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Eva8 [605]
3 years ago
6

Payroll Entries

Business
1 answer:
MrRissso [65]3 years ago
5 0

Answer:

A. Dr Salaries expense 615000

Cr Social security tax payable 36900

Cr Medicare tax payable 9225

Cr Employment federal income tax payable

165000

Cr Salaries payable 403875

B. Dr Payroll tax expenses 48915

Cr Social security tax payable 36900

Cr Medicare tax payable 9225

Cr State unemployment taxes payable 2430

Cr Federal unemployment taxes payable 360

Explanation:

A. Preparation of the journal entry to record the payroll for the week of May 18.

May 18

Dr Salaries expense 615000

Cr Social security tax payable 36900

(615000*6%)

Cr Medicare tax payable 9225

(615000*1.5%)

Cr Employment federal income tax payable

165000

Cr Salaries payable 403875

(615000-36900-9225-165000)

(To record the payroll for the week of May 18)

B. Preparation of the journal entry to record the payroll tax expense incurred for the week of May 18

May 18

Dr Payroll tax expenses 48915

(36900+9225+2430+360)

Cr Social security tax payable 36900

(615000*6%)

Cr Medicare tax payable 9225

(615000*1.5%)

Cr State unemployment taxes payable 2430

(45000*5.4%)

Cr Federal unemployment taxes payable 360

(45000*0.8%)

(To record the payroll tax expense incurred )

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Walsh Company is considering three independent projects, each of which requires a $4 million investment. The estimated internal
Andrews [41]

Answer:

27.3134%

Explanation:

Note: The full question is attached as picture below

In this question is concerned, projects to be accepted will be those whose IRR is greater than the cost of capital . The projects H and L have a greater IRR than their Cost of capital.

Under residual dividend model, earnings remaining after meeting all potential projects is distributed as dividend . Funds required for projects H and L = ($4 million * 2) = $8 million

To be financed through equity = $8 million * 65%

To be financed through equity = $5,200,000

Expected net income = $7,154,000

Thus, the dividend = $7,154,000 - $5,200,000 = $1,954,000

The Payout ratio = Dividends / Earnings  = $1,954,000 / $7,154,000 =   0.273134 = 27.3134%

6 0
3 years ago
Consider the​ downward-sloping aggregate demand​ (AD) curve to the right. Which of the following results in a movement from poin
Novay_Z [31]

Answer:

B. Wealth Effect

Explanation:

First, let's remind that downward-sloping aggregate demand means that as the price level falls, the demanded output quantity rises. There are mainly three reasons that explain this: the interest rate effect, the exchange rate and our answer to this question, Wealth Effect.

Wealth Effect means that if prices are lower, that makes people wealthier, as with the same money they can buy more goods or services than they could buy before, therefore demanding more output. So you see, the Wealth Effects is one of the explanations of this inverse relationship between the price level and the aggregate demand.

3 0
3 years ago
Rosario Company, which is located in Buenos Aires, Argentina, manufactures a component used in farm machinery. The firm's fixed
zvonat [6]

Answer:

Part 1) Compute the break even point in units.

break even point in units  = 3,000 units

Part 2) New break-even point be if fixed costs increase by 10 percent

break even point in units   = 3,300 units

Part 3) Company net income for the prior year

Net Income  = 2,990,000

Part 4) Break even point be if the price is changed

break even point in units = 4,875 units

Explanation:

Part 1) Compute the break even point in units.

break even point in units = Fixed Cost / Contribution per unit

                                            = 3,900,000/3100-1800

                                            = 3,000 units

Part 2) New break-even point be if fixed costs increase by 10 percent

break even point in units = Fixed Cost / Contribution per unit

                                            = 3,900,000×1.10/3100-1800

                                            = 3,300 units

Part 3) Company net income for the prior year

Net Income = Contribution - Fixed Cost

                     = 5300×(3100p-1800p)-3900000

                     = 2990000

Part 4) Break even point be if the price is changed

break even point in units = Fixed Cost / Contribution per unit

                                            = 3,900,000/2600-1800

                                            = 4,875 units

8 0
3 years ago
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