What was the amount of net pay

Assignment Help Accounting Basics
Reference no: EM13867855

Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1 14 pay period show that employees earned wages totaling $ 50,000 but that employee income taxes totaling $ 7,000 and FICA taxes totaling $ 2,625 were withheld from this amount. The net pay was directly deposited into the employee's bank accounts. What was the amount of net pay? Assuming Lightning Electronics must also pay $ 250 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

Reference no: EM13867855

Questions Cloud

Explain the political climate relative to the issue : Explain the political climate relative to the issue and any ethical implications. Evaluate social policies and programs that are currently available and discuss their effectiveness in addressing your identified social problem
What is the shortest amount of time : If the car is currently traveling forward at 13.0 m/s, what is the shortest amount of time it could take the vehicle to reach the speed limit?
Describe the pros and cons of planning : Describe the pros and cons of planning, organizing, and presenting the content in your presentation. This paper is not about personalities but about the process that the group went through in order to finish its presentation
Explain the role of influence in policy advocacy : Explain the role of influence in policy advocacy. Toward whom are influence efforts directed? When does the influence begin, and when does it end
What was the amount of net pay : The net pay was directly deposited into the employee's bank accounts. What was the amount of net pay? Assuming Lightning Electronics must also pay $ 250 of unemployment taxes for this pay period, what amount would be reported as the total payroll cos..
Identify the risks associated with the proposed policy : Identify the possible stakeholders' interests and concerns regarding the draft and proposed solutions in particular. Identify the risks associated with the proposed policy
Organize distribution of funds into a frequency distribution : Determine the mean, median, and standard deviation. Determine the first and third quartiles. Develop a box plot. Are there any outliers? Organize the distribution of funds into a frequency distribution.
Accounting equation effects and prepare the journal entries : A local theater company sells 1,500 season ticket packages at a price of $ 250 per package. The first show in the ten-show season starts this week. Show the accounting equation effects and prepare the journal entries related to (a) The sale of the s..
Accounting equation effects and prepare the journal entries : A local theater company sells 1,500 season ticket packages at a price of $ 250 per package. The first show in the ten-show season starts this week. Show the accounting equation effects and prepare the journal entries related to (a) The sale of the s..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Financial systems-financial management

From the second case study and e-Activity, determine the importance of bankers having good working relationships with their clients. Support your response with two (2) examples that illustrate such importance.

  The production budget shows expected unit sales of 32000

the production budget shows expected unit sales of 32000. beginning finished goods units are 5600. required production

  High desert potteryworks makes a variety of pottery

high desert potteryworks makes a variety of pottery products that it sells to retailers such as home depot. the company

  The service company excellent maids cleans hotel rooms at

the service company. excellent maids cleans hotel rooms at resorts on hilton head island. excellent has identified

  What is the difference between variable costs and fixed

what is the difference between variable costs and fixed costs? what is an example of a variable cost? explain why this

  Nancy tercek the financial vice president and margaret

nancy tercek the financial vice president and margaret lilly the controller of romine manufacturing company are

  Basic transactions for three accounting cycles

Prepare an income statement and balance sheet for each fiscal year - Basic transactions for three accounting cycles: perpetual system

  Make a scenario where the transfer of property to

make a scenario where the transfer of property to controlled corporation under section 351 of internal revenue code irc

  How much overhead should be applied to that job

Benjamin Products uses job order costing and assigns overhead to specific jobs using direct labor hours. During the month of June, a total of 5,000 direct labor hours at a cost of $16 per hour were incurred for all jobs. Actual overhead costs f..

  British productions performs london shows the avg show

british productions performs london shows. the avg. show sells 1200 tickets at 50ticket. there are 120 shows a year.

  What does the outcome depend on

If the index remains unchanged for the second adjustment period, what will be the interest rate on the loan? If there is more than one possible answer, what does the outcome depend on?

  Calculate the amount of accelerated depreciation

Mike purchases a heavy-duty truck (5-year class recovery property) for his delivery service on April 30, 2010. The truck is not considered a passenger automobile for purposes of the listed property and luxury automobile limitations.

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