Description of this paper

1. Jensen Company has the following inform...

Description

Solution


Question

1. Jensen Company has the following information for the pay period of January 15 - 31, 20xx. Gross payroll $10,000 Federal income tax withheld $1,500 Social security rate 6% Federal unemployment tax rate .8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of: 1. $8,500 2.$7,130 3.$7,670 4.$7,750 2. Franco and Elisa share income equally. During the current year the partnership net income was $40,000. Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Franco capital, $40,000; Elisa capital, $58,000. Franco?s capital account balance at the end of the year is 1.$74,500 2.$62,500 3.$60,000 4.$48,000 3. Ofelia and Teresa share income and losses in a 2:1 ratio after allowing for salaries to Ofelia of $48,000 and $60,000 to Teresa. Net income for the partnership is $132,000. Income should be divided as follows: 1.Ofelia, $56,000; Teresa, $76,000 2.Ofelia, $60,000; Teresa, $72,000 3.Ofelia, $72,000; Teresa, $60,000 4.Ofelia, $64,000; Teresa, $68,000 4. Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net income of $91,000 is allocated to Yolanda? 1. $26,500 2.$46,000 3.$45,000 4.$45,500 5. Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $38,000 and $28,000 respectively, and the remainder equally. How much of the net income of $75,000 is allocated to Yolanda? 1.$66,000 2.$40,000 3.$35,000 4.$43,000 6. Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $38,000 and $28,000 respectively, and the remainder equally. How much of the net income of $75,000 is allocated to Xavier? 1. $66,000 2.$40,000 3.$35,000 4.$43,000,Thanks Michael! I really appreciate it. The deadline is pushed back a few hours.

 

Paper#6091 | Written in 18-Jul-2015

Price : $25
SiteLock