What journal entry would the company make

Reference no: EM131521514

Question: 1. Name at least four employer costs in addition to the employee's salary. Which costs are required by law and which are voluntary?

2. Who pays Social Security taxes: the employer, the employee, or both? How is the deduction for Social Security and Medicare (FICA) computed?

3. Retailers like McDonald's, American Eagle,and Apple Inc. sell quite a few gift cards. Explain how these companies account for the sale of gift cards.

4. BusinessWeek sells magazine subscriptions in advance of their distribution.

(a) What journal entry would the company make at the time it sells subscriptions?

(b) What journal entry would the company make each time it distributes a magazine?

Reference no: EM131521514

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