User Account

All Pages

Prepare the journal entry to record salaries

Assignment Help Accounting Basics
Reference no: EM131921235

Question - Marshal Co. employs a staff of 30 at a total monthly gross pay of $60,000. The company withholds federal income tax at 20% and state income tax at 3% for all employees. In addition, the following tax rates apply: FICA tax, 7.65%; federal unemployment tax, 0.8% ; state unemployment tax, 2.7%.

REQUIRED -

a. Prepare the journal entry to record salaries and employee withholding items for the month of January.

b. Prepare the journal entry to record employer payroll taxes for the month of January.

Reference no: EM131921235

Questions Cloud

What percentage interest in the pool is held by the town : Earnings on pooled investments for the six months ended June 30 totaling $300,000, What percentage interest in the pool is held by the town and school district
What is the firm marginal cost of production : If the price of Labor, w = $12 per unit of Labor, what is the firm's Marginal Cost of production when the firm is producing 48 units of output?
Prepare journal entry to properly record transactions : On March 18, Tinsle paid $480,000 for land, buildings, Prepare the necessary journal entry to properly record each transaction (for both a & b)
How much output will each firm produce : Also, the market demand is given by P = 306 - 3Q, where Q is the total amount of the good produced by all of the firms combined. Therefore, Q = n*q.
Prepare the journal entry to record salaries : Marshal Co. employs a staff of 30 at a total monthly gross pay of $60,000. Prepare the journal entry to record salaries
Set up the maximization problem : The price of food is $1 per unit and the price of shelter is $10 per unit. Hugo's Income is $100. Food and Shelter may be purchased in fractions.
What was the ending finished goods inventory balance : Additional information for the year is as follows: Direct materials used $202,600. What was the ending Finished Goods Inventory balance on 12/31
Classical prescription for curing unemployment and contrast : Identify the Classical prescription for curing unemployment and contrast it with the Keynesian prescription. Which prescription do you agree with? Why?
Journalize the transactions for the month of july : July 30 Paid Holiday Manufacturers in full. Journalize the transactions for the month of July for Ready-Set-Go using a perpetual inventory system

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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