A mechanical contractor is trying to calculate the present worth of personnel salaries over the next five years. He has four employees whose combined salaries thru the end of this year are $150,000. If he expects to give each employee a raise of 5% each year, the present worth of his employees' salaries at an interest rate of 12% per year is nearest to:

Which of the following is recorded in the cash payments journal?

1. adjusting entry for accrued salaries

2. receipt of cash on supplies returned

3. receipt of cash from services rendered

4. payment of employees' salaries

A company recorded 2 days of accrued salaries of $1,700 for its employees on January 31. On February 9, it paid its employees $7,600 for these accrued salaries and for other salaries earned through February 9. Assuming the company does not prepare reversing entries, the January 31 and February 9 journal entries are:

A)

B)

C)

D)

E)

On January 8, the end of the first weekly pay period of the year, Regis Company’s payroll register showed that its employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees’ salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in this first period.