The Following Totals for the Month of April Were Taken

question 155

Multiple Choice

The following totals for the month of April were taken from the payroll records of Metz Company. $$\begin{array} { l r } \text { Salaries } & \$ 90,000 \\\text { FlCA taxes withheld } & 6,885 \\\text { Income taxes withheld } & 19,800 \\\text { Medical insurance deductions } & 3,600 \\\text { Federal unemployment taxes } & 720 \\\text { State unemployment taxes } & 4,500\end{array}$$ The entry to record the payment of net payroll would include a

• A)debit to Salaries and Wages Payable for $54,495.
• B)debit to Salaries and Wages Payable for $59,715.
• C)debit to Salaries and Wages Payable for $55,215.
• D)credit to Cash for $55,215.

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Definitions:

Negative

In an economic context, this term often implies a deficit or a diminishing amount in financial accounts or outcomes.

Year

A period of time consisting of 365 days, or 366 in a leap year, used as a primary time unit in most calendar systems.

Trade Imbalance

A situation where the value of a country's imports significantly exceeds or is less than the value of its exports.

Growing Trade

An increase in the exchange of goods and services between countries, contributing to economic development and globalization.