At the end of the first pay period of the year, Dan earned $5,100 of salary. Withholdings from Dan’s salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $612 of federal income taxes, $180 of medical insurance deductions, and $16 of life insurance deductions. Compute Dan’s net pay for this first pay period.

Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell has $12,000 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales?

A company reported that its bonds with a par value of $50,000 and a carrying value of $58,500 are retired for $61,800 cash, resulting in a loss of $3,300. The amount to be reported under cash flows from financing activities is:

A corporation issued 6,600 shares of $10 par value common stock in exchange for some land with a market value of $102,000. The entry to record this exchange is:

A machine with a cost of $139,000 and accumulated depreciation of $89,500 is sold for $59,000 cash. The cash flow amount that should be reported in the operating activities section reported under the direct method is:

On July 1, Shady Creek Resort borrowed $370,000 cash by signing a 10-year, 7% installment note requiring equal payments each June 30 of $52,680. What is the journal entry to record the first annual payment?

An employee earned $44,100 during the year working for an employer when the maximum limit for Social Security was $137,700. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45%. The employee’s annual Federal Insurance Contributions Act (FICA) taxes amount is:

A company issued 8%, 15-year bonds with a par value of $530,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is:

A company had a beginning balance in retained earnings of $43,200. It had net income of $6,200 and declared and paid cash dividends of $5,675 in the current period. The ending balance in retained earnings equals:

Even to this day, perceptions of time in Germany are partially rooted in the early impact of _______________. (The Culture Map)