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Darya [45]
2 years ago
14

Betsy Strand’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a

January pay period, Betsy works 47 hours. Betsy’s federal income tax withholding is $95, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer’s journal entries to record (a) Betsy’s pay for the period and (b) the payment of Betsy’s wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Business
1 answer:
Anvisha [2.4K]2 years ago
6 0

Answer:

Please see attachment .

Explanation:

Please see attachment .

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Statement of Cash Flows—Indirect Method
GaryK [48]

Answer:

<u>Statement of Cash Flows</u>

Cash flow From Operating Activities

Net income                                                                        $524,580

<em>Adjustment for Non Cash Items :</em>

Depreciation expense - buildings                                      $51,660

Depreciation expense - machinery and equipment        $22,680

Patent amortization                                                              $5,040

<em>Adjustments for Changes in Working Capital Items :</em>

Increase in Accounts receivable                                      -$73,080

Decrease in Inventories                                                    $134,680

Increase in Prepaid expenses                                           -$6,400

Decrease in Accounts payable                                        -$89,600

Net Cash From Investing Activities                                 $569,540

Cash flow From Investing Activities

Buildings                                                                           -$579,600

Net Cash From Investing Activities                                 -$579,600

Cash flow From Financing Activities

Mortgage Note                                                                  $224,000

Dividends Paid                                                                  -$123,480

Net Cash From Financing Activities                                 $100,520

Movement during the year                                                  $82,320

Cash and Cash Equivalents at beginning of the year     $360,920

Cash and Cash Equivalents at end of the year                $443,240

Explanation:

For Determination of Dividends Paid, open a Dividends Paid Account as follows :

Debit:

Cash  (Balancing figure) 123,480

Balance c/d                       32,760

Totals                               156,240

Credit

Balance b/d                      25,200

Dividends Declared         131,040

Totals                               156,240

8 0
3 years ago
Heart of Tennessee Telecom has these account balances at December​ 31, 2016​:
Komok [63]

Answer:

Explanation:

a. Current ratio = current assets/ current liability

= current assets= 2,300+5,700+3,500= 11,500

Current liability= 3,000+3700= 6,700

Current ratio = 11,500/3700

= 1.72

b. How much in current assets does Heart of Tennessee Telecom have for every dollar of current liabilities that it​ owes?

It has $1.72

3 0
3 years ago
Give examples of three cash crops that were grown in latin america and explain why they were cash crops.
fgiga [73]
<span>Coffee/ sugar cane / bananas can grow on a small farm, lower startup costs and risks. Countries clear cut natural forests and wildlife to make room for these crops. without export, they cannot sustain the country.</span>
3 0
3 years ago
Compare the words spice and police.How are they alike?How are they different?
Charra [1.4K]
They’re both have ice in the words they’re both nouns
Sorry I don’t know how they’re different maybe (the police is a person/or a group of people ) and a spice is a thing used for food
3 0
3 years ago
Which feature prevents a company from uilizing the private assets of its shareholders for the payment of its leabiities?​
-Dominant- [34]

Answer: Limited Liability

Explanation: Business owners' liability for debts is restricted to the amount they put into the business.

3 0
3 years ago
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