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The employees of Portonegra Company earn wages of $15,600 for the two weeks ending April 18. FIT taxes of $424 were withheld. The entire amount of wages is subject to the FICA taxes, but only $10,800 is taxable under the federal and state unemployment compensation laws. The state contribution rate of the employer is 3.9%. All employees are subject to state unemployment contributions of 0.5% on the April 18 taxable wages of $10,800, and the employees' contributions are to be deducted by the employer. Hide Journalize the payment of the wages, and record the payroll taxes, assuming that the contributions of the employer and the employees are recorded in one account, SUTA Taxes Payable. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
refer to the table below. corporation growth has 79500 in taxable income and corporation income has 6190000 in taxable
Company ABC, is an exempt medical organization. XYZ, Inc., a sporting goods retailer, is a wholly owned subsidiary of Company ABC. Company ABC inherited the XYZ stock last year from a major benefactor of the medical organization. XYZ's taxable inc..
Different cost per unit be charged to Work in Process each month for factory overhead assuming that a predetermined annual overhead rate is used?
the cash account for interactive systems at february 28 2010 indicated a balance of 7635. the bank statement indicated
Using the installment sales method determine the amount of income recognized in the first and second years. You may ignore the interest income.
Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock. Assuming that the book value method was used, what entry would be made?
Write an accounting equation, and record the effects of each accounting event under the appropriate general ledger account headings and prepare an income statement for the 2009 accounting period and a balance sheet at the end of 2009 for Ruff Compa..
A firm has purchased, for 50,000 FCs, an electric generator from a foreign firm. The exchange rates were 1 FC = $0.80 on the delivery date and 1 FC = $0.76 when the payable was paid. What is the final recorded value of the payable if the two-trans..
An alumnus of a small university donated $150,000 to establish a permanent endowment for scholarships. The first scholarships were awarded 5 years after the money was donated.
A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method.
journalize the following entries on the books of the borrower and creditor. assume a 360-day year is used for interest
What is the underlying rationale for Alimony Rules: A. The income should be taxed to the person with a claim of right to the income B. The income should be taxed to the person who enjoys the benefits of the income
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