Answered: If Salaries and Wages Expense is…

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__.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...

See similar textbooks

Related questions

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: please provide correct answer General accounting question

A: The correct answer is:C. Variances are likely when compared to actual results. Explanation of Each…

Q: Financial accounting problem

A: Explanation of Sales Revenue:Sales revenue is the total income generated from selling goods or…

Q: general accounting

A: To calculate the owner's capital balance at the end of the period, use the following formula: Ending…

Q: The variable and fixed cost elements using the high low method

A: Step 1:The variable cost per mile using high-low method is calculated as follows: Variable cost per…

Q: Ans

A: To solve this problem, we use the formula: Percentage change in operating cash flows= Degree of…

Q: Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a…

A: Step 1:DefinitionsDirect Labor Rate Variance (DLRV):Measures the difference between the actual labor…

Q: please given me correct answer General accounting question

A: Step 1: Definition of Applied Factory OverheadApplied factory overhead is the amount of overhead…

Q: What are the equivalent units for conversion cost??

A: Explanation of Work-in-Process Inventory: Work-in-Process (WIP) inventory represents partially…

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: Kindly help me with accounting questions

A: Given:Taxable Income = $800,000Corporate Tax Rate = 30%Calculation:Tax Payable = Taxable Income x…

Q: Sub: financial accounting

A: Explanation of Variance: This is a statistical measure that quantifies how far numbers in a dataset…

Q: expert help me of this Financial accounting question

A: Step 1: DefinitionEquity Multiplier: Measures how much of a company's assets are financed by…

Q: 5 PTS

A: Problem BreakdownCost to produce Part T5 in 2011: $9 per unit (not relevant for this decision…

Q: What is the average cost per snowmobile with overhead? General accounting

A: Step 1: Define Overhead CostsOverhead refers to the indirect costs of running a business that cannot…

Q: How much is net income

A: Explanation of Common Stock:Common stock represents ownership in a corporation and provides…

Q: Overhead rate for the year

A: To calculate the predetermined overhead rate (POHR), we use the following formula: POHR = Estimated…

Q: Please given correct answer

A: Step 1: Definition of MarginThe margin represents the percentage of net operating income earned from…

Q: I want to correct answer general accounting question

A: Step 1: Definition of Taxable IncomeTaxable income is the total income of a business after…

Q: General accounting question

A: Explanation of Erosion:Erosion refers to the reduction in sales or revenue of an existing product…

Q: GENERAL ACCOUNTING

A: Explanation of Selling Price:Selling price refers to the amount a seller charges a buyer for a…

Q: What is the desired profit for the year?

A: Desired Profit=Desired Operating Income Percentage × Total AssetsGiven the following: Desired…

Q: i need this question answer General accounting question

A: Step 1: Definition of Overapplied/Underapplied OverheadOverapplied or underapplied overhead is the…

Q: Subject: financial accounting

A: Explanation of Year-End Accrual: A year-end accrual is an accounting entry made at the end of a…

Q: What is the return on equity on these general accounting question?

A: Step 1:Calculate the debt as follows:Debt equity ratio = Debt / Equity0.85 =…

Q: Quick answer of this accounting questions

A: To calculate the income tax expense, use the following formula: Income Tax Expense = Income Taxes…

Q: Need answer

A: To calculate the overhead allocation to Product X using a plant-wide allocation system with direct…

Q: None

A: Calculation of the expected collections for June:Given:Cash sales from June: 25% of June's…

Q: provide correct answer General accounting

A: Step 1: Define Debt-to-Total Assets RatioThe debt-to-total assets ratio shows the percentage of a…

Q: What is return on equity

A: The return on equity (ROE) can be calculated using the following formula: ROE=Return on…

Q: None

A: The gross profit is calculated as: Gross Profit = Selling Price - Cost of Goods Sold (COGS) For this…

Q: What is the stock price??

A: Earning Per Share = Dividend Per Share/Dividend Payout RatioEarning Per Share = 3.22/64%Earning Per…

Q: A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for…

A: Explanation of Cost of Fixed Asset:The cost of a fixed asset refers to the total amount a company…

Q: Want Answer

A: The question requires the determination of the total variable cost. A variable cost is an expense…

Q: i need this question answer General accounting question

A: Step 1: Definition of Net Income/Net LossNet income (or net loss) is the result of a company's total…

Q: I need answer

A: Step 1:Under the installment sales method of revenue recognition revenue is recognized when the cash…

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: Which of the following is one of the purposes of standard costs? a) To aid in planning controlling…

A: Correct Answer:a) To aid in planning, controlling, and cost-volume-profit analysis.…

Q: do fast answer of this General accounting question

A: Part a. • Step 1: Use the Length of the Cash Conversion Cycle Formula• Step 2: Substitute the given…

Q: Provide Answer

A: The hedging reserve in cash flow hedges represents the accumulated fair value changes of the hedging…

Q: What are its after tax earnings? General accounting

A: Step 1: Definition of Net IncomeNet income refers to the company's after-tax earnings, which is the…

Q: Depasquale Corporation is working on its direct labor budget for the next two months. Each unit of…

A: Step 1: Formula for Total Direct Labor CostThe formula for direct labor cost is: Total Direct Labor…

Q: Please expert provide answer

A: The question requires the computation of the target cost of a product. Target cost is a pricing…

Q: What was the number of credit sales during December?

A: To calculate the amount of credit sales during December, use the following formula: Credit Sales =…

Q: Don't use ai given answer accounting questions

A: The accounts receivable turnover is calculated using the formula: Accounts Receivable Turnover = Net…

Q: provide answer General accounting question

A: Step 1: Define Labor Efficiency VarianceThe labor efficiency variance measures the difference…

Q: What is the effective cost of trade credit under the credit terms of 2/15, net 40? Assume 365 days…

A: Determine the discount and periods:Discount offered: 2% (0.02)Discount period: 15 daysFull payment…

Q: General accounting

A: Explanation: Gross profit is calculated by subtracting cost of goods sold from sales amount. In…

Q: Problem related to Accounting: Raven Company has a target of earning $88,000 pre-tax income. The…

A: Explanation of Pre-tax Income: Pre-tax income, also known as income before taxes, represents a…

Q: NO WRONG ANSWER

A: Concept of Variable Costs:Variable costs are expenses that change directly with the level of…

Question

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__.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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.
Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?
Riverside 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 ($130,000),payroll deductions for income tax ($13,000), payroll deductions for FICA ($10,000), payrolldeductions for United Way ($2,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($1,300). Employees were paid in cash, but these paymentsand the corresponding payroll deductions and employer taxes have not yet been recorded.b. Collected rent revenue of $3,600 on December 10 for office space that Riverside rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Rent Revenue.Required:1. Give the journal entries to record payroll on December 31.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.TIP: Notice that the…
9
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…
Get Answer
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.
Peyton Company's payroll for the year is $747,790. Of this amount, $468,730 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: A. Net FUTA tax B. Net SUTA tax C. Total unemployment taxes
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 employee
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.