9. Adelphi Company purchased a machine on January 1, 2017, for $80,000.  The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. After 4 years, Adelphi sold the machine on January 1, 2021 for $22,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale on January 1, 2021? Enter a loss as a negative number.

10. Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in excess of 40 hours must be paid at 150% of the normal hourly rate.  Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.3% and the state unemployment tax rate is 3.0%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $18 per hour and worked 48 hours for the week ended January 13 , 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara's earnings. (Round to the closest cent)

Answer rating: 100% (QA)

To calculate the gain or loss for the equipment sale on January 1 2021 we need to determine the book value of the machine at the time of the sale and ... View the full answer