Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer question 16,17 and 18 thank you! :) 16. Labrola Inc. pays its employees $57 million dollars per year and pays them every two

please answer question 16,17 and 18 thank you! :)
image text in transcribed
16. Labrola Inc. pays its employees $57 million dollars per year and pays them every two weeks on Friday aftemoon. The books were closed Tuesday after the most recent payday. Assume the employees work 5 days a week and are paid for 50 weeks a year. How much is the amount of the payroll accrual? No \$sign on your answer. Use commas for thousands. 17. The Lucky Foot Company purchased a delivery truck three years ago costing $27,000. It was estimated the truck's useful life was four years at the time of purchase. The company uses straight line depreciation and assumes salvage value (worth at end of useful life) is 0 . The truck was sold yesterday for $10,000. If the Manata Company is subject to a marginal tax rate of 35%, determine the cash flow associated with the sale of the used truck. The total amount of depreciation is (write whole value - no decimal places). The Book Value of the truck at the time of sale is (write whole value - no decimals) 18. The McKay family has $165,000 in total income last year. They live in a state that has a tax rate of 14.5% on taxable income over $100,000. Assuming the family is in the 28% federal tax bracket, their total effect tax rate (TETR) is [A]. Round the answer to 2 decimal places. DO NOT INCLUDE a \% SIGN in your answer 19.The finances for the Connery family was the following in 2021 : Interest on investments: Ine ramily also sold Chewy stock they owned for 8 months for a profit of $2,000 and they also sold Johnson \& Johnson stock they had owned for 5 years for a profit of $5,000. The family made home mortgage payments that included interest of $16,480, and paid real estate (property) tax of $4,320 on their home. They also paid state income tax of $5,860 and donated $1,250 to well-known charities. There are three dependent children. The exemption rate is $4,000 per person. Use Personal Tax Schedules given below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Audits For Improved Performance

Authors: Dennis R. Arter

3rd Edition

0873895703, 978-0873895705

More Books

Students also viewed these Accounting questions

Question

Why should an individual manager be interested in supporting HR?

Answered: 1 week ago