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Question:
Lee Financial Services pays employees monthly. Payroll information is given below for January 2013, the first month of Lee's fiscal year. Consider that none of the employees exceeded any relevant wage base.
Salaries $500,000
Federal income taxes to be withheld 100,000
Federal unemployment tax rate 0.60%
State unemployment tax rate (after FUTA deduction) 5.40%
Social Security (FICA) tax rate 7.65%
Required:
Write the appropriate journal entries to record wages and salaries expense and payroll tax expense for the January 2013 pay period.
Evaluate the internal rate of return for each project
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
The current ratio for a company with current assets of $70,000, quick assets of $30,000, net assets of $150,000 current liabilities of $50,000 and net sales of $80,000 would be:
Evaluate the value of a share of Turkish Air's stock.
2) Give all required consolidation adjustment entries needed to prepare the consolidated financial statements as at 30 June 2010. The balance sheets and income statement of ABC Ltd and XYZ Ltd can be found on the worksheet.
Explain in basic terms the main concern to be addressed in determining the appropriate revenue recognition pattern.
What is the net investment in the truck project?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
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