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Frado Company provides you with following information related to payroll transactions for the current month. The numbers below are for the all of the employees combined. Prepare journal entries to record the transactions for the current month. .............Gross Salaries $100,000.................... Federal Income Taxes withheld $6,200............ a. Record the May payroll using the payroll register information given above. Remember to record Social Security and Medicare withholdings (note that the Social Security limit has not been reached yet). b. Recorded the employer's payroll taxes resulting from the May payroll. The company has a state unemployment tax rate to 5.4% of the first $7,000 paid each employee and a federal unemployment tax rate of 0.8% of the first $7,000 paid each employee. (note that the federal and state unemployment limits have not been reached yet).
the expected average rate of return for a proposed investment of 8000000 in a fixed asset using straight line
Duncan Brooks, Co., needs to borrow $500,000 to open new stores. Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually receive in cash under this arrangement? How much must Brooks pay back at matur..
in 2012 rec room sports reported earnings per share of 8.50 when its stock price was 212.50. in 2013 its earnings
laredo inc. has a contribution margin ratio of 45. this month sales revenue was 200000 and profit was 40000. if sales
Jones is the manager for ABC Auto Repair. Unknown to his employer, Jones also does freelance auto repair work to earn extra cash. He sometimes uses ABC's facilities and tools for these jobs. Discuss the costs and potential costs that ABC might ..
at the end of the prior year tasha inc. had a deferred tax asset of 21000000 attributable to its only timing
jim acquires a new seven-year class asset on september 20 2011 for 80000. he placed the asset in service on october 5
Periodic Payment. Assume the same information as in Problem 13.6, except that now the annual payments are to be made at the beginning of the year. What is the periodic payment?
Earnings announcements by companies are closely followed by, and frequently result in, share price revisions. Two issues should come to mind. First, earnings announcements concern past periods, If the market values stocks based on expectations of ..
business scenario you have been hired as cio for a small independent auto-parts store - northwest georgia auto parts.
You note that the carload was shipped December 24 from Albuquerque, f.o.b. Albuquerque, and that the total invoice price of the goods in the car was $35,300. The freight bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper a..
rogers co. had a sheet metal cutter that cost 110000 on january 5 2010. this old cutter had an estimated life of ten
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