The Following Data Comes from the Payroll Department of LoJack

question 181

Essay

The following data comes from the payroll department of LoJack Corporation for the last pay period of 2011.Employees will not be paid until 2012.
Required:
1.Determine the amount the balance sheet will report as Wages payable.
2.Determine the amount the income statement will report as Wages expense from this pay period.
3.What type of liability is Wages payable?
4.To what party must the company pay the FICA taxes?
5.Why does LoJack have to withhold taxes from its employees?

---

Definitions:

O-Chlorophenol

A type of chlorophenol with the chlorine atom bonded to the ortho position (adjacent to) of the hydroxyl group on the benzene ring.

Energy Difference

Refers to the change in energy between the reactants and products in a chemical reaction, or between different states of a molecule.

External Magnetic Field

A magnetic field that originates outside an object or system and interacts with it, playing a critical role in various physical phenomena and applications.

Chemical Shift

In nuclear magnetic resonance (NMR) spectroscopy, chemical shift is the relative change in the frequency of nuclear magnetic resonance of a nucleus compared to a reference standard.