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According to a summary of the payroll of Scotland Company, $450,000 was subject to the 7.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries would include:
A. a debit to Salary Payable of $450,000
B. a credit to Salary Payable of $500,000
C. a debit to Salary Expense of $500,000
D. a credit to Salary Expense of $450,000
balance in parchments investment in silky account.onnbspjanuary 1 2009 parchment co. owned 85 of the common stock of
Prepare comparative (side-by-side) balance sheets and income statements for the first month of BIKE Company for each of the following three alternatives, Revenue is recognized at the time of shipment.
some of the account balances of mali company at 31st december 20x0 are shown below6 preferred stock 100 par 2000 shares
Computation of loss and gain on retirement of bonds - Country reacquired all of these bonds at 96 on June 30, 2007, and retired them. Ignoring income taxes, how much gain/loss should country record on the bond retirement?
Describe the major weakness of the performance report and describe clearly why all the variances for the variable expenses are unfavorable (U).
You were recently hired as management director of the new I Can Business Incorporated (ICBI). You have been asked to establish policies and systems for the business. The first one you choose to work on is a financial reporting system.
The following information is taken from the balance sheet of Raineer Plumbing: cash and cash equivalents, $50,000; accounts receivable, $130,000; inventories, ?; total current assets, $285,000; property, plant, and equipment (net), ?; total assets, $..
Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January. Prepare a Schedul..
The project would generate before tax annual cash inflows of $28,500. The tax rate is 35% and the company’s discount rate is 14%. What is internal rate of return?
The company wishes to have 10% of the next month’s sales on hand at the end of each month. Budgeted production for November is:
At the beginning of the machine's sixth year it was recognized the machine had three years of remaining life instead of five and that at the end of the remaining three years its salvage value would be $1,600. What amount should be recorded for dep..
The semiannual interest dates are May 31 and November 30. The bonds are issued on July 31, 2012, at par plus accrued interest.
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