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Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholdings for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $110 for each employee.
Prepare the general journal entry to accrue the monthly sales salaries expense at January 31.
The employer payroll taxes for the Metro Express include FICA taxes, federal unemployment taxes of 0.8% of the first $7,000 paid each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Metro Express. (Assume that none of the employees has reached the unemployment limit of $7,000.)
The use of accounting databases enables researchers to obtain data to help answer their questions more efficiently. Using the FASB Codification database and other sources such as the SEC Web site as guides, answer the following questions:
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. ..
Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $2,600,000. Discuss the advantages and disadvantages of each plan.
As Jonah wades through huge piles of the inventory and questions the team on operations, he quickly identifies the problem. Which of the implemented methods above does Jonah contribute to stacks of inventory?
Publicly traded firms are required to report to the investors using an accrual not a cash-basis approach. Do you think they should? What are the advantages? The drawbacks?
Discuss the nature of preventive controls that may be designed into an AIS. Give an example and explain how it may prevent fraud or abuse of the system.
Coyote owns 5% of Roadrunner Corporation’s stock. How much is Coyote Corporation’s taxable income (loss) for the year?
Kristen's AGI is $120,000 before considering effect of rental activity. What is Kristen's AGI after considering the tax effect of rental use of her home?
Compute the amount of pension expense to be reported for 2008 (show computations) Prepare the journal entry to record pension expense and the employer's contribution for 2008. Assume no new actuarial gains/losses were experienced and that actual re..
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
Evaluate the number of shares to be employed in determining diluted earnings per share for 2013.
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