Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $470,000. The following amounts have been withheld: Federal income taxes $59,000 Social Security 29,140 Medicare 6,815 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $47,000 of the gross payroll.
Required:
What is the amount of net pay recorded by Hernandez?

The retained earnings account has a credit balance of $24,650 before closing entries are made. if total revenues for the period are $77,700, total expenses are $56,900, and dividends are $13,050, what is the ending balance in the retained earnings account after all closing entries are made?

Why is investing in a mutual fund less risky than investing in a particular company’s stock?

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)