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Joe works 40 hours per week and earns $13 per hour. He has$125 take out for Federal Income Taxes (FIT) and the FICA rate is.0765 (.062 for Social Security and .0145 for Medicare). Noother deductions are taken from him. The employers SUTA rateon the first $7,000 of wages is .06 . The FUTA rate onthe first $7,000 of wages is .008 . Year-to-date wages prior tothis week are $6,800. The work week runs from Monday toFriday and is paid the following Friday. Payroll is recordedon Tuesday for the week prior and Paid on Friday. Answer the following (hint, check out my voice lecture power pointfile on Payroll):
1. What journal entry is needed to record the payroll from the week prior (week ending 05/22, payroll computation happening on Tuesday 05/26).
2. What journal entry is needed torecord the employer payroll taxes from the week ending 05/22.
3. What journal entry is needed on 05/29to pay the payroll to be distributed on 05/29.
4. What journal entry is needed on 05/29to pay the 941 taxes assuming that we pay 941 taxes weekly on Friday.
Production: 12,000 units finished and transferred out: 3,000 units started that are 100% complete as to materials and 40% complete as to conversion costs. Manufacturing costs: Materials $36,000; labor $30,000; overhead $ 37,320. Prepare a producti..
SDJ, Inc. has net working capital of $1,570, current liabilities of $4,380, and inventory of $1,875. What is the current ratio? What is the quick ratio?
The balance sheets of Davidson Corporation reported net fixed assets of $320,000 at the end of 2011. The fixed-asset turnover ratio for 2011 was 4.0 and sales for the year totaled $1,480,000. Net fixed assets at the end of 2010 were ??
For the month of March, the company planned for activity of 5,700 units, but the actual level of activity was 5,660 units. The actual selling and administrative expense for the month was $522,860.
Omar acquires used 7-year personal property for $100,000 to use in his business in February 2010. Omar does not elect §179 expensing or additional first-year depreciation, but does take the maximum regular cost recovery deduction. As a result, Oma..
Accounts of Pioneer Heating Corporation at the end of the first year of operations showed the following balances. In addition, prepaid operating expenses are 4000, and accrued sales commissions payable are $5900. Investment revenue receivable is ..
(a) Determine Deer Park's net income for 2008. (b) Prepare a balance sheet for Deer Park as of December 31, 2008.
List and describe one advantage and one disadvantage of raising external funds with debt, preferred stock, and common stock.
Puckett Co. has office furniture that cost $75,000 and that has been depreciated $50,000. Record the disposal under the following assumptions.
Compute Bell's income from Demers for the year ended December 31, 2011. Compute the non-controlling interest in the net income of Demers at December 31, 2011.
For the current year, Maple Corporation, a C corporation, reports taxable income of $200,000 before paying salary to its sole shareholder, Diane.
Emu Inc. reissued 8,000 shares of treasury stock at $ 44 per share. The stock, which has a par value of $ .03, cost the company $ 30 per share two years ago. How much paid in capital from the treasury stock will the company have as a result of thi..
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