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Susan Braun’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Susan works 48 hours. Susan’s federal income tax withholding is $97, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. (Round answers to 2 decimal places, e.g. 15.15. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Illustrate the effects on the accounts and financial statements of each of the preceding transactions - plan was approved by the stockholders
estimation of the firms present cash conversion cycle.you were recently hired as cfo to improve the performance of
Morgan, a widow recently passed away. The value of her assets at the time of death was $8,600,000. The cost of her funeral was $18,000, while estate administrative costs totaled $52,000. As stipulated in her will, she left $1,000,000 to charities. De..
Prepare the journal entries necessary in 2010 to correct the books for the following items, assuming that the books have not been closed. Disregard effects of corrections on income tax.
Compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected fr..
What was the corporation's net sales, cost of goods sold, and gross profit?- What was the corporate tax rate?- What was the corporation's net interest expense?
The inventory manager's compensation includes a bonus plan based on gross profit. You discover that the inventory manager has knowingly overstated ending inventory by $2 million. What effect does this error have on the financial statements of the com..
Accumulate these costs by account. Assign the costs of salaries and commissions to selling expense and administrative expense by filling in the following table.
At the start of November, Penco Refinery had work in process inventory consisting of 4,000 units that were 90 percent complete with respect to materials and 50 percent complete with respect to conversion costs. Calculate the cost per equivalent unit ..
Colorado Springs Company (CSC) is a wholesaler with fiscal year ended December 31 of previous year. Since it is publicly-traded, it undergoes external audit. The most recent audit was completed in February of this year. Specifically, CSC’s accounting..
Explain the fundamental differences between attitudes toward war in ancient China and Anciet Greece, Rome and emerging Western Europe. Once you've noted these cultural differences, please explain how they account for different modes of fighting, taki..
Pappy’s Potato has come up with a new product, the Potato Pet (they are freeze-dried to last longer). Pappy’s paid $134,000 for a marketing survey to determine the viability of the product. The equipment necessary for production of the Potato Pet wil..
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