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Question - Total gross payroll for the 450 employees of Abacus Corp for the first pay period in January was $940,000, none of which exceeded the annual limit for FICA, FUTA or SUTA. Federal income taxes withheld were $137,000. Abacus operates in a state with no individual income tax. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A./Medicare tax is 7.65% on an employee's wages. Each employee has $10 per pay period withheld from their paycheck for union dues which Abacus subsequently pays to the union.
Required -
a. Prepare the Payroll journal entry for the wages paid.
b. Prepare the entry to record the Employer Payroll Taxes.
Required: Estimate the average cost of ending inventory and cost of goods sold for October. Do not approximate LCM
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Is Abner exploiting Nevada consumers by doing this? Is Abner likely to earn an economic profit in the long run? Briefly explain.
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