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Acme Company has a January 15 mid-month gross salaries expense of $25,000. All is subject to FICA Social Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal income tax (15%) withholdings. Additionally, all is subject to employer taxes to include FUTA (0.8%) and SUTA (5.4%) taxes. (Round all calculations to the nearest penny.)
Required:
Prepare the general journal entry to record the employer's payroll liability.
Prepare the general journal entry to record the employer's payroll-tax liability.
Prepare the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on January 22.
Calculation of wages paid to employees - Compute the following Indicate the best answer to each question in the space provided.
A company has sales of 2,600 units.- There are 1,400 units of opening stock while the closing stock is planned to be 1,800 units. What production is needed to satisfy sales?
On July 6, Zonker Company acquired the plant assets of Doonesbury Company, which had discontinued operations. Zonker Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. On Decem..
Considering only profit, what is minimum quantity of thermostats in the special order that would make it profitable assuming capacity is available?
Provide the necessary journal entry at December 31, 2009. Provide the necessary journal entry at June 30, 2010. Provide the necessary journal entry at December 31, 2010.
Merger Co. has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Prepare the March..
Affects the bank or book side of bank reconciliation and (ii) represents an addition or a subtraction in bank reconciliation
A company issued 5-year, 6% bonds with a par value of $97,000. The company received $94,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is
Northern Company is preparing a cash budget for June. The company has $15,000 cash at the beginning of June and anticipates $39,000 in cash receipts and $45,000 in cash disbursements during June. Northern Company has an agreement with its bank to mai..
Identify the stakeholders involved in situation and what are the main ethical issues involved - what actions are available to Sharon to resolve the dilemma she faces - What actions are available to Sharon for dilemma she faces?
I need help filling out the rest, I also tried putting 15,000 and 6% interest on it in repayments for Q2 but it shows it's wrong
On September 1, 2012, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont’s balance sheet showed assets of $620,000, liabilities of $200,000, and owners’ equity of $420,000. The fair value of..
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