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a. During the year 20 xx1, Aeryn Company had net credit sales of $2,220,000. Past experience shows that 1.5 percent of the firm's net credit
a. During the year 20 xx1, Aeryn Company had net credit sales of $2,220,000. Past experience shows that 1.5 percent of the firm's net credit sales result in uncollectible accounts. b. Equipment purchased by Moloney Consultancy for $42,500 on January 2,20 xx1, has an estimated useful life of 8 years and an estimated salvage value of $2,500. What adjustment for depreciation should be recorded on the firm's worksheet for the year ended December 31,20 xx1 ? c. On December 31, 20X1, Fasano Music Studio owed wages of $12,500 to its employees, who are paid weekly. d. On December 31, 20X1, Fasano Music Studio owed the employer's social security ( 6.2 percent) and Medicare (1.45 percent) taxes on the entire $12,500
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