CERISE Company uses accrual basis of accounting. Wages expense account had a balance of $255,000 at year end. The wages payable account had a #11,500 and $22,500 beginning and ending balance, respectively.

Q: How to complete the personal balance and calculate the net worth?

A: Calculation of Net worth and Personal balance.

Q: What is the maximum contribution that an employer can make to an employee’s SIMPLE account?

A: A SIMPLE IRA (Savings Incentive Match Plan for Workers) plan enables employees as well as employers…

Q: How does the time value of money affect you personally and professionally.

A: The time value of money is a financial concept that suggests that a certain amount of money today is…

Q: How did you calculate Net Income from business?

A: Net income from business = Business Revenue - Business expenses

Q: What is the natural business year?

A: An accounting period defines the time period, in which the business transactions shall be considered…

Q: How do banks calculate the monthly payment on a loan?

A: Present value annuity formula is used to calculate the monthly payment on a loan. Here, The loan…

Q: How to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…

A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…

Q: difference between Wages and Salary?

A: Wages and salaries are the remuneration paid to the employees by the employer for their contribution…

Q: How would I determine January's net income?

A: An income statement is a financial statement used for reporting the financial performance of the…

Q: What are some examples of income shortages when one retires?

A: Retirement planning means the process of planning the financial benefits during the work life and…

Q: How did you calculate the note payable long term for xi

A: Notes Payable are defined as the long-term liabilities that represent the amount to be paid by the…

Q: what should be withheld from a bonus in the year it is paid?

A: Explanation and correct answer is given below,

Q: Define the term Annual bonuses.

A:

Q: It is a person's earnings before deduction. Salary Wage Gross pay Net pay

A: Employment is one of the major economic activities. Employees get some remuneration from their…

Q: What is the double entry to record my payments to a rotating savings arrangement weekly? What is…

A: Double entry is one of the method of bookkeeping which states that each monetary transaction has…

Q: It is the difference between the present value and the worth of money at some time in the future.

A: Money has the power to earnt interest. A sum of money that you put in your bank's savings account…

Q: Are there unofficial measurements of income earning

A: In the accounting world, non-GAAP (Generally Accepted Accounting Principles) measurements are called…

Q: find the average daily balance

A: The method which takes daily balances into consideration rather than weekly or monthly balances is…

Q: Describe the cost and basic accounting activities related to payroll ?

A: Payroll accounting is just recording the payroll expenses of a business into the final ledger.

Q: Which of the following is business income for NOL purposes?    Interest earned on savings account.…

A: If your deductions for the year are more than your income for the year, you may have a net operating…

Q: What is the median income?

A: Income distribution specifies how the countries income or GDP is distributed among the population.…

Q: How to calculate gross pay and net pay for employees.

A: Gross pay: Gross pay includes the employee’s share of social security taxes, Medicare taxes, and…

Q: 1. Using the minimum wage presumption, what is the net earnings?  Minimum wage of $7.25.

A: Net earnings refer to the amount of income that an individual or entity receives after deducting all…

Q: How do you report self-employment income?

A: Self-Employment is the business or profession a person does for himself and not for others. A…

Q: When a person is not spending on current consumption or taxes, and gives up some current consumption…

A: Savings typically refers to the money that is saved or set aside by individuals, businesses, or…

Q: How to calculate taxable social security earnings?

A: Social security:   It is the protection that a society will provide towards individuals and…

Q: What are taxes?

A:

Q: Accounting Ordinary annuities assume that the first payment is made at the end of each year. In a…

A: Ordinary annuities refers to the series of equal amounted payments which are made at the end of…

Q: Explain how Social Security benefits are calculated and how much you need to work each quarter to be…

A: Social Security benefits in the United States are calculated based on your lifetime earnings and the…

Q: Could I get the entire answer please? Earnings before taxes, net income and taxes?

A: Information Provided: Sales = $14,800,000 Interest expense = $307,000 COGS (Cost of Goods Sold) =…