Question & Answer

Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Earnings to Weekly Vacation Pay to Be Employee July 31 Pay Received in August Mark Hamill $4,200 $200 — Karen Robbins 3,500 150 $300 Brent Kirk 2,700 110 220 Alec Guinness 7,400 250 — Ken Sprouse 8,000 330 660 Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $113,700 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee’s wages in excess of $113,700. Instructions Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company’s liability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities.

What are the important variables that affect mass diffusion?

Describe the circumstances in which a taxpayer acquires a home and rents it out and is not allowed to deduct a portion of the interest expense on the loan the taxpayer used to acquire the home.

1.    Would the task environment for a wireless provider such as Verizon Wireless contain the same elements as that for a government welfare agency? Discuss the similarities and differences.

An extruder has a barrel diameter of 3.5 in and a length of 5.0 ft. It has a screw channel depth of 0.16 in and a flight angle of 22°. The extruder screw rotates at 75 rev/min. The polymer melt has a shear viscosity = 65 x 10-4 lb-sec/in2 at the operating temperature of 525°F. The specific gravity of the polymer is 1.2 and its tensile strength is 8000 lb/in0.11 lb/sec. The density of water is 62.5 lb/ft3 . (a) Find the equation for the extruder characteristic. (b) Find the operating point (Q and p), and (c) the die characteristic that is indicated by the operating point . A T-shaped cross section is extruded at a rate of

For what reasons might a company restrict a portion of its retained earnings?

Although Hank is retired, he is an excellent handyman and often works part time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $500 for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar-year taxpayer. Compute Hank’s gross income for this year from each of the following alternative transactions:

1.       : Which of the four components of emotional intelligence do you consider most important to an effective manager in today’s world? Why?

Technically, what is the difference between a fiber and a filament?

Calaf’s Drillers erects and places into service an off-shore oil platform on January 1, 2015, at a cost of $10,000,000. Calaf is legally required to dismantle and remove the platform at the end of its useful life in 10 years. Calaf estimates it will cost $1,000,000 to dismantle and remove the platform at the end of its useful life in 10 years. (The fair value at January 1, 2015, of the dismantle and removal costs is $450,000.) Prepare the entry to record the asset retirement obligation.

Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Prepaid Rent $12,000; Goodwill $50,000; Franchise Fees Receivable $2,000; Franchises $47,000; Patents $33,000; Trademarks $10,000. Prepare the intangible assets section of the balance sheet.

1. Could the long run and the very long run ever be the same length of time? 2. What will the long-run and very long-run market supply curves for a product look like? How will the shape of the long-run curve depend on returns to scale? 3. In the very long run, new isoquants will have to be drawn as factor productivity changes. An increase in productivity will shift the isoquants inwards towards the origin: less capital and labour will be required to produce any given level of output. Will this be a parallel inward shift of the isoquants? Explain.

How have money market rates changed since the beginning of the semester? Consider the current economic conditions. Do you think money market rates will increase or decrease during the semester? Offer some logic to support your answer. (LO1)

Compare and contrast the lifetime learning credit with the American opportunity tax credit.

Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders’ equity.

Using the theory of present bias, provide an economic rationale for government regulation of the payday loan market.

Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate funds were disbursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement.

The starting point for computing alternative minimum taxable income is regular taxable income.  What are some of the plus adjustments, plus or minus adjustments, and minus adjustments to regular taxable income to compute alternative minimum taxable income?

Compare the management of a closed-end fund with that of an open-end fund. Given the differences in the funds’ characteristics, explain why the management of liquidity is different in the open-end fund as compared with the closed-end fund. Assume that the funds are the same size and have the same goal to invest in stocks and to earn a very high return. Which portfolio manager do you think will achieve a larger increase in the fund’s net asset value? Explain. (LO1, LO5)

Using the IS/MP model analyse the possible effect of an increase in aggregate expenditure on output, the real interest rate and inflation.

How does a shaping process differ from a surface processing operation?

At December 31, 2014, Grinkov Corporation had the following account balances. Installment Accounts Receivable, 2013 $ 65,000 Installment Accounts Receivable, 2014 110,000 Deferred Gross Profi t, 2013 23,400 Deferred Gross Profi t, 2014 41,800 Most of Grinkov’s sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov’s December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.

Describe the characteristics that a measure of money should have if it is to be manipulated by the Fed. (LO2)

Using the facts in problem 52, what is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid?  This would result in what type of tax rate structure?

Explain how a life insurance company’s asset portfolio may be affected by inflation. (LO3)