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
beks73 [17]
2 years ago
15

The following totals for the month of April were taken from the payroll records of Kingbird Company. Salaries $88800 FICA taxes

withheld 6790 Income taxes withheld 18500 Medical insurance deductions 3300 Federal unemployment taxes 240 State unemployment taxes 1600 The journal entry to record the monthly payroll on April 30 would include a
Business
1 answer:
ch4aika [34]2 years ago
8 0

Answer: A) debit to Salaries and Wages Expense for $88,800

Explanation:

When recording the payroll for the month, the gross pay of $88,800 will be debited to the Salaries and Wages expense account.

The relevant deductions are then made which in this case would be FICA taxes, Income taxes withheld and Medical insurance deductions. The unemployment taxes are the responsibility of the employer so will not be deducted.

The Journal entry will therefore be;

                                                                               Debit                    Credit

April 30 Salaries and Wages Expense              88,800

              FICA Taxes withheld                                                            6,790

              Income taxes withheld                                                         18,500

              Medical Insurance deductions                                            3,300

              Salaries and Wages Payable                                               60,210

You might be interested in
An organization that has direct two-way lines of responsibility, authority, and communication running from the top to the bottom
loris [4]

<u>line</u>

Explanation:

An organization that has direct two-way lines of responsibility, authority, and communication running from the top to the bottom of the organization, with all people reporting to only one supervisor is called a(n) <u>line</u> structure.

4 0
3 years ago
Under the all-events test, in addition to specifying that all events to establish the liability must have occurred, the test als
IgorC [24]

Answer:

TRUE

Explanation:

It is true that under the all-events test, in addition to specifying that all events to establish the liability must have occurred, the test also provides that the business must be able to determine the amount of the liability with reasonable accuracy

Under Sec. 461(h), a three-prongall-events test is met when

(1) all events have occurred that establish the fact of the liability;

(2) <u>the amount of the liability can be determined with reasonable accuracy</u>; and

(3) economic performance has occurred.

8 0
3 years ago
Read 2 more answers
Financial statements are important for:
Tpy6a [65]

Answer:

its D All the above

That's What I think

Your welcome :)

5 0
3 years ago
your customer feels overburdened with taxes and would like relief. after you discuss the abc municipal bond fund with her and ad
never [62]

(c) dividends are federally tax exempt, but capital gains are subject to taxation.

What is dividend?

A dividend is a reward paid to the shareholders for their investment in a company's equity, and it usually originates from the company's net profits.

A dividend is also the distribution of some of a company's earnings to a class of its shareholders. Dividends are usually paid in the form of a dividend check. However, they may also be paid in additional shares of stock.

Monthly dividend stocks are securities that pay a dividend every month instead of quarterly or annually. More frequent dividend payments mean a smoother income stream for investors.

They're paid out of the earnings and profits of the corporation. Dividends can be classified either as ordinary or qualified. Whereas ordinary dividends are taxable as ordinary income, qualified dividends that meet certain requirements are taxed at lower capital gain rates.

In order to collect dividends on a stock, you simply need to own shares in the company through a brokerage account or a retirement plan such as an IRA. When the dividends are paid, the cash will automatically be deposited into your account.

To learn more about Dividends from the given link

brainly.com/question/2960815

#SPJ4

6 0
1 year ago
Falling demand and rising debt were a problem for which sector of the economy in the 1920sThe 1920s are sometimes referred to as
slega [8]
For the answer to the question above,
"Auto industry" was the sector of the economy in the 1920s in which falling demand and rising debt were a problem. The auto industry was the industry that was having a huge problem in regards to the selling of new cars. I hope my answer helped you. <span>Feel free to ask more questions. Have a nice day!
</span>
8 0
3 years ago
Other questions:
  • A bicycle chain is pulled tightly so that mn is a common tangent of the gears?
    13·2 answers
  • Tom finds out that his coworker is sharing confidential information with a competitor. What should Tom do to handle the situatio
    12·1 answer
  • The standards for product V28 call for 8.6 pounds of raw material that costs $19.00 per pound. Last month, 2,600 pounds of the r
    7·1 answer
  • Households and firms with savings lend money to banks and other financial institutions. The credit supply curve shows the relati
    14·1 answer
  • Suppose you are a salesperson for an office supply company. one of your customers left you a message indicating that they were u
    8·1 answer
  • Given the mixed cost formula, Y = $16,000 + $3.40X, total cost for an activity level of 4,000 units would be:
    11·1 answer
  • Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $159,000 due on
    14·1 answer
  • You bought Sumsung stock for $50 on April 1. The stock paid a dividend of $5 on July 1, and had a price of $53. It is now Oct. 1
    7·1 answer
  • Half of the income for magazine publishers comes from
    5·2 answers
  • Text written for advertising and marketing campaigns is referred to as o content. context O copy o collateral​
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!