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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".
Storm paid no installation charges under the monthly payment plan but a $200 installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2010 would be ?
Trent files his tax return 35 days after the due date. Along with the return, Trent remits a check for $8,000, which is the balance of the tax owed.
On December 31, 2019, Bassinger pays a demolition firm to dismantle the depot and remove the tanks at a price of $80,000. Prepare the journal entry for the settlement of the asset retirement obligation.
Global World's worldwide asstes have an adjusted basis of $5,000,000 and a value of $10,000,000, of which assets having an adjusted basis of $4,000,000 and a value of $6,000,000 generate U. S.-source income. How much of the interest expense is app..
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Prepare a report of net cash flow from operating activities.
Calculate the amount of the corporation's loss that may be deducted by Loraine on her 2009 tax return?
The following labor standards have been established for a particular product: What is the labor efficiency variance for the month?
A certificate of deposit has an annual rate of 6% compounded quarterly. Find the effective rate of interest. Show all work
During 2011, Milton Hanover was granted a divorce from his wife. The divorce decree stipulated that he was to pay both alimony and child support for a specified period of time.
Prepare the stockholders' equity section of the balance sheet in proper form for Vicario Corporation as of December 31, 2012. Account for treasury stock using the cost method.
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