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earnstyle [38]
3 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:
Ivan3 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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50 percent of your potential customers would be willing to buy your product for $16 each, but the other 50 percent would be will
nignag [31]

If you set the selling price of each unit at $16, the expected profit per customer is: $6.

<h3>Expected profit</h3>

Using this formula

Expected profit=Lowest amount willing to pay-Marginal cost

Where:

Lowest amount willing to pay=$10

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Let plug in the formula

Expected profit=$10 - $4

Expected profit= $6

Therefore if you set the selling price of each unit at $16, the expected profit per customer is: $6.

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2 years ago
If investors are risk averse and hold only one stock, we can conclude that the required rate of return on a stock whose standard
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Answer:TRUE

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So for a risk average person to take on the investment with higher standard deviation it means the rate of return will be Higher.

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3 years ago
Journalize Period Payroll The payroll register of Chen Heritage Co. indicates $3,000 of social security withheld and $750 of Med
bearhunter [10]

Answer:

Following are the journal entries recorded for the payroll of current time period;

Debt: Salary Expense = $50,000

Credit: Tax Payable by Medicare = $750

Credit: Deduction Payable For Employee Saving = $2,550

Credit: Income Tax payable for Federal Employees = $9,000

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3 years ago
Changes in the net working capital requirements: can affect the cash flows of a project every year of the project's life. only a
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can affect the cash flows of a project every year of the project's life.

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Project management can be defined as the process of designing, planning, developing, leading and execution of a project plan or activities using a set of skills, tools, knowledge, techniques and experience to achieve the set goals and objectives of creating a unique product or service.

Cash flow can be defined as the net amount of cash and cash- equivalents that is flowing into (received) and out (given) of a business. There are three components of the cash flow;

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2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.

3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.

Generally, changes in the net working capital requirements can affect the cash flows of a project every year of the project's life.

Mathematically, Net cash flow = Receipts - Total payments

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What are four things a great resume shows employers
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