Homework Answers
4. Simmons
| Date | Accounts and Explanation | Debit | Credit |
| Warranty expense (7% x $190000) | 13300 | ||
| Estimated Warranty liability | 13300 | ||
| (To record the estimated warranty liability) |
Answer: A. federal unemployment tax
The unemployment taxes are paid by the employer only. The OASDI tax and Medicare tax is paid equally by the employer and employee while the employee income tax is paid by the employee only.
Gulfcoast Company
Answer: C. $692000
Depreciable cost = Purchase price - Estimated residual value = $840000 - $100000 = $740000
Annual depreciation = Depreciable cost/Estimated useful life = $740000/5 = $148000
Book value of the van at the end of 2019 = $840000 - $148000 = $692000
Stone
Answer: B. $66.00
State and federal unemployment tax = $1100 x 6% = $66
Per HOMEWORKLIB RULES 4 parts have been answered. Question 3 does not provide the payroll tax rate information hence could not be answered. Please post the remaining separately. Thank you.
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