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The following totals for the month of April were taken from the payroll register of Magnum Company:
?Salaries $10,000
FICA taxes withheld 750
Income taxes withheld 2,000
Medical insurance deductions 450
Unemployment taxes 420
?Problem 1: The entry to record the accrual of the employer's payroll taxes would include a
a.? debit to Payroll Tax Expense for $1,170
b.? debit to FICA Taxes Payable for $1,500
c. credit to Payroll Tax Expense for $420
d. debit to Payroll Tax Expense for $1,620
Lewis is a merchandising company. Each month they buy the inventory that they expect to sell the next month. Then they pay for it 50% in the month of purchase and 50% the next month. The purchase price is $50. Prepare a cash budget for the first quar..
journal entries for the purchase and the sale of shares.shott farm supplies corporation purchased 800 shares of general
The Albright Company manufactures rubber parts for the automobile industry. The company had planned to produce 4,750 units according to the November budget. Its material standard specifies a cost of $2.70 per gallon and usage of 1.5 gallons per unit...
At the time when exchange rates are KES 1.00: TAS 1.50 and KES 1.00: UG 2.30, Calculate the amount of profit or loss on the order
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Re do the 2005 entry only assuming the loss carryforward is not probable. Record the entry for 2005 if the loss carryforward was not probable
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If the cost of capital of Company ZZZ's investments is 7%, calculate the stock price if the company decides to use the cash for a share repurchase
Which is the primary difference between variable and absorption costing?
The accountant for a company mistakenly posted an asset amount as an expense in the general ledger. What is the financial statement impact of this error?
In September 2020, Ayayai Corp. commits to selling 144 of its iPhone-compatible docking stations to Better Buy Co. for $14,112 ($98 per product).
Determine the actual goodwill recorded if Green pays $690,000 cash for the net assets of Gold Corporation and assumes all existing liabilities.
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