Reference no: EM133030474
Questions -
Q1. On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current market price of $11. The stock was originally issued for $8. On August 22, Solo reissued the stock for $14. What is the effect of the February 13 transaction on Solo's financial statements?
Assets decrease and equity increases by $150,000
Assets decrease and equity decreases by $550,000
Assets decrease and equity increases by $550,000
Assets decrease and equity decreases by $150,000
None of these
Q2. Assume a FICA for Social Security rate of 6.2%, a FICA for Medicare rate of 1.45%, a federal income tax withholding rate of 20%, a state income tax withholding rate of 7%, a federal unemployment rate of 0.6%, and a state unemployment rate of 3%. Also assume the wage limit for social security is $142,800 and the wage limit for both FUTA and SUTA is $7,000. Connie is paid monthly and earned $6,000 in the first month of the year. How much will Connie's employer remit to the U.S. Treasury for federal taxes for only this one paycheck?
$2,019
$2,154
$1,695
$2,478
None of these
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