If Salaries and Wages Expense is $450,600 during the year and the beginning and ending balances of Salaries and Wages. Payable are $18,300 and $16,800, respectively, the cash paid to employees is: A. $449,100 B. $433,800 C. $450,600 D. $452,100
Q: Give answer in step by step with explanation
A: Step 1: Define Net IncomeA business generates income by offering services to customers or selling…
Q: Accounting what will be the price of a gallon of milk 10 years from now?
A: To calculate the future price of a gallon of milk given an inflation rate of 4.5% per year, we can…
Q: ANSWER THE GIVEN BELOW AND COPY THE FORMAT IN THE GIVEN IMAGE. Joel Feliciano has started his own…
A: Each transaction affects at least two accounts. For example, the first transaction involves the Cash…
Q: Joel Feliciano has started his own business, Property Appraisals. He inspects property for buyers…
A: Each transaction involves at least two accounts. For example, when Feliciano invested cash in the…
Q: de
A: Given:January 1: 150 units at $5January 8: 460 units at $6January 29: 760 units at $8Ending…
Q: a. Determine the balance in the Retained Earnings account as of January 1, Year 3. b. Determine the…
A: The table seems to provide key balances for retained earnings and temporary accounts at various…
Q: Please need answer
A: Step 1: Define Return on EquityReturn on equity is the financial ratio that is calculated to…
Q: bvf
A: a.Double-Declining Balance Double-Declining rate = 2/Useful life Double-Declining rate = 2/4 = 50%…
Q: Answer
A: Explanation: Current ratio is a financial metric that is used to estimate the liquidity available to…
Q: Don't use AI.
A: Information below will be used in the calculation for the requirements: Required 1:…
Q: A note receivable due in five years is listed on the balance sheet under the caption: a.…
A: A note receivable is a written promise by a customer or borrower to pay a certain amount of money at…
Q: nik.3 answer must be in table format or i will give down vote
A: Approach to solving the question: I have provided the answer in tabular form below as requested by…
Q: Accounting.?
A: Given information:EBTI = $41,299Depreciation = $9,592Tax rate = 36%Previous year's net fixed assets…
Q: Give true answer this accounting question
A: Step 1: Define Operating leverageOne of the measure used in the cost accounting by the business…
Q: Need help
A: Step 1: Define Bank ReconciliationPerforming periodic bank reconciliation is significant as it…
Q: I want to correct answer
A: Step 1: Define Beginning InventoryThere is an accounting period during which every recording…
Q: I need do fast typing clear urjent no chatgpt use i will give 5 upvotes full explanation pls give
A:
Q: Question in image, thanks!
A: Step 1:Determine the COGS for the first sale (July 13, 56 units)Step 2:Determine the COGS for the…
Q: Solve this accounting question
A: Step 1:- Define Account ReceivableAccount Receivable is an asset account that has a normal debit…
Q: Accounting calculate taxable income
A: 1. First, let's calculate L & L, Inc.'s corporate taxable income:Revenue: $1,020,000Less:…
Q: Last summer, Job was offered a job selling ear muffs for dogs. John wa paid a salary of $400 a month…
A: We have given, John monthly Salary : $400Commission Earnings (5%) : first $300 above the quota of…
Q: Please see an attachment
A: Approach to solving the question:Freeform Detailed explanation: Increasing the contingent workforce…
Q: Calculate the cost of equity capital using CAPM if the risk - free rate of interest is 4 per cent,…
A: The Capital Asset Pricing Model (CAPM) is a model that describes the relationship between systematic…
Q: Please solve
A: To help Newman create a fund that will allow him to withdraw $24,390 annually for four years (from…
Q: Need help
A: Explanation of Par Value:The par value (or face value) of a bond is the amount that the issuer…
Q: Williams Company is a manufacturer of auto parts having the following financial statements for…
A: Let's go step by step as per your request. I'll calculate each valuation method as instructed:Free…
Q: Please help me solve this question
A: Step 1: Define Equivalent UnitsEquivalent units are used in process costing to calculate the cost…
Q: For Blossom Corporation, year-end plan assets were $1,998,000. At the beginning of the year, plan…
A: The actual return on plan assets is a measure of the earnings from the investments made by a pension…
Q: Accounting. Before income taxes?
A: Step 1:- Define Accrued ExpenseAccrued Expense is the expense amount consumed by the company in the…
Q: Please to answer these quest
A: A.) Find the predetermined overhead rate; with the formula;Predetermined Overhead Rate = Estimated…
Q: Need answer please not use chatgpt
A: a) What is its return on stockholders' equity?To calculate the return on stockholders' equity (ROE),…
Q: I need help.
A: To solve this problem, we need to calculate the equivalent units of production for conversion costs…
Q: Question
A: Explanation of Gross Profit:Gross Profit is the profit a company makes after subtracting the Cost of…
Q: Accounting what is the funded status of barrel
A: Step 1:- Define Pension ExpensePension expense refers to the contribution amount made by a company…
Q: If an accumulation of $500 is desired at the end of three years
A: To solve this, we can use the formula for the present value (PV) of a future sum of money, which…
Q: Need help. accounting
A: Step 1: Define Overhead CostThe overhead cost has two types of transactions while manufacturing the…
Q: Financial Accounting Problem 3.4
A: Explanation of Total Assets:Total assets represent the combined value of everything a company owns,…
Q: I need help.
A: First, let's organize the cost information:Beginning WIP: $1,050 ($250 + $800)Added this month:…
Q: Financial Accounting
A: Step 1: Define Notes ReceivableThe issuance of notes is recorded by the payee as notes receivable,…
Q: Accounting. What must total asset turnover be?
A: Step 1:- Define Asset TurnoverAsset turnover is a financial ratio to measure the firm's efficiency…
Q: Solve this accounting question
A: Step 1: Define Rate of ReturnThe rate of return on an investment is its profit or loss divided by…
Q: None
A: 1) First, we need to understand what "at least" means in this context. The value of a convertible…
Q: ksf
A: Hello student! The Total Goods Available for Sale (units or dollars) includes all the inventory at…
Q: Please need answer not use ai
A: Step 1: Define Bank ReconciliationBank reconciliation helps to ensure that the company's cash…
Q: During July, the following purchases and sales were made by Swifty Company. There was no beginning…
A: Under FIFO, the oldest inventory items are sold first. Therefore, we need to track the inventory…
Q: Hi expert solve this question. Accounting
A: Step 1:- Define Net SalesSales consist of cash sales and credit sales. The cost of sales returns,…
Q: Eps
A: Explanation of Net Income:Net income is the total profit a company makes after subtracting all…
Q: Woodland Wearables produces two models of a smart watch, the Basic and the Flash. The watches have…
A: Steps to Solve the Problem: A) Anticipated Level of Profits for the Expected Sales VolumesStep 1:…
Q: please provide correct answers carefully. i keep receiving incorrect answers from here. Do correct…
A: Step 1: Depreciation Rates from Table 7.2 1. Furniture (7-year recovery, placed in service in…
Q: Provide solution
A: If you have any problem let me know in comment section thank you.
If Salaries and wages expense is $450,600 during the year and the beginning and ending balances
Step by step
Solved in 2 steps
- Total payroll expense was recorded as $750,000 on the income statement. The payroll payable account had a beginning balance of $7,000 and an ending balance of $9,000. How much cash was disbursed for payroll during the year?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 entry to record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.Question 2 With the following data, compute the NET FUTA Tax. $6,750 Gross FUTA Tax DUE Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 $6,750 MacBook Air 80 F3 F2 F4 F5 F6 F7 FB F9 3 4. 5 7 8 9. E T Y D G < 6 F.
- 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: Salaries: Sales salaries $625,000Warehouse salaries $240,000Office salaries $320,000 Total $1,185,000 Deductions: Federal income tax withheld $232,260Social security tax withheld $71,100Medicare tax withheld $17,775Retirement savings $35,500Group insurance $53,325 Total $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5%State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: 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…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.
- KA Payroll Related Accounting Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with income tax withholding of $3,960. Write the journal entry for the company to record the salaries and wages paid and the employee payroll deductions Assume a weekly payroll of $80,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, federal unemployment tax (0.8%) and state unemployment tax (.6%). Write the journal entry to record the employers’ payroll taxesThe 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 entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.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 entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
- Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company reports net income of $121,980 before the calculation of the bonus. The journal entry to record the accrued bonus includes OA. a debit to Employee Bonus Payable, $7,980. OB. a credit to Cash, $8,539. OC. a credit to Employee Bonus Payable, $7,980. OD. a debit to Employee Bonus Expense, $8,539.An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday? Debit Credit $5,064.50 Wages Expense Cash $5,064.50 Debit Credit Net Payroll Payable $5,064.50 Cash $5,064.50 Debit Credit Cash $5,064.50 Net Payroll Payable $5,064.50 Debit Credit Cash $5,064.50 Wages Expense $5,064.50 MacBook Air 41M&AINY PILOT G-2 07 30 F3 F4 F5 F6 F7 F8 F9 FI & 4 6 7 8 9. 5 RHow do I jounalize the enties for a and b? a. Journalize the entry to record the payroll for the week of May 18.b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.