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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.)
Accounting for Extractive Industries Production commences in Site One
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Compute the issue price of a $1,500,000 bond issue and prepare the journal entries for the issuance and first years' interest payments (use the effective interest method). Assume the bonds are paid semiannually (June 30 and December 31).
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Record each of the following transactions in Gagon's general journal-1. Issued capital stock for $75,000 cash. 2. Borrowed $35,000 from a bank. Signed a note to secure the debt.
The Chandler Corporation began business on January 2, 2007. It is now time for Chandler to prepare its financial statements for 2007. The bookkeeper at Chandler was able to complete the asset section of the balance sheet, but he needs your help to..
Preparing a list of pros and cons do not mean just giving a definition of three entities. Your information presented should be structured toward their prospective business. Please make sure your responsive comprise the necessary references and rule..
An owner decides that he wants to go ahead with manufacturing; he must spend $900,000 for the new equipment-Calculate the NPV for this project. Should it be undertaken?
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
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.
Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
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