Cowboy Company has sales employees, whom earn a total of $75,000 per month and is paid on the last working day of the month. Each employee's wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $10,000 for the employees. Prepare the general journal entry to accrue the monthly sales salaries expense at January 31.
Answers
On January 31, Cowboy Company accrues monthly sales salaries expense of $75,000. The entry includes taxes, federal income tax withholding, and medical insurance premiums, resulting in a net cash amount of $47,262.50.
The entry will include the following accounts:Salaries Expense: To record the total amount of salaries earned by the sales employees.
FICA Social Security Payable: To account for the employer's portion of the FICA Social Security taxes.
FICA Medicare Payable: To account for the employer's portion of the FICA Medicare taxes.
Federal Income Tax Payable: To record the federal income tax withholding for the employees.
Medical Insurance Payable: To account for the monthly medical insurance premiums.
Assuming the total salaries earned by the sales employees for the month is $75,000, the entry would be as follows:
Date: January 31, 20XX
Salaries Expense $75,000
FICA Social Security Payable $4,650 (6.2% of $75,000)
FICA Medicare Payable $1,087.50 (1.45% of $75,000)
Federal Income Tax Payable $12,000 (16% of $75,000)
Medical Insurance Payable $10,000
To accrue the monthly sales salaries expense, the total salaries are debited, and the corresponding payroll taxes (FICA Social Security and FICA Medicare) and withholdings (federal income tax) are credited.
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Related Questions
What are two similarities between Mixed economy and Traditional economy?
Help please!
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Answer:
where the production and distribution of goods is based on custom and cultural traditionsExplanation: because
write short notes by Napier bone
Answers
Answer:
Napier's bones is a manually-operated calculating device created by John Napier of Merchiston, Scotland for the calculation of products and quotients of numbers. The method was based on lattice multiplication, and also called 'rabdology', a word invented by Napier. Napier published his version in 1617.
how can community participation benefits south african ?
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Answer:
Participa- tory or community-driven development is advocated on the basis that, among other advantages, it can reduce information problems for development planners and beneficiaries, increase the resources available to poor people
According to the video, Industrial Production Managers need which qualities? Check all that apply.
willingness to travel frequently
ability to lift heavy objects
ambition to own a company
ability to handle stress
desire for responsibility
relationships with news media
Answers
Answer: ability to handle stress
desire for responsibility
Explanation:
Industrial production managers are the individuals who oversee the daily operations of the plants in an organization.
They are responsible for the coordination, and the planning of the activities that are used in the creation of different goods.
According to the video, the qualities needed by Industrial Production Managers include the ability to handle stress and the desire for responsibility.
Answer: It is D and E
Louisa works in marketing. She works with several different areas of the company that employs her. Which task does Louisa have others perform?
A. Conducting meetings at a satellite office
B. Working on new marketing campaigns at home
C. Participating in teleconferences in her home office
D. Training other employees to use a computer
Answers
Answer:D
Explanation: so other employees have more experience and will be able to help around the office more
Answer:
The correct answer to your question is B. Working on new marketing campaigns at home.
Explanation:
Edge 2021:)
How to solve problems in group work
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Answer: Solve problems as a group by working together and problem solving, as well as listening to all ideas.
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just classify the task between groups and task will be easy to dowhat type of federal funding is free money but is based on financial need only?
Answers
Answer:
Explanation:
Answer:
parks and recreation? brainliest?
Explanation:
Your body uses minerals for many different jobs, including __________.
Answers
Minerals are used by the body for a variety of purposes, including bone building, hormone production, and heartbeat regulation.
Bones, which are rigid organs, make up the majority of vertebrate species' skeletons. Bones protect the body's other organs in addition to manufacturing red and white blood cells, storing minerals, providing structure and support, and aiding mobility.
Bones have sophisticated internal and external structures that come in a variety of shapes and sizes. They are light and strong, and have a variety of functions. Hard tissue, sometimes termed as osseous tissue or bone in the uncountable sense, is a subgroup of specialized connective tissue. Internally, bones have a honeycomb-like structure that adds to the bone's rigidity.
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What is the range for the 68-95-99.7 distribution?
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The range for the 68-95-99.7 distribution is approximately three standard deviations from the mean.
What is the range covered by the 68-95-99.7 distribution?In statistics, the 68-95-99.7 distribution, also known as the empirical rule or the three-sigma rule, is a guideline that applies to data that follows a normal distribution. It states that approximately 68% of the data falls within one standard deviation of the mean, about 95% falls within two standard deviations, and roughly 99.7% falls within three standard deviations.
To understand the range covered by this distribution, we can visualize it as a bell-shaped curve. The mean of the distribution represents the central value, and standard deviations measure the spread of the data. The range for the 68-95-99.7 distribution extends approximately three standard deviations on both sides of the mean. This means that for a normal distribution, about 68% of the data points fall within the range of mean ± one standard deviation, 95% within mean ± two standard deviations, and 99.7% within mean ± three standard deviations.
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The Category Profile that involves evaluating the major forces and trends that are impacting in industry: including pricing competition, regulatory forces, technology, and demand trends is called the: A. External Industry Analysis B. Global Industry Analysis C. Complete Industry Analysis D. Commodity Industry Analysis E. Practical Industry Analysis
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The Category Profile that involves evaluating the major forces and trends that are impacting in industry: including pricing competition, regulatory forces, technology, and demand trends The correct answer is A. External Industry Analysis
External Industry Analysis. This category profile involves assessing external factors that can affect a particular industry, such as pricing competition, regulatory forces, technology, and demand trends. Technology is an important aspect to consider when evaluating the external forces that impact an industry, as it can greatly affect the competitiveness and innovation within the industry.
Hi! The category profile that involves evaluating major forces and trends impacting an industry, including pricing competition, regulatory forces, technology, and demand trends, is called the: A. External Industry Analysis.
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By state law, the local sales tax is fixed at no more than ______ percent of the value of the sale. Multiple choice question.
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State law in Texas posits that local sales tax cannot be more than 2% of the value of sale.
What does Texas state law say?Texas state law allows for counties to charge sales taxes on goods and services sold in those areas.
They however limit the amount of taxes that can be paid to 2% so as not to overburden consumers who will have to bear the tax burden.
In conclusion, this is 2%.
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What are the four phases of the Business cycle?
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Answer:
1) expansion, 2) peak, 3) contraction, 4) trough
Over the past decade, in one campaign after another, samsung has run ads smugly depicting iphone owners as either disappointed in their phones or secretly envious of people using the latest galaxy model. This is an example of ________ advertising.
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Given that Over the past decade, in one campaign after another, samsung has run ads smugly depicting iPhone owners as either disappointed in their phones or secretly envious of people using the latest galaxy model, this type of advertisement campaign is referred to as negative advertising.
What is negative advertising?Negative advertising highlights the shortcomings of rivals. It enables businesses to showcase their goods and services at their finest while highlighting the shortcomings of alternatives offered by rivals and disseminating unfavorable information to discredit these brands.
As a result, the respect for, and values of, competitors may be compromised. Negative advertising considers the present values of the people it reaches because target audiences' values and priorities might vary.
The main goal of negative advertising is to influence a competitor's customers' purchase decisions and convey the intended message about that competition. It could lead to a decline in your rival's sales volume, harm their reputation and trust, and raise doubts about whether customers would still buy from this specific brand.
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several years ago, sixer county was sued by a former county employee for wrongful discharge. although it was to be contested by the county, at the tim
Answers
An ex-county worker filed a lawsuit against Sixer County for unfair termination. Although the county was supposed to contest it, the lawyers thought that the Country would be at the date of the litigation.
What is an example employee?A salesperson at the a major store is an instance of an employee. The worker is regarded as a worker since they have to perform activities in a precise way, such wearing name badges and greeting customers in a certain way.
What is an employee called?Some businesses have opted to use a different term to refer to its staff. They refer to them by names that are more affectionate and unique, such as team members, associates, or other terms.
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A country usually imposes an embargo on another country for economic reasons rather than political reasons.
True or False
Answers
Answer:
True
Explanation:
Hopefully this helps.
Answer:
False
Explanation:
Took test
how existing businesses changed the way they operate to keep afloat during the lockdown periods.
Answers
Answer:
Combine speed and stabilityTurn digitization into an advantageDrive systemic change through cooperationExplanation:
Office companies moving to at home working
Shops creating online shops
You earn $50,000 per year, and paid 10 percent in taxes this year. The government increased the tax rate to 20 percent for next
year. Which amount will you pay in taxes next year?
A) $1,000
B) $2.000
C) $5,000
D) $10.000
Answers
Answer:
D. $10,000
Explanation:
The answer is D because as you earn $50,000 every year, and for the next year the tax rate is 20%, 20% of $50,000 is $10,000. Hope it helps!
xyz corp. has an operating profit margin of 7%, a debt burden of .8, and has total debt ratio (total debt / total assets) equal to 1/3. what asset turnover ratio is necessary to achieve an roe of 18%
Answers
An asset turnover ratio of 1.138 is necessary to achieve an ROE of 18%. This was calculated using the DuPont formula. The DuPont formula which is a mathematical expression that tells us how the return on equity of a company is affected by different factors.
The DuPont formula is as follows:
ROE = Net Income/Total Equity
The formula can also be expressed in this way:
ROE = Profit Margin x Asset Turnover Ratio x Equity Multiplier
Using the given information: Operating profit margin = 7%, Debt burden = 0.8, Total debt ratio = 1/3 (or 0.333), ROE = 18%
Equity multiplier = 1 + Debt/Equity multiplier = 1 + 0.8 = 1.8
Now, we need to solve for the asset turnover ratio. We can start by solving for the profit margin and the asset turnover ratio using the DuPont formula:
ROE = Profit Margin x Asset Turnover Ratio x Equity Multiplier18% = 0.07 x Asset Turnover Ratio x 1.8
Solving for the asset turnover ratio: Asset Turnover Ratio = 18% / (0.07 x 1.8) Asset Turnover Ratio = 1.138
Using the asset turnover ratio formula, we can solve for the sales:
Total Assets Turnover = Sales / Total Assets
Total Assets Turnover = 1 / 3 = 0.333
Sales = Total Assets x Total Assets Turnover
Sales = 0.333 x 1Sales = 0.333
Now, we can compute for the necessary asset turnover ratio:
Asset Turnover Ratio = Sales / Total Assets
Asset Turnover Ratio = 0.333 / Total Assets
Asset Turnover Ratio = 1.138
Total Assets = 0.333 / 1.138
Total Assets = 0.2924
The asset turnover ratio necessary to achieve an ROE of 18% is 1.138 which was calculated using the DuPont formula, and the total assets needed to achieve this is 0.2924.
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how does inflation and deflation affect economic growth
Answers
Answer:
Inflation affects growth by changing the labor supply and demand, and thus reducing aggregate employment in the sector that is subject to increasing returns. The reduction in the level of employment will reduce the marginal productivity of capital.
If deflation is exacerbated, it can throw an economy into a deflationary spiral. This happens when price decreases lead to lower production levels, which, in turn, leads to lower wages, which leads to lower demand by businesses and consumers, which lead to further decreases in prices.
Josie is interested in purchasing a computer and is overwhelmed by the many different models available. She decides to consult a magazine devoted to reviewing the quality of home computers. After reading a number of articles stating the pros and cons of each model, she decides on a computer. Josie has been persuaded to purchase this particular computer because of the _____ route to persuasion.
Answers
Answer:
Central
Explanation:
From the question, we are informed about Josie who is interested in purchasing a computer and is overwhelmed by the many different models available. She decides to consult a magazine devoted to reviewing the quality of home computers. After reading a number of articles stating the pros and cons of each model, she decides on a computer. Josie has been persuaded to purchase this particular computer in this case, because of the central route to persuasion. Persuasion can be regarded as the act of making people to act or do something. The primary types are central route and peripheral route.
The central route to persuasion can be regarded as type of persuasion consisting of thoughtful consideration about the arguments i.e about the ideas as well as content of the message.once central processing starts by the receiver then the receiver has become active participant in the process of persuasion.The central route to persuasion make use of facts as well as information in persuading potential consumers.
One method to recover from a service delivery problem is to provide ________ fairness, by which customers perceive they are getting an equivalent return for the inconvenience they suffered when the service was not delivered as expected.
Answers
One method to recover from a service delivery problem is to provide compensatory fairness, by which customers perceive they are getting an equivalent return for the inconvenience they suffered when the service was not delivered as expected.
Compensatory fairness is an essential aspect of service recovery, as it acknowledges the customer's inconvenience and provides a gesture of goodwill that demonstrates the company's commitment to customer satisfaction.
Compensatory fairness can take several forms, such as offering refunds, discounts, free services or products, or simply apologizing for the inconvenience. The idea is to provide a remedy that is proportional to the severity of the service failure and the customer's dissatisfaction. Compensatory fairness also helps to rebuild trust and loyalty with the customer, as it signals that the company values their business and is willing to go the extra mile to make things right.
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Why do we say that credit is basically a loan?
Answers
What are the factors of production in business?
A. land, labor, and capital
B. land, capital, and interest
C. land, labor, and customer base
D. capital, customer base, and interest
Answers
Answer:
A
Explanation:
Search it
1. An expenditure for which the government receives no good, service, or resource in return.: An expenditure for which the government receives no good, service, or resource in return. 2. A privately owned organization that produces goods and services and sells them to others.: A privately owned organization that produces goods and services and sells them to others. 3. A good or service that can be consumed by many people at once and that other people can't be prevented from using.: A good or service that can be consumed by many people at once and that other people can't be prevented from using. 4. A legal claim of ownership.: A legal claim of ownership. 5. A market in which resources are exchanged for money.: A market in which resources are exchanged for money. 6. Consists of an individual or a group of people who live together and share income, such as you and your family.: Consists of an individual or a group of people who live together and share income, such as you and your family. 7. Models the interactions between key players in the economy.: Models the interactions between key players in the economy. 8. A market in which goods and services are exchanged for money.: A market in which goods and services are exchanged for money. 9. A rule of conduct passed by federal, state, or local governments.: A rule of conduct passed by federal, state, or local governments. 10. A payment for the use of a resource.: A payment for the use of a resource.
Answers
Answer:
1)Transfer payment
2)Firm
3)Public good
4)Property right
5)Factor market
6)Household
7)Circular flow diagram
8)Product market
9)Regulation
10) factor payment
Explanation:
1)An expenditure for which the government receives no good, service, or resource in return.:
(Transfer payment)
. 2. A privately owned organization that produces goods and services and sells them to others.:
( Firm)
3. A good or service that can be consumed by many people at once and that other people can't be prevented from using.:
( public goods)
4. A legal claim of owners
hip.: A legal claim of ownership
(Property right)
5. A market in which resources are exchanged for money.
(Factor market)
6. Consists of an individual or a group of people who live together and share income, such as you and your family.
(Household)
7. Models the interactions between key players in the economy.:
(Circular flow diagram)
. 8. A market in which goods and services are exchanged for money.:
(Product market)
9. A rule of conduct passed by federal, state, or local governments.:
(Regulation)
10. A payment for the use of a resource.:
( Factor payment)
Why is Feeney called a hero/saint?
Answers
Answer:
In 1982, he decided he would commit to giving away his billions during his lifetime. He is broke now. Gave away and donated over $8million. His motto was "giving while living "
Explanation:
Which of the following elements comprise strategic management? (Check all that apply.)Multiple select question.a. formulationb. implementationc. realizationd. analysise. definition
Answers
The three main components of strategic management are strategic analysis, strategic choice, and strategy implementation.
Which components make up strategic management?Strategic management frequently entails strategy assessment, internal organization analysis, and company-wide strategy implementation.
What are the five components of strategy?These five components of strategy are arenas, differentiators, vehicles, staging, and economic logic. Donald Hambrick and James Fredrickson, two strategists, created this paradigm.
What are the fundamental four components of strategy?Visioning, goal-setting, resource allocation, and prioritization are the four most commonly acknowledged fundamental elements of corporate strategy.
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Jon works for a manufacturing company. On the balance sheet for the end of the year, raw materials amounted to $45,600, finished goods were $8,960, and the cash equivalents were equal to $10,500. What is the total amount that will be reported for inventories?
Answers
Jon works for a manufacturing company. On the balance sheet for the end of the year, raw materials amounted to $45,600, finished goods were $8,960, and the cash equivalents were equal to $10,500. The total amount that will be reported for inventories is $54,560
On the balance sheet:
Raw materials amounted = $45,600
Finished goods = $8,960
cash equivalents = $10,500
Now,
The total amount of inventory will include only the raw material and the finished goods
The cash is not included in the inventory
Therefore,
The total amount that will be reported in the inventory will be
= Amount of raw material + Amount of finished goods
= $45,600 + $8,960
= $54,560
Therefore the total amount that will be reported for inventories is $54,560.
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the aggregate demand curve assumes that (a) as the price of a good or service increases, nominal wages decrease (b) as the domestic price level increases, consumers substitute domestic goods for foreign goods (c) all prices and total consumer incomes are constant (d) changes in the price level affect real wealth (e) nominal interest rates increase as the price level decreases
Answers
The correct answer is (c) all prices and total consumer incomes are constant. The assumption made by the aggregate demand curve is that all consumer prices and incomes will remain constant.
A shift in the price level suggests that various prices, including worker pay, are also shifting. Incomes fluctuate along with wages. As a result, it is impossible to build the aggregate demand curve on the assumption that prices and incomes remain constant.
Investment is parallel to the consumption curve because of the difference between AD and the curve, which is constant. The price level rises when aggregate demand rises; the opposite is true when aggregate demand declines and the price level falls.
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MetLife was able to dramatically expand its global footprint by acquiring Alico, a global player in the insurance business, from AIG in 2010 when AIG was in financial distress. This shows that not all diversification moves erode performance.
a) true
b) false
Answers
Answer:
True
Explanation:
It is true that not all diversification erodes performance. That is it is not all diversification moves that reduces performance or destroys it. Sometimes diversification could lead to greater risks or greater costs of investment. By diversifying and acquiring Alico metlife was able to increase and expand globally
easy career class question.
Answers
Answer business
hope this helps