Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) PAYROLL SUMMARY Quarter 1 Quarter 2 $ 7,300 12,800 Bill Adams $3,200 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 %24 %24 Quarter 2 Total $4 SUTA 678.4 FUTA 102.4

Q: Reynolds Co issued $87 million face amount of 11.00% bonds when market interest rates were 10 90% fo...

A: Solution: Bonds are issued by a company to borrow funds for the business. It is having a par value, ...

Q: standing Date interest interest balance balance 1/1/2021 $ 207,020 6/30/2021 $ 7,000 6,211 $4 789 20...

A: Solution: Annual Stated interest rate on bonds is the rate of interest which is actually paid to the...

Q: Walrus Co. Variable Costing Income Statement Sales 5,500,000 Variable Cost of Goods Sold: Direct Mat...

A: In absorption costing the cost of manufacturing are recorded to arrived at net profit. absorption co...

Q: The Pharm Co. self-constructed an asset for its own use. Construction started on Dec. 31, 2019. Cost...

A: If an entity borrows funds specifically to obtain or construct qualifying asset , the borrowing cost...

Q: A depreciation schedule for semi-trucks of JIN Manufacturing Company was requested by your auditor s...

A: Truck No. Cost Depreciation in 2015 Depreciation in 2016 Depreciation in 2017 Total Accumulated Depr...

Q: A project is expected to create operating cash flows of $30,000 a year for three years. The initial...

A: The question is based on the concept of Financial Management. Net present value is the difference be...

Q: What does the expression “marginal product of labour” mean ? Why do workers (skilled and unskilled) ...

A: marginal product of labour is concept of economics. this concept is generally used in economics when...

Q: s

A: Auditing refers to the process when an auditor physically checks all the facts and figures of a comp...

Q: On January 1, 2021, Grace Corp. created a special building fund by depositing a single sum of P300,0...

A: The question is based on the concept of Financial Management.

Q: The auditor should see to it that fully depreciated property, plant, and equipment still in use must...

A: As long as a fully depreciated plant asset is still useful to the firm, the asset and its accumulate...

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company. ...

A: answers CASH ACCOUNT HEADS DEBIT CREDIT BALANCE CAPITAL 120,000   120,000 ...

Q: An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2...

A:   Withholding refers to the portion of an employee's wages that is excluded from the paychecks of e...

Q: Pine Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, C...

A: Introduction:- A dividend is a payment given to stakeholders by a corporation. When a firm makes a p...

Q: 12. On January 1, 2020, Pangarap Nalang Company showed total assets of P5,000,000, total liabilities...

A: The net income for the year can be calculated from changes in equity equation

Q: 2) Whitman Products and Rockland Industries report the following information at December 31: a. Whic...

A: 2).   a) Rockland is a manufacturer because it has raw material and goods in process with it      Fu...

Q: When a lease qualifies as a finance lease, what amount is initially recorded as the cost of the righ...

A: Solution Concept In case of finance lease , The initial cost of right of use asset include Prese...

Q: value of each of the following streams of payments? c. $35 a year for 7 years compounded annually at...

A: Here future value can be calculated as follows =  P x (1+Rn-1)/R  

Q: How much is overstatement(understatement) of the retained earnings by the end of 2019? (if UNDER, pu...

A: Intangible Assets Intangible assets is considered to be one of the important part in the non current...

Q: The heading is the same on all three financial statements. True or false?

A: Solution Concept Heading in the financial statements                 There are basically three major...

Q: Financial ratios can tell an entrepreneurs about at work in his business O stresses and strains O de...

A: Financial ratios are very important in understanding the health of business and how business is goin...

Q: Which of the following accounts is not a permanent account?   Select one: a. Utilities Expense b. Ca...

A: A permanent account is the account which is not closed at year end and same is carried to balance sh...

Q: Berman V. Parker is plannir which offers to lend the m

A:

Q: what drawings are concerning small business and answering her query concerning her holiday.

A: Dear Linda,    I acknowledge your query concerning your holidays and drawings. Drawings refers to an...

Q: A. Storage Shelf; the $10 discount is greater than the $5 discount. B. Storage shelf; the markdown r...

A: Markdown The Calculation of Markdown is to the original selling price of the product with the discou...

Q: 35. The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company a...

A: Leases is a form of agreement or arrangement between two parties, in which one party provides its as...

Q: ABC Ltd enters into a five-year lease agreement with Legal Ltd on 1 July 2023 for an item of machine...

A: Initial measurement of the lease liability=Present Value of Five annual payments +Present Value of P...

Q: December 31, 2015, the accounts receivable account and allowance for doubtful accounts of Beckman Co...

A: The business generally makes sales on account for boosting the accrued revenues but when it becomes ...

Q: A. On January 1, 2021, Bradley Company issued $100,000, 9%, 4-year bonds. Interest is paid sem...

A:

Q: All of the information needed to record the closing entries is found in the Income Statement section...

A: A closing entry is a journal entry that is made at the end of an accounting period to move balances ...

Q: Braxton Technologies, Inc. constructed a conveyor for A&G Warehousers that was completed and ready f...

A: Note Payable refers to legal arrangement among the  issuer as well as payee, where issuer agree to p...

Q: 5. Berman V. Parker is planning to borrow ₱10 Million from NBA Bank, which offers to lend the money ...

A:

Q: wner borrowed P4,000,000 in notes from the bank and paid of notes of P3,000,000 and interest of P240...

A: Computation of the net income for the current year.   Effect on Equity       Increase Decrease ...

Q: Calculate the final selling price to the nearest cent and markdown percent to the nearest hundredth ...

A: Answer) Calculation of Final Selling Price Selling price after final markdown = Selling price after ...

Q: For the March Transactions set forth below, prepare the journal entries for the month of March in a ...

A: Journal entries recording is the first step of accounting cycle process, under which atleast one acc...

Q: I have done some....can you correct what i have done and complete it? Journalize the transactions...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: 1. How much is overstatement(understatement) of the retained earnings by the end of 2019? (if UNDER,...

A: Retained Earnings The purpose of keeping retained earning is to reserve the amount of profit which a...

Q: Anne York is a sole trader who started the business of buying and selling furniture in Brighton on t...

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...

Q: Susan Carrie is planning to sell her special pottery for $25 per unit. She purchases units from a lo...

A: The breakeven point is the level of production at which a product's costs equal its revenues. The br...

Q: Pine Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, C...

A: Shareholder refers to the entity that holds at least one share of the stock of company. 

Q: Hemlock Company developed the followin

A: Direct Labor Cost: wages and payroll costs incurred in manufacturing activity. Examples are Wages an...

Q: For the following, prepare a correcting entry, showing your work. Your final answer must be ONE jour...

A: Promissory Note: A promissory note is a marked record containing a composed guarantee to pay an expr...

Q: DATE ACCOUNT TITLE DEBIT CREDIT 1| Нyve, Capital P1000 Cash P1000 10 Kit Inclusions 750 Cash 750 12 ...

A: The ledger accounts are prepared to post the journal entries to the specific accounts of the busines...

Q: Determine whether there is a likelihood of fraudulent income based on the review of information you ...

A: As a lead forensic investigator, some information has been gathered from the internet search of Jale...

Q: CASE INFORMATION RK Corp, a publically traded NASDAQ company (symbol ARK), is a manufacturer of elec...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. 

Q: of the company's S10 par common stock at an option price of 530 per share. The market value of the t...

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...

Q: fter closing entries have been posted, the temporary accounts will have zero balances.   Select one:...

A: Solution: Closing entries are those entries which are made to close the temporary accounts of the in...

Q: 167. Pearce CompanyPearce Company uses a standard cost system for its production process. Pearce Com...

A: Solution: Variable overhead spending variance = (SR - AR) * AH Standard rate of variable overhead = ...

Q: What is the role of ethics in accounting and business?

A: Ethics means the principles that govern a person's behavior and activities. These are the morals tha...

Q: Should we include income derived from illegal sources in the computation of gross income? Why or why...

A: Taxes are a form of dues and obligations which needs to be paid by the individual on income earned o...

Q: effective interest rate

A: Formula: effective interest rate= [1+ interest rate/period)^ period]-1 *100

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.