When a firm tries to encourage consumers directly to purchase a particular product or service by offering some sort of special i
1 answer:
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Answer:
(a) 5.41 times
(b) 3.48 times
Explanation:
(a) Accounts receivable turnover for 2017:
= 5.41 times
Working:
= 462,500
(b) Inventory turnover for 2017:
= 3.48 times
Working:
= 575,000
Answer:
a.
Taxes to be withheld from Gross Pay (Employee - Paid Taxes)
September Earnings Tax Rate Tax Amount
Subject to Tax
Federal Income tax $80.00
FICA - Social Security 800 6.20% $49.60
FICA - Medicare 800 1.45% <u> $11.60</u>
Total <u> $141.20</u>
FICA - Social Security = 800 * 6.2% = $49.60
FICA - Medicare = 800 * 1.45% = $11.60
b.
Date General Journal Debit Credit
Sep 30 Salaries Expense $800
Federal income tax payable $80
FICA taxes Payable - Social Security $49.60
FICA taxes Payable - Medicare $11.60
Salaries Payable $658.80
Salaries Payable = 800 - 80 - 49.60 - 11.60 = $658.80
