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Wisconsin Tool Biz purchased tool sharpening equipment on July 1, 2008 for 48,600. The equipment was expected to have a useful life of three years, and a residual value of $3,000.
Determine the amount of depreciation expense for the years ended December 31, 2008, 2009, 2010, and 2011, by a) the straight line method and b) the double-declining balance method.
The following information about the payroll for the week ending March 17 was obtained from the records of Major Mining Co.
Sales salaries 244,000 Income tax withheld 88,704
Warehouse salaries 135,000 US Savings Bond 11,088
Office Salaries 125,000 Group Insurance 9,074
1. For March 17th payroll, determine the employee FICA tax payable
2. Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll
3. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment tax payable c)federal unemployment tax payable
4. Illustrate the effect on the account and financial statements of recording the liability for the March 17th payroll taxes
The depreciation and payroll journal for Wisconsin Tool Biz is purchased. The double-declining balance methods are provided.