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Question No. (1) (10 minutes): Mara Bolton, an employee in ABC Company, receives wage at a...
An employee receives an hourly wage rate of $24, with time and a half for all...
An employee receives an hourly wage rate of $24, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $353; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee? Select the correct answer. $735 $1,767 $1,568 $1,176
An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in...
An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $133; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? Round your...
An employee receives an hourly wage rate of $21, with time and a half for all...
An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows hours worked, 43; federal income tax withheld, $131; cumulative earnings for the year prior to this week, $24,157; social security tax rate, 6.0 % ; Medicare tax rate, 1.5% state unemployment compensation tax, 3.4 % on the first $7,000; and federal unemployment compensation tax, 0.8 %...
please help!! An employee receives an hourly wage rate of $17, with time and a half...
please help!!
An employee receives an hourly wage rate of $17, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $130; cumulative earnings for the year prior to this week, $25,593; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the...
Question No. (4) (20 minutes): The following transactions occurred in El-Manar Company during 2016: 1 Jan:...
Question No. (4) (20 minutes): The following transactions occurred in El-Manar Company during 2016: 1 Jan: Opened business by issuing shares for $80,000 cash. 20 Feb: Obtained a bank loan and signed a note for $20,000 cash. 28 Feb: Received advertising bill, to be paid later, $29,000. 1 April: Billed customers for services already performed, $14,000. 1 May: Paid cash three quarters of the advertising bill in transaction 28 Feb. above. 15 June: Received $14,000 cash from customers already billed...
1) ABC Company started business on January 1, 2018 and had the following transactions in the...
1) ABC Company started business on January 1, 2018 and had the following transactions in the month of January 2018: 1. On January 2, ABC sold shares of the company and received $800,000 in cash 2. On January 4, the company bought inventory for resale from RTY Co. and promised to pay cash at a later date. The cost of the inventory was $400,000. 3. On January 8, ABC sold inventory to YUT Co. at a sale price of $400,000....
Quick Question!! Question 7 ABC Company is a manufacturing firm. At the beginning of July.ABC had...
Quick Question!!
Question 7 ABC Company is a manufacturing firm. At the beginning of July.ABC had a total inventory balance of $44,000. During the month of July. ABC had the following transactions. . Purchased raw materials costing $9000 . Paid office staff salaries of $3,000 . Paid production staff salarles of $4.000 . Purchased office equipment costing $17,000 . Purchased production equipment costing $30,000 . Recognized $3,000 depreciation on the office equipment . Recognized $5.000 depreclation on the production equipment...
#1. A corporation was started on January 3, 2015 with an initial sale of common stock...
#1. A corporation was started on January 3, 2015 with an initial sale of common stock of $160,000. At December 31, 2015, the company had $600,000 in assets and $350,000 in liabilities. During 2015 the corporation paid $40,000 of dividends. What was the company’s net income for 2015? #2. On May 31, Zent Co. borrows $80,000 from a local bank. A note is signed with principal and 6% interest to be paid on May 31 the following year. Select the...
On July 1, 2013, Swarina Patel created a new self-storage business, Patel Storage Co. The following...
On July 1, 2013, Swarina Patel created a new self-storage business, Patel Storage Co. The following transactions occurred during the company's first month July1 Patel invested $30,000 cash and buildings worth $150,000 in the company in exchange for common stock 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 5 The company purchased $2,400 of office supplies for cash 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage...
Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were...
Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were completed. July 1 1 3 5 12 18 Owner invested $13,900 cash in the company. Purchased used truck for $9,280, paying $2,320 cash and the balance on account. Purchased cleaning supplies for $1,040 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,290 for cleaning services performed. Paid $1,160 cash on amount owed on truck and $580 on...
An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows hours worked, 43; federal income tax withheld, $131; cumulative earnings for the year prior to this week, $24,157; social security tax rate, 6.0 % ; Medicare tax rate, 1.5% state unemployment compensation tax, 3.4 % on the first $7,000; and federal unemployment compensation tax, 0.8 %...
please help!!
An employee receives an hourly wage rate of $17, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $130; cumulative earnings for the year prior to this week, $25,593; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the...
Question No. (4) (20 minutes): The following transactions occurred in El-Manar Company during 2016: 1 Jan: Opened business by issuing shares for $80,000 cash. 20 Feb: Obtained a bank loan and signed a note for $20,000 cash. 28 Feb: Received advertising bill, to be paid later, $29,000. 1 April: Billed customers for services already performed, $14,000. 1 May: Paid cash three quarters of the advertising bill in transaction 28 Feb. above. 15 June: Received $14,000 cash from customers already billed...
1) ABC Company started business on January 1, 2018 and had the following transactions in the month of January 2018: 1. On January 2, ABC sold shares of the company and received $800,000 in cash 2. On January 4, the company bought inventory for resale from RTY Co. and promised to pay cash at a later date. The cost of the inventory was $400,000. 3. On January 8, ABC sold inventory to YUT Co. at a sale price of $400,000....
Quick Question!!
Question 7 ABC Company is a manufacturing firm. At the beginning of July.ABC had a total inventory balance of $44,000. During the month of July. ABC had the following transactions. . Purchased raw materials costing $9000 . Paid office staff salaries of $3,000 . Paid production staff salarles of $4.000 . Purchased office equipment costing $17,000 . Purchased production equipment costing $30,000 . Recognized $3,000 depreciation on the office equipment . Recognized $5.000 depreclation on the production equipment...
On July 1, 2013, Swarina Patel created a new self-storage business, Patel Storage Co. The following transactions occurred during the company's first month July1 Patel invested $30,000 cash and buildings worth $150,000 in the company in exchange for common stock 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 5 The company purchased $2,400 of office supplies for cash 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage...
Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were completed. July 1 1 3 5 12 18 Owner invested $13,900 cash in the company. Purchased used truck for $9,280, paying $2,320 cash and the balance on account. Purchased cleaning supplies for $1,040 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,290 for cleaning services performed. Paid $1,160 cash on amount owed on truck and $580 on...
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