. If a company has a pre - tax accounting income of $1, 000, with interest revenue from municipal bonds totaling S 500, and operates under a 20% tax rate, how would you record the journal entry?
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1. If a company has a pre - tax accounting income of $1, 000, with interest revenue from municipal bonds totaling S
500, and operates under a 20% tax rate, how would you record the
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- The payroll register of Seaside Architecture Company indicates $840 of social security and $213 of Medicare tax withheld on total salaries of $14,200 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%. Required: Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Salaries Payable 222…Planning Wizards, LLC is an event-planning company. Which of the following would be included in the current asset section of a classified balance sheet dated December 31, 2019? a. 15-month certificate of deposit b. Customer advances on New Year's parties c. Last month rent payment (lease expires in 2021) d. Investment in stocks, to be sold in 2020 e. Income tax refund receivable f. Inventory Select one: d, e, and f e and f a, b, c, e, and f a, b, c, d, e, and f b, e, fYou are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt. (EV of $1. PV of 51. EVA of S1. PVA ofS1 EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2.300,000. The bonds mature in 15 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate 2 At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $670,000. The annual payment is $145,000, payable each June 30 3, On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $70,000 beginning January 1, 2021.…
- (To help answer this question, create an Income Taxes Payable T-account and insert the beginning andending balances.) If the company debited Income Tax Expense and credited Income Taxes Payable $700during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?What does the amount of these debits represent?Recording payroll and payroll taxes. Assume that the company is subject to a 2% state unemployment tax and 0.6% federal unemployment tax. REQUIRED: Record the following in general journal entry form on May 31. A. Accrual of monthly payroll B. Payment of the net payroll C. Accrual of employers payroll taxes(assume that the FICA matches the amount withhold) D. Payment of these payroll related liabilities. (assume that all are settled at the same time) The options for the shaded drop boxes are : Administrative salaries expense, cash, custodial salaries expense, federal income tax withholding payable, federal unemployment tax payable, FICA tax payable, payroll payable, payroll tax expense, sales salaries expense, state unemployment tax payable.Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
- 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Таxable Tax Net Income Name Income Liability after Taxes Corporation 3 $13,450,000 $ $You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. 2. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $530,000. The annual payment is $75,000, payable each June 30. 3. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…Required information [The following information applies to the questions displayed below.] Riverside Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($170,000), payroll deductions for income tax ($17,000), payroll deductions for FICA ($18,000), payroll deductions for United Way ($3,600), employer contributions for FICA (matching), and state and federal unemployment taxes ($2,100). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b. Collected rent revenue of $4,560 on December 10 for office space that Riverside rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. 3. Show how any liabilities related to these items should be reported on the company's balance sheet at December 31.…
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