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The total payroll of Waters Company for the month of October was $316,483, of which $58,593 represented amounts paid in excess of $113,700 to certain employees. $203,093 represented amounts paid to employees in excess of the $7,000 maximum subject to unemployment taxes. $21,524 of federal income taxes were withheld. Assume the state unemployment tax is 5%, the federal unemployment tax is 1.14%, and the current F.I.C.A. tax is 7.04% on an employee’s wages to $113,700 and 1.6% in excess of $113,700. What amount should Waters record as payroll tax expense?
Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
All else held constant, which of the following would be expected to improve a company's economic value added (EVA)? A) An increase in revenues B) A decrease in costs C) A decrease in assets D) A decrease in the corporate cost of capital E) All of the..
A company had inventory of 17 units at a cost of $21 each on November 1. On November 2, they purchased 22 units at $22 each. On November 6, they purchased 18 units at $23 each. On November 8, they sold 42 units for $66 each. Using the LIFO periodic i..
San Fransisco Bank loans Bill Williams some money. Bill signs a promissory note obligating him to pay the money back at 6% interest. The note is a standard form note prepared by the bank. The bank is the maker of this note.
Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present McDonough Products' common-size statement, and the second column should show the industry averages.
During 2010, the Garson Company entered into two transactions involving promissory notes and properly recorded each transaction. These are listed next:
It's also important because it affects all of us, in one way or another, in our daily life. After R5 and R6 coverage of the UCC, illustrate what areas seemed familiar to you because of personal experiences?
Logan’s Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $2,000. The cards are redeemable for meals within one year of the purchase date. Determine the..
How is the balance sheet of a merchandising firm different from the balance sheet of a service business?
James owns an insurance agency. The following selected data are taken from the agency balance sheet and income statement prepared using the accrual method. Calculate Nate's net profit using the cash method for 2014.
Prepare a monthly production schedule and a monthly summary of cash payments for January through June. Dina produced 800 units in December.
Prepare the adjusting journal entries for each of the 5 items above - Show all supporting computations. Use the answer sheet provided.
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