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sergiy2304 [10]
3 years ago
9

According to a summary of the payroll of Kirby Co., $700,000 in earnings were subject to the 7.6% FICA tax. Also, $108,500 in ea

rnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.6%; federal unemployment, 0.9%. $ b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Statement of Cash Flows Balance Sheet Income Statement Assets = Liabilities + Stockholders' Equity + = + + + Statement of Cash Flows
Business
1 answer:
Ganezh [65]3 years ago
8 0

Answer:

FICA   53,200

SUTA    4, 991

FUTA        976.5

Total   59, 167. 5

Assets No effect.

Liaiblities increase by 59,167.5

Equity decrease by 59,167.5

Cash flow statemnet: no effect

Explanation:

700,000 x 7.6% = 53,200 FICA

108,500 x 4.6% =    4,991 SUTA

108,500 x 0.9% =    976.5 FUTA

This are expenses which, decreases the equity.

As we are performing the accrual of payroll taxes we recognize the payable amount.

There is no cash involve

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8 0
1 year ago
Tony’s Market recorded the following events involving a recent purchase of inventory: Received goods for $80,000, terms 2/10, n/
kap26 [50]

Answer:

Correct option is D

Answer is increased by $ 77232

Explanation:

Effect on Inventory:    

Increase due to purchase $80000  

Decrease due to return   -$1600  

Increase for freight paid  $400  

Decrease for discouont availed -$1568 (78400*2%)

<u>Net Increase in Inventor =$77,232</u>

4 0
3 years ago
Assume that a company sells customized sweatshirts for $15 per unit. It pays a sales commission of $5 per unit sold. The company
Annette [7]

Answer:

The  The number of sweatshirts the company would need to sell to earn a target profit of $1,710 is closest to <u>570</u> sweatshirts.

Explanation:

This can be calculated as follows:

Selling price per unit = $15

Total cost price per unit = Average unit cost + Sales commission per unit = $7 + $5 = $12

Profit per unit = Selling price per unit - Total cost price per unit = $15 - $12 = $3

Target profit = $1,710

Number of sweatshirts to sell to earn a target profit = Target profit / Profit per unit = $1,710 / 3 = 570

5 0
2 years ago
Power Company issued a $ 1,000,000​, 5 %​, 10​-year bond payable at at face value on January​ 1, 2016. Requirements
Anettt [7]

Answer and Explanation:

The journal entries are shown below:

1. Cash Dr $1,000,000

         To Bond payable $1,000,000

(Being the issuance of the bond is recorded)

For recording this we debited the cash as it increased the assets and credited the bond payable as it also increased the liabilities

2. Interest Expense Dr ($1,000,000 × 5% × 1 ÷ 2) $25,000

             To Cash $25,000

(Being the interest expense is recorded)

For recording this we debited the interest expense as it increased the expense and credited the cash as it decreased the asset

4 0
2 years ago
Which of the following is not a type of bank
Pani-rosa [81]
What are choices for this question
4 0
3 years ago
Read 2 more answers
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