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3 years ago

Payroll entries.

Business

1 answer:

never [62]3 years ago

6 0

Answer:

A. Dr Salaries & Wages exp. $1,840,000

Dr Fed tax withheld & payable $450,000

Cr FICA Taxes withheld & payable $120,920

Cr Cash $2,169,080

B. Dr Employer's Tax expenses $112,920

Cr FICA taxes payable $120,920

Cr SUTA payable $4,800

Cr FUTA payable $3,200

Explanation:

a. Preparation of the journal entry for the salaries and wages paid.

Dr Salaries & Wages exp. $1,840,000

Dr Fed tax withheld & payable $450,000

Cr FICA Taxes withheld & payable $120,920

[($1,840,000-$320,000*7.65%)+($320,000*1.45%)]

Cr Cash $2,169,080

($1,840,000+$450,000-$120,920)

(Being net salaries and wages paid after holding taxes)

b. Preparation of the entry to record the employer payroll taxes.

Dr Employer's Tax expenses $112,920

($120,920-$4,800 -$3,200)

Cr FICA taxes payable $120,920

[($1,840,000-$320,000*7.65%)+($320,000*1.45%)]

Cr SUTA payable $4,800

($1,840,000-$1,440,000*1.2%)

Cr FUTA payable $3,200

($1,840,000-$1,440,000*.8%)

(Being employer's taxes made payable towards salaries & wages)

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A ______ is a word, name, symbol, or device that is used in trade with goods to indicate the source of the goods and to distingu

alexira [117]

Answer:

trademark

Explanation:

The trademark refers to the logo design, name, word, symbol of the product that represents the company and used for the sale of the goods.

With the help of the trademark, the company could distinguish its products as compared with the competitors with the motive to gain a competitive advantage in the market place

Therefore this is a trademark

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3 years ago

Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a

MArishka [77]

Answer:

1. The Bad debt expense for 2013 is $67,500

2. The amount of accounts receivable written off during 2013 is $69,500

3. If the company uses the direct write-off method, the bad debt expense for 2013 would be $69,500

Explanation:

1. In order toCalculate the bad debt expense for 2013 we would have to make the following calculation:

Bad debt expense=1.5% of Net Credit Sales

=1.5%×$4,500,000

=$67,500

The Bad debt expense for 2013 is $67,500

2. In order to Determine the amount of accounts receivable written off during 2013 we would have to make the following calculation:

amount of accounts receivable written off=$42,000+$67,500-$40,000

amount of accounts receivable written off=$69,500

The amount of accounts receivable written off during 2013 is $69,500

3. Using direct write off method, the bad debt expense is recognized only when the actual bad debt is incurred. The actual bad expense would be the amount of accounts receivable written off during the year. Accounts receivable written off during the year would be same in both the methods.

Thus, the bad debt expense for the year 2013 would be $69,500.

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3 years ago

A mother earned $ 18750.00 18750.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home

BARSIC [14]

Answer:

a) $ 5000, $ 10000 b) $ 5000

Explanation:

The royalties money = $18750

She set aside 20% for new home which = 0.2 × 18750 = $ 3750

Amount remaining = 18750 - 3750 = $15000

She invested a sum in a bank certificate of deposit

let the amount invested in bank certificate = y

profit from the investment in the bank = 0.04y

second investment amount = 15000 - y

profit of investment = 0.07 ( 15000 - y)

sum of the two profit = 0.04y + 0.07 (15000 - y) = total profit = $ 900

0.04y + 0.07 (15000 - y) = 900

open the bracket and rearrange the equation

0.04y + 1050 - 0.07y = 900

0.04y - 0.07y = 900 - 1050

-0.03y = -150

divide both side by -0.03

y = -150 / -0.03 = $ 5000

The amount of money invest at 4% is $5000

The amount of money invested at 7% = 15000 - 5000 = $10000

The amount of money invested in CD account = $ 5000

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3 years ago

The Japanese automobile manufacturer Mazda produces the Premacy SUV in Haikou, China at a plant it built in the Chinese province

enyata [817]

Answer:

foreign direct investment

Explanation:

Foreign direct investment (FDI) refers to a company from country A investing in another country B, either by setting up their own business operations or acquiring a domestic firm. FDI requires that the new company in country B is controlled and managed by the investor form country A.

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2 years ago

From 1948 to 2003 the United States experienced an average real GDP growth rate of 3.5 percent and Guatemala had an average real

Luda [366]

Answer:

No, we can’t say

Explanation:

In this question, we are asked to decide if we can say that Guatemala’s standard of living grew more than that of the US’ standard of living between the years 1993 and 2003 given the pointers in the question.

We cannot say that this is correct because of the following reasons;

As observed from the question, the US growth rate was calculated between the years 1948-2003, which is indicative of a 55 year span. Now, comparing this with that of Guatemala, we can see that the span here is just 10 years I.e from 1993 to 2003.

Also, we were not provided with the population growth rate in both countries and this makes it difficult to judge which of the two countries have a better growth in terms of standard of living

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3 years ago

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