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Question - A company has a fortnightly payroll of $200,000. On average, 50% of the employees take their full entitlement of two weeks sick leave, 30% take half of their full entitlement and 10% take only one day of sick leave per year.
The company deducts 20% income tax and 10% for superannuation. All deductions are paid out by the 15th of the following month.
Assume the pay period ends on Friday 3rd July and the financial year ends on 30th June. At what date and how much will be paid for income tax?
A. 15th July, $40,000
B. 3rd July, $40,000
C. 30th June, $40,000
D. 15th July, $20,000
Calculate the payroll for the end of February. Include in your calculations federal withholding, FICA, and FUTA. Assume that Jones Company received the maximum credit for state unemployment taxes.
What amount should Manchester report as total current liabilities on December 31, 2021? What total amount should Ivan report as current assets?
What is the discounted payback period? Suppose a company had an initial investment of $50,000. The cash flow for the next five years are $19,000.
Prepare the Journal Entry to record the accounting change. Prepare the journal entry to record the depreciation expense for 2011.
Actual production required an overhead cost of $420,000, $825,000 in materials used, and $330,000 in labor. All of the goods were completed. What amount was transferred to Finished Goods?
Referring to the same business you either started or purchased in the first assignment, write a 6-8 page paper in which you: 1. Outline a financial plan for your small business.
Although only 20 units are on hand at the beginning of the year, World Company plans to sell 100 units during 2014. Assuming the company desires an ending inventory of 10 units, it should plan to purchase 110 units
All of the following are true regarding benchmark studies except: Manufacturing overhead allocation is not the process of assigning or allotting an amount of manufacturing overhead costs to each unit of product produced bsed on some reasonable basis ..
With an actual volume of 4741 units. Materials and labor are variable costs and overhead is a fixed cost. Provide the sales volume variance (absolute value)
What is the expected annual return to the lender? Craig's Crab Shack is receiving a mezzanine loan with the terms: $5MM principal, 11% cash interest rate.
kansas city corporation holds three assets when it comes out of chapter 11 bankruptcybook
Record the transactions for July 2020 in the subsidiary journals Cash Receipts Journal, Cash Payments Journal, Debtors/Sales Journal
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