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The payroll of Grich Company for September 2014 is as follows. Total payroll was $960,000, of which $220,000 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 $800,000. Income taxes in the amount of $180,000 were withheld, as was $18,000 in union dues. The state unemployment tax is 3.5%, but Grich 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
Grich makes more than $250,000. 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.
A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a:
On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
Sigma company applies overhead cost to jobs on the basis of direct labour cost. Job A,which was started and completed during the current period,shows charges of 5,000 for direct materials,8000 for direct labour,and 6,000 for overhead on its job co..
Keim, Inc. manufactures baseball gloves that normally sell for $40 each
Landry's Restaurants reported cost of goods sold of $322 million and accounts payable of $83 million for 2003. In 2002, cost of goods sold was $258 million and accounts payable was $72million. What was Landry's accounts payable turnover ratio in 2..
truffles company purchased merchandise on account from a supplier for 6500 terms 210 net 30. truffles returned 1500 of
To the nearest whole dollar how large would the salvage value of the equipment have to be to make the investment in the equipment financially attractive?
The subsidiary has a net operating loss carryover of $400,000 generated four years ago. The parent acquires the net operating loss carryover.
H2O Innovations: Identify a new capital project. Describe the project and problems you are going to have in estimating the cash flow that might be emanating from the initial investment and problems in getting it funded. Issues might be:
Which of the following is not a common method of capital budgeting?
Prepare a balance sheet for the Courthouse Annex Capital Project Fund, assuming all unexpended resources are restricted to construction of the courthouse annex.
Assume the conditions from part (a) are met. Prepare the Journal entry on August 15,20X0, for Gringo to record the sale of receivable, assuming the recourse obligation has a fair value of $2,000.
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