A company pays its employees for work done during the month.  The total wage expense is $100,000.  The federal tax rate is 20%, state tax rate is 5%, and the FICA employer and employee tax rate is 6%. What entry is required by the company to record the impact to the company from this event?

Company A borrows $100,000 from Company Z on July 1, 2021.  The loan is a 1 year loan with repayment due on June 30, 2022.  The annual interest rate for the loan is 12%.     What is the impact to cash flow to Company A in 2021 as a result of this loan?

A company had the following purchases and sales during its first year of operations:   Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the Perpetual FIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

A company purchases a new truck on January 1, 2022 and pays cash.  The cost of the truck is $26,000.  The company expects that they will use the truck for 5 years and that at the end of 5 years, the truck will have a salvage value of $6,000.  Assuming the company uses the straight line method of depreciation expense, what is the impact to the 2022 income statement from the above events?

Die Hard Company purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the straight-line method. The machine’s useful life is estimated to be 4 years with a $5,000 salvage value. The book value of the machine at the end of year 4 is:

A company had the following purchases and sales during its first month of operations: January 1 Purchased 10 units at $4.00 per unit January 9 Sold 6 units at $12.00 per unit January 17 Purchased 8 units at $5.50 per unit January 27 Sold 7 units at $12.00 per unit Using the Perpetual weighted average method, what is the value of cost of goods sold?  (Round weighted average costs per unit to 2 decimal places.)

A company had the following purchases and sales during its first year of operations:     Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units   On December 31, there were 26 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)  

On October 1, ABC purchases 100 units of inventory from XYZ for $100 per unit.  These units had a cost of $60/unit for XYZ.  The terms of the sale are 3/15 n/45.  On October 5, ABC returns 10 units to XYZ (there are no defects with the returned units).  ABC pays for the inventory on October 9.  On October 22, ABC sells 10 units of the inventory purchased on October 1 for $200 per unit on credit. What is the value of ABC’s inventory AFTER the events on October 9?

A customer pays a company $1,800 in advance of a future order.  What is the impact on income from this event?

In a previous month, employees of a company performed work but were not paid for that work.  Instead, they were paid during the current month.  The payment related to that work was $2,700.  What is the impact on the current month income statement of these events?