Make journal entry for gross pay

Assignment Help Financial Accounting
Reference no: EM133004579

Problem 1: An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%. Using this information, Make journal entry for gross pay, federal and state withholdings, and FICA?

Reference no: EM133004579

Questions Cloud

Develop mission statement focused on profit maximization : Imagine yourself as the financial manager of a small firm. Develop mission statement focused on profit maximization. What other considerations may be ignored if
Calculate the debt ratio for york manufacturing : Calculate the Debt Ratio. Should a loan request for $350,000 be approved by the commercial loan officer if the company had requested one?
Which should take a maximum of 10 minutes : You are required to complete this 'role play' as part of the oral assessment', which should take a maximum of 10 minutes. You may ?nd use of the Fact Find docum
What is nec cost of common equity : Northwest Electric Company's (NEC) capital structure comprises of debt and common equity only in the proportion of 0.40 and 0.60 respectively. Cost of debt of N
Make journal entry for gross pay : Make journal entry for gross pay, federal and state withholdings, and FICA? An employee has total gross wages of $7,000, federal withholding of 15%
Calculate the standard deviation : The following data represent the number of appointments made per 15-minute interval by telephone solicitation for a lawn-care company. Assume these are populati
How to set up a small business : How to set up a small business from an entrepreneurial mind-set and Determine and assess the key aspects of an entrepreneurial mindset
Which of the center expenses are semi-fixed : It also spends $7.50 per child for the vaccines used in its vaccination program. Which of the Center's expenses are semi-fixed (or step-fixed)
Discuss the profitability of different price conditions : You will be informed that one of Norway's largest banks offers different amounts of loans for residential and commercial real estate to be rented out.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the expected change in the operating cash flow

What is the expected change in the operating cash flow for this product for next year? Webster and Words manage a product with 3,5 degree of operating leverage

  Determine the amount of depletion expense for current year

Cooper Gate Mining Co. acquired mineral rights for $16,500,000. The mineral deposit is estimated at 75,000,000 tons. During the current year, 29,800,000 tons were mined and sold. Determine the amount of depletion expense for the current year.

  Applies manufacturing overhead

Carter Corporation applies manufacturing overhead on the basis of machine-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $135,850. Actual manufacturing overhead for th..

  How should play the role of economic manager

You have launched your company named QUERTY OPC. Now as an Economic Manager, how you should play the role of Economic Manager on the daily basis?

  Compute the break-even point in units and dollars

Compute the break-even point in units and dollars and margin of safety in dollars Assuming no changes to selling price or costs

  Explain some possible calculations of aldis investment

An investment that would be made more than proportional to the value of the company's books. Explain some possible calculations of aldi's investment.

  Compute the degree of operating

Firm R has sales of $100,000 units at $2.00 per unit, variable operating costs of $1.70 per unit, and fixed operating costs of $6,000. Interest is $10,000 per year. Firm W has sales of $100,000 units at $2.50 per unit, variable operating costs of $1...

  Prepare journal entry to record the payment of amount due

BSM 481- Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings.

  Journal entries for recording transactions of disposition

journal entries for recording transactions of disposition and purchase of asset.on april 1 2007 gloria estefan company

  Calculate the amount of gross profit reported on company

Fx9-M6q Company employs a periodic inventory system. Calculate the amount of gross profit reported on Fx9-M6q Company's income statement for April.

  What is the annual total inventory management costs of post

What is the annual total inventory management costs of post card inventory? Post Card Depot, a large retailer of post card, orders 4,791,909 post cards per year

  Discuss the role of the aicpa

Discuss the role of the AICPA in establishing performance standardsin hospital accounting. Give specific examples of their efforts torevise and improve the quality of accounting practice in health care organizations.

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!

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