1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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 )

You might be interested in
Penny's candies is showing a p/e ratio of 1.32, while donna's confections has a p/e ratio of 6.7. what is the general mood of in
Whitepunk [10]

Investors at Penny's candies have low expectations from the company since it has a very low P/E ratio. Either the company is not performing well or investors have discounted some bad news in future cash flows.

Whereas Donna's confections has a P/E of 6.7 which is much better than that of Penny's. So here the company is performing well and investors are positive on future good news and they expect the cash flows to improve and hence the stock rules at a higher P/E ratio

3 0
3 years ago
2.A pump has failed in a facility that will be replaced in three years. A brass pump costing $6,000 will last three years. A use
lapo4ka [179]

Answer:

-$1,500 more expensive

Explanation:

Calculation for How much cheaper or more expensive would it be to use the stainless-steel pump rather than a new brass pump

Using this formula

Cheaper or more expensive=Brass pump value-( Current pump value+Pump reconfigure extra amount spent)

Let plug in the formula

Cheaper or more expensive =$6,000-($7,000+$500)

Cheaper or more expensive =$6,000-$7,500

Cheaper or more expensive =-$1,500 more expensive

Therefore based on the information given the stainless steel pump will be $ 1500 more expensive than the brass pump.

4 0
3 years ago
What types of information should be included in a resume? A resume generally consists of and .
malfutka [58]
Your name of course, where you went to school, info on what your goals are that you want to obtain, work history, and what your good at.
8 0
3 years ago
g The "monetary base" is simply: a. the total of all currency in circulation, outside banks b. the total vault cash held among a
Zanzabum

Answer:

e. the total of currency in circulation, plus depository institution reserves and vault cash

Explanation:

Monetary base is a concept in money supply that measures highly liquid assets in an economy.

It includes all cash that is in circulation in the economy and those deposits that are held as reserves by the central bank from commercial banks. Cash in bank vaults are also included because they are readily available to the economy.

For example if there is $200 million in circulation and there is $13 billion in the central bank as reserves from commercial banks, the total monetary base is $13.2 billion

6 0
3 years ago
A sales tax of $1 per unit of output is placed on one firm whose current equilibrium price is $5 and current equilibrium quantit
Brums [2.3K]

Answer:

B

Explanation:

B is the correct answer

3 0
3 years ago
Other questions:
  • An initial investment of $41,800 fifty years ago is worth $1,533,913 today. What is the geometric average return on this investm
    7·1 answer
  • On August 15, you purchased 110 shares of stock in the Cara Cotton Company at $26 a share and a year later you sold it for $22 a
    7·1 answer
  • Select all the items that describe a free market economy.
    15·2 answers
  • At December 31, 2020 Marigold Corp. had 305000 shares of common stock and 9600 shares of 6%, $100 par value cumulative preferred
    5·2 answers
  • You are considering adding a new security to your portfolio. To decide whether you should add the security, you need to know the
    8·1 answer
  • In which step of the production process are
    13·1 answer
  • In countries like _____________ the command economy predominates.
    8·1 answer
  • Kellogg's sells many different breakfast cereals, including Corn Flakes, Rice Krispies, Frosted Flakes, Raisin Bran, and Special
    9·1 answer
  • Old Doc White advised you to do your homework before applying for a consumer loan. Which of the following is his main piece of a
    5·1 answer
  • Horton Stores exchanged land and cash of $5,300 for similar land. The book value and the fair value of the land were $88,400 and
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!