Reference no: EM132684950
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 $116,600
Warehouse salaries 200,000 U.S. savings bonds 14,674
Office salaries 142,000 Group insurance 12,006
$667,000
Tax rates assumed:
- Social security 6% State unemployment (employer only)5.4%
- Medicare1.5% Federal unemployment (employer only)0.8%
Problem 1: Assuming that the payroll for the last week of the year is to be paid on December 31, How do you 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 31. Of the total payroll for the last week of the year, $32,000 is subject to unemployment compensation taxes.
Problem 2: Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, How do you Journalize the following entries???
a. On page 11 of the journal: December 30, to record the payroll.
b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $667,000 in salaries is subject to unemployment compensation taxes.
|
Determine what interest rate must earn
: You wish to accumulate a total of $1,700,000 at the end of 35 years by adding $6,700 annually. What interest rate must you earn?
|
|
How do prepare the necessary journal entries on december
: Prepare the necessary journal entries on December 31, 2016. Prepare the journal entry to record the bond issuance on February 1, 2016.
|
|
Compute target operating income
: Have you ever had to compute target operating income? If so, what were the circumstances?
|
|
How long do you think you can survive
: Welcome to Shell Shockers! In this game, you will become a soldier in the shape of an egg. Shoot ceaselessly, jump from one side to another.
|
|
Journalize the december to record the payroll entries
: Assuming that the payroll for the last week of the year is to be paid on December 31, How do you Journalize the December 30, to record the payroll entries?
|
|
Create list of three best practices recruiters
: Create a list of three best practices recruiters should use when screening potential candidates for a HR management position.
|
|
What is the npv for project-masters machine shop
: Masters Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $739,200 is estimated to result
|
|
Control invasive species including plants-pests and pathogen
: What are the best ways to control invasive species including plants, pests and pathogens?
|
|
What is the project equivalent annual cost-eac
: A project with a life of 9 has an initial fixed asset investment of $41,580, an initial NWC investment of $3,960, and an annual OCF of -$63,360.
|