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Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows:Social Security 6.0%Medicare 1.5%State Unemployment 5.3%Federal Unemployment 0.8%The total amount withheld from employee wages for federal taxes was $32,000.Required:1. Journalize the entry to record the payroll for the week of December 10. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".2. Journalize the entry to record the payroll tax expense incurred for the week of December 10. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions.
Conduct online research for a large company to see if you can find their code of conduct. What influence do you believe these codes of conduct have on the decision-making behavior of their members or employees?
On January 2, 2007, Pacer Corporation issued 30,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2010, Pacer Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to ..
What has happened in recent industrial history to reduce the usefulness of direct labor as the primary basis for allocating overhead to products.
A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000.
If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year?
Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 4,000 chopping boards usin..
Which of the following is true regarding the lower of cost or market principle?
Common and preferred stock? issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash:
FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting pract..
On December 15, 2009, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance..
Eagle Corporation owns stock in Hawk Corporation and has taxable income of $233,000 for the year before considering the dividends received deduction. Hawk Corporation pays Eagle a dividend of $300,000, which was considered in calculating the $233,..
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