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2 years ago

The following information is for employee William Heedy for the week ended March 15.

Business

1 answer:

ioda2 years ago

7 0

Answer:

1. b. $896.00

2. c. $317.20

3. a. $578.80

4. b. $67.20

5. d. $4.80

Explanation:

1. WIlliam's total earnings

40 hours at $16 = $640

8 hours at $32 = $256

Total = $896

2. WIlliam's total deductions

Income Tax $200

United Fund deduction $50

Social security tax (6% * $896) $3.76

Medicare tax (1.5% * $896) <u>$13.44</u>

Total <u>$317.20</u>

3. William's net pay

= Total earnings - Total deductions

= $896 - $317.20

= $578.80

Cash Paid is $578.80

4. Employers FICA based on Williams pay

Social Security and Medicare taxes = 7.5% * $869 = $67.20

5. Employers Federal Unemployment based on Williams pay

Federal unemployment tax = 0.8% * $600 = $4.80

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Meric Mining Inc. recently reported $15,000 of sales, $7,500 of operating costs other than depreciation, and $1,200 of depreciat

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Answer:

final net income = $3830.9375

Explanation:

GIVEN DATA:

sales = $15000

DEPRECIATION = $1200

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OPERATING COST EXCLUDING DEPRECIATION = $7500

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3 years ago

Record the following selected transactions for April in a two-column journal, identifying each entry by letter: (put letter into

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Answer:

Required 1.

Cash $18,000 (debit)

Capital $18,000 (credit)

Equipment $27,000 (debit)

Cash $10,000 (credit)

Note Payable $17,000 (credit)

Rent Expense $2,300 (debit)

Cash $2,300 (credit)

Supplies $1,500 (debit)

Trade Payable $1,500 (credit)

Trade Receivable $9,800 (debit)

Revenue $9,800 (credit)

Cash $7,500 (debit)

Revenue $7,500 (credit)

Trade Payable $1,200 (debit)

Cash $1,200 (credit)

Wages $3,425 (debit)

Cash $3,425 (credit)

Cash $7,900 (debit)

Trade Receivables $7,900 (credit)

Capital $1,875 (debit)

Cash $1,875 (credit)

Required 2.

Cash = $14,600 (debit)

Capital = $16,125 (credit)

Equipment = $27,000 (debit)

Note Payable = $17,000 (credit)

Rent Expense = $2,300 (debit)

Supplies = $1,500 (debit)

Trade Payable = $300 (credit)

Trade Receivable = $1,900 (debit)

Revenue = $17,300 (credit)

Wages = $3,425 (debit)

Required 3.

Debit Credit

Cash $14,600

Capital $16,125

Equipment $27,000

Note Payable $17,000

Rent Expense $2,300

Supplies $1,500

Trade Payable $300

Trade Receivable $1,900

Revenue $17,300

Wages $3,425

Totals $50,725 $50,725

Explanation:

Account Balance Calculations :

Cash = $18,000 - $10,000 - $2,300 + $7,500 - $1,200 - $3,425 + $7,900 -$1,875 = $14,600 (debit)

Capital = $18,000 - $1,875 = $16,125(credit)

Equipment = $27,000 (debit)

Cash = (credit)

Note Payable = $17,000 (credit)

Rent Expense = $2,300 (debit)

Supplies = $1,500 (debit)

Trade Payable = $1,500 - $1,200 = $300 (credit)

Trade Receivable = $9,800 - $7,900 = $1,900 (debit)

Revenue = $9,800 + $7,500 = $17,300(credit)

Wages = $3,425 (debit)

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