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Sonja is a United States citizen who has worked in Spain for the past 10 months. She received $5,000 a month as compensation. Her employer has offered to extend Sonja's contract to work in Spain for another 5 months at the same rate of pay. If she rejects the offer, she can return to the United States and receive the same salary. While working in Spain , she is subject to the Spain income tax, which is approximately 11% of her gross pay. The marginal tax rate on her income tax in the United States is 25%. Compare Sonja's after-tax income assuming she remains in Spain with her after-tax income if she returns to United States.
Page Company is contemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash operating costs by $11,000 over each of the next six years.
Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.
Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Prepare material and labor journal entries
In November 2011, Kendall purchases a computer for $4,000. She does not use Sec. 179. She only uses the most accelerated depreciation method possible.
Review an annual report of a popular company ie. Target, Kohl's Bass Pro shops, and answer the following questions with references:
LaGrange Corp. has forecasted that over the next four years the average annual after-tax income will be $45,731. The average book value of the manufacturing equipment that is used is $167,095. What is the accounting rate of return?
Suppose a consumer has a daily income of $100 and purchases just two goods A and B. The price of good A is $5 and the price of good B is $4.
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
Prepare a pension worksheet for the pension plan in 2008. Prepare any journal entry(ies) related to the pension plan that would be needed at December 31,2008. Prepare a pension worksheet for 2009 and any journal entry(ies) related to the pension plan..
Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.
How does the use of the accrual basis help organizations to better evaluate their performance over time? What protection could financial statements generated under the accrual basis have to a potential donor in the organization?
During 2013, Rachel Parkins, president of Mathieson Company, was paid a semimonthly salary of $6,800. Compute the amount of FICA taxes that should be withheld from her:
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