Prepare journal entry or entries that lightning would use

Reference no: EM131902145

Problem

Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $66,000 but that employee income taxes totaling $10,200 and FICA taxes totaling $3,425 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics must also pay $410 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes.

Reference no: EM131902145

Questions Cloud

What is the standard error of the mean : The standard deviation of a normal random variable is 20. If a sample of 225 is selected out of a large population, what is the standard error of the mean?

What is dybvigs cost of equity capital : If the risk-free rate is 4.4 percent and the expected return on the market is 10 percent, what is Dybvig's cost of equity capital?

Determine the interest payment for the following three bonds : A 3.000 percent TIPS has an original reference CPI of 185.2. If the current CPI is 210.5, what is the par value and current interest payment of the TIPS?

Describe the purpose of the ethics officer : Describe an ethically, socially, and environmentally responsible course of action to address each example from part B1 based on the company's culture and core

Prepare journal entry or entries that lightning would use : Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes.

What is the percentage change in price : What is the percentage change in price for a 50 basis point decrease in yield for $1000 par value?

Draw the total cost line for each location : Xun Company located at Dayton, Ohio, is looking at building up factories either at Cincinnati, Columbus, or Cleveland. They have estimated the following.

Discuss time value of money and its importance : Discuss time value of money and its importance. Explain the relationship of discounting and compounding.

What is the minimum investment yield the company requires : An insurance company's projected loss ratio is 80 percent, its loss adjustment expense ratio is 18 percent, and the dividend ratio is 3 percent.

User Account

All Pages