Leroy,an Employee of Double Time,Inc

question 119

Essay

Leroy,an employee of Double Time,Inc. ,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $117,000 and thus subject to FICA.He is also subject to federal income tax at a rate of 18%.Provide the journal entry to record salaries expense and payroll withholdings.(Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. )

Match accounting definitions with their corresponding terms.

Differentiate between the periodic and perpetual inventory systems and understand the impact on accounting records.

Describe the operating cycle for a merchandiser with credit sales.

Identify and explain the terms FOB shipping point and FOB destination and their impact on inventory accounting.

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Definitions:

Thinks Highly

To have a very favorable or positive opinion about someone or something.

Detached

Non-involved or emotionally disengaged, often used to describe a person's demeanor or a method of observation.

Reclusive

Characteristic of a person who lives in solitude, avoiding contact with other people and often withdrawing from the society.

Personality Disorder

A type of mental disorder characterized by enduring maladaptive patterns of behavior, cognition, and inner experience, exhibited across many contexts and deviating from those accepted by the individual's culture.