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Total payroll of Walnut Co. was $1840,00 of which $320,000 represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7000 was $1,440,00. Income taxes withheld were $450,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A tax is 7.65% on an employee's salaries and wages to $106,800 and 1.45% in excess of $106,800.
a) Prepare a journal entry for the salaries and wages paid
b) Prepare the entry to record the employer payroll taxes
Are non-profit and governments required to depreciate assets
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Hess uses straight-line amortization. On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
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Corbin has a $15,000 basis in his 50% ownership in an S corporation and lent the corporation $5,000 last year. The corporation has $30,000 of other debt. This year the corporation reported a $100,000 loss. How much of this loss may Corbin deduct?
Which country has the absolute advantage in the production of each good? Which country has the comparative advantage?
Explain what is meant by the term "participative budgeting" and how the term relates to the current situation and How would you recommend the Mr. Sparks change the budgeting procedures to gain more support from department managers
The Pitney Company's sales are 40% cash and 60% credit. 50% of credit sales are collected in the month of sale, 30% in the month following the sale, and 20% is collected two months after Accounts receivable at the end of August are?
Clydes marina has estimated that fixed costs per month are $300,000 and variable cost per dollar of sales is $0.40. Illustrate what is the break -even point per month in sales dollars?
Which of the following is the excess of the selling price per unit of a product over the variable cost of obtaining and selling each unit. Determine the breakeven point in units at the current sale price
Determine the firm's cost of retained earnings and the cost of new common equity and determine the break-point associated with retained earnings.
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