Chapter 2, Problem 8DQ

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Brookdale Enterprises began the year with retained earnings of $380,000. During the year, the company recorded revenues of $610,000 and expenses of $452,500. It also paid dividends of $56,000. What was Brookdale Enterprises' net income for the year?

Robinson Technologies has an employee earning $6,800 per month. The FICA tax rate for Social Security is 6.2%, and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.2%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $315 in federal income taxes withheld. The employee also has voluntary deductions for health insurance of $245 and contributes $175 to a retirement plan each month.  What is the employee's net pay for the month of January?

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