According to a summary of the payroll of guthrie co., $720,000 was subject to the 6.0% social security tax and the 1.5% medicare tax. also, $60,000 was subject to state and federal unemployment taxes.
required:
a. calculate the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.
b. on december 31, journalize the entry to record the accrual of payroll taxes. refer to the chart of accounts for exact wording of account titles

Elephant, inc.'s cost of goods sold for the year is $2,000,000, and the average merchandise inventory for the year is $129,000. calculate the inventory turnover ratio of the company. (round your answer to two decimal places.)

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?

How are interest rates calculated by financial institutions? financial institutions generally calculate interest as (1) interest or (.