During the year, Salaries Payable decreased by $6,000. If salary Expense amounted to $170,000 for the year, the cash paid to employees (including deductions from gross pay) is: A) $176,000 B) $170,000 C) $164,000 D) $182,000
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- Ivanhoe pays a weekly payroll of $250000 that includes federal income taxes withheld of $38100, FICA taxes withheld of $23970, and 401(k) withholdings of $26500. What is the effect on assets and liabilities from this transaction? Assets decrease $187930 and liabilities decrease $62070. Assets decrease $187930 and liabilities increase $62070. Assets decrease $161430 and liabilities increase $88570. Assets decrease $250000 and liabilities do not change.Suppose that Blake Companys total pretax difference from a change to FIFO was 100,000 and the company pays a bonus of 5% of its income before income taxes and bonus to employees. If Blake pays an additional bonus | based on the change in income, would it recognize any expense? If so, when and how much?The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $11,000, respectively. What is the after-tax cashflow if the effective income tax rate is 23%? a.77990 b.66990 c. 75460 d. 64460 e. 20010
- 17 )You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%.Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is nonrefundable)is $700,000. The tax refundable for this company is.a. $950,000b. $500,000c. $250,000d. $200,000The end-of-year pretax financial income for UMPI in 2018 was $720,000. It included $40,000 in municipal bond interest income, $15,000 in warranty expenditure, a $25,000 fine for dumping hazardous waste, and $40,000 in depreciation. Tax-deductible depreciation was $65,000. The taxation in their country was 21%. Beginning with "income before income taxes," format the income tax expense part of the net income.
- Peyton Company's payroll for the year is$737,910. Of this amount, 472,120 is for wages paid in excess of of 7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first 7,000 of each employees earnings.. Computte a. Net FUTA tax b. Net SUTA tax c. Total Unemployment taxesComputer World reports income tax expense of $340,000. Income taxes payable at the beginning and end of the year are $60,000 and $75,000, respectively. What is the cash paid for income taxes during the year?Ammer Products has an average accounts payable balance of $850,000 and its annual cost of goods sold is $8,750,000. Assume there are 365 days per year. What is Ammer's payables deferral period? * 50.00 days O 35.46 days O 25.50 days O 30.50 days O 42.33 days
- You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. a. $500,000 b. $1,100,000 c.$750,000 d. $200,000Computer World reports income tax expense of $230,000. Income taxes payable at the beginning and end of the year are $54,500 and $64,000, respectively.What is the cash paid for income taxes during the year?Peyton Company's payroll for the year is $747,790. Of this amount, $468,730 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: A. Net FUTA tax B. Net SUTA tax C. Total unemployment taxes