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Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholdings for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $110 for each employee.
Prepare the general journal entry to accrue the monthly sales salaries expense at January 31.
The employer payroll taxes for the Metro Express include FICA taxes, federal unemployment taxes of 0.8% of the first $7,000 paid each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Metro Express. (Assume that none of the employees has reached the unemployment limit of $7,000.)
Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.
Prepare the journal entries required at December 31, 2007 and at December 31, 2008 assuming that a perpetual inventory system and the direct method of adjusting to market is used.
Find out the amount of Milt's income which is subject to income tax by each state. Make sure to compute the full taxable income and show all computations.
Robin Bradley received a paycheck from her employer in the amount of $776.35. The paycheck stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax and $74.65 had been wi..
Risk aversion implies which some securities will go unpurchased in market even if a large risk premium is paid to investors.
Describe the discrepancy between Diamond Foods, Inc.'s description of payments to walnut growers and what the farmers themselves say the payments are for
Find out the operating cash flow (OCF) for Kleczka, Inc., based upon the following data. (All values are in thousands of dollars.)
What are the equity method journal entries typically recorded by a parent company? Provide examples in your response.
Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.
Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.
Assuming that the trend of sales indicated in part (1) is to continue in 2009, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2009. Place your answer in a columnar table similar to that in ..
CPA Smith completed an accounting engagement for the ACME Company on December 20, 20X1, and sent ACME a bill for $5,000 which ACME paid on January 25, 20X2. CPA Smith uses the cash basis of accounting
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