Record wages expenses and wages payable

Assignment Help Accounting Basics
Reference no: EM132539079

Question - During February, Winter Company's employees earned wages of $50,000. Social security (FICA) withheld was $2,500; federal income taxes withheld were $3,500; and employees' contribution to the United Way withheld totaled $500. Using the accounting equation to record wages expense and wages payable at the end of February. Winter Company will pay employees their February wages and pay the payroll taxes to the government during the first week of March. Use the accounting equation to record wages expenses and wages payable at the end of February.

Reference no: EM132539079

Questions Cloud

Supplying citations to support any information : Discuss the following, supplying citations to support any information that you provide. Do not include your opinion, only what you can support with a citation.
Why should learn about folk and ethnic music : Compare/contrast two of the traditions of ethnic folk music found in Introduction to Music Appreciation (IMA).Why should we learn about folk and ethnic music?
Wrap-up-technology is changing and ever-evolving : Technology is changing and ever-evolving. Think about the state of technology when you were younger and compare it to what you use today
What is the amount of interest expense related to this loan : Larry the Locksmith needed some long-term financing and arranged for a $200,000, What is the amount of interest expense related to this loan
Record wages expenses and wages payable : During February, Winter Company's employees earned wages of $50,000. Record wages expenses and wages payable at the end of February
What type of liability is salaries payable : A company has gross payroll of $30,000; federal income tax withheld of $6,000; How much will the income statement show for salary expense
What is the closing Capital Balance for Sargent : Question - The income statement columns of Swanson Company's year-end worksheet. What is the closing Capital Balance for Sargent
Record the initial and subsequent transaction : June 01: Jane's Technically Correct received $ 24,000 for a 12-month service contract. Record the initial and subsequent transaction
BPMN Flowchart : The costumer checks the flowers and filter if the price okay or choose what kind of flower he wants. Pick the flowers what he likes and add to the basket.

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.

  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!

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