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JulijaS [17]
3 years ago
14

On January 15, the end of the first pay period of the year, North Company’s employees earned $26,000 of sales salaries. Withhold

ings from the employees’ salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,000 of federal income taxes, $429 of medical insurance deductions, and $180 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company’s January 15 salaries expense and related liabilities.
Business
1 answer:
Contact [7]3 years ago
6 0

Answer: Please see the  explanation column

Explanation:

Journal entry to record North Company’s salaries expense and related liabilities.

Date            Particulars                        Debit                 Credit

Jan, 15 Sales salaries expense      $26,000

     To  FICA Social Security taxes

payable at 6.2%                                                                $1,612

     To FICA Medicare taxes

payable at 1.45%                                                                 $377

  To federal income taxes payable                                 $2,000

To employee medical insurance payable                           $429

To  employee union dues payable                                      $180

 Sales Salaries Payable                                                      $21.402

Working :

FICA Social Security taxes = 6.2% x $26,000 = $1,612

FICA Medicare taxes = 1.45% x 26,000 = $377

Salary payable =Sales salaries expense -(FICA Social Security taxes payable + FICA Medicare taxes payable + federal income taxes payable+medical insurance payable  +employee union dues payable  ) = 26,000 - (1612+377+2000+429+180)=$21,402.

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Marian Company reported the following items for the month of​ July: Sales revenue $ 473 comma 300 Cost of goods sold $ 300 comma
NARA [144]

Answer:

4.33.

Explanation:

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⇒ 300,000 / [(64,400 + 74,200) / 2] = 300,000 / 69,300 = 4.33.

It means that Marian Company sold its inventory 4.33 times during the Year.

3 0
3 years ago
Eaton Tires manufactures tires for dune buggies and has two different products, nubby tires and smooth tires. The company produc
saw5 [17]

Answer:

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Explanation:

<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>

<u></u>

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4 0
3 years ago
Below are the account balances for Cowboy Law Firm at the end of December.
drek231 [11]

Answer:

<u>Cowboy Law Firm</u>

<u>Income statement for the year ended December.</u>

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6 0
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The benefit enjoyed by a third party that is not directly involved in the production or consumption of a good or service is?
mrs_skeptik [129]

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Externalities can either be positive or negative;

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