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Author Question: In December 2011, B. Rich worked for Payless, Inc. and earned 10,000. Federal income tax withholding ... (Read 69 times)

NguyenJ

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on: Jul 5, 2018
In December 2011, B. Rich worked for Payless, Inc. and earned 10,000. Federal income tax withholding is 20. The FICA rate is 6.2 and the Medicare tax is 1.45. What is B. Rich's net pay?
 
  A) 10,000
  B) 8,000
  C) 7,235
  D) 6,615

Question 2

During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly counted itsinventory as 350,000 instead of the correct amount of 280,000 . The effect on the balance sheet and incomestatement would be
 a. assets overstated by 70,000; retained earnings understated by 70,000; and net income statementunderstate d by 70,000
  b. assets overstated by 70,000; retained earnings understated by 70,000; and no effect on the incomestatement
  c. assets, retained earnings, and net income all overstated by 70,000
  d. assets and retained earnings overstated by 70,000; and net income understated by 70,000


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jaygar71

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

c


NguyenJ

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Reply #2 on: Jul 5, 2018
Thank you


jaygar71

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Reply #3 on: Jul 5, 2018
No problemo


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