Lightning electronics is a midsize manufacturer of lithium batteries. the company’s payroll records for the november 1–14 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7,000 and fica taxes totaling $2,625 were withheld from this amount. the net pay was directly deposited into the employees’ bank accounts. assume lightning electronics must also pay $250 of unemployment taxes for this pay period. prepare the journal entry or entries that lightning would use to record the payroll. include both employee and employer taxesjournal entires for: 1. record the wages expense for november 1-14 time period, including payroll deductions2. record the payroll tax expense.

Walmart and target are the only stores in a remote town that currently stock and sell the playstation 5 video game console. managers at both stores are simultaneously deciding whether to charge a price of $1,000 or $1,500 for each console. if both stores charge $1,000, they earn a profit of $100,000 each. if both stores charge $1,500, they earn a profit of $200,000 each. if one store charges $1,000 and the other store charges $1,500, the store that charges $1,000 earns a profit of $250,000 and the firm that charges $1,500 earns a profit of $50,000. if walmart and target they can both charge $1,500 and earn the highest combined profit available. engage in spirited price competition collude with each other privately undercut each other after making an agreement compete with each other only with regard to price and not quantity compete with each other only with regard to quantity and not price