Lee Financial Services pays employees monthly. Payroll
information is listed below for January 2018, the first month of
Lee's fiscal year. Assume that none of the employees exceeded any
relevant wage base.
| Salaries | $ | 420,000 | |
| Federal income taxes to be withheld | 84,000 | ||
| Federal unemployment tax rate | 0.60 | % | |
| State unemployment tax rate (after FUTA deduction) | 5.40 | % | |
| Social security tax rate | 6.20 | % | |
| Medicare tax rate | 1.45 | % | |
Required:
Calculate the income and payroll taxes for the January 2018 pay
period. Prepare the appropriate journal entries to record salaries
and wages expense (not paid) and payroll tax expense for the
January 2018 pay period.
In: Accounting
In 2018, the Westgate
Construction Company entered into a contract to construct a road
for Santa Clara County for $10,000,000. The road was completed in
2020. Information related to the contract is as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,059,000 | $ | 2,627,000 | $ | 2,655,400 | |||
| Estimated costs to complete as of year-end | 5,041,000 | 2,414,000 | 0 | ||||||
| Billings during the year | 2,190,000 | 2,496,000 | 5,314,000 | ||||||
| Cash collections during the year | 1,895,000 | 2,400,000 | 5,705,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. (Do not round intermediate calculations.)
In: Accounting
Schematic diagram pathophysiology of Non St elevation MI ,Aortic dissection and pericarditis
In: Nursing
What is a Non-Rebreather?. Which patient uses this and what is the Literflow and FiO2 for this therapy?
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The conflict between the goals of a firm’s owners and the goals of its non-owner managers is...
In: Finance
Quality institutions are:
Group of answer choices
extractive
informal
formal
non-extractive
In: Economics
describe the chemical nature of the non-covalent bonding interactions between peptides and lipids.
In: Biology
In: Biology
Explain why patient non-compliance is thought to have led to XDR-TB?
In: Biology
In: Nursing