Principles of Accounting
Principles of Accounting
12th Edition
ISBN: 9781285607047
Author: NEEDLES
Publisher: Cengage Learning
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Chapter 6, Problem 7AP

1.

To determine

Prepare multi-step income statement for the year 2013 and 2014.

2.

To determine

Explain whether income from operations increase or decrease between 2013 and 2014.

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Gabrien is a full-time exempt employee at a local electricity co-operative. He earns an annual salary of $55,130 and is paid biweekly. He contributes 3% of his earnings to his 401(k) account and has no other pre-tax deductions. What is his Social Security tax deduction for each pay period?
Please provide the answer to this general accounting question using the right approach.
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How To Analyze an Income Statement; Author: Daniel Pronk;https://www.youtube.com/watch?v=uVHGgSXtQmE;License: Standard Youtube License