A corporation that claimed the small business deduction must pay its taxes within three months of its fiscal year end. True or False
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8 00:07:23 eBook A corporation that claimed the small business deduction must pay its taxes within three months of its fiscal year end. True or False True False
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- S Attachd 5.26Problem 11-4A (Algo) Estimating warranty expense and liability LO P4 [The following information applies to the questions displayed below.] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $80. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. Sold 150 razors for $12,000 cash. December 16 December 29 December 31 January 5 January 17 January 31 Problem 11-4A (Algo) Part 1 Replaced 20 razors that were returned under the warranty. Recognized warranty expense related to December sales with an…Jay
- 6-7A.LO2,3 payroll accounting by Beig and Toland Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax-OASDI...........6.2% on first $128,400 FICA tax-HI..........1.45% on total pay Federal income tax....$232.00 per pay SIT.....22%of the federal income tax withholding FUTA.....0.6% on first $7,000 SUTA.....0.05% on first 14,000 Additional payroll deductions include: 401k plan....3%per pay Child support garnishment......$100 Health insurance premium...$95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500)Problem 12-21 (c) (LO. 2) Sigfrid has a tentative general business credit of $78,000 for the current year. His net regular tax liability before the general business credit is $162,000, and his tentative minimum tax is $29,000. Complete the statements below that outline Sigfrid's limitation on the general business credit. Sigfrid's general business credit is limited to his net income tax reduced by the greater of his tentative minimum tax or 25% of the net regular tax liability that exceeds $25000. Therefore, Sigfrid's allowable general business credit for the year is $_____________Question text 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 Net 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.
- 11/26 1216 12/11 8. What is the partial payment credit given for a $650 payment on a $2500 invoice dated April 29th with terms of 3/10 EOM if the partial payment is received on June 10th of the same year?PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed. use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4 to the Federal Tax Tables in Appendix A of your textbook. Note: For simplicity. all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding=$Problem 11-4A (Algo) Estimating warranty expense and liability LO P4 [The following information applies to the questions displayed below.] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $13 and its retail selling price is $80. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. November 11 Sold 80 razors for $6,400 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 16 razors that were returned under the warranty. December 16 Sold 240 razors for $19,200 cash. December 29 Replaced 32 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 160 razors for $12,800 cash.…
- A CEO is considering whether to invest in Developing leadership capabilities in its managers. To make this determination, which of the following should he take into account? O People with strong leadership skills perform managerial functions more efficiently. O Improving managers' leadership skills will enable them to solve problems more effectively. O How leaders behave has a major impact on employee performance. O The attitudes of leaders have little effect on the attitudes of rank-and-file employees Identify the trait as one of either a manager or a leader. Trait Is concerned with "doing things right" Has a long-term perspective Solves problems Manager Leader ° O °PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding = $ 2: William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during the period. Federal income tax withholding = $ 3: Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14% of gross pay. Federal…
