credit

--to record employees salaries and  witholdings--

payroll tax expense          83,100 debit

Frindge benefit expense 34,800 debit

               FICA taxes payables                   45,900 credit

               FUTA&SUTA tax payables         37,200 credit

               Health insurance payable           10,800 credit

               Retirement fund obligation         24,000 credit

Explanation:

taxes:

FICA is paid by both, employee and employer. While FUTA&SUTA only by the employer

FICA 600,000 x 7.65% = 45,900

FUTA&SUTA 600,000 x 6.20% = 37,200

fringe benefit:

as they are done by the employer it will create liabilities and obligation

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3. During Michael Jordan's NBA career (
mojhsa [17]

Answer:

7324

Explanation:

We need to find the number of completed free throws out of total free throws

Since he completed 83.5% of them, you find 83.5% of 8772

83.5% can be rewritten as 0.835

8772 \times 0.835 = 7324.62

We don't round up because it isn't 1 complete free throw. 0.62 is not 1 complete free throw so round down

3 0
2 years ago
The following are all examples of abnormal items disclosed by the company, except: (4 points) A) Goodwill Impairment Charges B)
kari74 [83]

Answer:

Correct Answer:

B) Royalty Expense

Explanation:

<em>A royalty is a payment made by one party, franchisee to another that owns a particular asset, franchisor for the right to ongoing use of that asset. The expenses incurred in executing this payment is called royalty expenses.</em>

7 0
3 years ago
Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $888,000 (37,000 units at $24 each)
kvv77 [185]

Answer:

the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively

Explanation:

The computation is shown below

Cost of goods sold is

= (117,000 units - 114,000 units) × $24 + 114,000 units × $29

= 3,000 units × $24 + 114,000 units × $29

= $72,000 + $3,306,000

= $3,378,000

And, the ending inventory is

= (37,000 units - 3,000 units) × $24

= $816,000

Hence, the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively

7 0
3 years ago
Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,0
Elis [28]

Answer:

a. Adjusted Gross income is calculated as;

= Wages + Interest - Deduction

= 41,000 + 700 - 5,000

= $36,700

b. The couple will pick their Standard deduction in 2019 because its more than the itemized deduction.

Standard deduction for couples in 2019 = $24,400

c. I assume you mean their 2019 taxable income which is;

= Adjusted Gross income - Standard deduction

= 36,700 - 24,400

= $12,300

<em>Note; As of 2018 there are no more personal deductions. </em>

7 0
3 years ago
Someone with dollar bills to lend will never agree to make a loan with a nominal interest rate of less than zero because:
saw5 [17]
<span>Having a nominal interest rate less than 0 would mean that a depositor pays a bank to hold its money. If the annual nominal interest rate is negative 1 percent, a deposit of $1000 dollar would come out $10 dollar short the following year which is why someone with dollar bills will never agree to loan with a nominal interest rate that is negative percent.


</span>
7 0
3 years ago
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