Answer:
$18,000
Explanation:
According to the Internal revenue service, the useful life of the rental property would be 27.50 years.
The computation of the maximum amount of depreciation is shown below:
= (Purchase cost of building - allocated value of land - salvage value) ÷ useful life
= ($600,000 - $104,950 - $0) ÷ 27.50 years
= $495,050 ÷ 27.50 years
= $18,000
Answer: 140 minutes
Explanation:
From the question, we are informed that to complete the first setup on a new machine took an employee 280 minutes. Using an 75% cumulative average−time learning curve indicates that the second setup on the new machine is expected to take:
We first multiply the 75% cumulative average−time by the 280 minutes used. This will be:
= 280 × 75%
= 280 × 0.75
= 210
(280 + y)/2 = 210
280 + y = 210 × 2
280 + y = 420
y = 420 - 280
y = 140 minutes
Answer:
Credit to Cash for $4,995 is correct
Explanation:
here is a complete question
has a gross salary for May of $7,000. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. He is also subject to federal income tax at a rate of 21%. Which of the following is a part of the journal entry to record the disbursement of his net pay? (Assume a FICA-OASDI Tax of 6.2 % and FICA-Medicare Tax of 1.45%. Round the final answer to the nearest dollar.) A. debit to Cash for $4,995 B. debit to FICA Tax Payable of $4,995 O C. debit to Employee Income Tax Payable of $4,995 D. credit to Cash for $4,995
The computation of the amount that becomes the part for accrual the employer payroll taxes is shown below:
Gross Pay $7,000
Less: Deductions
Federal Income tax $1,470 ($7000 × 21%)
FICA-OASDI tax $434 ($7000 × 6.2%)
FICA-Medicare tax $102 ($7,000 × 1.45%)
Total Deductions 2006
Net pay $4,995
