The accounting equation may be expressed as Assets = Revenues - Liabilities Asse

Question

The accounting equation may be expressed as Assets = Revenues - Liabilities Assets - Liabilities = Stockholders' Equity Assets = Equities - Liabilities Assets + Liabilities = Stockholders' Equity An employee receives an hourly rate of dollar 40, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked. 46; federal income tax withheld, dollar 350; cumulative earnings for year prior to current week. Dollar 99,700; social security tax rate, 6.0 percentage on maximum of dollar 100,000; and Medicare tax rate, 1.5 percentage on all earnings. What is the gross pay for the employee? dollar 1,840.00 dollar 775.00 dollar 1,562.60 dollar 1,960.00 The date on which a cash dividend becomes a binding legal obligation is on the last day of the fiscal year end. last day of the fiscal year end. payment date. declaration date. date of record. Which of the following accounts will only be found in the chart of accounts of a merchandising company? Merchandise Inventory Accounts Payable Accounts Receivable Sales On December31, Strike Company has decided to discard one of its batting cages. The initial cost of the equipment was dollar 215,000 with an accumulated depreciation of dollar 185,000. Depreciation has been taken up to the end of the year. The following will be included in the entry to record the disposal. Credit Equipment dollar 215,000 Credit Gain on Disposal of Asset dollar 30,000 Debit Accumulated Depreciation dollar 215,000 Debit Loss on Disposal of Asset dollar 185,000 An employee receives an hourly rate of dollar 30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, dollar 300; cumulative earnings for year prior to current week, dollar 90,700; social security tax rate, 6.0 percentage on maximum of dollar 100.000; and Medicare tax rate. 1.5 percentage on all earnings. What is the net amount to be paid the employee? dollar 1,470 dollar 1,249.50 dollar1,059.75 dollar 1,381.80

Explanation / Answer

All Amounts in $ 22. The Accounting Equation may be expressed as Assets - Liabilities = Stockholders' Equity 23. Gross pay of the employee will be Basic Hour 1600 Extra Hours 360 Total Gross Pay 1960 24. The date on which a cash dividend becomes a binding legal obligation is the declaration date. 25. Merchandise Inventory is the only account which will be found in the chart of accounts of a merchandising company. 26. The entry for recording the disposal in the books of Strike Company will be Credit Gain on Disposal of Asset $ 30,000. 27. Net Amount to be paid to the employee Gross Pay for 40 hours 1200 Additional 6 hours 270 Net Amount 1470

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