Answer:
Following are the journal entries recorded for the payroll of current time period;
Debt: Salary Expense = $50,000
Credit: Tax Payable by Medicare = $750
Credit: Deduction Payable For Employee Saving = $2,550
Credit: Income Tax payable for Federal Employees = $9,000
Credit: Tax payable for Social Security = $3,000
Credit: Salaries payable to Employees = $34,700
Answer:
$165,000
Explanation:
The computation of the reported amount for Allowance for Doubtful Accounts is shown below:
= Young accounts × uncollectible percentage + old accounts balance × uncollectible percentage
= $100,000 × 5% + $400,000 × 40%
= $5,000 + $160,000
= $165,000
We simply added the young accounts and old account balance after considering the uncollected percentage
Answer:
$160,000
Explanation:
On February 15, 20X8, S3 Corporation purchased the land from a non affiliate for $160,000.
That was the last operation involving a third party.
<u>The rest of the operation should not recognize any income or loss.</u>
If not, a company can create artificial gains and losses by selling the asset at diferent prices.
It will sale higher on one company to avoid a net loss
and then sale cheaper on another to decrease the taxable income.
That's why it will be "lock" at 160,00 until an operation is made with a non-affiliate company
Answer:
Lets asume Taley Corp. is in Georgia
shareholders are typically not afforded the same rights as members of the board. Yet, shareholder rights allow for the inspection of business records as long as they follow the rules for inspecting documents under Georgia law
Explanation:
In Georgia, the statute provides shareholders have the right to copy the following records during normal business hours at the corporation’s principal office upon request
In order to access these particular records, shareholders have to make a good faith demand to inspect and the purpose for inspecting must be proper and reasonably relevant to the legitimate interest of the shareholder.
Shareholders also have to provide a description that reasonably indicates the purpose of the inspection and the requested records have to be directly connected to the shareholder’s purpose. Additionally, the records may only be used for the stated purpose.
Answer:
$750
Explanation:
Since we are not given any interest rate, we have to assume that Maryanne will not earn any interest from her savings.
She expects to retire in 30 years and after that expects to live 10 more years. Then she is going to earn money for the 75% of her remaining life. For every $1,000 earned, she needs to save?
$1,000 x 30 = 40X
$30,000 = 40X
X = $30,000 / 40 = 750
