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Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows:Social Security 6.0%Medicare 1.5%State Unemployment 5.3%Federal Unemployment 0.8%The total amount withheld from employee wages for federal taxes was $32,000.Required:1. Journalize the entry to record the payroll for the week of December 10. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".2. Journalize the entry to record the payroll tax expense incurred for the week of December 10. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?
Allowance for Doubtful Accounts has a credit balance of $1,500 at the end of the year (before adjustment), and an analysis of customers" accounts indicates doubtful accounts of $17,900. Which of the following entries records the proper provision f..
The main trouble with variable costing is that it ignores the increasing importance of fixed costs in manufacturing companies. Do you agree? Why?
Use the matrix to complete the information. Write 3-4 sentences for each item. • What are some audience characteristics you need to consider?
Prepare an inventory purchase budget using the sales manager's estimate. Prepare an inventory purchases budget using the marketing consultants estimate.
A business simulation game that is used by colleges and universities all over the world has students submit decisions over the Internet. Decisions are stored online, processed on the server, and then the results are stored online.
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses and Equity Method. When should you use each method and why?
Find out the minimum space requirements for a factory shed, where such lathes are to be installed. The production is done on single shift basis, @ 8 hrs per day for a week of 6 working days and for 50 weeks/year.
The amount of the deduction for bad debt expense for Swan for 2010 is:
A company bought a new machine for $27,000 on January 1. The Machine is expected to last 10 years and have a residual value of $4,000. If the company uses the double-declining balance method, accumulated depreciation at the end of year 2 will be:
Barry owns a 25% interest in a continuing partnership. the partnership distributes a $20,000 year-end cash bonus to all the partners. in a proportionate nonliquidating distribution, the partnership also distributed property (basis of $2,000; fair ..
Berry Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2010, the first year of the corporation's existence:
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