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Murrr4er [49]
2 years ago
11

The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Ne

t Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
Business
1 answer:
alexgriva [62]2 years ago
5 0

Answer and Explanation:

The journal entry to deposit the FICA and FIT taxes is as follows:

FICA OASDI $2,244.10  

FICA HI $524.83  

FIT W/H $6,515.00  

         To Cash  $9,283.93

(Being to record deposit the FICA and FIT taxes)

Here the FICA OASDI FICA HI FIT W/H is debited and the cash is credited

So the same is to be considered

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Answer:

If Chicago municipal bonds yield  is 10% then Carter's treasurer make indifferent between the two.

Explanation:

Because Treasury Bond is exempt from tax income and both have same maturity, and they are equally risky and liquid; we then have the equation as below

Treasury bonds yield = Chicago municipal bonds yield after tax

⇔ 6% = Chicago municipal bonds yield * (1 - tax rate 40%)

⇔ 6% = Chicago municipal bonds yield * 0.6

⇒ Chicago municipal bonds yield = 6%/  0.6 = 10%

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What type of product modification is likely to make the greatest impact on a food product?
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If $3000 is invested at 7% for 6 months, how much simple interest is earned?
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3 0
3 years ago
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Chegg Presented below is the information for Irvine Corp.: Irvine Corp.. has prepared the following comparative balance sheets f
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Answer:

<em>Cash Flow from Operating Activities</em>

Net income                                                                              20,100

Adjustments for Non-Cash items :

Amortization of Patent                                                              2,100

Depreciation                                                                              7,500

Gain on Sale of Asset                                                              (5000)

Adjustments for Working Capital Items :

Decrease in Prepaid expenses                                                  900

Decrease in Accounts receivable                                            3,100

Increase in Inventory                                                             (10,500)

Decrease in Accounts payable                                               (1,500)

Increase in Accrued liabilities                                                  1,800

<em>Cash Flow from Investing  Activities</em>

Purchase of Plant assets                                                        (24,500)

Cash Rec'd From Sale of Assets                                             35,000

<em>Cash Flow from Financing Activities</em>

Decrease in  Mortgage payable                                            (58,300)

Increase in Paid In Capital                                                        12,000

Dividends Paid                                                                          (13,800)

Movement During the year

Cash and Cash Equivalents at Beginning of the year          15,300

Cash and Cash Equivalents at End of the year                    28,200

Explanation:

Prepare the Cash flow Statement under the following headings

1.Cash Flow from Operating Activities

2.Cash Flow from Investing  Activities

3.Cash Flow from Financing Activities

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2 years ago
During the​ year, credit sales amounted to $ 840,000. Cash collected on credit sales amounted to $ 790,000​, and $ 18,000 has be
Murrr4er [49]

Answer:

$21,000

Explanation:

During the​ year, credit sales amounted to $ 840,000.

Cash collected on credit sales amounted to $ 790,000​, and $ 18,000 has been written off.

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5 0
2 years ago
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