60.1K

Verified Solution

Link Copied!

Please show your work/explain how you got your answer. I would also like to understand how to do the problems.

For problem number 1, Prepare the following entries; Purchase and set up of the equipmemt, Depreciation expense each year until sale or disposal. For question 2, find the Federal withholding and so on to State Unemploymemt. For the other problems they are pretty straight forward as the question is there.

Date Price 1ABC purchased equipment as follows 6/20/2017 620,000 31,000 Delivery charges Date put into service Salvage value Prepare the following entries Purchase and set up of the equipment Depreciation expense each year until sale or disposal 7/5/2017 75,000 8yr life 9/25/2020 The company disposed of the machine date Prepare the following entries a The equipment is sold for cash amount b The equipment is sold for cash amount cThe equipment is disposed of for no value 496,000 93,000 2|XYZ Mfg has three employees. Prepare payroll entries for the month of November only based on the followin Earned as of 10/31 Earned in Nov Employee Hue Dewe Louie $114,000$12,000 11,000 4,000 136,800 5,700 Federal withholding is 15% State withholding is 5% Social Security 6.2% of the first $120,000 Medicare is 1.5% no ceilin Federal Unemployment is .8% of the first $7,000 State Unemployment is 4.2% of the first $7,000

Answer & Explanation Solved by verified expert

See Answer