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Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $100,000 but that employee income taxes totaling $14,000 and FICA taxes totaling $5,250 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts.
Required:
(a) What was the amount of net pay? (Omit the "tiny_mce_markerquot; sign in your response.)
Net pay $
(b) Assuming Lighting Electronics must pay $500 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? (Omit the "tiny_mce_markerquot; sign in your response.)
Your firm has the following income statement items; sales of 50,250,000; income tax of 1,744,000.00; operating expenses of 10,115,000; cost of goods sold of 35,025000 and interest expense of 750,000. What is the amount of the firm's gross profit.
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas on November 17, 2013. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic in..
What is the underlying rationale for Alimony Rules:
St. Joseph hospital has overall variable costs of 30% of total revenue and fixed costs of 42 million per year. Compute the break-even point expressed in total revenue.
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Which of the following is a contingency that should be accrued?
Although her records of the expenses incurred in the breeding activity are spotty, she can establish that in year 10 she spent $1,000 on transportation and lodging to attend cat shows, $400 on cat food, $700 on veterinary expenses, and $300 on gro..
Jackson Sound produces amplifiers and mixing boards in a modern production facility. The company is well known for its quality products -each item is thoroughly tested before it leaves the plant.
Foreign currency translation adjustments arising from translation of the financial statements of a foreign subsidiary are reported in:
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
What would be the effect of the project on 2009 operating income under the percentage-of-completion method and the completed contract method?
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.
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