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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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Insufficient sales and changing demographics in a brands currently targeted market may suggest the brand needs to be repositione
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Answer:

The brand that is the exception is Nike

Explanation:

Nike marketing strategy is a very brilliant strategy in the sense that they uses psychographic segmentation approach to make its brand more attractive to the target customers. They're socially- conscious of what the customer want. Nike uses separate strategy to aim their immediate users, athletes and all sportsmen which enables them to cap the market potential of the different segments. They already possess structures to enabled them survive in changing market.

7 0
3 years ago
Securities Exchange Act Rule 10b-5 liability attaches to anyone who trades in securities for personal profit using confidential
Wittaler [7]

Answer:

True

Explanation:

The Security Exchange Act Rule 10b-5 says that the insider dealing is not allowed because it waives off the trust of the shareholders placed on the corporations. This means if their agents are not trustworthy then nobody is going to invest in the companies which means the corporations that are fulfilling needs of more than 50% of the world would have no existence in future because their is no one who is going to lend them money. So the act says that this insider dealing which enables the employees or directors of the company to gain undue advantage due to their access to management information is not allowed and is unethical stance of the agents.

7 0
3 years ago
Joe and Teresa are married and they both work outside the home. They have three children ages 18, 6 and 2. Also, Joe's 20 year o
shtirl [24]

The correct answer is B: Payments made to Joe's mother who lives with them but does not qualify as their dependent.

Further Explanation:

The Child and Dependent Care Tax Credit can be used when filing taxes if all the requirements are met. In this case, Joe's mother will fit the requirement and they can use her services to qualify for the credit. According to the IRS website, they can not use a dependant or a child of their own, not a dependant,  under the age of 19 to get this credit. However, they can use someone in the home as long as they are not listed as a dependant on the tax form.

To get the Child and Dependent Care Tax Credit the family must meet several requirements such as;

  • Paying someone to watch the qualifying child
  • The care provider is not a dependent
  • Child care was paid for so the parents could work, go to school, or was disabled.

Learn more about the Child Tax Credit at  brainly.com/question/12845462

#LearnwithBrainly

8 0
3 years ago
Bass Clef Music Company assigns workers to departments based on similar skills. Currently, the company has a marketing departmen
Anvisha [2.4K]

Answer: function

Explanation:

Functional departmentalisation is when units in an organisation are created according to the functions they serve.

When an organisation has a marketing department, a production department, a finance department, and a human resources department, it is practicing functional departmentalisation.

Functional departmentalisation enhances :

1. easy coordination of activities.

2. specialisation by members of staff.

Other forms of departmentalisation includes:

1. Product departmentalisation- it is used in a firm that produces many products. Units are created based on the different products been made.

2. Geographical departmentalisation- here units are formed based on the geographical location the unit caters to.

3. Customer departmentalisation- units are created based on the diferent customers that are been catered to.

4 0
3 years ago
Read 2 more answers
Marko, Inc., is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $6,500, $11,500, and
Karolina [17]

Answer: $27569.81

Explanation:

Based on the information given in the question, the amount that Marko is willing to pay today to buy ABC Co. goes thus:

For Year 1:

Discount factor = 12%

12% at Year 1 = 0.892857

Amount = $6500

PV = $6500 × 0.892857

= $5803.57

For Year 2:

Discount factor = 12%

12% at Year 2 = 0.797194

Amount = $11500

PV = $11500 × 0.797194

= $9167.73

For Year 3:

Discount factor = 12%

12% at Year 3 = 0.71178

Amount = $17700

PV = $17700 × 0.71178

= $12,598.51

The amount that Marko is willing to pay today to buy ABC Co will be:

= $5803.57 + $9167.73 + $12,598.51

= $27569.81

7 0
3 years ago
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