Answered step by step
Verified Expert Solution
Question
1 Approved Answer
There is a total of 4 questions in this attachment I need answered please. 1. Lori Waverly works for MRK all year and earns a
There is a total of 4 questions in this attachment I need answered please.
1. Lori Waverly works for MRK all year and earns a monthly salary of $11,700. There is no overtime pay. Lori's income tax withholding rate is 20% of gross pay. In addition to payroll taxes, Lori elects to contribute 4% monthly to United Way. MRK also deducts $125 monthly for co-payment of the health insurance premium. As of September 30, Lori had $114,900 of cumulative earnings. Requirements: 1. Compute Lori's net pay for October 2. Journalize the accrual of salaries expense and the payments related to the employment of Lori Waverly. 2. Orchard Company has monthly salaries of $10,000. Assume Orchard pays all the standard payroll taxes and no employees have reached the payroll tax limits. Journalize the accrual and payment of employer payroll taxes for Orchard Company 3. Arnold Electronics reported the following amounts on its 2016 income statement: Year Ended December 31, 2016 Net income $49,000 Income tax expense 7,350 Interest expense 5,000 What is Arnold's times-interest-earned ratio for 2016? (Round answer to nearest two decimals.)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started