Santa Barbara Express has 4 sales employees, each of whom earns $5,000 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. Withholdings also include federal income tax of $800 for each employee and monthly medical insurance premiums of $110 for each employee.

Answers

Answer 1

A journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions.

Part a) The journal entry is as follows:

Date Account Titles                                                 Debit Credit

Jan-31 Sales Salaries Expense (5000*4)                      $20,000

       FICA - Social Security Taxes Payable (20,000*6.2%)  $1,240

       FICA - Medicare Taxes Payable (20,000*1.45%)          $290

     Employee Federal Income Taxes Payable (20,000*16%)     $3,200

     Employee Medical Insurance Payable (110*4)            $440

    Accrued Payroll Payable                                                        $14,380

            (20,000 - 1.240 - 290-3,200 - 440)

Part b) The journalentry is as follows.

Date Account Titles                                                Debit Credit

Jan-31 Payroll Tax Expense (1,240 +290 + 800 + 120) $2,450

       FICA - Social Security Taxes Payable (20,000*6.2%)            $1,240

       FICA - Medicare Taxes Payable (20.000*1.45%)                     $290

      State Unemployment Taxes Payable (20,000*4%)                  $800

       Federal Unemployment Taxes Payable (20,000*.6%)             $120

The complete question is :

Santa Barbara Express has 4 sales employees, each of whom earns $5,000 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 $110 for each employee.

a. Prepare the general journal entry to accrue the monthly sales salaries  expense at January 31.

b. The employer payroll taxes for Santa Barbara Express include FICA taxes, federal unemployment taxes of 0.6% of the first $7,000 paid each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Santa Barbara Express. (Assume that none of the employees has reached the unemployment limit of $7,000.)

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Related Questions

Virtual groups resolve issues related to differences in time, distance, technology, member cultures, and organizational environments during the _____ stage of virtual team formation.

Answers

The issues on differences in time, distance, technology, member cultures, and organizational environments are address during the storming stage of virtual team formation.

What is the virtual team formation?

In a task processes category, the formation consists of five stages which all the virtual teams typically follows which includes forming, storming, norming, performing, and adjourning.

In conclusion, the issues on differences in time, distance, technology, member cultures, and organizational environments are address during the storming stage of virtual team formation.

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Explain the competitive structure of the community

Answers

The competitive structure of the community simply entails how individuals compete with each other for survival.

What is a community structure?

It should be noted that a community structure is the internal structure of a neighborhood or an area.

In this case, the competitive structure of the community simply entails how individuals compete with each other for survival. They also compete for resources.

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performance apraisals of employees

Answers

Performance apraisals of employees are used to rate the performance of workers in an organization.

What is performance appraisal?

It should be noted that a performance appraisal simply means a regular review of the job performance of an employee.

Companies use performance appraisal in order to determine which employees have contributed the most to the growth of the company.

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If you have contacted a seller to report a problem with a product and you were ignored, what should you do next?

Answers

Call back and try to report the problem again.

Discuss the concept of typosquatting.

Answers

Answer:

typos squatting is a form of cyber crime that involve hackers registering domains with divertly mispelled name of well known website hackers do this unsispecting vistas to ultimate native website typically for molecules proposes

What reason hot water in house not working?

Answers

A water heater that produces no hot water may not be getting power, may have a tripped limit switch, or may have one or more failed heating elements.

First, check the water heater's circuit breaker in the service panel to make sure it hasn't tripped. If the breaker has tripped, switch it off, then switch it back on.

If the heater's breaker did not trip (if it is still on), try to reset the high-temperature limit on the heater

Algorithmic tasks are easier to automate than phronetic tasks.
,○ True
○ False​

Answers

Algorithmic tasks are easier to automate than phronetic tasks. Therefore it's false.

What are algorithm tasks?

It should be noted that algorithmic tasks simply means tasks where one follows a set of prices to achieve a result.

In phronetic tasks, the main goal is to clarify values as power as a basis for praxis.

In this case, it's complicated than algorithm task.

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which of the following is the process of coming up with something new? a. Innovation O b. O Business Model c. Creativity d. Design. which of the following is the process of coming up with something new ? a . Innovation O b . O Business Model c . Creativity d . Design .​

Answers

Innovation is the process of creating something new. Hence, choice A is right.

What do you mean by innovation?

Innovation is the process of coming up with a fresh concept or creating a good or service that has a market value that customers are willing to pay for and meets their requirements and expectations.

Design innovation is a technique used to generate innovation. It focuses on meeting human requirements with available technology and developing a workable business plan to capitalize on this market opportunity.

Hence option A is correct.

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Deciding on a specific course of study in college typically involves choosing blank

Answers

Answer: i think a career path

Explanation:

Answer: Academic Major

Explanation:

Got it right

Which of the following statements is true about the total production of health and the marginal return on new health production in developed nations? Group of answer choices Low total production of health and high marginal return. High total production of health and high marginal return. Low total production of health and low marginal return. High total production of health and low marginal return.

Answers

The amount of production health and its marginal return will lead to higher in the countries which are developed.

Option B is the correct answer.

What is production?

Production is a process where an entity changes the raw materials into a saleable product through the use of machinery.

In developed countries, the production of health, that is, the relation between the inputs of health and the health of individuals and the marginal return on new production, means, additional returns would be both higher due to advancements in technology and infrastructure.

therefore, there should be higher marginal return as well as higher production health in the developed nations.

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A corporation makes an investment of $20,000 that will provide the following cash flows after the corresponding amounts of time: Year 1 - $10,000 Year 2 - $10,000 Year 3 - $2,000 a. Should the company make this investment? b. What is the net present value at a 7 percent discount rate? Round your answer to two decimal points.

Answers

A) The company should not invest in the provided project due to the negative NPV of the project.

B) The NPV of the project comes out to be (286).

What is NPV?

NPV is an abbreviated form of Net present value and computed by deducting the cash outflows from cash inflows at the present value.

Given values:

Cash flow of year 1: $10,000

Cash flow of year 2: $10,000

Cash flow of year 3: $2,000

Cash outflow (cost of investment) =$20,000

Step-1 Computation of PV of cash inflows of every year:

PV of year 1 = Cash inflow of year 1 / (1+ interest rate)^ 1

                    = $10,000 / (1+0.07) ^ 1

                    = $10,000 X 0.934579

                    = $9,346

PV of year 2 = Cash inflow of year 1 / (1+ interest rate)^ 2

                    = $10,000 / (1+0.07) ^ 2

                    = $10,000 X 0.873438

                    = $8,735

PV of year 3= Cash inflow of year 1 / (1+ interest rate)^ 3

                   = $2,000 / (1+0.07) ^ 2

                    = $2,000 X 0.816297

                    =$1,633

Step-2 Computation of total amount of PV of cash inflows:

[tex]\rm\ PV \rm\ of \rm\ cash \rm\ inflows = \rm\ PV \rm\ of \rm\ year \rm\ 1 + \rm\ PV \rm\ of \rm\ year \rm\ 2 + \rm\ PV \rm\ of \rm\ year \rm\ 3\\\rm\ PV \rm\ of \rm\ cash \rm\ inflows =\$9,346 + \$8,735 + \$1,633\\\rm\ PV \rm\ of \rm\ cash \rm\ inflows =\$19,714[/tex]

Step-3 Computation of NPV:

[tex]\rm\ NPV=\rm\ PV \rm\ of \rm\ cash \rm\ inflows- \rm\ Cost \rm\ of \rm\ investment\\\rm\ NPV=\$19,714-\$20,000\\\rm\ NPV=\$ (286)[/tex]

Therefore, the NPV comes out to be a negative amount of 286, and hence, the company should not accept the project.

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Which approach to research is based on observing people in their own homes or​ communities?

Answers

Ethnography is an approach in research, where the subjects are observed in their homes and/or communities.

Ethnography is a mode of research that is largely used in the fields of Anthropology and Sociology. It is a method, wherein, the subjects of the study are not enclosed within an artificial environment, or otherwise known as a laboratory. They are studied by being observed in the environment they originate from or belong to. This method is specifically useful, while studying various cultures. It helps control the unwanted effects of being introduced in a new environment, which could alter the behavior of the subjects of the study.

Therefore, it is clear that Ethnography is the approach in research, where the subjects are observed in their homes and/or communities.

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A building's owner pays a property manager in 81/2% commission based on the units annualized rent for each new tenant last year the manager signed five new tenants 3 at $795 per month one at $1,200 per month and one at $900 per month what was the total amount of the property managers new tenant commissions for that year?

Answers

Commission paid by the building owner to the property Manager for the new tenant is $4575.

What is a Commission?

A brokerage receives compensation for delivering a customer who signs a lease by way of a rental commission. Frequently, rental commissions are stated as months of rent or as a percentage of the annual rent.

The calculation for the Commission of Property Manager:

Commission = Total annualised rent x percentage of Commission

                     = (795 x 12 x 3 + 1200 x 12 + 900 x 12) x 8.5%

                     = 53820 x 8.5% = $4,575

Commission for the property manager = $4,575.  

   

Thus,  a rental commission, a brokerage is paid for bringing a consumer who signs a lease. The commission for the property manager is $4,575.

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Now consider the case of Purple Panda Industries. Many of Purple Panda Industries’s customers have expanded to India. Consequently, Purple Panda Industries has decided to expand its operations to India to better serve its customers. Purple Panda Industries has decided to go global in order to:
a. Diversify
b. Retain customers
c. Protect processes and products

Answers

The correct option is A. In the case of Purple Panda expanding its operations to India that's led to Diversification.

What is the meaning of Diversification?

A growth strategy known as diversification is expanding your business into a new market or industry while also developing a new product specifically for that market.

Thus, the expansion of Purple Panda operations in Indian markets led to the Diversification of its business because it is expanding that business into a new market or industry while also developing a new product specifically for that market.

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Please answer the following questions:
1. Maple, a highly motivated entrepreneur plans on applying for a business loan from Bank of
America. She finds out that the percent change in price of business loans increased to 5% last
month. This resulted in a 50% percent change in quantity demanded from 1000 applicants to 500
applicants. What is the business loan's price elasticity?

Answers

The price elasticity of the loan taken by the entrepreneur comes out to be 10.

What is the price elasticity of demand?

The price elasticity of demand is an indicator used to determine the sensitivity of demanded quantity with respect to its corresponding price.

Given values:

Change in quantity demanded: 50%

Change in price: 5%

Computation of price elasticity of demand:

[tex]\rm\ Price \rm\ elasticity \rm\ of \rm\ business \rm\ loan=\frac{\rm\ Change \rm\ in \rm\ quantity \rm\ demanded}{\rm\ Change \rm\ in \rm\ price} \\\rm\ Price \rm\ elasticity \rm\ of \rm\ business \rm\ loan=\frac{50\%}{5\%} \\\rm\ Price \rm\ elasticity \rm\ of \rm\ business \rm\ loan=10[/tex]

Therefore, when the change in quantity demanded is 50% with the change in the price is 5%, then the price elasticity of a business loan is equal to 10.

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On October 31, 2016, the following data was accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty.

a. Fees accrued but unbilled at October 31 are $9,670.

b. The supplies account balance on October 31 is $3,180. The supplies on hand at October 31 are $910.

c. Wages accrued but not paid at October 31 are $1,220.

d. The unearned rent account balance at October 31 is $9,480, representing the receipt of an advance payment on October 1 of three months' rent from tenants.

e. Depreciation of office equipment is $1,610.

Answers

Journal entries record all transactions for a business. Transactions made on October 31, 2016 are recorder in the journal.

What is journal entry?

A journal entry is used to record a business transaction in the accounting records of a business.

The following journal entries are as follows-

A). Accounts Receivable  Dr.                            $9,670

            To Fees Earned    Cr.                                             $9,670

   (Accrued fees earned)

B). Supplies Expenses      Dr.                          $2270

             To supplies          Cr.                                               $2270    

  (Supplies used $3,180- $910)

C).  Wages expenses          Dr.                            $1,220

             To wages payable     Cr.                                           $1,220

   (Accrued wages)    

D).  Unearned rent              Dr.                           $3,160

             To Rent revenue   Cr.                                                 $3,160

    (Rent earned 9,480/3 months)

E). Depreciation expenses   Dr.                         $1,610

         Accumulated Depreciation - Equipment                         $1,610

    (Depreciation expenses)

Above mentioned are the journal entries to be made for Dependable Realty.

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what does quality refers to ?​

Answers

Answer:

Quality refers to the standard of something as measured against other things of a similar kind; the degree of excellence of something.

Assuming no brokerage fees, calculate the calculate the amount of cash needed to needed to retire Baldwin's 11.3s2028 bond early?

Answers

Assuming no brokerage fees, calculate the calculate the amount of cash needed to needed to retire Baldwin will be $10661557.

How to calculate the cash?

From the information given, the retirement amount will be calculated thus:

= Face value × Trade price %

= $11666000 × 91.39%

= $$10661557

In conclusion, the amount will be $10661557.

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Real GDP takes into account the effect of any price increases (inflation) and adjust for it. Nominal GDP doesn't adjust for inflation (price increases). True or false

Answers

This statement on the difference between Real GDP and Nominal GDP is True.

How is nominal GDP different from Real GDP?

Nominal GDP refers to the final value of goods and services in a country and it is calculated using current prices in the market.

Real GDP on the other hand, takes Nominal GDP and adjusts its for inflation to see the effects of price changes on production.

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You just received an email from a coworker letting you know that some of your friends are going to get together after work and go out for dinner. What should you do with this email?

Answers

Answer:

You should reply.

Explanation:

If you're interested, then tell them that you are interested. If you aren't interested, then tell them that you aren't interested. I hope this helps!

Patrick and Kathy bought a home for $250,000 three years ago and sold it this year for $225,000. What is the deduction they can take for the loss on the sale?

$0
$2,500
20% of $25,000
60% of $25,000

Answers

The amount they can take as deduction for the loss on the sale of their home is; $0.

How much can they take as deduction for the loss on the sale?

It follows that deductions can only be taken on losses incurred on the sale of property used for business or investment purposes.

Hence, since the item sold is their personal home, it follows that they cannot take any deduction on the loss on the sale.

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Bosco Corp. is considering a new product that would require an investment of ₦10 million now, at t = 0. If the new product is well received, then the project would produce after-tax cash flows of ₦5 million at the end of each of the next 3 years (t = 1, 2, 3), but if the market did not like the product, then the cash flows would be only ₦2 million per year. There is a 50% probability that the market will be good. The firm could delay the project for a year while it conducts a test to determine if demand is likely to be strong or weak. The project's cost and expected annual cash flows would be the same whether the project is delayed or not. The project's WACC is 10.0%. Calculate the value (in thousands) of the project before and after considering the investment timing option.

Answers

The project's value before the timing option is ₦3,268 (in thousands), while the project's value after the timing option is ₦8,954 (in thousands).

How do we calculate the value of a project?

1. The value (in thousands) of the project before considering the investment timing option can be calculated as follows:

Using the formula for calculating the present value of an ordinary annuity, the present values of cash flows can be calculated as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value cash flows

P = Annual cash flows

r = WACC = 10.0%, or 0.10

n = number of years = 5

Substitute the values into equation (1), we have:

PV when the market is good =  ₦5,000 * ((1 - (1 / (1 + 0.10))^5) / 0.10) = ₦18,954

PV when the market is bad =  ₦2,000 * ((1 - (1 / (1 + 0.10))^5) / 0.10) = ₦7,582

Project's value before timing option = (Probability the market will be good  * (₦18,954 - ₦10,000)) + (Probability the market will be bad * (₦7,582 - ₦10,000)) = (50% * (₦18,954 - ₦10,000)) + (50% * ((₦7,582 - ₦10,000)) = ₦3,268 (in thousands)

2. The value (in thousands) of the project after considering the investment timing option can be calculated as follows:

Since timing is considered, it means the firm will only invest in the project if the market is strong and the annual cash flow will be ₦5 million without any probability.

Therefore, we have:

Project's value after timing option = ₦18,954 - ₦10,000 = ₦8,954 (in thousands)

3. In addition, the value of option wait can be calculated as follows:

Value of option wait = Project's value after timing option - Project's value before timing option = ₦8,954 - ₦3,268 = ₦5,686 (in thousands)

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Which of the following is a disadvantage of a questionnaire?
Questionnaires are quick and easy to administer.
People usually answer honestly on questionnaires.
Questionnaires yield very little data.
The sample of individuals who respond may not be representative of the population.

Answers

The sentence that shows the disadvantage of a questionnaire is option D. The sample of individuals who respond may not be representative of the population.

What is a questionnaire?

A questionnaire is a set of printed or written questions with a choice of answers, devised for the purposes of a survey or statistical study.

Therefore, the correct answer is option D. The sample of individuals who respond may not be representative of the population.

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Answer: D. The sample of individuals who respond may not be the representative of the population.

Explanation: This answer makes the most sense, since there is always a chance that the subjects filling out the questionnare are different than the general age group/ race group/ etc. of the larger population.

Proof of validity is shown below.

why is the website so terrible

Answers

I don’t know but it’s gives me free answers
I agree with you. Pretty terrible. But, atleast it gives me answers often.

A flexible budget takes into account

Answers

A flexible budget takes into account how changes in production affect the cost.

What is a flexible budget?

It should be noted that flexible budget us the tool that's used in the preparation of financial statements.

In this case, a flexible budget takes into account how changes in production affect the cost.

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What is the marketing term for the value of a brand

Answers

Answer:

Brand equity

Explanation:

Brand equity refers to the value a company gains from its name

recognition when compared to a generic equivalent. Brand equity

has three basic components: consumer perception, negative or

positive effects, and the resulting value.

if i am right mark as brainliest

West Co. recorded the following inventory information during the month of February:

Units Unit cost Total cost Units on hand
Balance on 2/1 800 $2 $1,600 800
Purchased on 2/8 1,000 3 3,000 1,800
Sold on 2/14 1,500 300
Purchased on 2/17 2,000 1 2,000 2,300
Sold on 2/23 1,600 700
Purchased on 2/28 800 4 3,200 1,500
West uses the FIFO method to cost inventory. What amount should West report as cost of goods sold at the end of February under each of the following methods of recording inventory?

Perpetual Periodic

A.
$3,900 $3,900

B.
$3,900 $5,900

C.
$5,900 $3,900

D.
$5,900 $5,900

Answers

The correct option is C. The valuation of the cost of goods sold which is recorded in its book as $5,900 and stock available for sale is $3,900  under the FIFO method.

Why is the FIFO method used for Inventory Valuation?

FIFO will enable you to claim a higher average cost-per-piece on newer inventory, which can help you save money on taxes if your inventory costs are declining over time. Because it assumes that older products are no longer in use, FIFO does not necessitate as much documentation as LIFO.

Calculation Cost of Goods Sold (COGS) under FIFO Method:

COGS = 800 x 2 + 700 x 3 + 300 x 3 + 1300 x 1 =

COGS = $5,900

The calculation for Stock available for Sale:

Stock available for Sale = 700 x 1 + 800 x 4

Stock available for Sale = $3,900

Thus, the Cost of Goods Sold is $5,900, and the stock available for sale is $3,900  under the FIFO method.

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Why is it important to know about your digital footprint?

Answers

Answer:

A digital footprint is a visual record on where you went on the internet!

Explanation:

Helps you choose and control what you leave online for others to find.

Hopefully this helps you  <3

-Matthew

what we call the difference between total revenues and total costs​

Answers

Answer:

The basic difference between total cost and revenue is that the total coat include the total expenditure incurred on the production of a commodity whereas total revenue refers to the money received from selling that commodity

What's the definition of user retention and why it is important?
What drives user retention?

Answers

Answer:

User retention, sometimes referred to as "cohort retention," is a crucial indicator of the development of SaaS and digital goods. The proportion of first-time users that return in future time periods is determined by looking at those users during a given time period (usually one month or one week).

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