The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: Purchased $400,000 of materials.
Used $362,100 of direct materials in production.
Incurred $104,200 of direct labor wages.
Applied factory overhead at a rate of 42% of direct labor cost.
Transferred $483,700 of work in process to finished goods.
Sold goods with a cost of $460,300.
Revenues earned by selling bikes, $761,600.
Incurred $154,800 of selling expenses.
Incurred $75,300 of administrative expenses.

Required:
Prepare the income statement for Rushmore Biking for the month ending February 28

On january 8, the end of the first weekly pay period of the year, regis company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. withholdings from the employees' salaries include fica social security taxes at the rate of 6.20%, fica medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,450 of medical insurance deductions, and $860 of union dues. no employee earned more than $7,000 in this first pay period. required: 1.1 calculate below the amounts for each of these four taxes of regis company. regis’s merit rating reduces its state unemployment tax rate to 3% of the first $7,000 paid to each employee. the federal unemployment tax rate is 0.60