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harina [27]
3 years ago
5

Gross payroll for the employees of Bannister Enterprises totals $100,000 per week. From this must be withheld Social Security ta

xes of 6.20% and Medicare taxes of 1.45%. In addition, federal and state income tax withholdings amount to 15% of gross payroll. Compute the total Employee Compensation Expense for one week: a. $100,000 b. $77,350 c. $115,000 d. $92,350 e. $107,650
Business
1 answer:
bogdanovich [222]3 years ago
4 0

Answer:

B) $77,350

Explanation:

Gross payroll=$100,000

Social Security taxes =6.20%

6.20/100×$100,000

=0.062×$100,000

=$6,200

Medicare taxes = 1.45%.

1.45/100×$100,000

=0.145×$100,000

=$1,450

federal and state income tax =15%

15/100×$100,000

=0.15×$100,000

=$15,000

Total Withholdings=

$6,200+$1,450+$15,000

=$22,650

Total employee compensation= Gross earnings-total withhold

=$100,000-$22,650

=$77,350

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Answer:

Salaries and wages payable...................Dr                    $20,000

                                      Salaries and wages expense                  $20,000

Explanation:

As per accrual system, an expense is incurred when it is accrued irrespective of when it is paid. So, $20,000 was accrued in December 31, salary and wages expenses would have been debited then amounting to $20,000.

In order to rectify the mistake of double counting, the entry passed by the accountant would be reversed to nullify the effect.

Adjusting Journal entry:

Particulars                                            Debit              Credit

Salaries and wages payable               $20,000

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(Being double counting of salaries and

wages expense rectified)

4 0
3 years ago
A firm has a long-term debt-equity ratio of .4. Shareholders’ equity is $1 million. Current assets are $200,000, and the current
Nuetrik [128]

Answer:

Total debt ratio is 33.33%

Explanation:

A long term debt to equity ratio of 0.4 tells that the value of long term debt is 0.4 or 40% of the value of the equity. If the value of the equity is $1 million, the value of long term debt is,

Long term debt = 0.4 * 1000000 = $400000

A current ratio is calculated by dividing the current assets by the current liabilities. It tells how many current assets are available to satisfy $1 of current liabilities. A current ratio of 2 means that for every $1 of current liability, $2 of current assets are available. Thus, current liabilities are half of current assets. If the value of current assets is $200000, the value of current liabilities is,

Current liabilities = 200000 * 1/2  = $100000

Total liabilities = 400000 + 100000 = $500000

A debt ratio is calculated by dividing the value of total debt or total liabilities by the value of total assets.

Total assets = total liabilities + total equity

Total assets = 500000 + 1000000

Total assets = $1500000 or $1.5 million

Total debt ratio = 500000 / 1500000

Total debt ratio = 1/3 or 0.3333 or 33.33%

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Answer:

More people are interested in information security, and have developed the skills to find new vulnerabilities.

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In the past, few people are interested in information security due to the fact that, it was a new field that was not exploited then. This create an ample opportunity for the windows vulnerability for hackers. Currently, due to increasing interest in information technology, the vulnerability of windows are shrinking.

7 0
3 years ago
A consumer has $180 in monthly income to spend on two goods, D and G, where D is on the y-axis. The price of good D, PD is $6, a
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Answer:

The number of units of good G that can be purchased if all income is used to purchase good G is 15 units.

Explanation:

Since D is on the y-axis, indicating G is on the x-axis, the formula for calculating the marginal rate of transformation (MRT) is given as follows:

MRT = - PG / PD …………………. (1)

Where:

MRT = Marginal rate of transformation = -2

PG = Price of good G = ?

PD = Price of good D = $6

Substituting the relevant values into equation (1) and solve for PG, we have:

-2 = - PG / $6

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Therefore, we have:

Number units of good G if all income is spent on it = Monthly income / PG = $180 / $12 = 15

Therefore, the number of units of good G that can be purchased if all income is used to purchase good G is 15 units.

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