McHale Enterprises Has the Following Incomplete General Journal Entry for the Most

question 63

Multiple Choice

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date: Oct 27 Wages and salaries expense 522 $298,384.00
Federal withholding tax payable 220 $ 50,725.28
Social Security tax payable 221 17,980.56
Medicare tax payable 222 4,205.13
401(k) contributions payable 223 ???
Health Insurance payable 224 8,375.00
Savings bonds payable 227 1,850.00
Wages and salaries payable 226 202,671.98
Oct 27 Wages and salaries payable 226 202,671.98
Cash 101 202,671.98
What is the amount of the 401(k) contributions for the pay date?

• A) $2,253.00
• B) $15,298.22
• C) $12,576.05
• D) $9,215.38

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Definitions:

Beginning Work in Process

The value of goods that are in the process of being manufactured at the start of an accounting period, included in the calculation of cost of goods manufactured.

Ending Work in Process

The total value of goods that are in the production process but are not yet complete by the end of an accounting period.

Beginning Inventory

The worth of products ready for purchase at the beginning of a financial period.

Transferred In

Costs or value brought into a new account or process, often used in manufacturing to describe costs from a previous process carried into another.