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Employees of Harding Fabricators, Inc earned gross wages of 140,000 during a recent two week period. Employee withholdingd and payroll tax percentages are presented below
Federal withholding 33,000
Hospital insurance premiums 3,050
FICA 7.5 %
State unemployment 2.0%
Federal unemployment 0.8%
Only 78,000 of wages are subject to FICA and 36,000 are subject to unemployment taxes
(1) Prepare the entry to record the gross payroll
(2) Prepare the entry to record employer payroll taxes
Explain why each of these terms is important for understanding the auditors' report and the process.
Virginia has a casualty gain of $5,000 and a casualty loss of $2,500, before reduction by the $500 floor. The gain and loss were the result of two separate casualties, and both properties were personal use assets. What is Virginia's gain or loss a..
On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31.
a. Calculate the direct materials price variance for May. b. Calculate the direct materials quantity variance for May. c. Calculate the direct labor wage rate variance for May. d. Calculate the direct labor efficiency variance for May.
Prepare the operating activities section of the statement of cash flows using the indirect method - The income statement of Zamora Inc
Determine that the financial statements present fairly in accordance with generally accepted accounting principles.
the following information is available for prime company as of april 30 2011a. cash on the books as of april 30
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Material Purchases Budget for November and December.
Great Falls Brewery's regular selling price for a case of beer is $15. Variable costs are $8 per case and fixed costs total $2 per case based on production of 250,000 cases.
Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?
What are the two general criteria that must be satisfied before a company can recognize revenue? Moreover explain compound interest.
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