GENERAL JOURNAL ACCOUNT TITLE ✓ Dec. 31 Deferred Tax Asset 1 DATE 2 Income Tax Benefit from Operating Loss Carryforward POST. REF. DEBIT 45,000.00 Score: 21/25 CREDIT 45,000.00
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- Treasury stock transactions Mystic Lake Inc. bottles and distributes spring water.On July 9 of the current year, Mystic Lake reacquired 60,000 shares of its common stock at $42 per share. On September 22, Mystic Lake sold 45,000 of the reacquired shares at $51per share.The remaining 15,000 shares were sold at $40 per share on November 23. a.Journalize the transactions of July September 22, and November 23. b.What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31of the current year? c.For what reasons might Mystic Lake have purchased the treasury stock?DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.A r Duilding G Cash Y H Z 1 Depreciation Expense AA J Dividends BB K Equipment EE L Federal Income Tax Withheld Payable FF M Federal Unemployment Taxes Payable GG N FICA Taxes Payable HH O Income Summary II P Income Taxes Payable JJ Q Interest Expense KK R Interest Payable LL S Land MM T Land Improvement NN Unearned Rent Revenue Cost of Goods Sold INOLES Payable Payroll Tax Expense Rent Revenue Example of Answer: G3000D B2000D GG5000C Retained Earnings Salaries and Wages Expense Sales Sales Returns Service Revenues Sales Taxes Payable Shipping Expense State Income Tax Withheld Payable State Unemployment Taxes Payable Supplies Tax Expense Where each box represents a journal entry line. In the first box, G denotes Cash account, 3000 is the amount, D stands for debit. In the second box: B denotes Accounts Receivable account, 2000 is the amount, D stands for debit. And in third box: GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in the capital.…
- DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes 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 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…Intermediate Accoungting ll ch 16[The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $537,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. a. All of his income is salary from his employer. Assume his modified AGI is $570,000. Income tax Net investment income tax Total tax liability Amount
- 42. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…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.Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.
- Assume a problem statement involves only single amounts, that is, no series or gradients, and the interest rate is stated as 12% per year compounded quarterly. For the following n values, determine the proper interest rate to use in the factor equations: (a) n = 20 quarters; (b) n = 10 semiannual periods; (c) n = 5 years.ll. Subject :- AccountingCort belore sales tax Amount of sales tax B. 8. 16 24 32 40 C. Con belore ales tax ount of swles bax 10 20 30 24 40 32 50 40 Amount of sules tax