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Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan,

aliina [53]

Answer:

Follows are the solution to the given points:

Explanation:

For question 1:

Exp on the Debit Salary = $ 1,500,000

Credit payable Income tax = $375,000

Credit accounts payable (pension plan)= $63,000

Credit payable tax on FICA= $114,750

Credit payable salary (Balance) $947,250

For question 2:

Exp = $100,500 for Debit Wages

Cr.= $31,500 (Surgical Insurance) Payable accounts

Cr. = $6,000 in insurance accounts payable

Cr. = $63,000 Payable Accounts (Pension plan)

For question 3:

EXP= $207,750 for Debit Payroll Tax

Cr. = $114,750 for FICA payable tax

Cr. =$93000 for Federal and State (Unemployment tax)

$FICA TAX = \$1500,000 \times \frac{(6.2+1.45)}{100} = \$ 114,750\\$

Tax on state or federal unemployment $=\$ 1500,000 \times 6.2 \% = \$ 93,000\\$

5 0

3 years ago

2. Liquidity Consider the relative liquidity of the following assets: Assets 1. The funds in a savings account 2. A bond issued

Alina [70]

Answer:

The answer is,

Asset

Most Liquid : $5 bill

Second-Most Liquid : The funds in a savings account

Third-Most Liquid : A bond issued by a publicly traded company

Least Liquid : Your house

The liquidity simply measures the ability to turn in to cash in a relatively short period of time. Cash at hand is the most liquid while property and other movable and immovable assets tends to be a bit difficult to be turned into cash quickly.

Explanation:

6 0

3 years ago

O que é racismo no futebol ?????me ajudem é para a manhã

atroni [7]

Mainly racism means judges anybody to see his / her colour

6 0

3 years ago

At December 31, 2017, Carla Company has outstanding three long-term debt issues. The first is a $2,050,000 note payable which ma

Tatiana [17]

Answer:

At 2018 year end,no debt obligation is due to mature,hence disclosure at 31 December,2017 is zero

At 2019 year end,sinking fund payments and note payable are due, hence the disclosure in that regard at 31st December 2017 is $4,784,000

At 2020 year end,bonds and sinking fund payments mature,as a result the disclosed amount is $8,482,000 in respect 31st December 2017 .

At 2021 year end,only sinking fund is due for payment leading to disclosure of $2,734,000 as at 31st December,2017.

The figures are shown down the line.

Explanation:

Long-term debt is a debt that is repayable in more than a year's time.

Note payable is an agreement between companies issuing the notes and the investors investing in the notes that the amount invested in the notes would be repaid to investors as well as the interests thereon.

Sinking Fund is a fund set aside to redeem debt principal at a specified time in future by putting a specific amount in the sinking fund account at intervals,whose interest and principal would be enough to settle loan obligations.

Years Requirment Workings

2018 $0

2019 Sinking fund $2,734,000

2020 Sinking fund and note payable $4,784,000 ($2,050,000 +$2,734,000)

2021 Bond and sinking fund $8,482,000 ($6,750,000 + $2,734,000)

2022 Sinking Fund $2,734,000

6 0

3 years ago

____ attributes are those that require some trial or consumption before evaluation

iris [78.8K]

<span>Experience attributes are those that require some trial or consumption before evaluation.</span>

8 0

3 years ago