Business
Engineering
Math
Science
Social Science
Cornerstones of Financial Accounti...
Solutions
Cornerstones of Financial Accounti...
Payroll Taxes
Kinsella Inc. has a gross payroll of $13,500 for the pay period. Kinsella must also withhold $1,750 in federal income taxes from the employees and pay state unemployment taxes of $60. Assume the entire payroll is eligible for Social Security and Medicare at standard rates.
Required:
Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes (round to nearest dollar).
Concept introduction:
Liabilities:
Liabilities are the obligation of the business or amount payable by the business. Liabilities can current or long term. Current liabilities are liabilities payable within the short term or business cycle of the company, for example Accounts payable for purchases and utilities payable. Long term liabilities are liabilities payable in a long period/ years, for example long term loan.
To prepare:
The Journal entry to record the payroll.
The Journal entry to record the payroll is explained as follows;
| Hernandez Builders | |||
| Journal Entries | |||
| Account Titles | Debit | Credit | |
| Salaries Expense | $ 13,500 | ||
| Fede... | |||
Chapter 8 Solutions
Additional Business Solutions
Find more solutions based on key concepts
Show solutions addMatch the concept in List 1 with the definition or description in List 2. There is only one correct or best ans...
Accounting Information Systems
Units-of-activity depreciation A truck acquired at a cost of 80,000 has an estimated residual value of 8,000, h...
Corporate Financial Accounting
Effect of inventory errors During the taking of its physical inventory on December 31, 20Y3, Waterjet Bath Comp...
Financial & Managerial Accounting
A Bloomberg Businessweek North American subscriber study collected data from a sample of 2861 subscribers. Fift...
STATISTICS F/BUSINESS+ECONOMICS-TEXT
An increase in ________ will cause a movement along a given demand curve, which is called a change in ________....
Brief Principles of Macroeconomics (MindTap Course List)
PREFERRED STOCK RETURNS Avondale Aeronautics has perpetual preferred stock outstanding with a par value of 100....
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
An economy consists of three workers: Larry, Moe, and Curly. Each works 10 hours a day and can produce two serv...
Principles of Economics (MindTap Course List)
Blogging: Learning From Master Bloggers. Communication Technology E-Mail Social Media Web Visit the blogs of Se...
Essentials of Business Communication (MindTap Course List)
Suppose economists observe that an increase in government spending of 10 billion raises the total demand for go...
Principles of Macroeconomics (MindTap Course List)
PRICE/EARNINGS RATIO A company has an EPS of 2.40, a book value per share of 21.84, and a market/book ratio of ...
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
What are the three steps of controlling?
Foundations of Business (MindTap Course List)
(The Short-Run Firm Supply Curve) Use the following data to answer the questions below: Q VC MC AVC 1 $10 ____ ...
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
A college library has five copies of a certain text on reserve. Two copies (1 and 2) are first printings, and t...
Probability and Statistics for Engineering and the Sciences
PORTFOLIO BETA A mutual fund manager has a 20 million portfolio with a beta of 1.7. The risk-free rate is 4.5%,...
Fundamentals of Financial Management (MindTap Course List)
Are the following statements true or false? Explain in each case. a. Two countries can achieve gains from trade...
Principles of Microeconomics (MindTap Course List)
Cost flow relationships The following information is available for the first month of operations of Bahadir Com...
Financial And Managerial Accounting
Identify the key components of technology infrastructure that must be in place for e-commerce and m-commerce to...
Fundamentals of Information Systems
What is connectivity? (Use a Crows Foot ERD to illustrate connectivity.)
Database Systems: Design, Implementation, & Management
Describe Unified Threat Management. Why might it be a better approach than single point solutions that perform ...
Principles of Information Security (MindTap Course List)
Describe how a combination expert system and natural language processing could be used to provide student couns...
Fundamentals of Information Systems
What is the role of a DBMS, and what are its advantages? What are its disadvantages?
Database Systems: Design, Implementation, & Management
Which rows are included in a left outer join? What clause can you use to perform a left outer join in SQL?
A Guide to SQL
What is big data? Identify three characteristics associated with big data.
Principles of Information Systems (MindTap Course List)
In a hydrometer test, the results are as follows: Gs = 2.60, temperature of water = 24, and hydrometer reading ...
Fundamentals of Geotechnical Engineering (MindTap Course List)
A motor drives a shaft at 12 Hz and delivers 20 kW of power (sec figure), If the shaft has a diameter of 30 mm,...
Mechanics of Materials (MindTap Course List)
Do research to determine the current status of PTC deployment. Summarize your findings in a couple of paragraph...
Principles of Information Systems (MindTap Course List)
Briefly define annealing.
Precision Machining Technology (MindTap Course List)
While conducting a pressure test on an A/C system, the ambient temperature is 80°F, the low-side gauge reads lo...
Automotive Technology: A Systems Approach (MindTap Course List)
Write a brief report detailing the development of safety belts in cars. When was the first safety belt designed...
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
A systems analyst attended a weeklong workshop on structured analysis. When she returned to her job, she told h...
Systems Analysis and Design (Shelly Cashman Series) (MindTap Course List)
What is joint application design?
Management Of Information Security
Do the following conductors require mechanical protection? a. 8 AWG grounding electrode conductor ______ b. 6 A...
EBK ELECTRICAL WIRING RESIDENTIAL
Same scenario as Problem 1.5, but now you are asked to develop a zero waste program. That is, the community is ...
Solid Waste Engineering
Use the data in the steam tables (Appendix A) to answer the following: A. Find the change in internal energy wh...
Fundamentals of Chemical Engineering Thermodynamics (MindTap Course List)
Refer to the circuit shown in Figure 373. Assume that the motor is not running. When the third-speed push butto...
Electric Motor Control
Replace the three forces applied to the beam by an equivalent force-couple system with the force acting at poin...
International Edition---engineering Mechanics: Statics, 4th Edition
For a gravel with D60 = 0.48 mm, D30 = 0.25 mm, and D10 = 0.11 mm, calculate the uniformity coefficient and the...
Principles of Geotechnical Engineering (MindTap Course List)
Technician A says that the countergear or cluster gear is actually several gears machined out of single piece o...
Automotive Technology
In the connection of Figure P7.9-3, how many 7 8 -inch-diameter Group A bearing-type bolts are needed? The 80-k...
Steel Design (Activate Learning with these NEW titles from Engineering!)
Describe what occurs during hardware theft or vandalism.
Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)
8.53 through 8.57 Draw the influence lines for the forces in the members identified by an of the trusses shown...
Structural Analysis
What kinds of alerts can you program your network monitor to send to IT staff when it detects specific, problem...
Network+ Guide to Networks (MindTap Course List)
