The following information pertains to Leapfrog Academy at December 31, 2015:
Prepare the stockholders' equity section of the balance sheet at December 31, 2015.
Definitions:
State Unemployment Tax
A tax imposed by state governments on employers to fund unemployment insurance benefits for workers who have lost their jobs.
Social Security Tax
Taxes collected to fund the Social Security program, providing benefits for retirees, the disabled, and survivors of deceased workers.
Medicare Tax
A federal tax that funds Medicare, a healthcare program for individuals over 65 and some younger people with disabilities; deducted from employee wages with a matching amount paid by employers.
Time And A Half
The payment rate typically used for overtime work, equal to one and a half times the regular hourly wage.
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