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3 years ago

Paul Company completed the salary and wage payroll for March 2011. The Payroll provided the following details:

Business

1 answer:

Anastaziya [24]3 years ago

4 0

Answer:

1. Journal Entry

Date Account Titles and Explanation Debit Credit

March Salary and Wage Expenses $200,000

2011 Liability for income tax withheld - $40,000

Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

Cash $144,000

(Payroll for February including employee deductions)

2. Journal Entry

Date Account Titles and Explanation Debit Credit

March Payroll tax expenses $15,000

2011 FICA taxes payable - Employer $15,000

(Employer Payroll taxes on February payroll)

3. Journal Entry

Date Account Titles and Explanation Debit Credit

March Liability for income tax withheld $40,000

2011 - Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

FICA taxes payable - Employers $15,000

Cash $71,000

(Remittance of payroll taxes and deduction for February payroll)

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ammi purchases stock in Vivaldi Corporation. Vivaldi Corporation later encounters legal issues and faces significant legal claim

olga55 [171]

Answer:

Tammi's liability is d. limited to her investment in the stock.

Explanation:

Since Tammi has purchased a stock in a corporation, one of the fundamental property of a corporate is that the stock-holders of the corporation have a limited liability meaning shareholders are only legally responsible for the debts of a company only to the extent of their investment in the company.

So Tammi's liability is limited to her investment in the stock of Vivaldi Corporation.

6 0

3 years ago

Read 2 more answers

Which of the following forms of business organizations does not have the pass-through feature of income and losses? a. partnersh

Sauron [17]

Answer:

c. corporation

Explanation:

A corporation is a type of business ownership that recognizes a business as a separate entity from its owners. Legally, a corporation is an independent person with commercial rights like any other person. A corporation is entitled to de business, incur debts, acquires assets, and make profits.

A corporation is expected to file its income tax returns at the end of every financial year. The owners of a corporation or its shareholders are also expected to file their separate income tax returns. An element of double taxation arises the business is taxed, and the owners are also taxed separately. In the other form of business ownership, the business incomes pass as owner's income resulting in single taxation.

3 0

3 years ago

A project that cost $80000 with a useful life of 5 years is being considered. Straight-line depreciation is being used and salva

just olya [345]

Answer:

22%

Explanation:

Net income = Annual cash flow - Depreciation

Net income = 24350 - (80,000-5,000 / 5)

Net income = 24350 - 15,000

Net income = $9350

Average investment = Beg. value + End. Value / 2

Average investment = 80,000 + 5,000 / 2

Average investment = $42,500

Annual rate of return = Net income / Average investment * 100

Annual rate of return = $9350 / $42,500 * 100

Annual rate of return = 0.22 * 100

Annual rate of return = 22%

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3 years ago

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On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 20

zlopas [31]

Answer: See explanation

Explanation:

The appropriate entries for Maywood on January 1, 2021 and December 31, 2021, related to the lease goes thus:

January 1, 2021:

Debit Right of use asset $368291

Credit Lease payment $368291

December 31, 2021:

Debit Ammortization expense $92073

Credit Rights of use asset $92073

Debit Interest expense $25780

Debit Lease payable $78220

Credit Cash $104000

The working to the above entries has been attached

6 0

3 years ago

a mature manufacturing firm. The company just paid a dividend of $8.65, but management expects to reduce the payout by 5 percent

-BARSIC- [3]

Answer:

$48.34%

Explanation:

Data provided in the question

Growth rate = 5%

Required return = 12%

Dividend = $8.65

Based on the above information,

The computation of the current price is shown below:-

Current Price = Dividend × (1 + Growth Rate) ÷ (Required Return - Growth Rate)

= $8.65 × (1 + (-5%)) ÷ (12% - (-5%))

= $48.34%

Therefore for computing the current price we simply applied the above formula.

4 0

3 years ago