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I need help with the questions below... The options for the journal entry are No journal entry required Accounts payable Accounts receivable Accumulated depreciation Allowance
I need help with the questions below...
The options for the journal entry are
- No journal entry required
- Accounts payable
- Accounts receivable
- Accumulated depreciation
- Allowance for doubtful accounts
- Cash
- Common stock
- Cost of goods sold
- Depreciation expense
- Discount on notes payable
- Dividends
- Employee income tax payable
- Employee medical insurance expense
- Employee medical insurance payable
- Employee pension expense
- Employee pension payable
- Employee savings plan
- Equipment
- Federal unemployment tax payable
- FICA tax payable-Medicare
- FICA tax payable-Social security
- Interest expense
- Interest payable
- Interest receivable
- Interest revenue
- Land
- Merchandise inventory
- Miscellaneous sales
- Notes payable
- Notes receivable
- Operating expenses
- Payroll tax expense
- Premium on notes payable
- Prepaid rent
- Retained earnings
- Salaries expense
- Salaries payable
- Sales revenue
- Sales tax payable
- State income tax payable
- State unemployment tax payable
- Supplies
- Uncollectible accounts expense
- Unearned revenue
- Vacation pay expense
- Vacation pay payable
- Warranty expense
- Warranty payable
The two employees of Silver Company receive various fringe benefits. Silver Company provides vacation at the rate of $315 per day. Each employee earns one day of vacation per month worked. In addition, Silver Company pays a total amount of $650 per month in medical insurance premiums. Silver also contributes a total amount of $400 per month into an employee retirement plan. The federal unemployment tax rate is 6 percent, while the state tax rate is 4 percent. Unemployment taxes apply to the first $7,000 of earnings per employee. Assume a Social Security tax rate of 6 percent and a Medicare tax rate of 1.5 percent. Required: a. Prepare the monthly journal entry for the accrued fringe benefits. b. Show the effect of the preceding transaction on a horizontal statements model. c. If the two employees each worked 250 days, what is Silver Company's total payroll cost (salary, payroll taxes, and fringe benefits) for the year? (Assume that each employee earns $315 per day.) Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the monthly journal entry for the accrued fringe benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Required A Required B Required C Prepare the monthly journal entry for the accrued fringe benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for the accrued fringe benefits. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the effect of the preceding transaction on a horizontal statements model. (In the Cash Flow column, use the initials (OA) to designate operating activity, (IA) for investing activity, (FA) for financing activity and leave blank for no affect. Enter any decreases to account balances with a minus sign.) SILVER COMPANY Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Common Retained Stock Earnings Statement of Cash Flows Various Payables Cash + + Revenue Expenses = Net Income = + + = Required A Required B Required C If the two employees each worked 250 days, what is Silver Company's total payroll cost (salary, payroll taxes, and fringe benefits) for the year? (Assume that each employee earns $315 per day.) (Round your answer to 2 decimal places.) Total payroll cost
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