The Following Data Were Provided by the Detailed Payroll Records

question 79

Short Answer

The following data were provided by the detailed payroll records of Mountain Corporation for the month of March 2011:
$\begin{array} { l r r } \text { Compensation (wages) } & 35,000 & \\\text { Income taxes withheld } & 7,350 & \\\quad \text { Union dues } & & 175\end{array}$ FICA taxes at a 7.65% rate (no employee had reached the maximum).
Requirements:
A.Prepare the March 31,2011 journal entry to record the payroll and the related employee deductions.
B.Give the March 31,2011 journal entry to record the employer's FICA payroll tax expense.

Recognize the concept of market failure and externalities.

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Definitions:

Black-Scholes

A mathematical model used for pricing European call and put options, considering factors like stock price, strike price, volatility, and time to expiration.

European Options

Financial derivatives that give the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price on a specified expiration date.

American Options

Options that can be exercised at any time up to the expiration date.

Call Option

A financial contract giving the buyer the right, but not the obligation, to buy a stock, bond, commodity, or other asset at a specified price within a specific time period.