Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $162,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax Pay Period End September 24 December 31
Q: Please assist Return on average owner's equity (2018 =40%; industry average = 45%) Round to two…
A: Return on Equity measures the profitability of equity funds invested in the firm. This ratio…
Q: Choose the correct statement below
A: Option. C is correct
Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…
A: Perpetual inventory is an inventory accounting approach in which the sale or purchase of products is…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: Introduction: Income statement: All revenue and expenses are to be shown in income statement. It…
Q: Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts…
A: Introduction: Current Assets: Assets which can be easily converted in to cash with in a year period…
Q: MANAGERIAL ACCOUNTING (You may use excel. RATE will be given. No long explanation needed) Show in…
A: Depreciation is calculated on the cost of the asset. It is an expense charged in the profit and loss…
Q: How should we record the journal entry that was on question 4? We are somewhat confused regarding…
A: W.N.1 Calculation of Depreciation Expense based on Input Year Depreciable Amount…
Q: The shareholders’ equity of ILP Industries includes the items shown below. The board of directors of…
A: The preferred shareholders receives the dividend before any dividend is paid to common stockholders.…
Q: If the following adjusting entry is omitted, what effect will it have on the financial statements?…
A: Unearned income seems to be revenue collected for a good or service that the company has yet to…
Q: Recommends, with justifications, methods and tools that allow businesses to analyse financial data…
A: Strategic decision-making appears to be the process of identifying the optimum plan for meeting…
Q: You are considering a luxury apartment building project that requires an investment of $15,000,000.…
A: Answer:- Return on investment meaning:- The ratio of net income to investment is generally known as…
Q: Lana Powell has cumulative earnings of $116,000 at the end of September. In the first week in…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: 11,12,13,14, 15, 16 Can you provide me a clear explanation and solution thanks ?
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Exercise The following transactions were completed by SEMCO Company during the month of March 2014.…
A: Journal Entries - Journal Entries are recorded in the pattern of debit and credit. For Recording of…
Q: An investor has a taxable income of $125997. He has an investment property which earns $21780 in…
A: The rental income is passive incomes and are charged specifically at a rate of 30% on the gross…
Q: Given the future cash flows (from cost savings) of an equipment for the next three years, use a…
A: 1. Profitability Index - It is the ratio that measures the return on investment made in the years by…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: The net income is calculated as difference between revenues and expenses incurred during the period.…
Q: Shown below are units produced and total manufacturing costs for the past four months at Minda…
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest…
Q: Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate…
A: Income tax is charged by the government on the income of their citizen. It is calculated on the…
Q: ets PICK-A-PET, INCORPORATED Balance Sheet at June 30, Year 1 Liabilities ash $ 733,300 Ccounts…
A: The equity includes the investment by stockholders, retained earnings, dividend, etc.
Q: Problem 1: On January 1, 2022, Smith Corp. issued 5-year 12% bonds with face amount of P5,000,000 at…
A: The bonds are the financial instruments to raise the money from the market or investors.
Q: The predetermined factory overhead rate is: Multiple Choice 212% of direct labor costs.…
A: Introduction: Direct labor cost is one of the most important components of major organizational…
Q: A fire on 28th Feb destroyed some of a company’s inventory and its inventory records. The following…
A: Inventory is the value of goods manufactured, purchased or traded by the company.
Q: Since employees do not pay for their food directly, what will Jennifer likely use as the “revenue”…
A: A budget is intended to anticipate an entity's future financial outcomes and position. It is used…
Q: The market flex provision in an underwriting/syndication agreement means that the underwriter/lead…
A: The provisions which give the underwriter or the syndicate or the arrangers some amount of the…
Q: ~Why would investors provide a business with cash? ~ Why must a business provide an income statement…
A: Answer:- Investors provide a business with cash:- A company may satisfy its daily business demands…
Q: A new accountant at Coronado Inc. is trying to identify which of the amounts shown below should be…
A: Answer - Working Note - 1. petty fund: It shall be taken as is cash. 2. The TB is due within 90…
Q: ABC factored P60,000 accounts receivable to XYZ Financing on a without recourse basis on January 1,…
A: Factoring: Factoring is a type of business loan in which the business organization sells its…
Q: Division X of Cathy Corporation makes and sells a single product which is used by manufacturers of…
A: In order to determine the contribution margin per unit, the variable cost per unit is required to be…
Q: If actual fixed overhead was P54,000 and there was a P1,300 unfavorable spending variance and a…
A: Spending variance is the difference between budgeted and overhead and actual overhead incurred.
Q: Based on below, Activity-Based Costing and Analysis Cost Behavior and Cost-Volume-Profit Analysis…
A: Under cost-profit volume analysis, the break-even point is that level of production where the…
Q: XYZ company provided the following information: Sales $30,000 3,000 Accounts payable Selling…
A: Formulas: Gross profit = Net sales - Cost of goods sold
Q: The product cost period cost opertunity cost
A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…
Q: The adjusted trial balance is prepared a. prior to completing the adjusting entries. O b. after…
A: Trial is the summary of all ledgers which are shown under two columns, namely debit and credit. It…
Q: The form of employees compensation ir relevant to tax deductibility of the firm true? or false?
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Aqua Corp. is considering a change in marketing strategy which would cost $100,000 per year…
A: The cash conversion cycle shows that how effectively the company's managers deal with their working…
Q: w
A: The additional compensation received by an individual as a consideration for his job performance is…
Q: Required: A. Prepare a schedule of cash collections for July, August, and September B. Prepare a…
A: Depreciation is a non-cash expenses, so need to record the item in cash budget.
Q: A furniture company manufactures desks and chairs. Each desk uses four units of wood, and each chair…
A: a) Optimal Solution: No. of units of Desks produced = 125 No. of units of Chairs produced =…
Q: The Johnson's Company had net income(after tax) = 500,000 USD, Johnson's Company's income statement…
A: Formula: Times interest earned = EBIT / Interest expense
Q: • Jason Kendel had gross earnings of $250 last week. He is single and claims only himself as an…
A: Calculation of amount withheld Particulars Amount Gross Earnings 250 Less: exemption…
Q: How do your answers in parts (a) and (b) relate to the theory of constraints? Explain.
A: Introduction:- Constraints theory used to identifying the most important limiting factor that…
Q: A machine with a purchase value of 850,000 dollars and the productive life of the machine is 7…
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…
Q: The unearned subscriptions account reflected a balance of $32,500 prior to any adjustments. It is…
A: Unearned revenue at the starting journal entry: Cash a/c dr $32500 To unearned subscription…
Q: [The following information applies to the questions displayed below.] Antuan Company set the…
A: The variable cost per unit remains constant and total fixed costs remains constant at every level of…
Q: Which statement is false about reversing entries? O a. Reversing entries are required as part of the…
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the period.…
Q: After completing a horizontal and vertical analysis of the Balance Sheet and Income Statement. It…
A: The answer is stated below:
Q: The statements of financial position, as at 31 December 2021, and income statements, for the year…
A: Consolidated Balance Sheet of the Group {As at 13 December, Previous year} Great plc Small plc…
Q: On September 1, 2019, Eli Company purchased 35% of the outstanding ordinary shares of Long…
A:
Q: en’s outstanding stock. At the current year-end, the following information has been accumulated for…
A: Consolidated financial statements are the financial statements of a company with multiple divisions…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $163,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Pay Period End September 24 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare TaxRiver Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $170,500. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 15 December 31 Prior YTD Earnings 0.00 $ Social Security Taxable Wages $ Medicare Taxable Wages 6,675.00 $ 7,104.16 Employer Share Social Security Tax $1 417.35 ✪ Employer Share Medicare Tax $ $ 103 53 207.06River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $179,500. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 15 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax
- The employees of Lillian's Interiors are paid on a semimonthly basis. Required: Compute the FICA taxes for the employees for the December 29, 2023, pay period. All employees are single and have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. YTD Pay for Semimonthly December 15 Employee Pay Pay Date W. Babish $ 8,330 G. Hanoush $ 6,280 R. Fezzeti $ 9,255 T. Gomez $ 4,555 N. Bertraud $ 5,710 R. LaPonte $ 4,955 Social Security Tax Medicare Tax 29 Pay Date 29 Pay Date for December for DecemberRiver Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $177,500. Required: Calculate the following Note: Round your final answers to 2 decimal places. Pay Date Prior YTD Earnings October 15 December 31. Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Taxi Employer Share Medicare TaxRiver Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $193,000. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 13 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax December 29
- Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows: Deductions FICA Medicare Gross Pay Net Pay Income taxes 15% FICA Social Total deductions Security 6.2% 1.45% $2,000 The company matches FICA deductions. Required: a. Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations.Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week $ Earnings $ OASDI Tax HI Taxable Earnings $ HI TaxJerome Company has 35 employees who work 8 hours a day and are paid hourly.On January 1, 2018, the entity began a program of granting the employees 10 days ofpaid vacation each year. Vacation days earned in 2018 may first be taken on January 1,2019.Year Hourly wage Vacation daysearned by eachemployee Vacation days usedby each employee2018 129 10 02019 135 10 82020 142.50 10 1015. What is the vacation pay expense for 2018?a. 0b. P361,200c. P378,000d. P344,40016. What is the accrued liability on December 31, 2020?a. P474,600b. P453,600c. P399,000d. P478,800 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrueliability at the end of each year at the wage rate for that year?a. P474,600b. P453,600c. P399,000d. P478,800 Provide SOLUTION
- Doyle Watson works for Clear Pencil Accounting, which pays employees on a semimonthly basis. Doyle’s annual salary is $258,000. Required: Calculate the following: (Round ''Employer Share Medicare Tax'' to 2 decimal places.) Pay Date Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax November 30 December 31The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay.Compute the following for the last monthly pay of the year:a. The total wages of each part-time employee for December 2019.b. The OASDI and HI taxable wages for each employee.c. The FICA taxes withheld from each employee’s wages for December.d. Totals of columns.e. The employer’s FICA taxes for the month.The employees of Lillian's Interiors are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for December 31, 2021, pay period. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee W. Babish G. Hanoush R. Fezzeti T. Gomez N. Bertraud R. LaPonte Semimonthly Pay $ $ $ $ 69 69 $ X Answer is complete but not entirely correct. Social Security Tax $ YTD Pay for 12-15- 2021 8,345 $191,935 $ 6,295 $ 144,785 $ 9,270 $ 213,210✔✔ $ $ 105,110 $ 4,570 5,725 $ 131,675$ 4,970 $ 114,310 $ Medicare Tax for 12- 31-2021 Pay for 12-31- 2021 Pay 0.00 $ 0.00 $ 0.00 $ 283.34 354.95 $ $ 308.14 $ 121.00 x 91.28 217.85✔ 66.27✔ 83.01✔ 72.07✔