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Problem - Haines, Inc. prepared the following payroll summary for the current month:
Administrative salaries $10,000
Sales salaries 15,000
Shop wages 21,000
Employee deductions Federal income taxes withheld 11,500
Hospital insurance premiums 1,430
Union dues 1,190
Canada Pension Plan is 4.95 percent of the pensionable earnings with an annual exemption of $3,500 for each employee. Employment Insurance is 1.78 percent of the insurable earnings. None of the current month's salaries and wages exceed the CPP or EI limits. Haines makes a pension contribution equal to 9% of each employee's gross earnings. A vacation pay accrual is also made at 3.6% of the gross earnings. Haines has 10 employees.
Required - Prepare the journal entries to record: (A) The month's payroll accrual. (B) The month's employer payroll taxes. (C) The employer's pension contribution and vacation pay accrual.
Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold
Has the company paid cash dividends during the last three years?
How the conceptual framework revision to include Prudence is likely to address the disparity in Corporate Reporting.
stock splits versus stock dividends. assume that you own 600 shares of common stock of a company that you have been
If all of the methods produce similar results, then decision makers can have more confidence in the estimated cost of equity. Why do you think this is a correct statement?
Total Assets of $26.5 million, and Total Debt of $11.3 million. The company's Profit Margin is 6 percent. What is the company Net Income
Problem: A CEO wants to maintain a target debt to equity ratio of 0.25. The overall WACC for the company is 18.6% and the cost of debt is 8.4% before tax.
Ives Corp. has an inventory period of 22.6 days, an accounts payable period of 37.7 days, What is the company's cash cycle
Subway issued $100,000 of 7% bonds on January 1, 2011. Prepare the journal entry to record the interest payment and bond retirement on December 31, 2015
Hepburn Company bought a copyright for $90,000 on January 1, 2016, How much should Hepburn record as amortization expense for this copyright for 2019
The income statement for Monroe's business shows thefollowing revenues and expenses for 2007, the initial years ofoperations. Calculate Monroe's AGI using the cash method.
What Effects of transactions upon financial measurements of Five events relating to liabilities? Recorded a bi-weekly payroll, including the issuance
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