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Alik [6]
3 years ago
13

Urban Window Company had gross wages of $240,000 during the week ended june 17. The amount of wages subject to social security t

ax was $240,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows:
Social security 6.0%
Medicare 1.5%
States unemployment 5.5%
Federal unemployment 0.8%
The total amount witheld from employee wages for federal taxes was $48,000.

Required:
a. Journalize the entry to record the payroll for the week of June 17.
b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.
Business
1 answer:
True [87]3 years ago
3 0

Answer:

Wages expense 240,000

  medicare payable          3,600 credit

  social security payable 14,400 credit

  wages payable          222,000 credit

payroll taxes         20,205‬ debit

   FUTA payable                  280  credit

   SUTA payable                1,925  credit

  medicare payable          3,600 credit

  social security payable 14,400 credit

Explanation:

                   MEDICARE 1.5% Social Security 6&

OASDI/HI    $ 240000 3600       14400

FUTA&SUTA $ 35000 SUTA: 5.5% = 1925 FUTA 0.8% = 280

<u><em>NET WAGES: </em></u>

240,000 - 3,600 - 14,400 =222,000

payroll taxes:

the employe pays the same amount for OASDI and HI and also pays FUTA and SUTA

14,400 + 3,600 + 1,925 + 280 = 20,205‬

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Levelor Company's flexible budget shows $10,710 of overhead at 75% of capacity, which was the operating level achieved during Ma
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Answer:

The correct answer is $473 (Unfavorable).

Explanation:

According to the scenario, the given data are as follows:

Actual overhead = $11,183

Budgeted Overhead = $10,710

So, we can calculate the controllable variance by using following formula:

Controllable variance  = Actual overhead - Budgeted overhead

By putting the value, we get

Controllable variance  = $11,183 - $10,710

= $473 ( Positive shows unfavorable)

= $473 (unfavorable)

3 0
3 years ago
Kunkel Company makes two products and uses a conventional costing system. A single plantwide predetermined overhead rate is comp
Ilia_Sergeevich [38]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Total number of direct labor hours= (1,000*2) + (2,000*7)= 16,000

Predetermined manufacturing overhead rate= 1,200,000 / 16,000

Predetermined manufacturing overhead rate= $75 per direct labor hour

<u>Now, we allocate overhead to each unit and calculate the unitary cost:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Mercon:

Allocated MOH= 75*2= $150

Unitary cost= 150 + 8 + 10= $168

Wurcon:

Allocated MOH= 75*7= $525

Unitary cost= 525 + 6 + 11= $542

<u>Finally, using activity-based costing:</u>

Mercon Wurcon Total

Engineering design time (in hours) 1,000 1,000 2,000

Direct labor-hours 2,000 14,000 16,000

Engineering= 600,000 / 2,000= $300 per design hour

Direct labor= 600,000 / 16,000= $37.5 per direct labor hour

Mercon:

Allocated MOH= 37.5*2 + 300*1= $375

Unitary cost= 375 + 8 + 10= $393

Wurcon:

Allocated MOH= 37.5*7 + 300*0.5= $412.5

Unitary cost= 412.5 + 6 + 11= $429.5

3 0
2 years ago
What is an antonym for delicate?
MAXImum [283]
A antonym for delicate could be firm
8 0
3 years ago
In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract.On May 2, the bill w
patriot [66]

Construction expenditures should be debited when <u>D. The bill is approved for payment.</u>

<u>Explanation:</u>

In the above scenario, Acme Construction Co. submitted bill amount of $1,200,000 on a construction contract. The payment of the bill was approved on May 2. According to the contract, 10% was subject to retention.

This construction expenditure is debited when the bill is approved for payment. Contract includes all the details regarding payment and terms and conditions between the companies or parties.

Once the bill submitted by company is approved, then the retention amount will be automatically debited.

8 0
3 years ago
"Dave, I know that you are trained to work as a chemist and not to solve scheduling problems. But as lab manager, you are a fron
gizmo_the_mogwai [7]

Answer: D. supervisors gain experience in and are accountable for solving problems in their work units.

Explanation:

A chain of command is necessary in business because it diversifies authority such that decisions can be made faster.

It works by dividing employees into units which will answer to a manager. That manager will make decisions for the unit and this leads to decisions being made faster because everybody wouldn't have to go to upper management when they already have a manager.

Supervisors/ managers of these units are therefore accountable for their units and will gain experience from being so.

7 0
3 years ago
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