Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Louis Welch is general manager of United Salons. During 2014, Welch worked for the company all year at a $10,200 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Welch's federal income tax withheld during 2014 was $850 per month, plus $924 on his bonus check. State income tax withheld came to $70 per month, plus $40 on the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $5 per month. United incurred payroll tax expense on Welch for FICA tax. The company also paid state unemployment tax and federal unemployment tax. In addition, United provides Welch with health insurance at a cost of $150 per month. During 2014, United paid $4,000 into Welch's retirement plan.
Requirements:
1. Compute Welch's gross pay, payroll deductions, and net pay for the full year 2014. Round all amounts to the nearest dollar.
2. Compute United total 2014 payroll expense for Welch.
3. Make the journal entry to record United's expense for Welch's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required.
The Tatiana Partnership is a calendar year, cash basis limited partnership which was formed on 1 January 2014. The partnership is in the business of training attack dogs and cats (business code 541990). The address for the partnership and both partne..
The goods were placed immediately in the inventory warehouse
The 2012 comparative balance sheet and income statement of Attleboro Group, Inc. follow (in text). Attleboro had no noncash investing and financing transactions during 2012. Prepare spreadsheet for the 2012 statement of cash flows. Format cash flows ..
Ignoring income taxes, what should be the expenses incurred by Barrell from this lease for the year ended December 31, 2008? What journal entries should be recorded by Barrell Company on January 1, 2008?
Clarke Company has a subsidiary operating in a foreign country
Wissota Co. applies overhead based on direct labor hours. The variable overhead standard is 4 hours at $6 per hour. During February, Wissota Co. spent $56,700 for variable overhead. 9,150 labor hours were used to produce 2,400 units. What is the over..
Allocate joint costs using the relative sales values at the split-off point and calculate the profit per 100 pound box of sugar-coated peels and the profit per pint of juice.
could see no reason for the delay in recognising the revenue. Do you agree with the owner or the accountant? Respond to the owner, explaining the accountant's position. Ignore GST.
Are the approaches you described in answer to question (2) mutually exclusive, or can they be used to complement each other? Explain?
How does FAS 157 apply to a reported asset or liability that has been designated as the hedged item in a fair value hedge?
Describe the relationship between the labor efficiency variance and the variable overhead efficiency variance.
Zheng Corporation plans to issue new bonds to finance its expansion plans. In its efforts to price the issue, Zheng Corporation has identified a company of similar risk with an outstanding bond issue that has an 8 percent coupon rate having a maturit..
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd