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Question - The following information is taken from the accounts of Bridge Ltd at 30 June 2019 (items are listed in 'random' order). All accounts have their 'usual' debit or credit balance (i.e. no account is 'negative')
Supplies (unused) $500
Revenues $15,000
Operating expenses $10,000
Cash $16,000
Accounts payable $11,000
Dividends paid $8,000
Accounts receivable $4,000
Accrued expenses payable $2,000
Share capital $10,000
Equipment $3,500
Retained earnings (beginning) $4,000
Required - Use the above information to calculate:
(a) Profit; and
(b) Ending retained earnings.
What is the amount of state and federal unemployment tax that his employer must record as payroll tax expense and pay to the federal and state governments?
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