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Bailey Dry Cleaners has six employees who were paid the following wages during 2010: Frank Johnson $ 27,000 Bill Long 18,000 Duff Morse 105,000 Laura Stewart 28,000 Cindy Sharp 26,000 Melissa Ledbetter 20,000 Total $224,000 The estate allows the company a 1% unemployment compensation merit-rating reduction from the normal rate of 5.4%. The federal unemployment rate is 0.8%. The maximum unemployment wages per employee are $7,000 for both the state and the federal government. Income tax withholdings of 20% are applied to all employees. An 8% FICA. Tax for both employees and employers is applied to the first $100,000 of each employee's wages. 1. Calculate the amount of payroll taxes to be paid by Bailey. 2. Prepare the journal entries to record the payment of payroll and the payroll tax expense.
John recently came into a sum of money from an inheritance and is contemplating purchasing a small manufacturing facility in his home town. Not knowing much about running a business, he decided to have lunch with some of the other businesspeople i..
Compute the cost of providing one direct-labor hour of service in the Residential Department.
Prepare a flexible budget for Dandy Jeans Company using production levels of 16,000, 18,000, and 20,000 units produced. The following is additional information necessary to complete the budget:
Straight-line depreciation of $162,000 had been taken on the building. What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
Your write-up should be concise enough to allow me to see the answer without having to search but complete enough that I know you did the steps. Step One is important; if you skip ahead to Step Three it will show in your write-up.
The following product line information is for the Swiss Watch Company. The company is considering dropping its Children's product line due to poor operating income performance. Fixed expenses are allocated to each product line based on sales reven..
For the year ended December 31, 2011, Blake reported income of $63,000 and paid cash dividends of $14,000 on its common stock. What is the proper carrying value of Clyde's investment in Blake at December 31, 2011?
Which statement about operating leverage is true?
Which of the following statements is false regarding involuntary conversions?
Effectiveness of communication - i.e.readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment.
On December 31, 2011, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition. If the equity method had been applied by Vacker for this acquisition, what are the consolidation entries needed..
Compute the per unit product costs for each of the four products and compute this cost using ABC allocation for overhead. Show the computation for each per unit product cost in detail.
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