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Wewaii [24]
2 years ago
8

Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security ta

x was $180,000, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000. Required: 1. Journalize the entry to record the payroll for the week of December 10. If an amount box does not require an entry, leave it blank. fill in the blank 772b2b050feafc9_2 fill in the blank 772b2b050feafc9_3 fill in the blank 772b2b050feafc9_5 fill in the blank 772b2b050feafc9_6 fill in the blank 772b2b050feafc9_8 fill in the blank 772b2b050feafc9_9 fill in the blank 772b2b050feafc9_11 fill in the blank 772b2b050feafc9_12
Business
1 answer:
Lina20 [59]2 years ago
6 0

Answer:

1. Dr Wages Expense200,000

Cr Social Security Tax Payable 10,800

Cr Medicare Tax Payable 3,000

Cr Employees Federal Income Tax Payable 32,000

Cr Wages Payable 154,200

2. Dr Payroll Tax Expense15,264

Cr Social Security Tax Payable10,800

Cr Medicare Tax Payable3,000

Cr State Unemployment Tax Payable 1,272

Cr Federal Unemployment Tax Payable 192

Explanation:

1. Preparation of Journal entry to record the payroll for the week of December 10.

Dr Wages Expense200,000

Cr Social Security Tax Payable 10,800

($180,000 x 6%)

Cr Medicare Tax Payable 3,000

($200,000 x 1.5%)

Cr Employees Federal Income Tax Payable 32,000

Cr Wages Payable 154,200

[200,000-(10,800+3,000+32,000)]

2) Preparation of the Journal entry to record the payroll tax expense incurred for the week of December 10.

Dr Payroll Tax Expense15,264

(10,800+3,000+1,272+192)

Cr Social Security Tax Payable10,800

Cr Medicare Tax Payable3,000

Cr State Unemployment Tax Payable 1,272

($24,000 x 5.3%)

Cr Federal Unemployment Tax Payable 192($24,000 x 0.8%)

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Explanation:

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Laura Bryant joined Kellogg's straight after university in 2002. She joined the Field Sales team initially. This involved visiti
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Answer:

(A)The theory applied by the manger is refereed to as the Vroom's expectancy. it was made to inspire Laura to perform better in her place of  work, for this she was promoted duw to her performance and zeal to work.

(B) The motivational factors of Herzberg and Maslow's esteem and self actualization are very close.

Maslow's esteem and actualization focused on employee motivation towards work. while Herzberg motivational factor where more of recognition, achievement, prestige and status.

Explanation:

Solution

(A) The theory used by manager is called the Vroom’s expectancy m which was used to inspire Laura.

Laura put in a great amount of work towards  developing her sales relationship which showed in desired output.

For this performance, she was promoted to the level of Customer Manager at Head Office. (Expectancy)

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5 0
3 years ago
How does a merchandising business act as a collection agency for the state government?
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Answer:

Charging Sales tax

Explanation:

Merchandising business is the kind of business, that buys or purchases the finished products and then resells them to the customers.

So, the merchandising business could act as a collection agency for the government through charging the sales tax. There is need to remit the government after collecting the tax and when it is done, the business will decrease the cash and the sales tax liability.

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3 years ago
EA10.
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Answer:

The question is incomplete; the complete question is given below.

                        Selling Price per unit Variable  cost per unit

Product                                     $                                  $

Snowboards                           20.00                       170.00

Skis                                  400.00                          225.00

Poles                                      50.00                 20.00

Salvador's contribution margin is  46.2%

Explanation:

Contribution is the amount generated from the sales of a product to cover part of the total fixed cost.

Contribution is an important concept in decision making because it helps to determine the profitability of individual products where a set of products benefit from the same fixed cost. <em>it </em><em>helps in prioritizing the allocation of resources to different products based on their profitability</em> .

Contribution per unit = Selling price per unit- variable cost per unit

Total contribution= Contribution per unit * units sold

Contribution margin ration: The proportion of sales realised as contribution is known as contribution margin ratio (CMR) . It represents the amount generated as contribution from every one dollar worth of sales.  A 60% margin means that $60 is made as contribution from evry sales of $100, for example.

It is a calculated as follows:

Single-product scenario:

C.M.R= contribution per unit/ selling price per unit

Multiple-products scenario:

C.M.R= contribution from a mix / revenue from a mix

We shall use the multiple-products formula

                                         Snowboard                 ski             Poles     Total

                                                   $                             $                $

Selling price                              320                     400                50

variable cost                        <u>    (170)                      (225)              (20)</u>

Contribution per unit (SP-VC)   <u>150                           175                30</u>

Cont from a mix (cont× unit)   1050                       525                 60

Revenue from a mix (SP× unit) 2240                    1200               100

Contribution margin ratio= Cont. from a mix/ Rev from a mix

                                           = (1050+525+60)/(2240+1200+100)

                                           =(1635 /  3540) × 100

                                            = 46.2 %

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Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

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