Sole proprietorships are often owned by _________

The payroll register for D. Salah Company for the week ended May 18 indicated the following:

Tema [17]

Answer:

a. May 18

Dr Salaries expense $615000

Cr Social security tax payable $36900

Cr Medicare tax payable $9225

Cr Employment federal income tax payable $165000

Cr Salaries payable $403875

b. May 18

Dr Payroll tax expenses $48915

Cr Social security tax payable $36900

Cr Medicare tax payable $9225

Cr State unemployment taxes payable $2430

Cr Federal unemployment taxes payable $360

Explanation:

a. Preparation of the journal entry to record the payroll for the week of May 18.

May 18

Dr Salaries expense $615000

Cr Social security tax payable $36900

(615000*6%)

Cr Medicare tax payable $9225

(615000*1.5%)

Cr Employment federal income tax payable $165000

Cr Salaries payable $403875

($615000-$36900-$9225-$165000)

(To record the payroll for the week of May 18)

b. Preparation of the journal entry to record the payroll tax expense incurred for the week of May 18.

May 18

Dr Payroll tax expenses $48915

($36,900+$9225+$2430+$360)

Cr Social security tax payable $36,900 (615000*6%)

Cr Medicare tax payable $9225

(615000*1.5%)

Cr State unemployment taxes payable $2430 (45000*5.4%)

Cr Federal unemployment taxes payable $360 (45000*0.8%)

(To record the payroll tax expense incurred for the week of May 18)

8 0

2 years ago

Patrick Inc. sells industrial solvents in 5-gallon drums. Patrick expects the following units to be sold in the first three mont

rewona [7]

Answer:

The sales budget is prepared below. See table below.

Explanation:

A sales budget shows the expected revenue and units to be sold for a forth coming accounting period. The sales budget for Patrick Inc would look as follows:

Sales budget

Month Units Revenue($)

January 41,000 1,435,000

February 38,000 1,330,000

March 50,000 1,750,000

4,515,000

Note the revenue per month is determined by multiplying the unit to be sold by the price per unit of $35

6 0

3 years ago

Show how Cablevision can conduct an ROI analysis. Describe the information that the company should collect and how it should b c

Flauer [41]

Answer:

Explanation:

Cablevision can easily accomplish this by doing the following. First gather the number of sales of premium services and other products that non-trained individuals are accomplishing in a given time period (example, one month). Next, under the same conditions place the newly trained individuals and gather the same data from them (number of sales/subscribers gained, premium products, and other products). Finally, they would simply need to compare the difference in the number of sales to see if the training paid off. They would also need to calculate if the difference in sales surpasses the costs of training.

3 0

3 years ago

In year 1000 a man named acholos nemroc celebrated him birthday, turning 100 years old, how old was he in -100?

Over [174]

Answer:

Okay

Explanation:

The answer is jjgxhkdyyffhohohugugojjhyfyffygihhhyghv28283939

3 0

3 years ago

Melba purchases land from Adrian. Melba gives Adrian $225,000 in cash and agrees to pay Adrian an additional $400,000 one year l

Scorpion4ik [409]

Answer:

Melba's adjusted basis for the land at the Acquisition date is $625000
Melba's adjusted basis for the land one year later is $645000

Explanation:

The adjusted basis for a property/land is the net cost of the property after adjusting for factors that might attract tax as related to the land

The adjusted basis for the land at the acquisition date is the net cost of the land at the acquisition date which will be ( $225000 + $400000 ) because that was the net cost of the Land at the date of acquisition before an agreement was later reached by Melba requiring him to pay $400000 plus an interest of 5%

Hence the adjusted basis for the land one year later will be

= ( $225000 + $400000 ) + 5% of $400000

= ( $625000 ) + $20000

= $645000

6 0

3 years ago

Sole proprietorships are often owned by __________.