Reference no: EM132569902
Question - The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:
Salaries: Deductions: Sales salaries $292,000
Income tax withheld $105,952
Warehouse salaries 161,000
U.S. savings bonds 13,244
Office salaries 149,000
Group insurance 10,836 $602,000
Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8%.
Required - If an amount box does not require an entry, leave it blank.
1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll.
1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on 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, $30,000 is subject to unemployment compensation taxes.
2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payroll.
2b. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on January 4, to record the employer's payroll taxes on the payroll to be paid on January 4. Because it is a new fiscal year, all $602,000 in salaries is subject to unemployment compensation taxes.
Basic methods by which antimicrobial agents work
: What are the four basic methods by which antimicrobial agents work? How and why only one of the four methods is said to destroy all microbial life,
|
What are the limitations of financial ratios
: Referencing this week's readings and lecture, what are the limitations of financial ratios? Classify your answer into at least the following categories.
|
Summarize the firm overall financial position
: Analyze the firm's current financial position from both a cross-sectional and a time-series viewpoint. Break your analysis into evaluations
|
What management wants investors and creditors to see
: Even though firms follow the accounting rules (GAAP) when presenting their financial statements, it is still possible for conflicts of interest to exist.
|
Journalize the entry on December
: Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll
|
Improving preparation methods result
: You are a researcher gathering data to answer the following research question: Will improving preparation methods result in higher quiz grades?
|
What are the different types of anemias
: What are the different types of anemias? Compare the causes, symptoms, diagnostic tests, and treatments of different types of anemia in a table.
|
Analyze the operating efficiency of the firm
: Prepare an eight- to ten-page fundamental financial analysis (excluding appendices, title page, abstract, and references page) that will cover each of the.
|
Define research and development activities
: Define research and development activities and compare and contrast the accounting treatment of research and development activities.
|