The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries:
Sales salaries $402,000
Warehouse salaries 210,000
Office salaries 165,000
$777,000
Deductions:
Income tax withheld $135,975
Social security tax withheld 46,620
Medicare tax withheld 11,655
Retirement savings 17,094
Group insurance 13,986
$225,330
Tax rates assumed:
Social security 6%
Medicare 1.5%
State unemployment (employer only) 5.4%
Federal unemployment (employer only) 0.6%
Required:
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
A. December 30, to record the payroll.
B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $40,000 is subject to unemployment compensation taxes.
2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
A. On page 11 of the journal: December 30, to record the payroll.
B. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all salaries are subject to unemployment compensation taxes.

1) December 30, 202x, wages expense

Dr Wages expense 777,000

    Cr Federal income taxes withheld payable 135,975

    Cr OASDI taxes withheld payable 46,620

    Cr Medicare taxes withheld payable 11,655

    Cr Retirement savings (401k) payable 17,094

    Cr Group insurance payable 11,655

    Cr Wages payable 551,670

December 30, 202x, payroll tax expense

Dr OASDI taxes expense 46,620

Dr Medicare taxes expense 11,655

Dr FUTA taxes expense 240

Dr SUTA taxes expense 2,160

    Cr OASDI taxes payable 46,620

    Cr Medicare taxes payable 11,655

    Cr FUTA taxes payable 240

    Cr SUTA taxes payable 2,160

2) December 30, 202x, wages expense

Dr Wages expense 777,000

    Cr Federal income taxes withheld payable 135,975

    Cr OASDI taxes withheld payable 46,620

    Cr Medicare taxes withheld payable 11,655

    Cr Retirement savings (401k) payable 17,094

    Cr Group insurance payable 11,655

    Cr Wages payable 551,670

January 5, 202y, payroll tax expense

Dr OASDI taxes expense 46,620

Dr Medicare taxes expense 11,655

Dr FUTA taxes expense 4,662

Dr SUTA taxes expense 41,958

    Cr OASDI taxes payable 46,620

    Cr Medicare taxes payable 11,655

    Cr FUTA taxes payable 4,662

    Cr SUTA taxes payable 41,958

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability