All categories

2 years ago

The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.:

Business

1 answer:

hram777 [196]2 years ago

5 0

Answer:

1) December 30, 202x, wages expense

Dr Wages expense 777,000

Cr Federal income taxes withheld payable 135,975

Cr OASDI taxes withheld payable 46,620

Cr Medicare taxes withheld payable 11,655

Cr Retirement savings (401k) payable 17,094

Cr Group insurance payable 11,655

Cr Wages payable 551,670

December 30, 202x, payroll tax expense

Dr OASDI taxes expense 46,620

Dr Medicare taxes expense 11,655

Dr FUTA taxes expense 240

Dr SUTA taxes expense 2,160

Cr OASDI taxes payable 46,620

Cr Medicare taxes payable 11,655

Cr FUTA taxes payable 240

Cr SUTA taxes payable 2,160

2) December 30, 202x, wages expense

Dr Wages expense 777,000

Cr Federal income taxes withheld payable 135,975

Cr OASDI taxes withheld payable 46,620

Cr Medicare taxes withheld payable 11,655

Cr Retirement savings (401k) payable 17,094

Cr Group insurance payable 11,655

Cr Wages payable 551,670

January 5, 202y, payroll tax expense

Dr OASDI taxes expense 46,620

Dr Medicare taxes expense 11,655

Dr FUTA taxes expense 4,662

Dr SUTA taxes expense 41,958

Cr OASDI taxes payable 46,620

Cr Medicare taxes payable 11,655

Cr FUTA taxes payable 4,662

Cr SUTA taxes payable 41,958

You might be interested in

Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan, le

iragen [17]

Answer:

can revoke the contract as informal verbal agreements are not binding

Explanation:

Since in the question it is mentioned that sherry would pay her $5,000 in the case when she runs marathon now once she starts running so here alan can revoke the contract legally as there is only verbal agreements not the written agreement also they are not binding to each other

So as per the given situation, the above statement should be considered

8 0

3 years ago

10. Which of the following factors should be considered when deciding on a career choice? Select

Keith_Richards [23]

Answer:

Explanation:

A career is a type of occupation that is done during a specific period of time. Careers offer a chance for progress. When choosing a career, one should consider the following factors;

1. Job requirements

One should consider the job requirements of that particular career since these requirements always determine how well one will perform in his/her career. The job requirements to be considered are; education level, level of expertise needed, and the experience.

2. Short-term goals

A short term goal is a set of predetermined achievements that one needs to attain usually in a short time frame. A career is an undertaking that is always long-term and therefor needs long-term goals rather than short-term goals.

3. Skills and interests

A skill is a particular set of capabilities that enables one to perform better at a certain job. Some careers need a specific set of skills that if one cannot develop or acquire, then the career undertaking might prove very difficult. An interest is something that you like. It is always advisable to choose a career that you are interested in, since this gives one the passion to pursue it.

4. Ease of job search

The career that you want to pursue should be one that is marketable. Getting a job for a marketable career is much easier than one that is not as marketable. This helps in avoidance of frustrations of failed job searches.

4 0

3 years ago

On April 1, 2017, Planet Services received $8,000 in advance of performing the services from a customer for three months of se

mestny [16]

Answer:

The correct answer is B

Explanation:

The journal entry which is to be recorded for the service revenue at the end of May is as follows:

Unearned Revenue A/c..............Dr $5,333

Service RevenueA/c...........Cr $5,333.

Working Note:

Revenue = Total amount × Number of months / Total months

where

Amount is $8,000

Number of months means at the end of May which is a 2nd month

Total months is 3 months (April, May and June)

= $8,000 × 2 / 3

= $5,333

6 0

3 years ago

An investment adviser with no place of business in the State is exempt from registration if it renders advice solely to employee

irinina [24]

Answer:

$1,000,000

Explanation:

The investment adviser who doesn't have any place of business in the state and offers his services to only employee benefit plans with assets of assets at least $1,000,000 are exempt from registration. If the asset value exceeds this limit then the investment adviser will be required to register itself.

5 0

3 years ago

The Jennings Group reacquired 3 million of its shares at $76 per share as treasury stock. Last year, for the first time, Jenning

ra1l [238]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

Download xlsx

3 0

3 years ago