Denise Co. has five employees, each of whom earns $3,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense.
Answer to relevant QuestionsCompute the times interest earned for Zelma Company, which reports income before interest expense and income taxes of $1,044,000, and interest expense of $145,000. Interpret its times interest earned (assume that its ...The following legal claims exist for VanBeek Co. Identify the accounting treatment for each claim as either. (a) A liability that is recorded. (b) An item described in notes to its financial statements. 1. VanBeek ...Lee Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 16, 2009, for $9,400 cash. Lee uses the perpetual inventory system. On November 22, 2010, the copier requires on-site repairs that ...Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes). Required 1. Compute times interest earned for Milo Company. 2. Compute times interest earned for ...Refer to the financial statements of Best Buy in Appendix A to answer the following. 1. Compute times interest earned for the fiscal years ended 2009, 2008, and 2007. Comment on Best Buy’s ability to cover its interest ...
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