Net Income Was $418,600 in 2010 and $364,000 in 2011

question 55

Multiple Choice

Net income was $418,600 in 2010 and $364,000 in 2011.The year- to-year percent change in net income is:

• A)15%.
• B)$54,600.
• C)87%.
• D)13%.

Explain the accounting and reporting requirements for estimated liabilities and provide examples.

Understand the process of calculating and recording payroll and related taxes, including federal and state unemployment taxes, FICA taxes, and withholdings.

Learn to estimate and record employer expenses related to employee benefits such as bonuses and warranty expenses.

Acquire skills to calculate net pay from gross earnings, considering various deductions and taxes.