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The payroll of Yellow Card Company for September 2013 is as follows.
Total payroll was $472,500, of which $157,700 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $403,100. Income taxes in the amount of $85,840 were withheld, as was $8,360 in union dues. The state unemployment tax is 3.5%, but Yellow Card Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $106,800 and 1.45% in excess of $106,800. No employee for Yellow Card makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.
Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately.
Determine the balance in the Cash account on January 31. Be certain to state whether the balance is debit or credit.
Determine the variances, Materials price and Materials quantity and Net materials variance
Stan Ross Company produces and sells a single product. Below is the information provided by Stan Ross Company: How many units must Stan Ross Company sell if the company desires to earn a net operating income that equals 15% of sales revenue?
Recording Journal Entries - Lightning Fast Computer Company recently began operations and had the following transactions related to common stock. Prepare journal entries for each transaction.
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What is the total increase or decrease in cash flow from having entered into this forward contract hedge?
Assume a division of Hewlett-Packard currently makes 8,000 circuit boards per year used in producing diagnostic electronic instruments at a cost of $33 per board, consisting of variable costs per unit of $26 and fixed costs per unit of $7. Further as..
Prepare a report for the Packett Packaging Pty Ltd management team that provides analysis of their performance against their budget for 2009/2010 financial year.
Repair to office file cabinet lock, $40 (miscellaneous administrative expense). Illustrate what equation do you use to solve for the answers?
you are a staff accountant in a cpa firm. your manager has asked you to provide a report containing accounting
The next week he received a $100 check from the manufacturer. Explain how much should Ted include in his gross income
Compute the overhead cost per unit for each product. Production is 700,000 units of Budget and 200,000 units of Deluxe. Round your answer to the nearest cent.
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