Reference no: EM132317014
Question
1.The journal entry to record the payroll for Fox-Gardiner Company for the week ending January 8, would probably include a32
A) Credit to FICA taxes payable
B) credit to salaries expense
C) debit to Federal Income Taxes Payable
D) Credit to wages expense
2.Based on the following information, computer the (1) current ratio and (2) working capital. (Round current ratio to 1 decimal place)
Current assets - $200,000
Total assets - $900,000
Current liabilities - $80,000
Total liabilities - $500,000
3. Mike Dooley's regular hourly wage is $16 an hour. He receives overtime pay at the rate of time and a half. The FICA tax rate is 7.65%. Mike is paid every two weeks. For the first pay period in January, Mike worked 86 hours of which 6 were overtime hours. Mike's federal income tax withholding is $350 and his state income tax withholding is $110. Mike has authorized that $50 be withheld from his check each pay period for savings bonds.
Compute Mike Dooley's gross earnings and net pay for the pay period showing each payroll deduction in arriving at net pay.(Round answers to 2 decimal places, e.g. 15.25.)
4. The partnership of Bher and Dhillips reports net income of $120000. The partners share equally in income and losses. The entry to record the partners' share of net income will include:
A) credit to Dhillips, Drawing for $60000
B) debit to Dhillips, capital for $60000
C) credit to bher, capital for $60000
D) credit to income summary for $120000
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