Gail's Bakery Had the Following Information Before the Pay Period

question 14

Multiple Choice

Gail's Bakery had the following information before the pay period ending June 30:
Assume: Each hourly employee is paid 1½ times pay rate for time worked in excess of 40 hours.
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Given the above information, what would be the amount applied to Office Employee Wage Expense?

• A) Debit $565
• B) Credit $565
• C) Debit $510
• D) Credit $510

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Definitions:

Curve Shift

A change in the position of a graph curve, indicating a change in the relationship between two variables in economics, like supply or demand shifts.

Movement Along

Refers to the movement along a demand or supply curve, representing a change in the quantity demanded or supplied in response to a change in price.

Time-Series Graph

A Time-Series Graph displays data points at successive time intervals, often used to visualize trends over time.

Scatterplot

A type of graph used in statistics to visually display and compare two variables for a set of data.