The following information about the payroll for the week ended December 30 was o
ID: 2447151 • Letter: T
Question
The following information about the payroll for the week ended December 30 was obtained from the records of Arnsparger Equipment Co.
Salaries
Sales Salaries $270,000
Warehouse salaries $142,000
Office salaries $133,000
Total $545,000
Deductions:
Income Tax withheld $95,920
Social security Tax withheld $32,700
Medical tax Withheld $8,175
U.S savings Bond $11,990
Group Insurance $9,810
Total $158,595
Tax Rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 4.5%
Federal unemployment (employer only) 0.8%
Instructions:
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries:
A. December 30, to record the payroll.
B. December 30, t record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes.
2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries:
A. December 30, to record the payroll
B. January 5, to record the employers payroll taxes on the payroll to be paid on January 5.
Explanation / Answer
ANSWER:
The dealer can infer that the proportion of all customers who still own the cars they purchased at the dealership 6 years earlier is somewhere between 03712 and 0.5088 with a 95% level of confidence.
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