Solution-The effects of the payroll accrual

The effects of the payroll accrual

Reference no: EM13911553

For the payroll period ended on June 25, 2013, gross pay was $14,300, net pay was $10,200, FICA tax with holdings were $1,000, income tax with holdings were $2,500, and medical insurance contributions were $600.

Required:
Use the horizontal model (or write the journal entry) to show the effects of the payroll accrual on June 25, 2013.

Reference no: EM13911553

Questions Cloud

How you see the concepts of social justice : Use the concepts from your text and the lecture (and, optionally, the supplemental reading) to discuss how you see the concepts of social justice and criminal justice as being in harmony and/or in conflict

How many years is it until this bond matures : The Lo Sun Corporation offers a 5.6 percent bond with a current market price of $837.50. The yield to maturity is 9.22 percent. The face value is $1,000. Interest is paid semiannually. How many years is it until this bond matures?

New debt and used this to buy back stock-after the recap : ABC Printing Inc. raised $140 million in new debt and used this to buy back stock. After the recap, ABC's stock price is $7.6. If ABC had 70 million shares of stock before the recap, how many shares, in millions, does it have after the recap? (Enter ..

Compute the year six future value of deposits made in years : Given a 5 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,050, $1,250, $1,250, and $1,550.

The effects of the payroll accrual : For the payroll period ended on June 25, 2013, gross pay was $14,300, net pay was $10,200, FICA tax with holdings were $1,000, income tax with holdings were $2,500, and medical insurance contributions were $600.

Bond that pays interest annually yields a rate of return : A bond that pays interest annually yields a rate of return of 8.00 percent. The inflation rate for the same period is 3 percent. What is the real rate of return on this bond?

The value of stock is function-capital asset pricing model : In chapter 9 of the Random Walk book, the author is unwilling to abandon the CAPM for all of the following reasons except: The value of a stock is a function of Select one: In chapter nine of the Random Walk book discusses the Capital Asset Pricing m..

What is this companys total debt ratio : A company has Sales- $5000, total assets- $3000, debt to eq ratio=.25, ROE=.15, retained earnings $240 for the year. At what rate can this company grow if it would like to maintain its debt-equity ratio and not issue any new equity for the for see ab..

According to market values-debt-preferred and equity : According to market values, 25% debt, 10% preferred and 65% equity. The YTM on the firm's debt is currently 7.5% and the firm's marginal tax rate is 35%. The overall market rate of return is 12% and the firm plans on using retained earnings exclusive..

User Account

All Pages

The effects of the payroll accrual

Reference no: EM13911553

Reference no: EM13911553

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Prepare an income statement statement of retained earnings

Triple companys accountant made an entry that included the

Assume that sufficient time is available on the constrained

The finished goods units on hand on december 31 2014 was

The charges to work in process-baking department for a

A basic assumption of accounting that requires activities

Goods division at break even point problem

Salvador inc acquired 30 of the outstanding common stock of

What happens to the value of money if prices in general fall

Sophie is a single taxpayer for the first payroll period in

External financial reporting

If you require an effective annual interest rate not a

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT