The Payroll records of Oregon Mist contained the the month of November: followin

Question

The Payroll records of Oregon Mist contained the the month of November: following information for S350,000 1,700 21,700 Salaries 2 FICA Taxes Employee FICA Taxes-Employer Federal Unemployment Taxes State Unemployment Taxes Payroll Tax Expense would The journal entry to record the monthly a: include A. debit to Payroll Tax Expense of $25,200 B. credit to FICA Taxes Payable of $43,400. C. debit to Payroll Tax Expense of $48,650 D. debit to Payroll Tax Expense of S26,950. The following units of a particular item were purchased and sold during the period: 12. 50 @ ½i 40 units @ S20 50 units a $21 50 units @ $22 110 units 50 units @ $23 45 units Beginning inventory First purchase Second purchase 50 23 First Sale Third purchase Second Sale What is the cost of 35 units on hand at the end of the period as determined under the periodie system by the Fifo Costing Method? a. $715 b$705 c. $700 d. $805. 13. Sherry Co. purchases a piece of equipment on January 1, 2016, for $40,000 and the equipment has an expected useful life of five years. Its is estimated be $4,000. Assuming Sherry Co. uses double-declining balance depreciation method, what is the depreciation expense for the equipment for 2017? A. $7,000 B. $14,000 C.$9,600 D. $16,000 residual value

Explanation / Answer

option d. is correct

only employer portion comes as expense.

12. option d. 805 is correct.

all 35 units belong to last purchase @23 = 35*23= 805

13. option C. is correct

rate of depreciation per year= 2/useful life *100= 2/5 *100= 40% per year

first year depreciation= 40000*40%= 16000

WDV first year will be= 40000-16000= 24000

depreciation second year 2017= 24000*40%= 9600

FICA tax emplyer 21700 FUTA 3500 SUTA 1750 Total 26950

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.