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(a)
Payroll register:
Payroll register is a record that accumulates employees’ gross earnings, deductions and net pay for each pay period.
Payroll taxes
Payroll taxes are the types of taxes normally calculated as certain percentage of the salary. FICA taxes, Employee federal income taxes payable, Federal
FICA taxes
The tem FICA stands for Federal Insurance Contributions Act. It is one of the important payroll taxes. It is the tax imposed on employees as well as employers to contribute Medicare and social security. Federal programs for helping the disabled people, children, deceased workers etc. are coming under the category of social security.
To Fill: The missing amounts in the payroll register.
(b)
To prepare: The
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Chapter I Solutions
FINANCIAL ACCOUNTING-STD.WILEY PLUS
- Bruce Inc. began the year with stockholders' equity of $280,000. During the year, the company recorded revenues of $410,000 and expenses of $325,000, and the company paid dividends of $40,000. What was Bruce's stockholders' equity at the end of the year?arrow_forwardWhat is the net realizable value of accounts receivable on these accounting question?arrow_forwardWhat is the number of units transferred?arrow_forward
- A local bakery sells 12,000 loaves of sourdough bread each year. The loaves are ordered from an outside supplier, and it takes 4 days for each shipment of loaves to arrive. Ordering costs are estimated at $18 per order. Carrying costs are $6 per loaf per year. Assume that the bakery is open 300 days a year. What is the maximum inventory of loaves held in a given ordering cycle? a. 180.02 b. 362.07 c. 268.33 d. 152.98arrow_forwardTHE COGS??arrow_forwardFinancial Accounting Question please solve this problemarrow_forward
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