Payroll Taxes Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $62,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Champaign must also withhold $7,440 in federal income tax from the employees and pay state unemployment tax of $75. Assume that the Social Security tax rate is 6.2%, and Medicare tax rate is 1.45%. Required:
Provide the necessary journal entries for Champaign to record these payroll taxes (round to nearest penny).

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

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.

This exercise illustrates that poor quality can affect schedules and costs. a manufacturing process has 130 customer orders to fill. each order requires one component part that is purchased from a supplier. however, typically, 3% of the components are identified as defective, and the components can be assumed to be independent. (a) if the manufacturer stocks 130 components, what is the probability that the 130 orders can be filled without reordering components? (b) if the manufacturer stocks 132 components, what is the probability that the 130 orders can be filled without reordering components? (c) if the manufacturer stocks 135 components, what is the probability that the 130 orders can be filled without reordering components?