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A payroll register for the pay period shows gross earnings of $300,000 and deductions of $120,000. The entry to the payroll expense account would be:
Suggested Answer: C
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13 comments · newest first
FE
Fernanda
11 months ago
I thought it would be less after deductions, but I guess not!
TE
Tennie
11 months ago
Totally agree, it’s $300,000 for sure!
BR
Brock
12 months ago
Wait, how can it be $300,000? What about the deductions?
AL
Alonzo
12 months ago
Definitely $300,000, that's the total before deductions!
SL
Slyvia
12 months ago
The payroll expense is usually the gross earnings, so $300,000.
TI
Tiera
1 year ago
I’m confused about the deductions part. I thought the payroll expense would be the total before deductions, but I could be wrong.
JO
Joseph
1 year ago
This question seems familiar; I practiced something similar where the payroll expense was just the gross amount. So, I’m leaning towards $300,000.
JA
Jade
1 year ago
I’m not entirely sure, but I think deductions are subtracted from gross earnings, so maybe it’s $180,000?
AS
Ashanti
1 year ago
I remember that payroll expense should reflect the total gross earnings, so I think it might be $300,000.
LE
Leigha
1 year ago
Okay, let me see here. The question is asking what I need to assign to the WBS element, not how to do the overall allocation. I'm leaning towards B - Costing Sheet, since that would have the details I need to properly charge overhead.
TE
Tegan
1 year ago
This is a tricky one. The passage doesn't explicitly state the relationship between business factors and benchmark scope. I'll have to rely on my understanding of the concepts to work through this.
XE
Xenia
1 year ago
I remember discussing the importance of redundancy in the core layer, so I'm leaning towards option B for faster convergence.
WI
Willard
1 year ago
Key strategy here is to first calculate total taxable income after applying the full 80C deduction, then compute the tax liability. Lots of steps involved.