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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
Straight-line depreciation was used throughout the machine's life. Calculate the depreciation expense for the fourth year of the machine's useful life.
Total stockholders' equity and total assets using the two different sets of accounting principles over the two year period.
British Airways lists four items in the shareholders' equity section of its balance sheet. If British Airways used U.S. GAAP, illustrate what would be the likely account titles for the first three of those components?
Assume Holmes pays interest semiannually and the July 1 entry was done correctly. The journal entry at December 31, 2012 would include a credit to what?
question using the code letters below show how each of the items listed could be handled in preparing bank
Determine Brook Street's ending inventory, cost of goods sold, and gross profit for January 2009, assuming the company uses a perpetual inventory system and the following inventory costing methods: (1) FIFO, (2) LIFO, and (3) moving-average.
Journalize the entries to record the operations, identifying each entry by letter. Compute the July 31 balances of the inventory accounts. Compute the July 31 balances of the factory overhead accounts.
The note payable to Royce Computers (transactions 04 and 07) is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year.
question raintree company has brought land and a warehouse for 18000000. the warehouse is expected to last 20 years and
The payment of interest and the related amortization on July 1, 2012, the accrual of interest and the related amortization on December 31, 2012.
Ways in which creative accounting activities are exercised in financial reporting and the extent to which the responses of UK and US legislators and standard setters have succeeded in minimising the scope for such activities.
The original cost of the first machine was $200,000 and the original cost of the second was $140,000. The firm’s tax rate is 40%. Compute net investment for this project.
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