During the year, Tech Innovators Inc. had its Salaries Payable account decrease by $4,500. If the SalaryExpense amounted to $195,000 for the year, the cash paid to employees (including deductions fromgross pay) is:A) $199,500B) $190,500C) $195,000D) $189,500

Step 1: Define Accrued Expenses:Accrued expenses are expenses incurred but not yet accounted for and…

Answered: During the year, Tech Innovators Inc.…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter10: Payroll Register (pr)

Section: Chapter Questions

Problem 4R

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Celia Corp. has estimated that total depreciation expense for the year ending 12/31/20 will amount to $600,000, and that 2020 year-end bonuses to employees will total $1,200,000. In Celia's interim income statement for the six months ended 6/30/20, what is the total amount of expense relating to these two items that should be reported? a. $0. b. $300,000. c. $900,000. d. $1,800,000.
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $335,000 Warehouse salaries 186,000 Office salaries 144,000 $665,000 Deductions: Income tax withheld $116,800 Social security tax withheld 39,900 Medicare tax withheld 9,975 Retirement savings 14,630 Group insurance 11,970 $193,275 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year,…
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $335,000 Warehouse salaries 186,000 Office salaries 144,000 $665,000 Deductions: Income tax withheld $116,800 Social security tax withheld 39,900 Medicare tax withheld 9,975 Retirement savings 14,630 Group insurance 11,970 $193,275 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year,…
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $350,000 Warehouse salaries 182,000 Office salaries 136,000 $668,000 Deductions: Federal income tax withheld $117,000 Social security tax withheld 40,080 Medicare tax withheld 10,020 Retirement savings 14,696 Group insurance 12,024 $193,820 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: equired: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the chart of accounts for the exact wording of the account titles. a. December 30, to record the payroll. b. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of…
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $325,000 Income tax withheld $119,000 Warehouse salaries 196,000 U.S. savings bonds 14,344 Office salaries 131,000 Group insurance 11,736 $652,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last…
Questions # 7-8 are based on the following: During January, Deluxe Printing pays employee salaries of $1 million. Withholdings in January are $76,500 for the employee portion of FICA, $210,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $38,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance. 7. What would Deluxe Printing report for salaries expense for January? A. $114,500 B. $1,000,000 C. $673,500 D. $960,000 8. The entry to record fringe benefits would include: A. Debit to salaries payable for $30,000 B. Credit to salaries expense for $30,000 C. Credit to income taxes payable for $30,000 D. Credit to accounts payable for $30,000
Please answer number 16
The following totals for the month of April were taken from the payroll records of Noll Company. Salaries $120,000 FICA taxes withheld 9,180 Income taxes withheld 25,000 Medical insurance deductions 4,500 Federal unemployment taxes 320 State unemployment taxes 2,160 The entry to record the payment of net payroll would include a Group of answer choices debit to Salaries and Wages Payable for $79,160 debit to Salaries and Wages Payable for $81,320. debit to Salaries and Wages Payable for $72,140 credit to Cash for $90,500
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4 Bird Company incurred $10,000 in salaries and wages for employees for the year; $9,000 of these salaries and wages had been paid by the end of the year. Which of the following statements about this situation is correct? Multiple Choice Salaries and Wages Payable on the income statement will be $9,000. Salaries and Wages Expense on the income statement will be $1,000. Salaries and Wages Expense on the balance sheet will be $10,000. Salaries and Wages Payable on the balance sheet will be $1,000.
Consider the following information: Service Revenue for the year = $81,000. Of this amount, $70,500 is collected during the year and $10,500 is expected to be collected next year. Salaries Expense for the year = $41,000. Of this amount, $35,500 is paid during the year and $5,500 is expected to be paid next year. Advertising Expense for the year = $10,500. All of this amount is paid during the year. Supplies Expense for the year = $4,500. No supplies were purchased during the year. Utilities Expense for the year = $13,000. Of this amount, $11,500 is paid during the year and $1,500 is expected to be paid next year. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,500.
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During the year, Tech Innovators Inc. had its Salaries Payable account decrease by $4,500. If the Salary Expense amounted to $195,000 for the year, the cash paid to employees (including deductions from gross pay) is: A) $199,500 B) $190,500 C) $195,000 D) $189,500