(Answered) Question - dixon sales has seven sales employees that

Accounting

Question - Dixon Sales has seven sales employees that receive weekly paychecks. Each earns $10.25 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in social security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92823879
Price:- $20

Verified Expert

Priced at $40 Now at $20, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - as the senior accountant you had just prepared

Question - As the senior accountant you had just prepared & posted the journal entry that closed the revenue accounts to the income summary account. Suddenly you noticed that your bookkeeper made a tragic error in record ...

Question - jennifer is a cpa and a single taxpayer using

Question - Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before the QBI ...

Question - an employee of a board of education is paid an

Question - An employee of a Board of Education is paid an annual salary in 22 bi-weekly payments of $1237.96 each. The employee is under contract for 200 workdays of 8 hours each. (a) What is the hourly rate of pay? (b) ...

Question as a small business owner in todays

Question: As a small business owner in today's economy: • What three financial reports would you use on a regular basis? • What information would you find on each statement? • What decisions might each statement help you ...

Question - marvin services corporation had the following

Question - Marvin Services Corporation had the following accounts and balances: Accounts payable $12,000 Equipment $14,000Accounts receivable 2,000 Land14,000 Buildings? Unearned service revenue 4,000 Cash 6,000 Total st ...

Question - quahog purchased 10 of clam on january 1 2018

Question - Quahog purchased 10% of Clam on January 1, 2018 for $360,000 in cash and did not have the ability to exercise significant influence. The price was 10% of Clam's book value. During 2018, Clam reported income of ...

Question - before closing the revenue and expense accounts

Question - Before closing the revenue and expense accounts for the month of June ABC Company's Retained Earnings Account had a $50,000 credit balance. ABC's Net Income for June was $20,000. ABC declared and paid a $5,000 ...

Question - fundamentals of revenue recognition - respond to

Question - Fundamentals of Revenue Recognition - Respond to the questions related to the following statements. 1. A wholly unperformed contract is one in which the company has neither transferred the promised goods or se ...

Question - cannonier inc has identified an investment

Question - Cannonier, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $1,060 2 1,290 3 1,510 4 2,250 If the discount rate is 6 percent, what is the future value of these cash fl ...

Question 1 jazeera publishing house produces consumer

Question: 1. Jazeera Publishing House produces consumer magazines. The house and home division which sells home improvement and home decorating magazines, has seen a 20% reduction in operating income over the past nine m ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert