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Pls answer asap will leave thumbs up if all are correct.... If a fixed asset, such as a computer, were purchased on January 1st for
Pls answer asap will leave thumbs up if all are correct....
If a fixed asset, such as a computer, were purchased on January 1st for $2,452 with an estimated life of 7 years and a salvage or residual value of $124, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 332.57 Accumulated Depreciation 332.57 Ob. Depreciation Expense 27.71 Accumulated Depreciation 27.71 Oc. Accumulated Depreciation 27.71 Depreciation Expense 27.71 Od. Accumulated Depreciation 332.57 Depreciation Expense 332.57 Thomas Martin receives an hourly wage rate of $15, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $302: social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Oa. $705 Ob. $1058 Oc. $758 Od. $1.410 The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $11,380.00 Social security and Medicare taxes withheld 853.50 Income taxes withheld 333.00 Retirement savings 455.00 The entry to record the payment of net pay would include a Oa. debit to Salaries Payable for $9,738.50. Ob. credit to Salaries Expense for $9,738.50. Oc. credit to Salaries Payable for $9,738.50 Od. debit to Salaries Payable for $11,380.00 Excom sells radios and each unit carries a two-year replacement warranty. The cost of repair defects under the warranty is estimated at 5% of the sales price. During September, Excom sells 112 radios for $50 each. One radio is actually replaced during September. For what amount September would Excom debit Product Warranty Expense? Oa. $26 Ob $280 Oc. $50 Od. $2.912Step by Step Solution
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