According to a Summary of the Payroll of Scotland Company

question 40

Multiple Choice

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 7.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries would include:

• A) a debit to Salary Payable of $313,000
• B) a credit to Salary Payable of $363,000
• C) a debit to Salary Expense of $363,000
• D) a credit to Salary Expense of $313,000

Recognize the significance of unforeseen opportunities in business.

Grasp the necessity of a comprehensive business setup including market and competitive analysis, along with startup costs.

Understand the ongoing relevance of traditional business metrics in the era of online business.

Realize the relationship between industry experience and business success.