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
babunello [35]
3 years ago
11

Dixon Sales has four sales employees that receive weekly paychecks. Each earns $14 per hour and each has worked 40 hours in the

pay period. Each employee pays 12% of gross in federal income tax, 3% in state income tax, 6.0% of gross in social security tax, 1.5% of gross in Medicare tax, and 0.5% in state disability insurance. Required: Journalize the recognition of the pay period ending January 19 that will be paid to the employees January 26. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
Business
1 answer:
Alexeev081 [22]3 years ago
8 0

Answer:

The journal would be as follows:

                                         Debit Credit

sales wages expenses $2,240.00  

Federal income tax payable   $268.80

State income tax payable                   $67.20

Social security tax payable                    $134.40

Medicare tax payable                       $33.60

State disability insurance payable   $11.20

Sales Wages payable                   $1,724.80

Explanation:

In order to make the journal entry of the recognition of the pay period ending January 19 that will be paid to the employees January 26 we would have to calculate the records as follows:

sales wages expenses=4 * $14 * 40 hours=$2,240.00  

Federal income tax payable= 2,240* 12%=$268.80

State income tax payable= 2,240 * 3%=$67.20

Social security tax payable= 2240 * 6%=$134.40

Medicare tax payable=2240 * 1.5%=$33.60

State disability insurance payable=2240 * 0.5%=$11.20

Sales Wages payable=$1,724.80

Therefore the journal would be as follows:

                                         Debit Credit

sales wages expenses $2,240.00  

Federal income tax payable   $268.80

State income tax payable                   $67.20

Social security tax payable                    $134.40

Medicare tax payable                       $33.60

State disability insurance payable   $11.20

Sales Wages payable                   $1,724.80

You might be interested in
While doing an online search for a music venue, Darcy ran across a performance of Lady Gaga that featured her hair neatly wrappe
horrorfan [7]

Answer:

The correct answer is (c)

Explanation:

Product placement is a type of promoting wherein obvious goods are underlined in a video creation that attracts a huge group of viewers. It is also called embedded marketing and is found in films, TV programs, individual recordings, radio and live exhibitions. In return for item publicity organisations may pay the production house in money, products, or administrations.

3 0
3 years ago
Menu costs are the​ merchants' costs of changing prices. true false
attashe74 [19]
False,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
6 0
3 years ago
Why might a business owner prefer to raise capital through a loan rather than through selling shares to an investor ?
MArishka [77]

Answer:

Shareholders can have control over business decisions. With a loan, all the owner owes is principle and interest

7 0
4 years ago
Consider where you currently work, where you have previously worked, or a well-known company where you would like to work. How w
enot [183]

Answer / Explanation:

First, we need to understand what variance analysis is. Variance analysis is the qualitative and quantitative measure of the difference between actual financial value and the budgeted financial value.

This helps us to properly monitor our rate of spending against our profit or loss margin. it also assist in proper fund management.

Now talking about how the company will utilize variance analysis, the company will utilize variance analysis in the aspect of fixed over head spending. In the sense that it will be used to measure manpower productivity against overhead spending. This will help us to proper affirm if the rate of manpower productivity equal fixed overhead spending. In the case where fixed overhead spending is more than man hour productivity ratio, then the company will be running at a loss. This is basically a way of measuring productivity performance of man power and also assets.

6 0
3 years ago
South Tel Communications is considering the purchase of a new software management system. The system is called B-lmage, and it i
gavmur [86]

Answer:

Explanation:

South Tel Communications is considering the purchase of a new software management system. The system is called B-image, and it is expected to drastically reduce the amount of time that company technicians spend installing new software. South Tel's technicians currently spend 6,000 hours per year on installation which cost South Tel $25 per hour. The owners of the B-image system claim that their software can reduce time on task by at least 25%. The system requires an initial investment of $55,000 and an additional investment of$10,000 for technician training on the new system. Annual upgrades will cost the firm $15,000 per year. Because the investment is comprised of software, it can be fully expensed in the year of the expenditure (no depreciation). South Tel faces a 30% tax rate and uses a 9% cost of capital to evaluate projects of this type.

A. Assuming that South Tel has sufficient taxable income from other projects so that it can immediately expense the cost of the software, what are the free cash flows for the project for years zero through five?

Total (65,000)

Cash flow year 1 - 5

Saving on installations per year 450,000

Less: Annual upgrades ( 15,000)

Total 435,000

Less: Tax (30%) (130,500);

Total project free cash flow 304,500.answer

4 0
3 years ago
Other questions:
  • Which change should be made to the above cover letter excerpt before sending it to an employer? a. The author should to remove “
    5·2 answers
  • The economic cost nationwide of alcohol-related motor vehicle crashes annually is almost __________ billion dollars.
    6·2 answers
  • The U.S. preference for __________ economic policies helps to explain why we have a smaller and more limited government than do
    8·1 answer
  • The balance in retained earnings at December 31, 2017 was $1,440,000 and at December 31, 2018 was $1,164,000. Net income for 201
    15·1 answer
  • As part of the efforts to bring down the employee benefits cost to the company, GrindStop Corp. restricts the number of visits t
    12·1 answer
  • Ann chovies, owner of the perfect pasta pizza parlor, uses 20 pounds of pepperoni each day in preparing pizzas. order costs for
    13·1 answer
  • Both petroleum and coal are made up of complex carbon-based molecules, and both originated with living creatures of some kind. B
    15·1 answer
  • Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil f
    6·1 answer
  • Question 7 of 10
    11·1 answer
  • The same basic formulas used for materials and labor are used to analyze ______ portion of manufacturing overhead. Multiple choi
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!