User Account

All Pages

Prepare the journal entry to record the payroll expense

Assignment Help Financial Management
Reference no: EM132329185

Question

For the most recent two-week pay period, Company V had a single employee: Victor Vim. Victor's salary for the period was $2,000. Federal Income Tax withholding for the period is $308; state withholding is $60. Social Security and Medicare are withheld at 6.2% and 1.45% respectively. Victor's earnings for the year to date are $40,000. Victor has also authorized V to withhold a retirement contribution of $100 per pay period and a charitable contribution of $30.

Required:

Prepare the journal entry to record the payroll expense for this period. This entry should include Victor's net pay.

Prepare the journal entry to record the payroll taxes for this period. Company V has made all the unemployment tax payments it is required to make for this year.

Reference no: EM132329185

Questions Cloud

Determine the standard overhead rate : Determine the amount of overhead over or under applied. Enter overapplied overhead as a negative number. Determine the standard overhead rate.
Prepare the end of month application general journal entry : Prepare the end of the month application General Journal entry of factory overhead for Job 2-1 for the month.
How information you learned contribute to your understanding : How does the information you learned contribute to your understanding of modern day events? Journal entries should be a several paragraphs in length and written
Determine the costs assigned to ending inventory : A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units.
Prepare the journal entry to record the payroll expense : For the most recent two-week pay period, Company V had a single employee: Victor Vim. Victor's salary for the period was $2,000.
What security objectives deception assist in accomplishing : What security objectives does Deception assist in accomplishing? What does the most common implementation of Deception involve?
What are key components in protecting computer : What are key components in protecting your computer (internal LAN, Intranet, etc.) from outside threats? Site sources.
What risk management framework : What risk management framework is best to use for federal government applications residing in the cloud?
Discuss how innovations will affect your company products : Answer the student response to the question in 150 words and provide 1 reference: What do you think will be some of the most important innovations.

Reviews

Write a Review

Financial Management Questions & Answers

  Foreign company acquisition

Acquisition by a foreign company and the effects of that decision and the results of foreign exchange in Euro and the exchange rate differences.

  Financial management for profit and non profit organizations

In this essay, we are going to discuss the issues of financial management in a non-profit organisation.

  Method for estimating a venture''s value

Evaluate venture's present value, cash and surplus cash and basic venture capital.

  Replacement analysis

This document show the Replacement Analysis of modling machine. Is replacement give profit to company or not?

  Business finance task - capital budgeting

Your company is considering using the payback period for capital-budgeting. Discuss the advantages and disadvantages of this technique.

  Analysis of the investment

In this project, you will focus on one of these: the additional cost resulting from the purchase of an apple press (a piece of equipment required to manufacture apple juice).

  Conduct a what-if analysis

Review the readings and media for this unit, including the Anthony's Orchard case study media. Familiarise yourself with the Anthony's Orchard company and its current situation.

  Determine operational expenditures

Organisations' behaviour is guided by financial data. In the short term, such data will help determine operational expenditures; in the long term, historical data may help generate forecasts aimed at determining strategic plans. In both instances.

  Personal financial management

How much will you have left over each half year if you adopt the latter course of action?

  Sources of finance for expansion into new foreign markets

A quoted company is considering several long-term sources of finance for expansion into new foreign markets.

  Long term financial planning

This assignment is designed for analyze Long term financial planning begins with the sales forecast and the key input in the long term fincial planning.

  Explain the role of fincial manager

This assignment explain the role of fincial manager, function of manger. And what are the motives of financial manager.

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