The following monthly data are taken from ramirez company at july 31:

sales salaries, $200,000
office salaries, $160,000
federal income taxes withheld, $90,000
state income taxes withheld, $20,000
social security taxes withheld, $22,320
medicare taxes withheld, $5,220
medical insurance premiums, $7,000
life insurance premiums, $4,000
union dues deducted, $1,000
salaries subject to unemployment taxes, $50,000
the employee pays 40% of medical and life insurance premiums. assume that fica taxes are identical to those on employees and that suta taxes are 5.4% and futa taxes are 0.6%.

prepare all journal entries.

Sean lives in dallas and runs a business that sells boats. in an average year, he receives $722,000 from selling boats. of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. he owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. assume that the value of this showroom does not depreciate over the year. also, if sean does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $2,000 per year rate. no other costs are incurred in running this boat business.identify each of sean's costs in the following table as either an implicit cost or an explicit cost of selling boats.implicit costexplicit costthe wages and utility bills that sean pays the rental income sean could receive if he chose to rent out his showroom the salary sean could earn if he worked as a paralegal the wholesale cost for the boats that sean pays the