During 2016, an individual was paid a bi-monthly salary of $5,000. Compute the amount of FICA taxes that should be withheld.
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- During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:On March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from John Finance Company. X signed a Note Payable to John for $50,0003; John then takes a fee of 5% of the accounts receivable. John also charges 12% interest on the amount of cash X received. If X collects $10,000 in March and remits this amount plus interest owed to John on March 31st, the journal entry X records on March 31st will include: Credit to Cash of $10,470 Debit to Interest Expense of $5,640 Credit to Cash of $10,000 Credit to Cash of $40,000On October 1, 2022, Harlan received a $15,000, six-month, 10% note in exchange for goods sold to McBride Company. Prepare the journal entry to record the receipt of the note on October 1, 2022. Prepare the adjusting entry to record the accrued interest on the note at December 31, 2022. Write a wriiten explanation on what would Harlan do if McBride dishonors its note, but Harlan still expects to eventually collect it?
- please help answerOn Aug 29, Sindhu received an invoice for $85.49, dated Aug 27. If the terms of the invoice are 4/10, 2/20, n/60, what amount is required on Sep 15 to pay the invoice in full?Zahava Corporation sells equipment to Ari Company for $700,000. Ari does not need the equipment until December 31, 2021, but agrees to pay $600,000 immediately on December 31, 2019, in order to assist Zahava with finances. The remaining $100,000 is due upon delivery on December 31, 2021. Zahava typically can borrow at 5%. 1. Prepare the journal entry Zahava makes to record the receipt of $600,000 on December 31, 2019. 2. Prepare the jornal entry, if any, Zahava makes in 2020. 3. Prepare the journal entry Zahava makes to record delivery of the goods and collection of the remaining $100,000 on December 31, 2021.
- Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6 months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, 2019, Marydale accepts a 6-month, 10% note from Customer A in lieu of a $4,200 cash payment for services provided that day. b. On February 28, 2020, Marydale accepts a 6-month, $1,800, 7% note from Customer B in lieu of a $1,800 cash payment for services provided on that day. c. On April 30, 2020, Customer A pays the entire note plus interest in cash. d. On August 31, 2020, Customer B pays the entire note plus interest in cash. Required: Prepare the necessary journal and adjusting entries required to record Transactions a through d in Marydale's records.4. On January 1, 2019, Baker Co. decided to grant its employees 10 vacation days and five sick days each year. Vacation days earned can be carried over to the next year but not sick days. Each employee took an average of three sick days in 2019. During 2019, each of Baker's six employees earned P100 per day and earned 10 vacation days. These vacation days were taken during 2020. What amount should Baker report for compensated absence expense for the year ended December 31, 2019? a. 0 b. 6,000 c. 7,800 d. 9,000 5. North Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2019, North's unadjusted balance of liability for compensated absences was P21,000. North estimated that there were 150 vacation days and 75 sick days…Complete ALL requirements and ROUND ALL AMOUNTS TO NEAREST DOLLAR
- Mr. Pitt has relented and agrees to provide you with the information necessary to converthis cash basis financial statements to accrual basis statements. He provides you with the following transactioninformation for the fiscal year ending December 31, 2018:1. A new comprehensive insurance policy requires an annual payment of $12,000 for the upcoming year. Coverage began on September 1, 2018, at which time the first payment was made.2. Mr. Pitt allows customers to pay using a credit card. At the end of the current year, various credit card companies owed Mr. Pitt $6,500. At the end of last year, customer credit card charges outstanding were $5,000.3. Employees are paid once a month, on the 10th of the month following the work period. Cash disbursementsto employees were $8,200 and $7,200 for January 10, 2019, and January 10, 2018, respectively.4. Utility bills outstanding totaled $1,200 at the end of 2018 and $900 at the end of 2017.5. A physical count of inventory is always taken at the…Madison’s nail salon had a revenue totaling $151,500 in 2019. That amount includes materials plus sales tax rate is 4.5% , what amount of money must Madison’s firm submit to the state for 2019’s sales.The accountant for Eastern Appliances manages the “no money down” arrangements offered to its customers. A customer purchased a refrigerator normally priced at $1,284.53 with all taxes included. Using a required rate of return of 9% compounded quarterly, the accountant determined that, after a deferral period, the customer should make 12 monthly payments of $119.16, with the first payment due on November 1, 2020. On what date was the refrigerator purchased?
