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Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay perio

Tanya [424]

Answer:

The correct answer is B. Salaries Payable would be recorded in the amount of 13,542.39.

Explanation:

Given that the company's gross payroll is $19,676, and that a discount of $3,438 must be applied by the Federal Income Tax, a 6% social security rate, a 0.8% federal unemployment rate, a 1.5% rate Medicare and 5.4% state unemployment rate, the following gross discounts must be made to gross payroll to determine wages to be paid after taxes:

3,438 (Federal Income Tax)

19,676 x 0.06 = 1,180.56 (social security rate)

19,676 x 0.008 = 157.408 (federal unemployment rate)

19,676 x 0.015 = 295.14 (Medicare rate)

19,676 x 0.054 = 1,062.5 (state unemployment rate)

Therefore, those discounts should be subtracted from the gross payroll in order to get the Salaries Payable:

19,676 - 3,438 - 1,180.56 - 157.4 - 295.14 - 1,062.5 = 13,542.39.

8 0

3 years ago

When profit-maximizing firms in competitive markets are earning profits, market demand must exceed market supply at the market e

ella [17]

The correct answer is " new firms will enter the market"

4 0

4 years ago

On January 5, 2020, Sheffield Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumu

andrew11 [14]

Answer:

Sheffield Corporation

Journal Entries

Date Description DR CR

Jan 11 Cash 292,500

Common stock 195,000

Paid in Capital for common stock 97,500

Being the amount received on issue of

Feb 11 Equipment 53,300

Factory Building 152,000

Land 295,000

Prefereed stock 410,000

Paid -in -capital for Preferred stock 90,300

July 29 Treasury stock 25,600

Cash 25,600

Being the payment of own share purchased

Aug 10 Cash 22,400

Retained Earnings 3,200

Treasury stock 25,600

Dec 31 Retained earnings 10,025

Dividend(0.35*19500) 6,825

Treasury stock 3,200

Dec 31 Net Income ( Income Summary) 158,400

Retained Earnings 158,400

Balance sheet as at Dec 31

Equity

Common stock at $10 par value $195,000

7% Preferred Stock 410,000

Paid in capital for common stock 97,500

Paid in capital for Preferred stock 90,300

Retained Earnings ( 158,400-6825-3200) 148,375

941,175

Explanation:

4 0

3 years ago

make a logo for me with the name voice notes it’s a note book that writes when u speak best one gets brainliest

EleoNora [17]

heyyy! hru? Im super bored

8 0

3 years ago

After years of using a mass marketing strategy, Digital Print Shops has responded to new competition from national chain stores

Ket [755]

Answer:

Niche Marketing

Explanation:

According to my research on different marketing strategies, I can say that based on the information provided within the question Digital's strategy is known as Niche Marketing. Like mentioned in the question this strategy emphasized focusing on small audiences in a very specific category. Which is what Digital is doing by focusing on the smaller market segments that the bigger competition is completely ignoring.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

8 0

3 years ago