Business, 23.11.2019 01:31 kernlearn2312

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 employees’ bank accounts. assume lightning electronics must also pay $250 of unemployment taxes for this pay period.
prepare the journal entry or entries that lightning would use to record the payroll. include both employee and employer taxes
journal entires for:
1. record the wages expense for november 1-14 time period, including payroll deductions
2. record the payroll tax expense.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 20:00

On january 1, year 1, purl corp. purchased as a long-term investment $500,000 face amount of shaw, inc.’s 8% bonds for $456,200. the bonds were purchased to yield 10% interest. the bonds mature on january 1, year 6, and pay interest annually on january 1. purl uses the effective interest method of amortization. what amount (rounded to nearest $100) should purl report on its december 31, year 2, balance sheet for these held-to-maturity bonds?

Answers: 1

Answer

Business, 22.06.2019 21:50

The third program provides families with $50 in food stamps each week, redeemable for both perishable and nonperishable food. the fourth policy instead provides a family with a box of nonperishable foods each week, worth $50. use two graphs to illustrate that a family may be indifferent between the two programs, but will never prefer the $50 box of nonperishable foods over the $50 in food stamps. state your answer and use a consumer choice model for perishable food and nonperishable food to graphically justify your choice.

Answers: 1

Answer

Business, 22.06.2019 23:10

Mr. pines is considering buying a house and renting it to students. the yearly operating costs are $1,900. the house can be sold for $175,000 at the end of 10 years and it is considered 18% to be a suitable annual effective interest rate. if the house costs $100,000 to purchase, how much would you need to charge your tenants each year in rent? (assume a single payment for the years rent at the end of each year)

Answers: 1

Answer

Business, 22.06.2019 23:30

Miller company’s total sales are $171,000. the company’s direct labor cost is $20,520, which represents 30% of its total conversion cost and 40% of its total prime cost. its total selling and administrative expense is $25,650 and its only variable selling and administrative expense is a sales commission of 5% of sales. the company maintains no beginning or ending inventories and its manufacturing overhead costs are entirely fixed costs. required: 1. what is the total manufacturing overhead cost? 2. what is the total direct materials cost? 3. what is the total manufacturing cost? 4. what is the total variable selling and administrative cost? 5. what is the total variable cost? 6. what is the total fixed cost? 7. what is the total contribution margin?

Answers: 3

Answer

You know the right answer?

Lightning electronics is a midsize manufacturer of lithium batteries. the company’s payroll records...

Questions