Answer:
Journal Entries
Date Account Titles and Explanation Debit Credit
April 30 Salaries expenses $4,800
($12,000/5) * 2
Salaries payable $4,800
(To record the Accrual of salaries expense)
May 30 Salaries Expenses
($12,000/5)*3 $7,200
Salaries payable $4,800
Cash $12,000
(To record the payment of salaries expenses)
<h3>Betsy’s gross earnings for January period is $1,140
</h3><h3>Betsy’s net pay for January period is $966.79
</h3>
Explanation:
- Betsy Strand’s regular hourly wage rate = $24
- Betsy Strand’s hourly rate for work in excess of 40 hours = $36
- Betsy works during a January pay period = 45 hours.
- Betsy's pay for January period = $24 * 40 + $36 * 5
- Betsy's pay for January period = $1,140
Betsy’s gross earnings for January period is $1,140
- Betsy’s federal income tax withholding = $86
- FICA tax rate = 7.65%.
- Betsy’s FICA Taxes Payable = $1,140 * (7.65 / 100)
- Betsy’s FICA Taxes Payable = $87.21
- Betsy’s net pay for January period = Gross earnings - Federal income tax withholding - FICA Taxes
- Betsy’s net pay for January period = $1,140 - $86 - $87.21
- Betsy’s net pay for January period = $966.79
Betsy’s net pay for January period is $966.79
Answer:
$33,900 (none of the options given in the question are correct).
Explanation:
George's adjusted gross income (AGI) will include his personal earnings from his salary, the interest that he has earned from savings, and the dividends that he got from mutual funds, but it will not include his contribution to his individual retirement account, because individual retirement accounts are not included in AGI.
Therefore, George's AGI is equal to:
$34,000 + $800 + $600 - $1,500 = $33.900
Answer:
1. Accept deposits;make loan;deposits.
2. Commercial banks, savings banks, savings and loan associations (thrifts), and credit unions.
Explanation:
Depository institutions are required to accept deposits and make loans although the general terms used to describe these financial products may vary across the various types of institutions. Non-depository institutions, in contrast, accept cash contributions from their customers, but the cash inflows are not called deposits instead, they're called shares or premiums.
Depository institutions include commercial banks, savings banks, savings and loan associations (thrifts), and credit unions.
Non-depository financial institutions include mortgage banks, pension funds, insurance companies, mutual fund, securities firms etc.
Answer:
$90,000 loss on disposal
Explanation:
If the current year's depreciation of $45,000 is recorded, the loss on disposal will be $45,000 multiplied by 2 which is $90,000
