Lawrence, an employee of Light, Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $118,500, and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Which of the following is a part of the journal entry to record the employer's payroll taxes?
A) debit to Payroll Tax Expense
B) debit to FICA Taxes Payable
C) credit to Payroll Tax Expense
D) debit to Cash
A) debit to Payroll Tax Expense
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Which of the following is a similarity between export brokers and export agents?
a. Both act as hired purchasing agents for foreign customers operating in the exporter's home market. b. Both live in foreign countries and assist in international trade. c. Both assume all risks associated with selling a manufacturer's product in the international market. d. Both allow manufacturers to retain title for products.
Explain the three major rulemaking models—formal, informal, and hybrid—outlined in the Administrative Procedure Act (APA) of 1946
What will be an ideal response?
Water Drops, Inc purchased equipment for $200,000
The company recorded total depreciation of $140,000. On January 1, 2017, the company exchanges the equipment for new equipment, paying $150,000 cash. The fair market value of the new equipment is $250,000. Prepare the journal entry to record this transaction. Assume the exchange has commercial substance. What will be an ideal response
A corporation separates:
a. ownership from responsibility b. ownership from profit c. ownership from control d. control from losses e. control from profits