Accounting Question Solved 2023 Business Finance

2023 Question Magnum Plus Inc is a manufacturer of hunting supplies The following is a summary of the company s


Magnum Plus, Inc., is a manufacturer of hunting supplies. The following is a summary of the company’s annual payroll-related costs:

Wages and salaries expense (of which $2,200,000 was withheld
from employees’ pay and forwarded directly to tax authorities)                                                $ 7,200,000
Payroll taxes                                                                                                                                      580,000
Workers’ compensation premiums                                                                                          250,000
Group health insurance premiums                                                                                           725,000
Contributions to employees’ pension plan                                                                           450,000

a.            Compute Magnum’s total payroll-related costs for the year.
b.            Compute the net amount of cash actually paid to employees (their take-home pay)

c.             Express total payroll-related costs as a percentage of

i.                     total wages and salaries expense.

ii.                   employees’ take-home pay.

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