Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer will leave thumbs up if correct Employee Net Pay Kenneth McFarland's weekly gross earnings for the week ending March 9 were $1,210, and

please answer will leave thumbs up if correct image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Employee Net Pay Kenneth McFarland's weekly gross earnings for the week ending March 9 were $1,210, and her federal income tax withholding was $205.70. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is McFarland's net pay? If required, round your answer to two decimal places. Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 2014 Dec. 31, 20Y3 Cash $930 $1,000 Temporary investments 1,100 1,500 Accounts receivable 850 950 Inventory 2,300 2,700 Accounts payable 1,800 2,300 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 2074 20Y3 Quick Ratio b. Is the quick ratio improving or declining? Payroll Entries Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages subject to social security tax was $203,400, while the amount of wages subject to federal and state unemployment taxes was $28,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $45,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7 Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $216,000 for January. On February 7, a customer received warranty repairs requiring $235 of parts and $105 of labor. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave 100 000 blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Summarize how productivity and technology are related.

Answered: 1 week ago