According to a Summary of the Payroll of Scotland Company,$450,000

question 41

Multiple Choice

According to a summary of the payroll of Scotland Company,$450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax.Federal income tax withheld was $98,000.Also,$15,000 was subject to state 4.2% and federal 0.8% unemployment taxes.The journal entry to record accrued salaries would include a

• A)debit to Salaries Payable of $313,000
• B)credit to Salaries Payable of $364,500
• C)debit to Salaries Expense of $364,500
• D)credit to Salaries Expense of $313,000

Appreciate the nuances of corporate financing and securities law.

Grasp the concept of limited liability and its impact on shareholders and directors.

Understand the new-product development process and its stages.

Learn the different types of consumer products and their characteristics.

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