Payroll and Payroll Taxes The payroll of the Rand Company on December 31 of the current year
Question:
1. Total payroll, $500,000
2. Payroll in excess of $90,000 to each employee, $350,000
3. Payroll in excess of $7,000 to each employee, $400,000
4. Income taxes withheld, $85,000
5. Union dues withheld, $10,000
6. Tax rates: State unemployment tax, 5.4%; F.I.C.A. tax, 8% for both employees and employers; federal unemployment tax, 0.8%; 1% merit-rating reduction of state unemployment tax from normal rate of 5.4%
Required
Prepare the journal entries for Rand’s payroll and payroll taxes.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Salaries and Wages Expense 500000 Employees Income Taxes Withholding Payab...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Question Posted:
Students also viewed these Accounting questions
-
Rand Companys payroll on December 31 of the current year is as follows: Total payroll, $500,000 Payroll in excess of $117,000 to each employee, $350,000 Payroll in excess of $7,000 to each...
-
On December 31 of the current year, Palus Inc. issued $500,000 of 10-year, 11% bonds. The bond were dated December 31 of the same year. Interest on the bond is payable on June 30 and Dec 31 of each...
-
On December 31 of the current year, adjusting entries are to be recorded to recognize the annual depreciation on the fixed assets for financial statement purposes. Answer the following: a. What is...
-
what is the Low velocity zone? 1. elsic 2. Mafic 3. Partially melted rock 4. Crust 5. Pressure causes olivine to change to spinel 6. Physical boundary 7. core
-
The following cross tabulation shows household income by educational level of the head of household (Statistical Abstract of the United States: 2008). a. Compute the row percentages and identify the...
-
Green Lawns provides a lawn fertilizer and weed control service. The company is adding a special aeration treatment as a low-cost extra service option that it hopes will help attract new customers....
-
Listed below are common terms associated with bonds: a. Bond certificate j. Coupon bonds b. Bond issue k. Callable bonds c. Bond indenture l. Convertible bonds d. Unsecured bonds m. Face interest...
-
The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, an inventory turnover of 6 times, total current assets of $810,000, and cash and marketable securities of $120,000. What were...
-
Follow the steps below to find a power series representation for the function f(x) = ( 1 + z ) 2 a) A power series for 1 4x +. . . (first 4 non-zero terms) H b) Observe that d (1 + z ) 2 1 c) A power...
-
Sales Taxes During August the Hill Sales Company had these summary transactions: 1. Cash sales of $210,000, subject to sales taxes of 6% 2. Sales on account of $260,000, subject to sales taxes of 6%...
-
Bonus Obligation Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of net income after bonus and income taxes. Income before bonus and income taxes is $250,000. The...
-
Natural gas (methane) is burned with stoichiometric air with reactants supplied at the reference conditions P 0 , T 0 in a steady-flow burner. The products come out at 1400 R. If the burner should...
-
An Ivy League University Endowment Fund believes the stock price for Colleen's Cement Company (CCC) will increase substantially over the next 12 months. The current price is $72.00 per share. The...
-
At the beginning of each planning cycle, a company receives a project of jobs, creates a schedule, and begins processing the jobs to ship to their customers upon completion. For the next project,...
-
A solid material has thermal conductivity K in kilowatts per meter-kelvin and temperature given at each point by w(x, y, z) = 40 6(x + y + z) C. Use the fact that heat flow is given by the vector...
-
In its income statement for the year ended December 31, 2022, Marin Inc. reported the following condensed data. Operating expenses $ 609,000 Interest revenue $ 27,720 Cost of goods sold 1,055,040...
-
The assemble-it-yourself furniture chain IKEA has developed its corporate culture from its Swedish roots, which not only shape the brand identity, but also stimulate designs - including the very idea...
-
Which form of control system would you most and least prefer for your own work? Why?
-
9.Consider the reaction 3NO2(g)+H2O=2HNO3(aq)+NO(g) where Delta H=-137 kJ.How many kilojoules are released when 92.3g of NO2 reacts?
-
What document establishes the start of construction time?
-
Recognition of RevenueTheory Revenue is usually recognized at the point of sale. Under special circumstances, however, bases other than the point of sale are used for the timing of revenue...
-
Recognition of RevenueTheory Revenue is usually recognized at the point of sale. Under special circumstances, however, bases other than the point of sale are used for the timing of revenue...
-
Recognition of RevenueTheory the earning of revenue by a business enterprise is recognized for accounting purposes when the transaction is recorded. In some situations, revenue is recognized...
-
Based on the following data, determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
-
Cane Company manufactures two products called Alpha and Beta that sell for $ 2 2 5 and $ 1 7 5 , respectively. Each product uses only one type of raw material that costs $ 6 per pound. The company...
-
For its fiscal year ending October 3 1 , 2 0 2 2 , Sheridan Corporation reports the following partial data.. \ table [ [ Income before income taxes,$ 5 0 5 , 0 0 0
Study smarter with the SolutionInn App