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earnstyle [38]
2 years ago
9

During the month of March, Karen Company's employees earned wages of $68,000. Withholdings related to these wages were $5,202 fo

r Social Security (FICA), $14,700 for federal income tax, $6,300 for state income tax, and $900 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $2,000 for state unemployment tax.
Required:
Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.
Business
1 answer:
Ivan2 years ago
6 0

Answer:

Journal entry to record wages expense and wages payable

Explanation:

As the company incurred no cost related to these earnings for federal unemployment tax so it would be excluded from wages and salaries expense

Entry                                                     DEBIT       CREDIT

Salaries and wages Expense          $68,000

Social Security(FICA)                                             $5,202

Federal income tax                                                $14,700

State income tax                                                    $6,300

union dues                                                              $900

Salaries and wages payable                                 $40,898

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vovikov84 [41]

Answer:Consumer protection laws exist to prevent dangerous or unethical business practices, such as false advertising or faulty products. For most consumer goods, the Federal Trade Commission regulates warranties and service contracts.

Explanation:

3 0
2 years ago
Lohn Corporation is expected to pay the following dividends over the next four years: $18, $14, $13, and $7.50. Afterward, the c
Lerok [7]

Answer:

current share price = $85.96

Explanation:

Find the PV of each dividend

PV= FV / (1+r)^t

r= required return

t= total duration

PV(D1) = 18 / (1.14)= 15.78947

PV(D2) = 14 / (1.14^2) = 10.77255

PV(D3) = 13 / (1.14^3) = 8.774630

PV(D4) = 7.50 / (1.14^4) = 4.44060

PV(D5 onwards) is a two-step process, first PV of growing perpetuity;

PV(D5 onwards) at yr4 =[7.50*(1+0.04) ] / (0.14-0.04) = 78

second, finding PV today ; PV(D5 onwards) at yr 0 = 78 / (1.14^4) = 46.18226

Add the PVs to get the current share price = $85.96

4 0
3 years ago
What is the difference between the performance of luxury car and normal cars
svetoff [14.1K]

Answer:A luxury car is meant to be shown and only people that are rich could afford a luxury car but a normal car is what you see on a daily basis and it's still a car but a common one.

Explanation:

3 0
2 years ago
Read 2 more answers
A shareholder invested in a mutual fund and has signed a letter of intent to invest $25,000. Her original investment was $13,000
Delvig [45]

Based on the information given for her to complete her letter, she must deposit D) $12,000.

<h3>Deposit:</h3>

Using this formula

Deposited amount=Amount invested-Original investment

Where:

Amount invested=$25,000

Original investment=$13,000

Let plug in the formula

Deposited amount=$25,000-$13,000

Deposited amount=$12,000

Inconclusion for her to complete her letter, she must deposit D) $12,000.

Learn more deposit here:brainly.com/question/1752098

5 0
2 years ago
hich of the following statement is CORRECT? A. A sunk cost is any cost that must be expended to complete a project and bring it
lbvjy [14]

Answer

D. A sunk cost is any cost that was expended in the past but can be recovered if the firm decides not to go forward with the project.

Explanation:

As per the data given in the question,

Option (D) is correct among the given statements. A sunk cost is that cost which was occurred and expended in the past and if firm decides to do not go ahead, it can not be recovered.

For illustration - Think about the cost incurred to find out the feasibility of the project. Though in past firm was agree with the project but now even if the firm decides not to the project, this cost can not be recovered.

8 0
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