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Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $150.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March.
Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%). Round your answers to two decimal places.
Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2011?
As stipulated, your company is having financial difficulty and has asked the bank to restructure its $3 million note outstanding. The present note has 3 years remaining and pays a current interest rate of 10%.
Meyer Corporation uses the percentage-of-completion method to account for work performed under long-term construction contracts.
Prepare a journal entry to record the estimated liability. Assume that during 2010, products under warranty must be repaired using repair parts from inventory costing $4,950. Prepare the journal entry to record the repairs of products.
A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000.
Prepare a two-page memorandum that you could use to brief the Senator on these issues. Make sure that your points are well documented by references to the IRC and other professional sources.
Describe how accounts receivable arise and how they are accounted for, including the use of a subsidiary ledger and an allowance account.
No Income Gainedfrom Revaluations- You are required to work as a research team intending to present your findings in a suitable written format
The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 20X4 budgeted income statement?
What is the significance of current assets vs. long-term assets? Would they affect your ability to obtain a loan or sell your business? Explain.
Gift tax returns were filed reporting these gifts. How much of her estate is subject to federal estate tax after considering the estate tax exemption?
If fixed costs are $700.000 and the unit contribution margin is $14, what amount of units must be sold in order to realize an operating income of $100.000
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