Sheffield Corporation’s weekly payroll of $28,000 included FICA taxes withheld of $2,142, federal taxes withheld of $3,130, state taxes withheld of $930, and insurance premiums withheld of $270. Prepare the journal entry to record Sheffield’s payroll.

Journal entry to record Sheffield’s payroll

                                                                Dr.             Cr.

Payroll Expense                                     $28,000

Wages and Salaries Payable / Cash                     $21,528

FICA taxes withheld payable                                $2142

Federal taxes withheld payable                            $3,130

State taxes withheld payable                                $930

Insurance premiums withheld payable                $270

All the taxes will be transferred to the tax payable accounts with their respective names and the amount net of tax will be transferred to wages and salaries payable and total amount will be Expensed.

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.