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According to a summary of the payroll of Apline Publishing Co., $460,000 was subject to the 7.5% FICA tax. Also, $39,000 was subject to state and federal unemployment taxes. Required: a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.3%; federal unemployment, 0.8%. b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.
Manning Imports is contemplating an agreement to lease equipment to a customer for five years. Manning normally sells the asset for a cash price of $100,000. Assuming that 8% is a reasonable rate of interest.
In its income statement for 2009, Howard Co. would show the following line-item amounts for net income and income tax expense:
Pauw's Pots is considering the production of a new line of pottery. Based on preliminary market research, management has decided that each pot should be priced at $60. Furthermore, management believes that the profit margin should be 40 percent of..
Determine the actual and standard variable cost per bag of dog food produced, separated into direct materials. direct labor, and variable overhead.
Identifying business activities requires selecting transactions and events relevant to an organization. Which of the following events would be recorded in the accounting records of Acme Car Wash?
Assume that a company issues bonds with a $100,000 face value at 100 and must pay $5,000 of costs associated with the issuance. Assume that the life of the bond is five years and that the company amortizes bond issue costs on a straight-line b..
Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?
A. Prepare a trial balance in U.S. dollars at the date of acquisition. B. Prepare the journal entry to recognize the acquisition of LRB by Micro Electronics. C. Prepare the worksheet elimination, in journal entry form, at the date of acquisition.
Disk City, Inc. is a retailer for digital video disks. The projected net income for the current year is $2,320,000 based on a sales volume of 230,000 video disks. Disk City has been selling the disks for $19 each. The variable costs consist o..
Discuss the importance of making short term and long term financial decisions. Which is more important for the firms?
If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
How much goodwill did World Media purchase as part of the acquisition of The Dandy Dime?
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