Business, 19.07.2020 14:01 Thunderalesis7855

The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,560,000
Social security tax withheld 93,600
Medicare tax withheld 23,400
Federal income tax withheld 312,000

In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $260,000 of salaries.

Required:
a. Journalize the entry to record the payroll for the week of April 29.
b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.

Answers: 1

Show answers

Answers

Answer from: doritasanchez

Answer and Explanation:

The journal entries are shown below:

1. Salaries expense Dr $1,560,000

To Social security tax payable $93,600

To Medicare tax payable $23,400

To Federal income tax withheld payable $312,000

To Salaries payable $1,131,000

(Being the payroll is recorded)

For recording this we debited the salary expense as it increased the expenses and credited all payable as it also increased the liabilities

2. Payroll tax expense Dr $132,600

To Social security tax payable $93,600

To Medicare tax payable $23,400

To State unemployment tax payable ($260,000 × 5.4%) $14,040

To Federal unemployment tax payable ($260,000 × 0.6%) $1,560

(being the payroll tax expense is recorded)

For recording this we debited the payroll expense as it increased the expenses and credited all payable as it also increased the liabilities

Answer from: Quest

The correct answer is b

Answer from: Quest

My first question is what benefits do you expect to achieve from career exploration? the benefits that i expect to achieve from career exploration. for me i think the benefits of exploring many different careers are that you get exposed to more, so it's easier for you to pick which one you like best. another benefit is that you get a more first hand view of what jobs are more likely to be needed in the future and that can be factored into your consideration. my second question is what do you expect to be the most challenging parts of your career planning process? why? the most challenging parts of my career planning process is trying to get things in order and trying to write this paragraph it is confusing and, hard work. and last but not least my third question is i think the most challenging part is taking the first step and really deciding on a career you want to pursue; there are so many options and it can be hard to choose.which jobs will allow me to make a living? ; what skills does emergency medical technician emergency medical services medical » physiology require?

Another question on Business

Business, 21.06.2019 19:30

Consider the following ethical argument. which of the three statements represents the moral statement about a moral principle? statement 1: a dealership advertised a car at a very low price, but only had a similar higher priced model in stock. statement 2: it is wrong to perform a bait and switch. statement 3: the dealership was wrong to advertise the car on special sale when in actually it was not available.

Answers: 3

Answer

Business, 21.06.2019 21:30

Part i a company's cereal is not selling well. create a 10-15-question survey that measures customers' preferences for the company's cereal product. then, answer the following questions: how many scale items will you put in the survey? justify your answer. will you use multiple-choice questions? why or why not? how many scale points will you use in the survey? justify your answer. what data type will be used in the survey? justify your answer. part ii as a second part of this assignment, create a set of survey questions, assuming that you sell cars. you are attempting to measure how customers perceive the quality of the cars that you sell. create three survey questions with simple category scales. justify why you selected those questions and scales. create three survey questions with multiple-choice, single-response scales. justify why you selected those questions and scales. create three survey questions with multiple-choice, multiple-response scales. justify why you selected those questions and scales. create three survey questions with likert scale summated ratings. justify why you selected those questions and scales.

Answers: 1

Answer

Business, 22.06.2019 10:50

The uptowner just paid an annual dividend of $4.12. the company has a policy of increasing the dividend by 2.5 percent annually. you would like to purchase shares of stock in this ﬁrm but realize that you will not have the funds to do so for another four years. if you require a rate of return of 16.7 percent, how much will you be willing to pay per share when you can afford to make this investment?

Answers: 3

Answer

Business, 22.06.2019 11:00

Specialization—the division of labor—enhances productivity and efficiency by a) allowing workers to take advantage of existing differences in their abilities and skills. b) avoiding the time loss involved in shifting from one production task to another. c) allowing workers to develop skills by working on one, or a limited number, of tasks. d)all of the means identified in the other answers.

Answers: 2

Answer

You know the right answer?

The payroll register for Gamble Company for the week ended April 29 indicated the following: Salari...

Questions

Engineering, 28.10.2020 01:00

Which part of your morning routine could you make easier with simple machines? Design a morning routine device of 2 or more simple machines to make...