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Alpha 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:
a. Prepare the general journal entry to record the employer's payroll liability.
b. Prepare the general journal entry to record the employer's payroll tax liability.
c. Prepare the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on January 22.
On 2014 December 31, Perez Company, the accounting records showed the following information: Prepare the Statement of Stockholders’ Equity on 2014 December 31.
Michael's, Inc. just paid $2.55 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be increasing by 5.50 percent. If you require a rate of return of 9.7 percent, how much are you willing to pa..
Collect the most recent 10-K, including financial statements, their footnotes, and management discussion for one of the following primary firms: In addition, you need to collect industrial benchmarks or ratios for the ratios you need to calculate (Se..
Hit or Miss Sports is introducing a new product this year. If its see-at-night soccer balls are a hit, the firm expects to be able to sell 55,000 units a year at a price of $60 each. If the new product is a bust, only 35,000 units can be sold at a pr..
Whispering Co. purchased goods with a list price of $177,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Whispering Co. record as the cost of these goods?
Purchased 90, 6%, $1,000 MarksCompanybondsfor $90,000 cash plusbrokeragefees of $950. Interest is payable semiannually on July 1 and January 1.
Beck Construction Company began work on a new building project on January 1, 2015. The project is to be completed by December 31, 2017, for a fixed price of $146 million. What amount of gross profit (or loss) would Beck record on this project in each..
During its first year of operations, Filippi's Plumbing Supply Co. had sales of $460,000, wrote off $7,000 of accounts as uncollectible using the direct write-off method, and reported net income of $50,600. Determine what the balance of the allowance..
California Imaging Center, a not-for-profit business, is evaluating the purchase of new diagnostic equipment. The equipment, which costs $600,000, has an expected life of five years and an estimated salvage value of $200,000 at that time. The equipme..
state unemployment taxes on the first $7,000. Compute the employer's total payroll taxes expense for the current pay period.
What is the nature of this lease to Delaney Company? What is the present value of the minimum lease payments? Record the lease on Delaney Company's books at the date of inception.
Annuities: Saving for retirement or a large purchase, such as a house, can be done by beginning with a small amount per month; as your income increases, the amount you set aside per month can also increase. Calculate the amount of interest on this ac..
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