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- Question 25: Which statement regarding Form W-3 is inaccurate? Answer: O Form W-3 contains earnings information for multiple employees. А. В. O Form W-3 must be signed by the employer to be valid. С. O Form W-3 is submitted to the Social Security Administration and provided to each employee. D. O Form W-3 includes federal and state tax information.CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below.The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%,both of which are levied on the first $7,000 of earnings.The Social Security tax rate is 6.2% on the first $128,400 of earnings. The Medicare rate is 1.45% on gross earnings. Calculate the employer's payroll taxes expense and prepare thejournal entry to record the employer'spayroll taxes expense for the week ended July 15of the current year.A promissory note for $800 dated January, 15, requires an interest payment of $ 130at maturity. If interest is at 12% p.a. compounded monthly , determine the due date of the note.
- buying and sellingWhat is the total cash discount if an invoice dated March 31 for P 15,000 with a payment terms of 3/20; 1/30; n/60 is paid in full on April 20?Paid telephone bill for May, $260.A 90-day note is signed on October 21. The due date of the note is: ◇ January 19 O January 21 ◇ January 20 ◇ January 18
- PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:Choose the bestThen, prepare the journal entry assuming the payment is made within 10 days (the discount period).
- Swathmore Clothing Corporaton grants ts customers 30 deys' credit. The compeny uses the allowance method for tos uncollectible accounts receivable. During the year, a monthly bed debt accrual Is made by multiplying 2% times the amount of credt sales for the month. At the fiscal year-end of December 31, an aging of accounts recelveble schedule is prepared and the allowance for uncollectible accounts Is adjusted accordingly. Se & B S At the end of 2017, accounts recelvable were $592,000 and the allowance account had a credit balance of $56,000. Accounts recelvable activity for 2018 was as follows: Beginning balance Credit sales Collections $ 592,000 2,710,000 (2,573,000) (48,000) Write-offs Ending balance $ 681,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Percent Uncollectible Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount $415,000 98,000 58,000 110,000 12 28 39 Total $681,000 Required: - Prepare a summary…Blueside Crafts has a weekly payroll being paid on June 1st. As they are an accelerated threshold 2 remitter, the source deductions for this payroll will be due by what date?At Inner City Health Care, the total account receivable at the end of May is $100,00 and the monthly receipts total is 75.000, the total accounts receivable ath the end of june is 82.000 and the monthly receipts total is $31.000, the totat accounts receivable at the end of july is $86,000 and the monthly receipts total $20,000; the total accounts receivable at the end of August is $93,000 an the monthly receipts total is $45,000. What is the account receivable ratio for each month? Show your calculations in the space provided. Which month has the healthiest accounts receivable ratio? Why?