Question

50. A company had inventory on November 1 of 5 units at a cost of $19...

50. A company had inventory on November 1 of 5 units at a cost of $19 each. On November 2, they purchased 10 units at $21 each. On November 6 they purchased 6 units at $24 each. On November 8, 10 units were sold for $54 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? $230 $291 $240 $220 $221

54. Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,516.27. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) $2,215.33   $4,088.27  $2,572.00   $1,648.77  $2,649.33

59. Grays Company has inventory of 25 units at a cost of $6 each on August 1. On August 3, it purchased 35 units at $11 each. 27 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 27 units that were sold?? $176 $172 $178 $235 $675

28. During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $35 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $97 in federal income taxes withheld. What is the amount of this employee’s net pay for the first week of January?  $1,886.68  $1,662.50  $224.18 $1,535.32  $1,438.32

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
50. A company had inventory on November 1 of 5 units at a cost of $19...
50. A company had inventory on November 1 of 5 units at a cost of $19 each. On November 2, they purchased 10 units at $21 each. On November 6 they purchased 6 units at $24 each. On November 8, 10 units were sold for $54 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?? $230 $291 $240 $220 $221 41. An employee earns $5,550 per month working for...
1. A company that reports segment information had average total assets of $1,558,450 and total net...
1. A company that reports segment information had average total assets of $1,558,450 and total net income of $644,700. Segment A had average total assets of $945,800 and segment operating income of $325,300. Segment B had average assets of $612,650 and segment operating income of $319,400. The segment return on assets for Segment B is:? 41.4% 52.1% 34.4% 60.7% 50.5% 2. During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their...
QUESTION HAS 2 PARTS 1. An employee earns $6,200 per month working for an employer. The...
QUESTION HAS 2 PARTS 1. An employee earns $6,200 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $210 in federal income taxes withheld....
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,600 $ 500 b. 2,100 2,200 c. 122,300 8,200 Compute BMX’s amounts for each of these four taxes as applied to...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,700 $ 400 b. 2,150 2,250 c. 122,400 8,300 rev: 05_16_2019_QC_CS-168714 Compute BMX’s amounts for each of these four taxes as...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,500 $ 900 b. 2,050 2,150 c. 122,200 8,100 a) Tax September...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 5,200 $ 2,400 b. 2,500 2,800 c. 119,600 8,700 Compute BMX’s amounts for each of these four taxes as applied to...
1. An employer has one employee who earned $4,000 his first month of employment. The employee’s...
1. An employer has one employee who earned $4,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $600, and the employee has voluntary monthly deductions of $350 for health insurance and $50 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $400, and the employee has voluntary monthly deductions of $125 for health insurance and $25 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is $128,400...
1. The chief executive officer earns $10,100 per month. As of May 31, her gross pay...
1. The chief executive officer earns $10,100 per month. As of May 31, her gross pay was $50,500. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the amount of FICA-Social Security...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT