Use this information to answer the following question. The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense $12,000 Social security and Medicare taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 250 Life insurance deductions 200 Salaries subject to federal and state unemployment taxes of 6.2 percent 4,000
The entry to record the payment of net payroll would include a
a. debit to Salaries Payable for $12,000.
b. debit to Salaries Payable for $7,950.
c. debit to Salaries Payable for $8,500.
d. credit to Cash for $9,050.
C
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Volt Corp reported the following information for the year ended December 31, 2016: Revenues $ 50,000 Expenses 20,000 Retained earnings at December 31, 2016 100,000 Retained earnings at December 31, 2015 105,000 How much was paid out in dividends by Volt in 2016?
a. $ 20,000 b. $ 25,000 c. $ 30,000 d. $ 50,000
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