The payroll summary for December 31 for Waters Co. revealed total earnings of $80,000.  Earnings subject to 6.2% social security tax were $60,000;  Earnings subject to 1.45% Medicare tax were $80,000; and earnings of $3,000 were subject to 4.3% state and 0.8% federal unemployment compensation tax. Journalize the entry to record the accrual of payroll taxes.

Q: June production generated the following activity in Barge Chassis Company's Work-in-Process…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Mr. Martin commences business on January 1, 2018. His debtors at              December 31, 2019,…

A: Provisions Account: Provision is created for meeting future obligations, It is generally created…

Q: Murray Compensation, Inc. issued 100,000 employee share options on 1/1/2016. The grand-date market…

A: In accounting terms, an employee stock options plan is an employee benefits plan which is introduced…

Q: facturing costs per unit and administrative expenses per unit turing overhead (in total) nd…

A: Contribution margin is the margin of profits of any enterprise which is essentially a function of…

Q: What are five types of information must be presented in Management’s Discussion and Analysis (MD&A)?…

A: In the answer below we are providing with What are five types of information must be presented in…

Q: Wynn Farms reported a net operating loss of $168,000 for financial reporting and tax purposes in…

A: When revenues is less than expenses or costs , a net operating loss is recognized. According to IRS…

Q: Coronado Corporation had net income for the current year ending December 31, 2023 of $1,164,700.…

A: Diluted EPS:   It is a ratio that shows how much a company earns per share after paying preferred…

Q: Four independent situations are described below. Each involves future deductible amounts and/or…

A: The deferred tax liability arises when there is a line item in the balance sheet on which income…

Q: Find the amount of the payment necessary to amortize each of the given loans. 53. $32,000 at 8.4%…

A: Time value of money :— According to this concept, value of money in present day is greater than the…

Q: QUESTION 22 Which of the following are reasons to generate a pro forma cash budget on a monthly…

A: Correct option with proper explanation are as follows

Q: ohn Peter is aware that there is no Capital Gains tax in Jamaica. He decided to buy a large piece of…

A: Capital Gain Tax is a tax on selling of any capital assets which includes Land, Building, Shares…

Q: Stein Advertising pays Brooke Peet $64,680 per year. Requirements What is the hourly cost to Stein…

A: Direct Labour Rate :— It is the rate used to calculate direct labour cost.  It is calculated by…

Q: Research Sdn Bhd is a marketing research firm. The company employs an interview manager to control…

A: The following are the four objectives of the internal control that should be exercised over a…

Q: Required Information Use the following Information for the Quick Study below. (Algo) D'Souza Company…

A: Gross Profit :— It is the difference between sales revenue and cost of goods sold.   Contribution…

Q: a. Prepare the entry in the books of P Company to record the stock acquisition on January 1, 2016.…

A: Purchase consideration - value of shareholding = Goodwill/(Gain on bargain purchase)

Q: The following paragraphs describe fraudulent accounting committed by the company Rite-Aid in 1999.…

A: As per the given facts please find the answer to the question

Q: Suppose the 2022 adidas financial statements contain the following selected data (in millions).…

A: The ratio analysis is the analysis of various elements of the financial statements. The ratio…

Q: Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently…

A: Earnings per share mean the per-share earnings the shareholders will get in respect of their shares…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Lets understand the basics. Equivalent units are needed to calculate in process costing in order to…

Q: Required: Determine the following items based on Eldon's balance sheet. Round all calculations…

A: Calculation of par value of common stock , stock holders equity and per-share book value of the…

Q: Golden Food Products produces special-formula pet food. The company carries no inventories. The…

A:

Q: Nunez Ludeiro Partners started a new business on July 1, 2021. That same day, Nunez Ludeiro Partners…

A: Partnership is a form of business organisation, under which two or more than two persons join their…

Q: Cake Corporation's inventory at the end of 2022 is P5,600,000 Included in the amount are the…

A: Inventory refers to the goods, materials, or products that a business holds for sale, production, or…

Q: PTI Inc., located in a country which has a capital gains tax, conducted the following  transactions:…

A: Capital Gain Taxes: It is important to calculate the capital gain taxes which are incurred in the…

Q: Assume that the Greenvale Senior’s Society purchased a bus two years ago for $200,000. Today, a…

A: a Sunk Cost is  $200000.00                                                     b The maximum…

Q: Explain the five (5) conditions which are required to issue the standard unqualified audit report.

A: An independent auditor or audit company will provide an audit report, a written document that…

Q: Calculate Linda’s allowable itemized deductions for the year.

A: The taxpayer’s personal expenses are usually not deductible but some personal expenses are…

Q: a. Fill in the missing numbers in the following Income statement: (Do not round Intermediate…

A: EBIT :— It stands for income before interest and tax. It is the difference between total operating…

Q: On December 31 before adjusting entries, a company's balance of Allowance for Doubtful Accounts is a…

A: Allowance for Doubtful Account The balance of the Bad Debt Cost is increased (debited) by the…

Q: Rite Packs manufactures backpacks. Its plant records include the following materials-related data:…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Required information Use the following information to answer questions [The following information…

A:

Q: Explain why is it important for HR leaders in the company to incorporate cultural fit interviews…

A: Incorporating cultural fit interviews during the hiring process is crucial for HR leaders because it…

Q: There would be a difference between the absorption operating income and variable operating income,…

A: Net operating income is the amount of income earned by the entity from its business operations. It…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Answer:-  Partnership assets:- The financial resources that partners give when a partnership is…

Q: You are the part-time manager of the local symphony orchestra. There are 5 concerts planned for the…

A: In Other expenses budget include expenses that do not relate to a company's main business. As well…

Q: Ms. Prince wants to create a scholarship in honor of her parents at the law school from which she…

A: Contributions to a scholarship fund: IRS offers a charitable contribution deduction to a taxpayer to…

Q: A production department's output for the most recent month consisted of 8,700 units completed and…

A: The correct option with proper  explanation are explained below , we have to calculate the…

Q: ing Maren, Este Units in each order Units sold Materials requisitioned Direct labor hours Direct…

A: The ending work in process comprises the cost of job which is not completed yet. The cost of goods…

Q: On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job…

A: Preparation of job cost sheet and calculation of work in process inventory and finished goods…

Q: Which of the following is the correct journal entry to record a sale to a customer on account?…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Option 1: If a company makes an investment of $1.000.000 in new equipment which is expected to…

A: Payback period is a financial metric used to measure the time it takes for an investment to recoup…

Q: Carla Vista Inc. has sales of $2,360,000 for the first quarter of 2025. In making the sales, the…

A: Lets understand the basics. Income statement can be prepared using either of, (1) Absorption basis…

Q: Job # 0098 incurred the following during production: Direct Materials: Manufacturing labor:…

A: From the given information, Manufacturing Labor Cost = 7 hours x $12 = $84 Packing and shipping…

Q: Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The…

A: In the accounting books of the business organizations the journal entry served as a record of its…

Q: Bales Company is preparing a statement of cash flows. Which of the following would be shown on the​…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any…

A: Section 179 of the IRC allows the businesses for taking the immediate deduction in relation to the…

Q: The balances in Sanchez Accounting Services' office supplies account on February 1 and February 28…

A: SUPPLIES Supplies serve as current assets until their use, and then they become expenses. Office…

Q: Chiara purchased a new natural qas barbecue for $2,200 and made a down payment that was 30% of the…

A: Annual interest rate = 5.5%   Effective annual interest rate = ((1+5.5%/12)^12-1)   Effective annual…

Q: An individual provides accounting services to a corporation in exchange for stock. the shareholder…

A: Recognition of revenue - is an important aspect of accounting of revenue to be presented during the…

Q: XYZ Corp. reported the following activity and balance sheet data for fiscal 2019: • The company…

A: Cash flow from financing activities is a section of the cash flow statement that shows the cash…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.