Homework Answers
Solution 3:
Net salary to be paid = Salary expense - Social security and medicare taxes withheld - Income tax withheld - Retirement savings
= $14,000 - $1,050 - $2,600 - $1,000 = $9,350
The entry to record net pay would include a "Debit to salaries payable for $9,350"
Hence option b is correct.
Solution 4:
Two advantage of corporation:
1. Lack of mutual agency,It does not have unlimited liability
2. Its a separate legal entity.
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