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Question - During the month of March, Pouncer Company's employees earned wages of $70,000. Withholdings related to these wages were $5,355 for Social Security (FICA), $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $700 for state unemployment tax.Instructions
(a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April.
(b) Prepare the entry to record the company's payroll tax expense.
Income Sharing Among Partners, Admission of a Partner. Distribute the profits for 2015 under the terms below. Also Record the Appropriate Closing Journal Entry.
Compute the manufacturing margin for the company under variable costing.$230,100$339,300$226,200$456,300($222,300)
Is it possible to have a high inventory turnover and a high number of days' sales in inventory? Discuss.
The following product line information is for the Home Deal Company. The company is considering dropping its Children's product line due to poor operating income performance. Fixed expenses are allocated to each product line based on sales revenue..
Oriole Company had net income of $120000 and Oriole Company return on common stockholders' equity is
From the foregoing data, calculate financial ratios for the three years 2009-2011 as follows (for all ratios using balance sheet amounts
On November 1, 2017, Archangel Services issued $302,000 of eight-year bonds with a stated rate of 10% at par. Interest payments occur each April 30.
case 14-35 comparison of alternatives using net present value analysis kinglsey products ltd. is using a model 400
Identify and briefly explain the two main categories of fraud which are of major concern to auditors.
henry emmy and frannie unrelated individuals own all of the stock in new corporation with earnings and profits of
financial information is available for Cepeda Company for the years, Use the information above to calculate the following ratios for both years
What was the correct overall change in the city's net position on the government-wide financial statements?
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