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State income tax withholding is 8% of the dollar amount withheld for federal income tax purposes. Prepare the March 31 journal entry to record the March wage expense and related liabilities.
White Companys assets total $780,000 and its owners equity consists of capital stock of $500,000 and retained earnings of 150,000. Does white Company have any outstanding liabilities and, if so, wha
a. What is the net present value of this investment opportunity? b. Based on your answer to (a) above, should Axillar go ahead with the new conditioning shampoo?
A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount p
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. record the purchase of marketable securities on December 4.
Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:
Kendra is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kendra has $5,000 of net income. Her allocable home expenses are $10,000 in total. How
On January 1 a company purchased a five- year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records a
The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $60,000 for personal use
After the sale, The Austin Land Company paid off the loan to Regions Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?
On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year?
Isaac Co. sells merchandise on credit to Sonar Co in the amount of $9,600. The invoice is dated on April 15 with terms of 1/15, net 45. What is the amount of the discount and up to what date must th
Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:
During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The February 28 cash was $1,800. What was the January 31 beginning cash balance?
A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of-production method. What is the am
Buerhrle's CVP income statement included sales of 2,000 units, a selling price of $100, variable expenses of $60 per unit, and fixed expenses of $44,000. Net income is:
What is the amount of profit on the sale and the amount of interest income that Risen should record for the year ended December 31, 2008?
During the month, the cost of units transferred out from the department was 304,000. in the department's cost reconciliation report for september, the total cost accounted for would be:
On March 1, 2009, Warren sold 30 million common shares. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30. Warren's net income for the year ended December
The statements above show the results of the first two years of operation. In the first year, the company produced and sold 20,000 units; in the second year, the company again sold 20,000 units, but
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,600. Prepare journal entries to close the balances in temporary revenue
An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $108,000. what is the Bad debts expense for 2011 ?
Demarcus is a 50% partner in the DJ partner. DJ has taxable income for the year of $200,000. Demarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must D
Fearless Frank's Fertalizer Farm produces fertalizer and distributes the product by using his tanker trucks. Frank's uses budgeted fleet hours to allocate variable manufacturing overhead. The follow
Rachel's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recorded tape of the performance, and a professional musi