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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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Shivers Ice Cream Company estimates its factory overhead costs to be $35,000 and machine hours to be 5,000 for the year.
k0ka [10]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Estimated factory overhead costs= $35,000

Estimated machine hours= 5,000

The actual hours worked on Jobs 333 and Jobs 334 total 4,980 and actual factory overhead costs are $34,700,

First, we need to calculate the estimated overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 35,000/5,000= $7 per machine hour

Now, we can allocate overhead based on actual machine hours:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 7*4,980= $34,860

Finally, we determine the over/under allocation:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 34,700 - 34,860

Under/over applied overhead= $160 overallocated

3 0
3 years ago
_______ measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.
Anastasy [175]

Answer:

Brand Awareness

Explanation:

Brand Awareness measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it. Brand awareness is further consisted of 2 elements:

1: Brand Recognition: is the ability of consumers to confirm previous exposures to brand when they are presented the brand as a cue. For example, if you go to a store, will you be able to recognize the brand to which you have been already exposed?

2: Brand Recall: It is the consumers ability to retrieve the brand from their memory if they are given product category or usage occasion as a cue. For example, when you think of carbonated drink, then what brand comes into your mind?

3 0
3 years ago
An inventory loss from market decline of $1,200,000 occurred in May 2015, after its March 31, 2015 quarterly report was issued.
JulsSmile [24]

Answer:

The answer is:

The inventory loss should be recorded entirely in the second quarter that ends in 6/30/2015 since losses have to be recorded as soon as the company recognizes them. The other quarters should not reflect any of the losses associated with this event.

Explanation:

The accrual accounting principle states that accounting transactions have to be recorded in the period when they actually happen. The conservatism principle states that liabilities and losses have to be recorded as soon as they are recognized.

8 0
3 years ago
Condensed financial data of Windsor, Inc. follow. Windsor, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $56
Solnce55 [7]

Answer:

                                      Windsor, Inc.

                             Statement of Cash Flows

                                  December 31, 2022

Cash flow from operating activities

Net income                                                                           $108,206

Adjustments to net income                                                   $19,005

  • Depreciation expense $32,550
  • Loss on disposal of assets $5,250
  • Increase in prepaid expenses ($1,680)
  • Increase in accounts payable $24,290
  • Increase in accounts receivable ($34,860)
  • Increase in inventory ($6,755)
  • Decrease in accrued expenses payable ($3,150)

<u>                                                                                                               </u>

Total cash flow from operating activities                           $123,851

Cash flow from investing activities

Increase in long term investments                                    ($20,300)

Purchase in new plant assets                                            ($70,000)

Proceeds from disposal of assets                                         $1,050

<u>                                                                                                               </u>

Total cash flow from investing activities                          ($89,250)

Cash flow from financing activities

Issuance of common stocks                                                $31,500

Payment of bonds payable                                               ($25,200)

Dividends paid                                                                     ($18,221)

<u>                                                                                                              </u>

Total cash flow from financing activities                            ($11,921)

Total increase in cash                                                        $22,680

Cash balance December 31, 2021                                     $33,880

<u>                                                                                                              </u>

Cash balance December 31, 2022                                    $56,560

Explanation:

2022 2021

Cash $56,560 $33,880 +22,680

Accounts receivable 61,460 26,600 +34,860

Inventory 78,750 71,995 +6,755

Prepaid expenses 19,880 18,200 +1,680

Long-term investments 96,600 76,300 +20,300

Plant assets 199,500 169,750 +29,750

Accumulated depreciation (35,000) (36,400) -1,400

Total $477,750 $360,325

Liabilities and Stockholders' Equity

Accounts payable $71,400 47,110 +24,290

Accrued expenses payable 11,550 14,700 -3,150

Bonds payable 77,000 102,200 -25,200

Common stock 154,000 122,500 +31,500

Retained earnings 163,800 73,815 +89,985

Total $477,750 $360,325

Depreciation expense 32,550

Interest expense 3,311

Loss on disposal of plant assets 5,250

Net income $108,206

cash dividend of $18,221

4 0
3 years ago
In the video, Mike Boyle talks about establishing a work environment that motivates employees to do great work. List two or thre
Alex787 [66]

Answer:

Explanation:

the list of specific ways through which Mr. MB can establish the work environment which can motivate the employee in his gym are as follows;

Mr. MB can emphasize on the importance of creating effective work environment that motivate employees to work properly.

Mr. MB can develop strength program for employees.

Mr. MB can also introduce the proper sessions of new training technique and workout program for employees.

Education helps in the employee motivational and job enrichment in an effective way. It helps the employees by giving them opportunity to establish their skills. It also helps in enhancing their knowledge and progress through their position in the company. These knowledge and skills helps the employer gaining effective workforce. Education also provides some effective guideline that the employees or employer should follow.

4 0
3 years ago
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