If Salaries and Wages Expense is $448,600 during the year and the beginning and ending balances of Salaries and Wages Payable are $21,500 and $17,100, respectively, the cash paid to employees is.
Q: None
A: The after-tax salvage value can be calculated by considering the tax implications of selling the…
Q: What is fairview clinics costly trade credit?
A:
Q: Accounting question
A: The question requires the calculation of the expected return of stock.The expected return is the…
Q: The Fischer Corporation uses a standard costing system. The following data have been assembled for…
A: Step 1: Analysis of information givenLabor efficiency variance = $2,800 unfavorableStandard direct…
Q: hi teacher please help me this General accounting question
A: Step 1: Calculate Total Variable Manufacturing CostsThe variable manufacturing cost is $350 per…
Q: General Account
A: Step 1:First calculate the net sales: Net sales = Sales revenue - Sales return =…
Q: General accounting question
A: Step 1: Definition of Book ValueThe book value of an asset represents the value of the asset…
Q: Ans plz
A: Step 1: Definition of High-Low MethodThe high-low method is a cost analysis tool used to estimate…
Q: Net income
A: To solve this, we use the formula for Return on Equity (ROE): ROE =Net Income / Total Equity Given…
Q: Which of the following is an example of a direct labor cost standard? A. 0.5 direct labor hours per…
A: Understanding Direct Labor Cost StandardsA direct labor cost standard specifies the expected cost…
Q: Consider the information given in the table below. Calculate the gross profit. Salaries expense…
A: To calculate Gross Profit, we use the formula: Gross Profit=Net Sales−Cost of Goods Sold (COGS)…
Q: General accounting
A: Step 1: Definition1 Cash Conversion Cycle (CCC):The cash conversion cycle measures the time it takes…
Q: To measure controllable production inefficiencies, which of the following is the best basis for a…
A: **Explanation:** **Why "Engineering Estimates Based on Attainable Performance" Is the Best…
Q: None
A: Step 1:Accounting Income is when there is excess of revenue over expenses. If the revenue is more…
Q: Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based…
A: To calculate the total materials variance, we use the following formula: Total Materials…
Q: Q.No.23 Financial accounting
A: Explanation of Manufacturing Overhead (MOH):Manufacturing Overhead (MOH) includes all indirect costs…
Q: How many units must company sell?
A: Explanation of Selling Price: Selling price is the amount a company charges customers for each unit…
Q: general accounting
A: Step 1: Definition of Return on Common Stockholders' Equity (ROE)Return on Common Stockholders'…
Q: hi expert please given answer General accounting question
A: The predetermined overhead rate (POHR) is calculated before the year begins and is used to allocate…
Q: Sales are $1,000,000 for a product with a variable cost per unit of $6 and a sales price of $20. If…
A: Concept of Contribution MarginThe contribution margin represents the portion of sales revenue that…
Q: Financial Accounting
A: Step 1: Determine the book value and loss on the sale• Loss on sale = Book value - Selling priceStep…
Q: Subject: financial accounting
A: Explanation of Differential Costs: This represents the difference between two alternatives in…
Q: Accounting
A: Option b: This option is correct because the question asks what a standard cost is. The phrase "a…
Q: At the beginning of the year, managers at King Industries estimated $680,000 in manufacturing…
A: Explanation of Manufacturing Overhead: Manufacturing overhead encompasses all indirect manufacturing…
Q: A manufacturer sells a product for $45 to a wholesaler, and the wholesaler sells it to a retailer.…
A: Feel free to ask for any clarification
Q: Please provide answer
A: To find the coefficient of variation, we need to divide the standard deviation by the expected…
Q: Correct answer
A: Explanation of Predetermined Overhead Rate (POHR):The Predetermined Overhead Rate (POHR) is the rate…
Q: General accounting
A: Explanation of Expected Return:Expected Return represents the average return an investor anticipates…
Q: D.P. May has a net income of $44,000, total assets of $442,000, total liabilities of $211,000, and a…
A: To calculate the firm's price-earnings (P/E) ratio, we need to use the formula:P/E=Price per…
Q: What is Adrian's gross profit and net profit in dollars?
A: The question requires the determination of the gross profit and net profit. Gross profit for a…
Q: Financial accounting question
A: Step 1: Calculation of gross profitGross profit = Sales - Cost of goods soldGross profit = $541,000…
Q: Entire chart at bottom needs filled in! Now assume that during 2024, Karane decides to buy a…
A: Here's the step-by-step approach to fill out the table and calculate the maximum cost recovery…
Q: Financial accounting question
A: Step 1: Define Equivalent Taxable YieldThe Equivalent Taxable Yield is the return an investor would…
Q: A manufacturer sells a product for $45 to a wholesaler, and the wholesaler sells it to a retailer.…
A: FEEL FREE TO ASK FOR CLARIFICATIONS
Q: What is its ROE
A: The question requires the determination of the ROE.Return on equity (ROE) is an indicator of a…
Q: Provide answer
A: To calculate the effective cost of trade credit under the terms 2/15, net 40, follow these…
Q: Bats, Inc. manufactures one type of baseball bat which requires a specific type of metal. During the…
A: Step 1: Key Information from the ProblemActual production: 5,000 batsActual quantity of metal used…
Q: None
A: Debt to Equity Ratio is a financial ratio indicating the relative proportion of shareholders' equity…
Q: Patterson Brothers recently reported an EBITDA of $8.8 million and a net income of $2.4 million. It…
A: To find the charge for depreciation and amortization, we will use the relationship between EBITDA,…
Q: Financial accounting question
A: Step 1: Define Gross ProfitGross profit assesses the productivity of a business in manufacturing…
Q: i need this question answer General accounting
A: To calculate the annual savings from implementing the electronic payment system, follow these steps:…
Q: What is the cost of goods sold for the current year?
A: Concept of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) refers to the direct costs associated…
Q: Financial accounting question
A: Step 1: Define Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: What would have been the income or loss ??
A: Detailed explanation:Given Data:Accrued Expenses, $3,250 millionReported Income Before Income Taxes,…
Q: The accounts of Aggie Company have the following balances for 2012: Purchases $ 5,20,000 Inventory,…
A: Step 1: Formula for Gross Profit Gross Profit=Net Sales−Cost of Goods Sold (COGS) Step 2: Compute…
Q: Correct answer? General Accounting question
A: Step 1: Define Asset DisposalThe proceedings involving sale of existing fixed asset in its working…
Q: General accounting question
A: To calculate the equivalent taxable yield, use the formula:Equivalent Taxable Yield=Tax-Free…
Q: Need answer the financial accounting question
A: To compute the dividend yield, we use the formula: Dividend Yield = (Annual Dividends per Share ÷…
Q: What is John wick companies ROE?
A: Let me calculate this step by step to determine the Return on Equity (ROE).ROE can be computed using…
Q: Quick answer of this accounting questions
A: To calculate the overhead rate for each activity, you need to divide the total overhead for each…
The cash paid to employees is
Step by step
Solved in 2 steps
- In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $14,563. 1. Prepare the journal entry at December 31 to record the bonus due the employees. 2. Prepare the later journal entry at January 19 to record payment of the bonus to employees.For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $50,000. 1. & 2. Prepare the journal entries at December 31 to record the bonus due and later on January 19 to record payment of the bonus to employees.
- In a recent pay period, Blue Company employees have gross salaries of $18,960. Total deductions are: CPP $886, EI $348, and income taxes $4,480. What is Blue Company’s total payroll expense for this pay period? Ignore vacation benefits and workers’ compensation premiums.The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
- In recording the payroll, the debit to an expense represents: Group of answer choices deductions gross pay net pay earnings over the calendar year for each employeeAn employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175An employee receives a bi-weekly gross salary of $2,000. The employee's deductions include income tax of $218, CPP of $99, El of $36, and union dues of $50. The employer's share of the deductions includes CP of $139 and El of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary?
- An employee has year-to-date earnings of $130,100. The employee's gross pay for the next pay period is $4,500. If the FICA-OASDI is 6.2% and the wage base is $132,900, how much FICA-OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.) OA. $279 OB. $65 OC. $174 OD. $189The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($100,000), payroll deductions for income tax ($10,000), payroll deductions for FICA ($7,500), payroll deductions for American Cancer Society ($3,750), employer contributions for FICA (matching), and state and federal unemployment taxes ($875). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $6,375 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue.Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. Show how any of the liabilities related to these items should be reported on the company's balance sheet at…Sandler Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($260,000),payroll deductions for income tax ($28,000), payroll deductions for FICA ($20,000), payrolldeductions for United Way ($4,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($2,000). Employees were paid in cash, but payments for thecorresponding payroll deductions have not been made and employer taxes have not yet beenrecorded.b. Collected rent revenue of $1,500 on December 10 for office space that Sandler rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Revenue.Required:1. Give the entries required on December 31 to record payroll.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.3. Show how any…