Journalize Period Payroll The payroll register of Chen Heritage Co. indicates $3,000 of social security withheld and $750 of Medicare tax withheld on total salaries of $50,000 for the period. Federal withholding for the period totaled $9,000. Retirement savings withheld from employee paychecks were $2,550 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
Answers
Answer:
Following are the journal entries recorded for the payroll of current time period;
Debt: Salary Expense = $50,000
Credit: Tax Payable by Medicare = $750
Credit: Deduction Payable For Employee Saving = $2,550
Credit: Income Tax payable for Federal Employees = $9,000
Credit: Tax payable for Social Security = $3,000
Credit: Salaries payable to Employees = $34,700
Related Questions
An analysis and aging of the accounts receivable of Hugh Company at December 31 revealed the following data: Accounts Receivable $900000 Allowance for Doubtful Accounts per books before adjustment (Cr.) 50000 Amounts expected to become uncollectible 56000 The cash realizable value of the accounts receivable at December 31, after adjustment, is:
The Roland Company needs to comply with the financial reporting standards of the Sarbanes-Oxley Act. One of the employees, Ken, believes that the costs outweigh the benefits. However, his boss feels the opposite, that the benefits outweigh the costs. Who is correct? A : Ken is correct, as the costs outweigh the benefits. B : Neither of them is correct, as determining the costs of the Act is possible, but determining the benefits is not fully possible. C : Neither of them is correct, as determining the benefits of the Act is possible, but determining the costs is not fully possible. D : Ken’s boss is correct, as the benefits outweigh the costs.
Last month, Price Company purchased supplies on account, $5,000. Today, Price Company pays the amount that is owed.Required: What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account?Check all that apply.An asset account increases. An asset account decreases.A liability account increases. A liability account decreases.Capital Stock increases. Capital Stock decreases.Retained Earnings increase. Retained Earnings decrease.
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 0.83 per sq. ft. $ 9.96 Direct labor 0.25 hr. $ 10.50 per hr. 2.62 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 2.20 per hr. 0.55 Fixed manufacturing overhead $345,800 ÷ 910,000 units) 0.38 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1,040,000 Number of square feet of plastic used 11,400,000 Cost of plastic purchased and used $ 9,120,000 Number of labor hours worked 308,000 Direct labor cost $ 3,449,600 Variable overhead cost $ 689,000 Fixed overhead cost $ 365,000 Required: Calculate Parker Plastic’s direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
Answers
Answer:
The correct answer is option (D)
Explanation:
Solution
Given that:
The present value of equity factor for 5 years at 12% discount are = 3.60478
Then,
The present value of servicing costing = -$500 * 3.60478 = -$1802.39
Thus,
The present value of cost to buy =- $18000
The total Present value = -18000 + 1802.39 = -$19802.39
So,
The equivalent annual annuity = total Present value / present value of equity factor
= -$19802.39 / 3.60478
= -$5493.37
Therefore, the equivalent annual annuity of this deal is -$5493.37
Answers
Answer:
$124,640.02
Explanation:
To find how much one would pay for the contract today, one has to calculate the present value.
Present value is the sum of discounted cash flows.
Present value can be calculated using a financial calculator:
Cash flow each year from year one to twenty two = $13,200
Discount rate = 9%
Present value = $124,640.02
I hope my answer helps you
For each of the following costs incurred at Northwest Hospital, indicate whether it would most likely be a direct cost or an indirect cost of the specified cost object by listing the number and a "D" for direct or an "I" for indirect. For example: 1D, 2D, etc.
a. The wages of pediatric nurses / The pediatric department
b. Prescription drugs / A particular patient
c. Heating the hospital / The pediatric patient
d. The salary of the head of pediatrics / The pediatric patient
e. The salary of the head of pediatrics / The particular pediatric patient
f. Hospital chaplain's salary / A particular patient
g. Lab tests by outside contractor / A particular patient
h. Lab tests by outside contractor / A particular department
Answers
Answer:
Northwest Hospital
aD
bD
cI
dI
eI
fI
gD
hD
Explanation:
Direct costs are costs that are directly traceable to the production of goods and services and can be identified with a unit of production. While direct costs are usually variable, some direct costs can be fixed.
Indirect costs are costs that support the operation of the company. They cannot be traced to any unit of production. Similarly, some indirect costs are variable while others are fixed.
b. 54,708 galleons
c. 106,080 galleons
d. 111,209 galleon
Answers
Answer:
d. 111,209 galleon
Explanation:
We calculate for the future value of a lump sum:
Principal 78,000.00
time 12.00
rate 0.03000 (3% = 3/100 = 0.03)
Amount 111,209.35
This is the amount Harry will get when visit the bank with Hagrid in his 12th birthday assumming the interest rate keep constant over the 12 years period.
Answers
SUID or SGID special permissions are represented with this letter in the user or group owner's execute position is S
What is SUID and SGID?
- SUID: It is special file permission for executable files. This enables other users to run the file with the effective permissions of the file owner. But Instead of normal x which represents executable permissions. We will see s(this indicates SUID) special permission for the user.
- SGID: This is also special file permission for executable files that enables other users to inherit the effective GID(Group Identifier) of a group owner. Here rather than x which represents executable permissions, we will see s(which indicates SGID) special permission for group users
Learn more about SUID and SGID refer:
https://www.geeksforgeeks.org/finding-files-with-suid-and-sgid-permissions-in-linux/
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Answers
Answer:
a. $49,933,333.33 million
b. $48,533,333.33 million
Explanation:
The computations are presented below:
a. For current profits as dividends in before case
= Profits × (1 + opportunity cost) ÷ (opportunity cost - growth rate)
= $1,400,000 × (1 + 0.07) ÷ (0.07 - 0.04)
= $1,400,000 × 35.6666
= $49,933,333.33 million
b. For current profits as dividends in after case
= Profits × (1 + growth rate) ÷ (opportunity cost - growth rate)
= $1,400,000 × (1 + 0.04) ÷ (0.07 - 0.04)
= $1,400,000 × 34.6666
= $48,533,333.33 million
Final answer:
Using the Gordon growth model, the value of the firm before dividend payouts is calculated to be $49,933,333.33. However, instantly after the dividend payouts, the firm's value becomes zero.
Explanation:
The value of the firm can be determined using the Gordon growth model, which is used to determine the value of a firm or stock that pays dividends that are expected to grow at a constant rate. In such a scenario, the firm's value is equal to the dividends of the next period (D1) divided by the required rate of return minus the growth rate of dividends.
Part A: The firm's value, before the payouts, can be calculated as:
Value = D0 * (1+g) / (k-g) = $1,400,000 * (1+0.04) / (0.07-0.04) = $49,933,333.33
Part B: The firm's value, after payouts, assumes that the firm's capital has come back to the company and will start accumulating again once the next cycle begins. Thus the firm's value would become zero.
Learn more about Gordon Growth Model here:
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