Homework Answers
Answer 8.
False [too be recorded this year only]
Answer 9.
True
Answer 10.
False [ form by employee that shows his tax details]
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State unemployment rate Federal unemployment tax m e n taxes are paid $7.00 of each employee's...
1. The company provides a money- back guarantee on its product. The product sells for $200...
1. The company provides a money- back guarantee on its product.
The product sells for $200 and the company estimates that 150 units
of product sold this accounting period will be returned. Make the
adjusting journal entry to record this expense.
A. Warranty Payable 60,000; Warranty Expense 60,000.
B. Warranty Expense 60,000; Warranty Expense 60,000.
C. Warranty Payable 30,000; Warranty Expense 30,000.
D. Warranty Expense 30,000; Warranty Payable 30,000.
The following payroll information is available.
Employee worked 40 hours at...
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate...
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 80,000 16,000 0.80% 5.40% 6.29% 1.45% The journal entry to record payroll for the January 2021 pay period should be Debit Credit 25) Panther Co. had a quality assurance warranty liability of $350.000 at the beginning of 2021 and $310.000 at the end of 2021. Warranty expense is based on 4% of sales,...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
QUESTION 3 Which tax does NOT have maximum amount per employee? Suite Unemployment O federal unemployment...
QUESTION 3 Which tax does NOT have maximum amount per employee? Suite Unemployment O federal unemployment social security O medicare QUESTION 4 Who pays the employee's income tax? O emplyce only employer only O both the emplyee and the employer O the IRS e expense Match the words with the You QUESTION 5 The following are accounts that will appear in the entry to record the journal entry for w Wages Payable A Wages Expense income Tax payable B o...
H&R BLOCK Tax Analyst Certification - Case Study 2 Prepare a return using BlockWorks in PRACTICE...
H&R BLOCK Tax Analyst Certification - Case Study 2 Prepare a return using BlockWorks in PRACTICE mode. Access and use the BlockWorks shell return by entering the following four-digit code: 6102. A unique SSN will be generated by the software. Be sure to note this unique shell SSN so that you will be able to re-access this return. Prepare a 2017 Schedule E (Form 1040) for Mona. Any of Mona's information that is not associated with the Schedule E (Form...
1. The company provides a money- back guarantee on its product.
The product sells for $200 and the company estimates that 150 units
of product sold this accounting period will be returned. Make the
adjusting journal entry to record this expense.
A. Warranty Payable 60,000; Warranty Expense 60,000.
B. Warranty Expense 60,000; Warranty Expense 60,000.
C. Warranty Payable 30,000; Warranty Expense 30,000.
D. Warranty Expense 30,000; Warranty Payable 30,000.
The following payroll information is available.
Employee worked 40 hours at...
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 80,000 16,000 0.80% 5.40% 6.29% 1.45% The journal entry to record payroll for the January 2021 pay period should be Debit Credit 25) Panther Co. had a quality assurance warranty liability of $350.000 at the beginning of 2021 and $310.000 at the end of 2021. Warranty expense is based on 4% of sales,...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
QUESTION 3 Which tax does NOT have maximum amount per employee? Suite Unemployment O federal unemployment social security O medicare QUESTION 4 Who pays the employee's income tax? O emplyce only employer only O both the emplyee and the employer O the IRS e expense Match the words with the You QUESTION 5 The following are accounts that will appear in the entry to record the journal entry for w Wages Payable A Wages Expense income Tax payable B o...
H&R BLOCK Tax Analyst Certification - Case Study 2 Prepare a return using BlockWorks in PRACTICE mode. Access and use the BlockWorks shell return by entering the following four-digit code: 6102. A unique SSN will be generated by the software. Be sure to note this unique shell SSN so that you will be able to re-access this return. Prepare a 2017 Schedule E (Form 1040) for Mona. Any of Mona's information that is not associated with the Schedule E (Form...
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