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Ann Ellis's regular rate of pay is $15 per hour with one and one-half times her regular rate for any hours which exceed 40 hours per week. She worked 44 hours last week. Therefore, her gross wages were Gary Dittman, an employee of Hopkins Company, has gross earnings for the month of October of $6,000.
Question 1: FICA taxes are 8% of gross earnings, federal income taxes amount to $952 for the month, state income taxes are 2% of gross earnings, and authorizes voluntary deductions of $15 per month to the United Way. What is the net pay for Gary?
Question 2: On September 1, Joe's Painting Service borrows $100,000 from National Bank on a 4-month, $100,000, 6% note. What entry must Joe's Painting Service make on December 31 before financial statements are prepared?
what are the disadvantages of avco method? the purchasing department had hoped to have a contract finalized to purchase
Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $48,000 and equipment with a cost of $193,000 and accumulated depreciation of $103,000.
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate (credit risk) has declined..
Some hotels use dining room servers and room service attendants interchangeably. What kind of special training would a room service attendant need to become an efficient dining room server and vice-versa? Explain your reasoning.
Allied Parts was organized on May 1, 2015, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of $9 per unit. On May 5, Allied Parts sold 1,200 of the units for $13 per unit to Baker Co. Terms of the sale..
Calculate the increase or decrease in profits for the three divisions and the company as a whole (four separate computations) if the agreement is enforced.
Explain Assets Liabilities Vault Cash $20,000 Checking deposits $200,000 Deposits at Fed $30,000 Net Worth $15,000 Securities $45,000 Loans $120,000
Calculate average total assets, net income, roi, roe. Firm M has a margin of 9% , turnover of 1.6, sales of $800,000 and average stockholders’ equity of $360,000. Calculate Firm M's average total assets, net income, ROI and ROE
Infer from the reports the events and transactions that affected Renn-Dever Corporation’s retained earnings during 2014, 2015, and 2016. Prepare the journal entries that reflect those events and transactions.
Prepare journal entries to record the Issuance of the bonds and payment of interest on July 1, assuming no previous accrual of interest. Compute the balance in the stock investment account of James Corporation.
Prepare a schedule showing the amount of accumulated depreciation at December 31, 2016, under the method selected. Show supporting computations in good form.
Congress would like to increase tax revenues by 10.5 percent. Assume that the average taxpayer in the United States earns $61,000 and pays an average tax rate of 20 percent. If the income effect is in effect for all taxpayers, what average tax rate w..
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