User Account

All Pages

Prepare the entry to record company payroll tax expense

Assignment Help Accounting Basics
Reference no: EM131911187

Question - During the month of March, Pouncer Company's employees earned wages of $70,000. Withholdings related to these wages were $5,355 for Social Security (FICA), $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $700 for state unemployment tax.
Instructions

(a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.

(b) Prepare the entry to record the company's payroll tax expense.

Reference no: EM131911187

Questions Cloud

How the potential perception of dependency might contribute : Post an explanation of whether means-tested programs (TANF, SNAP, and SSI) create dependency.
How much the risk of xyz stock is market risk : If the market portfolio has a standard deviation of 15%, how much the risk of XYZ stock is market risk and how much is non- market risk?
Describe the developmental stages of a counselor supervisee : Focus on the scenario it describes and consider how the content in this document would be translated into a persuasive argument.
What is the beta of a stock that is expected to return : If the CAPM is correct, what is the beta of a stock that is expected to return 13%?
Prepare the entry to record company payroll tax expense : Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April
Pure expectations hypothesis of the term structure : According to the pure expectations hypothesis of the term structure of interest rates, this is an indication that __________.
Compute the cost per cost driver : Orthopedic surgery requires more space for patients, supplies, and equipment. Compute the cost per cost driver for each of the three cost centers
Purchasing yen one year forward to avoid exchange rate risk : Can Jacksonville benefit from borrowing Japanese yen and simultaneously purchasing yen one year forward to avoid exchange rate risk?
Importance of communication in the project cycle : MANAGING CHANGE IN ORGANISATION ASSIGNMENTS - Critically, discuss how SWOT and PESTEL are able to help in managing Organisational Change with minimum

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd