Answer:
B. Debit Loss $5,000.
Explanation:
depreciation per year under straigh-line method:
depreciation per year: 20,000
book value at 2019 year-end:
140,000 - 20,000 x 2 = 100,000
disposal value: 95,000
loss for 5,000
loss at diposal: 5,000 debit
cash 95,000 debit
accumulated depreciation 40,000 debit
truck 140,000 credit
Answer:
Please check the images attached below
Explanation:
Salaries Payable = (Salariesexpense - Socialsecurity taxes - Medicaretaxes - Incometaxes - MedicalcareInsurance Education - Union dues)
=$28,000−$1,736−$406−$3,800−$678−$190
=$28,000−$6,810
=$21,190
Hence, the salaries payable are $21,190.
Compute the social security taxes using the equation as shown below:
\begin{array}{c}\\{\rm{Social security taxes}} = {\rm{FICA tax rate}} \times {\rm{Salaries expense}}\\\\ = 6.2\% \times \$ 28,000\\\\ = \$ 1,736\\\end{array}
Socialsecuritytaxes=FICAtaxrate×Salariesexpense
=6.2%×$28,000
=$1,736
Hence, social security taxes are $1,736.
Compute the Medicare taxes using the equation as shown below:
Medicaretaxes=Medicaretaxrate×Salariesexpense
=1.45%×$28,000
=$406
Hence, Medicare taxes are $406.
Answer:
$427,011.92
Explanation:
We use the present value formula i.e to be shown in the attached spreadsheet
Given that,
Future value = $0
Rate of interest = 7.5%
NPER = 15 years
PMT = $45,000
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
And, in type we write the 1 instead of 0
So, after solving this, the present value is $427,011.92
