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Question - The total payroll of Varsity Company for the month of October, 20X1 was $800,000, of which $150,000 represented amounts paid in excess of $106,800 to certain employees. $500,000 represented amounts paid to employees in excess of the $7,000 maximum subject to unemployment taxes. $150,000 of federal income taxes and $15,000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F.I.C.A. tax is 7.65% on an employee's wages to $106,800 and 1.45% in excess of $106,800. What amount should Varsity record as payroll tax expense?
Burich Co. reported proceeds from short-term (non-payables) notes of $2.5 million, proceeds from long-term borrowings of $6.8 million,
What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations
the accountant for glacier medical co. a medical services consulting firm mistakenly omitted adjusting entries for
Croque Madame and Daughters are in the business of selling Croquet Madame Sandwiches. Provide the journal entries for the transaction on June 31st, 2020
The firm is able to buy a new type of biodegradable plastic at a fixed price of $100 per roll. Calculate the predetermine fixed overhead rate
Prepare the adjusting entries necessary at December 31, in order to properly record adjusting journal entries
travis fortney and architect opened an office on april 1 2010. during the month he completed the following transactions
The firm received a $1,000 deposit from a customer for a product to be sold and delivered to that customer next month. Analyze and record the transactions as journal entries.
PepsiCo's financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.
Poster mistakenly accounted for the investment in Elliott using the cost method rather than the equity method of accounting. What effect would this have on the investment account and net income, respectively?
Suppose that with his purchase order, Aikan is required to make a down payment. Would that change your answer to part (a)?
On 1/1/09 Williams Company paid 1,200,000 for its investment in 60,000 shares of C-Company stock. What is Williams Company's 2009 balance sheet for C-Company
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