A company's gross salaries amount to $6000 for the week ended April 6. The following amounts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company's gross salaries amount to $6000 for the week ended April 6. The following amounts are deducted from the employees' wages: CPP of $325, El of $100, income tax of $2380, and health insurance of $510. In addition, the company accrues employer's payroll costs on the same day as it records payroll. Assume vacation days are accrued at an average rate of 4% of the gross payroll and that the health insurance is 100% funded by the employees. How much is the debit to Employee Benefits Expense? A company's gross salaries amount to $6000 for the week ended April 6. The following amounts are deducted from the employees' wages: CPP of $325, El of $100, income tax of $2380, and health insurance of $510. In addition, the company accrues employer's payroll costs on the same day as it records payroll. Assume vacation days are accrued at an average rate of 4% of the gross payroll and that the health insurance is 100% funded by the employees. How much is the debit to Employee Benefits Expense?
Expert Answer:
Answer rating: 100% (QA)
To calculate the debit to the Employee Benefits Expense account we nee... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The following information about the payroll for the week ended April 27, 2012, was obtained from the records of St. Lawrence Construction of Ontario. Assume that this is a standard week and does not...
-
The following information about the payroll for the week ended April 27, 2012, was obtained from the records of Eastport Construction of St. John's, Newfoundland. This is a standard week that does...
-
A company showed the following information in its payroll register for the week ended March 16, 2015: 1. Prepare a general journal entry to record the payroll register information. 2. Prepare a...
-
You have been asked to manage a $3 million university endowment fund, which is used to fund the additional salary stipend for 5 endowed chair positions. The stipend for each chair is $30,000 (for a...
-
Suppose that we wish to design a highpass filter satisfying the following specification: 0.04 < |H(e j )| < 0.04, 0 || 0.2, 0.995 < |H(e j )| < 1.005, 0.3 || . The filter will be designed using...
-
Brown Inc. Production budget for Product X for the year ended December 31 is as follows Product X Sales ................................. 640,000 Plus desired ending inv ............ 85,000 Total...
-
How do maladaptive mental health conditions manifest as a consequence of stressors at work?
-
N. Clark, C. Camille, and C. Eccleston have capital balances of $50,000, $40,000, and $32,000, respectively. Their income ratios are 5 : 3 : 2. Eccleston withdraws from the partnership under each of...
-
ACTUAL $ 750,000 Big Boats, Inc. makes laury speed boats for water sking Actual results and the static budge Sales commissions are computed at 5% of gross sales The expected ROI for this subsidiary...
-
1. What are the advantages and disadvantages of the in-home method of selling Project Home products? 2. What other channels of distribution might Project Home use? 3. What do you think about the name...
-
Conroy Consulting Corporation (CCC) has a current dividend of Do $1.40. Shareholders require a 14% rate of return. Although the dividend has been growing at a rate of 27% per year in recent years,...
-
3. Give the closed-form solution of the recurrence relation where indicated by algebraically unrolling it or give the specified terms of the sequence denoted by the relation. (a) Solve T(n) = 2T (n ...
-
Research the Cold blooded woman Angela Simpson interview after getting life in prison. then answer the folowing questions How would you describe Angelas demeanor? Was her sentence appropriate for the...
-
The math department needs to buy new textbooks and laptops for the computer science classroom. The textbooks cost $116.00 each, and the laptops cost $439.00 each. If the math department has $6500 to...
-
1. Solve following recurrences using Master's Method (i) T(n) 3T (n/3) + n/2 (ii) T(n) = 7 T(h/3)+n (iii) T (n) = 2T (n/2) + n log n
-
The History Behind Maxwell Houses Good to the Last Drop Most likely over the last several decades, you have heard Maxwell Houses famous slogan for their coffee, Good to the Last Drop. The slogan has...
-
Question 2 8 pts Consider the elements selenium (Se) and bromine (Br). Which statement below correctly compares their atomic radii? O Se has a smaller atomic radius than Br because the valence...
-
QUESTION 9 HC-O-C-R R-C-O-CH HC-O-P-O-CH-CH-NH3* O || O a. Phosphatidic acid, Serine O b. Lysophosphatidic acid, Serine, Free FA O c. Lysophosphatidylserine, Free FA O d. 2 Free FAs, Serine, Glycerol...
-
Kathy Kennedy (age 44) is a single taxpayer and she lives at 212 North Pine Way, Payson, AZ 85541. Her Social Security number is 467-98-9784. Kathy's earnings and income tax withholding as the...
-
For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a tax return for 2012. Explain your answer. a. Helen is a single taxpayer with interest income in 2012...
-
Jan has two jobs during 2012. One employer withheld and paid FICA taxes on $66,600 of Jan's salary, and the other employer withheld and paid FICA taxes on $44,400 in salary paid to Jan. Calculate the...
-
The following equity accounts are in the ledger of Eudaley Group at December 31, 2025. Instructions Prepare the equity section of the statement of financial position at December 31, 2025. Share...
-
The equity section of Atrio Ltd. showed the following: share premium 6,101, share capitalordinary 925, share capitalpreference 58, retained earnings 7,420, and treasury shares 2,828. (All amounts are...
-
Travis Mordica asks, Since share dividends dont change anything, why declare them? What is your answer to Travis?
Study smarter with the SolutionInn App