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love history [14]
3 years ago
15

During January, Luxury Cruise Lines incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employ

ee portion of FICA, $180,000 for federal income tax, $75,000 for state income tax, and $12,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $74,400 for federal and state unemployment tax and $36,000 for the employer portion of health insurance.
Required:
1. Record the necessary entries in the Journal Entry Worksheet .
2. Record the employee salary expense, withholdong and salaries payable.
3. Record the employer provided fringe benefits.
4. Record the employer payroll taxes.
Business
1 answer:
Zarrin [17]3 years ago
6 0

Answer: Please see below for answer

Explanation:

Journal for employee salary and withholdings

Particulars                           Debit                  Credit

Salaries Expense               $1, 200,000

FICA tax Payable                                              $91,800

Federal Income Tax Withholding Payable      $180,000

State Income Tax Withholding Payable           $75,000

Health Insurance Payable                                  $12,000

Salaries Payable                                               $841,200

Journal to record employer provided fringe benefits for January

Particulars                                  Debit                                  Credit

Salaries expense(fringe benefits)$ 36,000

Accounts payable to blue cross shield                           $36,000

Journal to record employer payroll taxes

Particulars                           Debit                     Credit

Payroll Tax Expense              $166, 200

FICA tax Payable                                                       $91,800

unemployment tax payable                                        $74,400

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Answer:

accounting information?

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2 years ago
McDonald’s requires $750,000 in cash or liquid assets, a __________ initial fee, plus a monthly service fee based on the restaur
nignag [31]

McDonald’s requires $750,000 in cash or liquid assets, a $45,000 initial fee, plus a monthly service fee based on the restaurant’s sales performance and rent.

Explanation:

According to McDonald's, total project expenditures, including construction costs and upgrades, vary from $1 million to $2.2 million. The number is determined by the restaurant geography and scale and the preference of kitchen equipment, branding, design style and landscaping.

McDonald's charges a franchisee premium of $45,000 and a monthly service rate equivalent to 4% of gross sales. Franchisees also have to pay rent, a proportion of the monthly sales to the client.

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3 years ago
Ariel holds a $5,000 portfolio that consists of four stocks. Her investment in each stock, as well as each stockâs beta, is list
Natali5045456 [20]

Answer:

1) Flitcom Corp (Beta = 0.60)

2) Tobotics Inc. (s.d. = 11%)

Explanation:

1. Suppose all stocks in Ariel's portfolio were equally weighted. Which of these stocks would contribute the least market risk to the portfolio?

The indicator of the market risk is the Beta. It relates the variation of the price or value of the stock relative to the variation of the total stocks in the market.

The value of Beta indicates how risky is a stock relative to the risk of the market. A Beta =1 means it has the same systemic risk as the market. If Beta<1, the stock is less volatile than the market, and if Beta>1, it is more volatile than the market.

Then, the stock with less value of Beta will contribute the least risk to the portfolio.

This is the case of Flitcom Corp (Beta=0.60)

2. Suppose all stocks in the portfolio were equally weighted. Which of these stocks would have the least amount of stand-alone risk?

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3 years ago
A process plant making 5000 kg/day of a product selling for $1.75/kg has annual variable pro- duction costs of $2 million at 100
pantera1 [17]

Answer:

a. Breakeven point = Fixed cost / Contribution margin

Contribution margin = Selling price - Variable costs per unit

Variable cost per unit = 2,000,000 / (5,000 * 365 days)

= $1.10

Contribution margin = 1.75 - 1.10

= $0.65

Breakeven point = 700,000 / 0.65

= 1,076,923 kg

Fixed cost per kilogram at those units is:

= 700,000 / 1,076,923

= $0.65

_________________________________________________________

b. Net profit at original prices:

= (Contribution margin * units produced) - Fixed costs

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= $486,250

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= $316,062.50

Net profit after price increase:

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= 814,750 * (1 - 35%)

= $529,587.50

Dollar increase:

= 529,587.50 - 316,062.50

= $213,525

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In one or two sentences, Explain how quantity supplied and price are related.
WARRIOR [948]
Hello!

The price rises when the quality rises, because the quality of the product depends on the quality of the feedstock.

Hugs!
7 0
3 years ago
Read 2 more answers
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