Panama Pet Supply is considering selling to a group of new customers.pdf

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Panama Pet Supply is considering selling to a group of new customers and creating new annual sales of $70,000. 5% will be uncollectible. The collection cost on these accounts is 3.5% of new sales, the cost of producing and selling is 80% of sales and the firm is in the 31% tax bracket. What is the profit on new sales? Solution Statement showing profitability on new saleSale70000Less: Cost of production56000Less: Uncollectible3500Less: Collection cost2450Profit before tax8050Less: Tax2495.50Profit after tax5554.50.

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Payroll subject: Hoyico Company has five employees, each of whom earn $1,600 per month and are paid on the last day of each month. All five have been employed continuously at this amount since January 1. On June 1, the following accounts and ballances exist in the General Ledger: FICA-Social Security taxes payable; $992 (both Employee and Employer match) FICA-Medicare taxes payable $232 (both Employee and Employer match) Employee Federal Income tax payable; $1,050 (liability for May only) Federal Unemployment taxes payable; $66 (liability for April and May) State Unemployment taxes payable; $440 (liability for April and May) *During June and July the company had the following payroll transactions: June 25: Issued check payable to America Bank, a federal depository bank authorized to accept employer\'s payments of FICA taxes and employee income tax withholdings. The $2,274 check is in payment of the May FICA and employee income taxes (think about the required journal entry, with all the extra info provided). June 30: Recorded the Journal entry for the June salaries payable. Record the cash payment of the June payroll (the company issued checks payable to each employee in payment of the June payroll. The payroll register shows the following summary totals for the June pay period: SALARIES: Office Salaries: $3,800 Shop Salaries: $4,200 Gross Pay $8,000 FICA taxes: $496 Social security $116 Medicare Federal Income taxes: $1,050 Net Pay: $6,338 June 30: Recorded the employer\'s payroll taxes resulting from the June payroll. The company has a merit rating that reduces its state unemployment tax rate to 4.0% of the first $7,000 paid to each employee. The Federal rate is 0.6%. July 15: Issued check payable to America Bank in payment of the June FICA and employee incoem taxes. July 15: Issued check payable to State Tax Commision for the April, May and June state unemployment taxes. Mailed the check and the second-quarter tax return to the State Commisions. July 31: Issued check payable to America Bank in payment of the employer\'s FUTA taxes for the first quarter of the year. Mailed Form 941 to the IRS, reporting the FICA taxes and the employee\'s income taxes and employees\' federal income tax withholdings for the second quarter. (NOT SURE if journal entry is needed to record this Forms, and/or required to transfer any funds with this report?). REQUIRED: Prepare journal entries to record the transactions and events for both June and July. Please make sure to post your calculations and comments on how to get there since it\'s really important for me to understand this concepts. I really appreciate your help. Solution Accounting Entries Date Account Details and Explanation Debit Credit June 25 FICA- Social Security Tax Payable 992 FICA- Medicare Tax Payable 232 Employee Federal Income Tax Payable 1050 Cash 2,274 To record the payment of FICA taxes for May and Employee federal income tax for May. June 30 Office Salaries 3800 Shop Salaries 4200 FICA- Soc.

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Paul Sablic is the supervisor of the purchasing department for Pine Village Community Medical Center ( CMC). ( See the Values and Beliefs Statement in Figure 1.8.) Paul had an opening in his department. The human resources de-partment first used an internal recruiting method through which current employees were asked to identify potential candidates from their social and professional networks. 1 In addition, HR posted the position in several professional pub-lications and in area newspapers and message boards. The goal was to attract and hire the better person available. HR prescreened all applicants ( more than 140 persons applied for the position) and reduced the list to eight. Sablic and the HR personal had previously conducted a job and task analysis, and identified the specific types of SKAs found in employees who perform successfully in that position. Sample tests were administered in which applicants were asked to perform real job- like activities. A series of work sample tests were developed and given to those employees currently holding the position. The results affirmed that the tests measured the factors im-portant to the position. Each of the final applicants was also given a broad personality inventory that included integrity questions designed to weed out applicants likely to lie, steal, cheat, or defraud the medical center. 2 Each applicant for the vacant position received written guidelines explaining CMC Solution Hello Pal, First of all a very nice as well as intersting question from your side. So now straight to the question, as asked above with all the information available from your side and from mine, it is very much true and practical to do so that to sooner than later. Fuller is a potential candidate for this post. But, there must be something that Paul considered before rejecting Fuller and taking the other, Helen Hoczyk, on board for this job. To reinforce his claims, Fuller described several technological adaptive aids he used in his work and contended that he had done well on the work sample tests. He also showed Holbrook papers that documented the long hours he had put in at his previous job. He also shared several recommendation letters in which former employers spoke highly of his abilities. Holbrook listened patiently, making notes as Fuller talked. She was startled by Fuller.

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