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19 18 Asuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31.
19 18 Asuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Use this information to answer the questions that follow Gross payroll $10,000 Federal income tax withheld $1,800 Social security rate Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate Salaries Payable would be recorded in the amount of 57,450 $8,630 $6,830 $8,200 On June 1, Michael Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours. Using straight-line depreciation, determine which of the following is the proper adjusting journal entry for the second year Depreciation Expense $15,000 Accumulated Depreciation $15,000 Accumulated Depreciation $12,500 Depreciation Expense $12,500 $30,000 Depreciation Expense Accumulated Depreciation $30,000 $40,000 Equipment Expense Accumulated Depreciation $40,000
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