Hamilton company makes us available its financial data for the

Hamilton company makes us available its financial data for the year 2013 here.,,1. Pretax financial income reported $60,000,2. Depreciation charged for tax purpose is $76,000 and Depreciation charged in the books is $60,000,3.Advanced rent received not recognized in books as income of 2013 but treated as income on the income tax return $5,400.,4. fines paid for pollution are charged as expense in income statement.,5. Tax rate for current and future years 30%,,Assuming that there are no deferred taxes at the beginning of 2013.,a. compute taxable income for 2013,b. Record journal entry to record income tax expense, deferred income taxes and income tax payable for 2013.,c. prepare income tax section of the income statement for 2013.

I need this assignment work:Week Four Exercise

I need this assignment work:,,Week Four Exercise Assignment,Liability,,1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: ,• Social Security taxes: 6% on the first $55,000 earned per employee,• Medicare taxes: 1.5% on the first $130,000 earned per employee,• Federal income taxes withheld from wages: $7,500 ,• State income taxes: 5% of gross earnings ,• Insurance withholdings: 1% of gross earnings ,• State unemployment taxes: 5.4% on the first $7,000 earned per employee,• Federal unemployment taxes: 0.8% on the first $7,000 earned per employee,,The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end. ,a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:,• Social Security taxes,• Medicare taxes,• Federal income taxes withheld,• State income taxes,• Insurance withholdings,,,,b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:,• Matching Social Security taxes,• Matching Medicare taxes,• State unemployment taxes,• Federal unemployment taxes,,,2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following: ,,12/1 Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity. ,12/10 Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit (parts only). ,12/22 Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30. ,12/26 Borrowed $5,000 from First City Bank; signed a 15% note payable due in 60 days. (Assume 360 days for daily interest calculation),12/31 Repaired six XY-80s during the month at a total cost of $162. ,12/31 Accrued 3 days of salaries at a total cost of $1,400. ,,Instructions ,a. Prepare journal entries to record the transactions. ,b. Prepare adjusting entries on December 31 to record accrued interest for each of the notes payable. ,,,3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:,8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day, 12% note. ,8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 de¬livery truck. The note is due in 180 days and carries a 12% interest rate. ,9/10: Purchased inventory from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed. ,9/11: Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and car¬ries a 14% interest rate. ,10/10: The note to Pans Enterprises was paid in full. , ,10/11: The note to Datatex Equipment was paid in full. ,11/30: Paid note to Bank of Kingsville,,Instructions ,a. Prepare journal entries to record the transactions. ,b. Prepare adjusting entries on December 31 to record accrued interest (daily interest is calculated utilizing the 360 day method).,c. Prepare the Current Liability section of Red Bank’s balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.,,Due July: 18th, 2013,

Sammy Davis Jr., Inc. pays its employees each week. Its

Sammy Davis Jr., Inc. pays its employees each week. Its employees’ gross pay is subject to these taxes., ,Tax Rate Applied To, FICA—Social security 6.20 % First $106,800, FICA—Medicare 1.45 All gross pay, FUTA 0.80 First $7,000, SUTA 2.15 First $7,000,, ,The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company’s four employees:,, , Current Week, ,Name Gross Pay through 8/18 Gross Pay Income Tax Withholding, Dale $ 105,300 $ 3,100 $ 388 , Ted 36,855 1,474 162 , Kate 6,020 1,480 178 , Chas 963 385 35 , ,In addition to gross pay, the company must pay one-half of the $22 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee’s gross pay (at no cost to employees) to a pension fund.,, ,Required:,Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank – be certain to enter "0" wherever required. Omit the "$" sign in your response.), , DALE TED KATE CHAS , 1. Each employee’s FICA withholdings for Social Security. ______ ______ _____ ______, 2. Each employee’s FICA withholdings for Medicare. ______ ______ _____ ______ , 3. Employer’s FICA taxes for Social Security. ______ ______ _____ ______, 4. Employer’s FICA taxes for Medicare. ______ ______ _____ ______, 5. Employer’s FUTA taxes. ______ ______ _____ ______, 6. Employer’s SUTA taxes. ______ ______ _____ ______, 7. Employee’s net (take-home) pay. ______ ______ _____ ______, 8. Employer’s total payroll-related expense for each employee. ______ ______ _____ ______ ,,,