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Rudik [331]
3 years ago
10

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was

subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include a
​
A. debit to SUTA Payable of $810
B. debit to SUTA Payable of $18,900
C. credit to SUTA Payable of $810
D. credit to SUTA Payable of $18,900
Business
1 answer:
andrey2020 [161]3 years ago
5 0

Answer: C. credit to SUTA Payable of $810

Explanation:

The SUTA tax is a certain percentage expected of employers to pay to the state so as to provide palliative or benefit to displaced workers.

The state unemployment tax rate = 5.4% = 0.054

Taxable amount = $15,000

Tax fee = SUTA rate × taxable amount

SUTA tax amount = $15,000 × 0.054

SUTA tax fee = $810.

Therefore accrued payroll taxes will be feature a journal entry to credit the State Unemployment Tax payable of $810.

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On January 2, 2018, Baltimore Company purchased 14,000 shares of the stock of Towson Company at $13 per share. Baltimore obtaine
Norma-Jean [14]

Answer:

$315,600

Explanation:

Ownership = 40%

Investment = $182,000                

Share of dividends = 40%*21,000 =8400

Share of income = 40%*75000 = 30000

Increase in share price = $21-$13= $8

                                                                                 investment

                                                                   Dr                                        Cr

Investment                                     $182,000

Dividend received                                                                              $8400

Income received                              $30,000

Increase in share price                    $112,000

                                                         324,000                                      315,600

                                                   

5 0
3 years ago
Simon Company had the following summarized operations for the month of May: Revenues earned: for cash, $32,000; and on account,
AlladinOne [14]

Answer:

$35,000

Explanation:

Given that,

Revenues earned:

cash = $32,000

on account = $18,000

Expenses incurred:

cash = $5,000

on account = $10,000

Net Income:

= Income - Expenses

= (Cash revenue + account revenue) - (cash expenses + Expenses on account)

= ($32,000 + $18,000) - ($5,000 + $10,000)

= $35,000

Therefore, the net income for the month of May is $35,000.

7 0
3 years ago
The reason that a person buys health or life insurance is to
Over [174]
D to limit the amount of financial loss if there is an illness or injury
6 0
3 years ago
According to the AD-AS model, if the economy is initially at its long-run potential growth rate, then a temporary increase in th
ivann1987 [24]

Answer:

C:an increase in both the inflation and real growth rates in the short run.

Explanation:

According to the AD-AS model, if the economy is initially at its long-run potential growth rate, then a temporary increase in the growth rate of investment spending will cause an increase in both the inflation and real growth rates in the short run.

8 0
3 years ago
In January 2014, the company Quicken Loans made news by announcing that it would pay $1 billion to the person who submitted the
g100num [7]

Answer:

63 games are played.

In the bracket at each stage of the game you have 2 choices.

so total 2^63 ways are there to fill out the bracket.

2^63 = 9,223,372,036,854,775,808 which is approx. 9.2 Quintillion.

Number of people in USA= 317,431,148.

So all possible outcomes of bracket filling to be represented, each person should fill out following number of brackets.

9,223,372,036,854,775,808

= -------------------------------------- = 29,056,291,718.6

317,431,148

which is approximately 29,056,291,719 brackets per person.

Explanation:

6 0
3 years ago
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