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Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages:
Federal Income Tax $30,300State Income Tax 6,600FICA Taxes 12,000Union Dues 1,800United Fund 1,200
Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%.
Prepare the journal entries to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll.
Provide all required journal entries for fund and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund out financial statements present?
Differentiate the accrual basis of accounting from the cash-basis of accounting. Determine which method is acceptable for most business enterprises and justify your selection.
Compare and contrast the characteristics features of the securities of money market with those of the capital market.
What financial factors should management consider when deciding whether to sell a product at the split off point or process it further?
Distinguish between accounting treatment for available for sale equity securities and trading equity securities with example.
Journalize the entry to record the declaration of the dividend, cpaitalizing an amount equal to market value. Journalize the entry to record the issuance of the stock certificates.
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
Aspen Co. expects to maintain the same inventories at the end of 2008 as at the beginnign of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various depart..
Preparation of a classified balance sheet-From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Candlestick Corporation purchased raw material used for manufacturing candles from a supplier on June 1. The total amount of the purchase was $10,500 of which $3,000 was paid on the day of purchase. The remaining amount owed is due to the suppler ..
Blocker, Inc. had $10,000 of notes coming due on January 10, 2011- how much of the $10,000 note should be shown as current?
Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
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