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1. Payroll Tax Entries the payroll of Delaney Company for September 2010 is as follows. Total payroll was $480,000, of which $140,000 is exempt from Social Security tax because it represented amounts paid in excess of $102,000 to certain employees. The amount paid to employees in excess of $7,000 was $410,000. Income taxes in the amount of $80,000 were withheld, as was $9,000 in union dues. The state unemployment tax is 3.5%, but Delaney Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current F.I.C.A. tax is 7.65% on an employee's wages to $102,000 and 1.45% in excess of $102,000. No employee for Delaney makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
Determine the amount of depletion expense for the current year. Illustrate the effects on the accounts and financial statementsof the depletion expense.
diston company uses the weighted-average method in its process costing system. the first processing department the
Describe in your own words the issues that the exposure draft/proposal and comments letters are dealing with and how any why attempts are made to influence the accounting standard setting process
in the current year company a is formed with 630000 in capital from the sale of 21000 shares of stock at 30 a share.
kenton industrial corporation uses the weighted-average method in its process costing system. during april the baker
the city of medina park operates a plumbing and electrical maintenance department responsible for maintaining all water
pets r us sells dog and cat food. its monthly fixed costs average 620000. cat food sales represent 80 of the companys
Assuming that Wizard uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
In its income statement for the year ended January 31, 2010, Rocket would report a before-tax loss on discontinued operations of:
Inspection hours for the 10,000 tables varnished in September totaled 2,500 hours by 16 employees. Eight quarts of varnish were used, on average, for each table. The standard amount of varnish per table is nine quarts. The cost of inspection for S..
Explain procedures for collecting accounting evidence, Explain the use of sampling in performing an examination Evaluate accounting evidence using analytical and inferential tools.
Compute the amount of the 2010 increase/decrease in net gains or losses and the amount to be amortized in 2010 and 2011.
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