What is the correct journal entry for gross pay

Assignment Help Managerial Accounting
Reference no: EM133003968

Problem 1: An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%. Using this information, what is the correct journal entry for gross pay, federal and state withholdings, and FICA?

Reference no: EM133003968

Questions Cloud

How should aig price cdss : How should AIG price CDSs? Describe in detail and design one numerical example.
Violation of the emh : A successful firm like Magna International Inc. (MG) has consistently generated large profits for years. Is this a violation of the EMH?
What is the goal of having a blockchain : What is the goal of having a "Blockchain" based freight invoice and payment reconciliation solution?
Do you think nandi can sue thandi : Thandi works as a portfolio manager at VBS bank, which is a registered financial services provider. Over the weekend, she attended a friend's braai party. Nandi
What is the correct journal entry for gross pay : An employee has total gross wages of $7,000, What is the correct journal entry for gross pay, federal and state withholdings, and FICA?
Maximising shareholder wealth : Should the Australian Corporations law be changed to reflect the types of changes that the UK government introduced to guide company management.
Calculate the income elasticity of demand : A firm has estimated the following demand function. Calculate the income elasticity of demand. Is the good normal or inferior? Is it a necessity or a luxury?
Discuss network hmos : Discuss network HMOs.
What is the earnings growth rate : Carlisle plc has current year earnings of £10 per share. Under its current plans, it is just about to pay a dividend of £3.00 per share, retaining the rest to r

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

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