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An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the employer's payroll tax expense?
a. $55.13
b. $61.01
c. $86.00
d. $141.13
The total equivalent units for direct materials and conversion are 38,000 liters and 40,000 liters, respectively. Determine the direct materials and conversion cost per equivalent unit. Round all answers to nearest cent.
Learned Corporation recorded the following transactions for the just completed month.
George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy a..
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs.
If the manager of the Eastern Division is evaluated on return on investment alone, will the manager invest in the new project? Explain.
Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?
The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge?
In the current year, Louise invests $50,000 for a 10% interest in a passive activity. Her share of the loss this year is $10,000. If this is her only passive activity, the $10,000 loss is suspended for use in a future year.
Banks have receivables that are the result of investing activities rather than sale or trade. We call these signed documents notes receivable.
A firm believes it can generate an additional $250,000 per year in revenues for the next 5 years if it replaces existing equipment with new equipment that costs $210,000.
At the date of transfer the land and equipment had fair values of $72,000 and $65,000, respectively. Gleason had been depreciating the equipment on a straight-line basis over ten years with no salvage value.
What are Jamestown's options regarding the treatment of these three customers? Based on this initial customer profitability analysis, what action do you recommend Jamestown take with each of these three customers?
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