Problem
The accumulated depletion account is what?
Expenditures for research and development are generally recorded as Martinez Co. borrowed $50,000 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include what
Anderson Co. issued a $80,000, 60-day, discounted note to National Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay what what?
The journal entry to record the issuance of a note for the purpose of converting an existing account payable would be what?
Assuming a 360-day year, when a $20,000, 90-day, 8% interest-bearing note payable matures the interest payable would be what?
Martin Jackson receives an hourly wage rate of $30, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; social security tax rate, 6.2%; and Medicare tax rate, 1.45%. What is the net amount to be paid to Jackson? (Round to the 2nd decimal place)
Davis and Thompson have earnings of $800 each. The social security tax rate is 6.2% and the Medicare tax rate is 1.45%. Assuming that the payroll will be paid on December 29, what will be the employer's total FICA tax for this payroll period?
Hall Company sells merchandise with a one-year warranty. In the current year, sales consist of 32,000 units. It is estimated that warranty repairs will average $10 per unit sold and 30% of the repairs will be made in the current year and 70% in the next year. In the current year's income statement, how Hall should show warranty expense.