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The payroll of Yellow Card Company for September 2013 is as follows.
Total payroll was $472,500, of which $157,700 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $403,100. Income taxes in the amount of $85,840 were withheld, as was $8,360 in union dues. The state unemployment tax is 3.5%, but Yellow Card Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $106,800 and 1.45% in excess of $106,800. No employee for Yellow Card makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.
Prepare the necessary journal entries if (a) the wages and salaries paid and (b) the employer payroll taxes are recorded separately.
Green Company, which began operation on January 1, 1990, appropriately uses the installment method of accounting. The following information is available for 1990: Illustrate what is the total amound of Green's installment sales for 1990?
How much depreciation could RLM record for the year ended December 31, 2011
Determine the missing amounts for each independent case below. Assume the amounts given are at the end of the company's first year of operation.
1. in the past the roils royally engine division roils allocated indirect manufacturing costs based on direct labour
The remainder of the outstanding bonds is reacquired by exercising the bonds' call feature. In the final analysis, how much was the gain or loss experienced by Pratt in reacquiring its 8% bonds?
question a company has made the subsequent purchases of merchandise during the month of julyjuly 1 purchased 380 units
Consider an interest-rate swap with these features: maturity is five years, notional principal is $100 million, payments occur every six months, the fixed-rate payer pays a rate of 9.05% and receives LIBOR.
At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products.
EnterTech has noticed a significant decrease in the profitability of its line of portable CD players. The production manager believes that the source of the trouble is old, inefficient equipment used to manufacture the product. What nonfinancial fact..
Explore the essay question in depth using at least 10 academic references (>10 is likely to be expected for a high standard Research Essay).
The chief executive officer of Richards Corp. attended a conference in which one of the sessions was devoted to variable coting. The CEO was impressed by the presentation and has asked that the following data of Richards COrp. be used to prepare comp..
address in a conceptual manner how the deduction, assuming it is available, is calculated. At a minimum you should consult the following sources.
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