A company pays its employees $3,700 each Friday, which amounts to $740 per day for thefive-day work week that begins on Monday. If the monthly accounting period ends onThursday and the employees worked through Thursday, the amount of salaries earned butunpaid at the end of the accounting period is:Multiple Choice$2,220.$740.$3,700.$1,480.$2,960.

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Answered: A company pays its employees $3,700…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 10E: The total wages and salaries earned by all employees of Langen Electronics, Ltd. during March, as...

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The total wages and salaries earned by all employees of James Industries during the month of February, as shown in the labor cost summary and the schedule of fixed administrative and sales salaries, are classified as follows: a. Prepare a journal entry to distribute the wages earned during February. b. What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that three administrative employees with combined earnings this period of 4,500 have exceeded 8,000 in earnings prior to the period?
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