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For the first week of 2023 Coby Co. pays wages of $5000 and withhold $900 for federal income taxes and $300 for state income taxes.
For the first week of 2023 Coby Co. pays wages of $5000 and withhold $900 for federal income taxes and $300 for state income taxes. The combined FICA and Medicare tax rate is 7.65%. The FUTA rate is 0.8% and the SUTA rate is 5.4%.
on November 1, 2022 Coby Co. issued a 6% $10,000 note payable do in three months.
Record the issuance of the note on November 1, 2022
Record the accrual of interest on December 31, 2022
Record the maturity of the note on February 1, 2023
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ISE Fundamental Managerial Accounting Concepts
Authors: Thomas P. Edmonds, Christopher Edmonds, Mark A. Edmonds, Philip R. Olds
10th Edition
1265045925, 9781265045920
