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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.
Instructions: Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
you purchased a robot for 200000 and you depreciated it using a 5 year macrs. in year 4 you sold the robot for 100000.
hocking corporations comparative balance sheet appears belowending balancebeginning
Rodriguez corporation issues 19000 shares of its common stock for $152,000 cash on february 20. prepare journal entries to record this event under each of the following separate situations
Sheldon used 25 percent more direct labor hours than the standard allowed. What was the direct labor flexible budget variance for the month? A. B. C. D. E. $20,000 unfavorable.
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
assume that the president of ice mountain water co. made the following statement in the annual report to
samount of his spare time to beths gallery a not-for-profit museum. he donates 50 hours to audit the books and 80 hours
it is always a good idea to verify amounts in the general ledger just to be sure there are no problems or stupid
1. why is the gaap concept of objective measurement paramount in understanding asset valuation?2. describe
Revenues for the year ended 31 January 20X1 were $507,000 and expenses were $330,000. Under plan (b) above prepare the partnership income statement for the year.
At Flint Company's break-even point of 9,000 units, fixed costs are $180,000 and variable costs are $540,000 in total. The unit sales price is:
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
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