Question
PLEASE READ CAREFULLY AND SHOW WORK :) Q3 During the first week of January, an employee works 45 hours. For this company, workers earn 150%
PLEASE READ CAREFULLY AND SHOW WORK :)
Q3
During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $36 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7000 of an employee's pay. The employee has $100 in federal income taxes withheld. What is the amount of this employee's net pay for the first week of January? (Round your intermediate calculations to two decimal places.)
$230.82 | ||
$1710.00 | ||
$1579.19 | ||
$1479.19 | ||
$1940.82 |
Assume that the custodian of a $450 petty cash fund has $56.30 in coins and currency plus $389.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
A debit to Petty Cash for $389.00. | ||
A credit to Cash for $393.70. | ||
A credit to Cash Over and Short for $4.70. | ||
A debit to Cash for $384.30. | ||
A debit to Cash for $393.70. |
Q4
Assume that the custodian of a $585.00 petty cash fund has $107.50 in coins and currency plus $463.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
A debit to Cash for $449.5. | ||
A debit to Cash Over and Short for $14.00. | ||
A credit to Cash Over and Short for $477.50. | ||
A debit to Petty Cash for $463.50. | ||
A credit to Cash for $463.50. |
Q41
During the month of July, Clanton Industries issued a check in the amount of $778 to a supplier on account. The check did not clear the bank during July. In preparing the July 31 bank reconciliation, the company should:
Make a journal entry in the company records for an error. | ||
Add the check amount to the book balance of cash. | ||
Deduct the check amount from the book balance of cash. | ||
Add the check amount to the bank balance. | ||
Deduct the check amount from the bank balance. |
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