=================================================== ACC 537 Week 4 Assignment Leases
Below is a payroll sheet for Otis Import Company for the month of September 2014 . The company is allowed a 1 % unemployment compensation rate by the state ; the federal unemployment tax rate is 0.8 % and the maximum for both is $ 7,000 . Assume a 10 % federal income tax rate for all employees and a 7.65 % FICA tax on employee and employer on a maximum of $ 113,700 . In addition , 1.45 % is charged both employer and employee for an employees wages in excess of $ 113,700 per employee .
( a ) Complete the payroll sheet and make the necessary entry to record the payment of the payroll
( b ) Make the entry to record the payroll tax expenses of Otis Import Company .
( c ) Make the entry to record the payment of the payroll liabilities created . Assume that the company pays all payroll liabilities at the end of each month .
=================================================== ACC 537 Week 4 Assignment Leases
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Write a 700- to 1,050-word summary discussing the points listed below
Identify the two recognized lease-accounting methods for lessees and distinguish between them .
Distinguish between minimum rental payments and minimum lease Payments