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The payroll of Delaney Company for September 2010 is as follows. Total payroll was $480,000, of which $140,000 is exempt from Social Security tax because it represented amounts paid in excess of $102,000 to certain employees. The amount paid to employees in excess of $7,000 was $410,000. Income taxes in the amount of $80,000 were withheld, as was $9,000 in union dues. The state unemployment tax is 3.5%, but Delaney Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current F.I.C.A. tax is 7.65% on an employee's wages to $102,000 and 1.45% in excess of $102,000. No employee for Delaney makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..
The machine will have a 12-year useful life and no salvage value. Instructions (a) Calculate the cash payback period. (b) Calculate the machine's internal rate of return. (c) Calculate the machine's net present value using a discount rate of 10%.
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
So what is the effect of a bargain purchase option on accounting for a capital-lease transaction by a lessee?
Clyde agreed to surrender his Red stock in exchange for $600,000. clyde's basis in his shares was $143,000 and he held the shares for 17 years. the agreement made no explicit allocation of any of the $600,000 to clyde's agreement not to compete ag..
If in preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is:
The accountant for the Orion Sales Company is preparing the income statement for 2007 and the balance sheet at December 31, 2007. Orion uses the periodic inventory system. The January 1, 2007 merchandise inventory balance will appear:
What are the limitation,uniqueness and two illustration of bank reconciliation.
CPAs are allowed to advertise under the Rules of the AICPA Code of Professional Conduct.
Prepare a comparative income statement for fiscal years 2003 and 2004 in vertical form, starting each item as a percent of revenues. Round to one decimal place.
For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
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