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On Sept. 1, the entity signed a contract, effective immediately, with Lei Hospital to dry clean, for a fixed monthly charge of P4,000, the uniforms used by doctors in surgery. The hospital paid for four months' service in advance.
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- Accounting for patient service revenue Ruby Ruth Hospital had the following transactions during the year ended December 31:1. The hospital provided services to patients insured by third-party payer A amounting to $9.0 millionat its established billing rates. The hospital’s prospective billing arrangement with this third partystipulates payment to the hospital of 70 percent of its established rates for services performed.All billings were paid during the year.2. The hospital provided services to patients insured by third-party payer B amounting to $5.4 millionat its established billing rates. Its retrospective billing arrangement with this third party stipulatesthat the hospital should receive payment at an interim rate of 90 percent of its established rates,subject to retrospective adjustment based on agreed-upon allowable costs. By year-end, B had paidall the billings. Before issuing its financial statements, the hospital estimated that the probableamount it will need to refund to B…Athena Company provides employee health insurance that costs $15,300 per month. In addition, the company contributes an amount equal to 5% of the employees' $153,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $365,000 for the quarter ended December 31.a. Journalize the entries to record the accrued pension liability on December 31 and the payment to the funding agent on January 15.b. How does a defined contribution plan differ from a defined benefit plan?
- On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen, Inc. to provide them with 4,500 units at a cost of $500 per unit. Madsen sends a cash deposit of $225,000 on the same day. Azure sends the first 2,700 units on August 31, with an invoice for $675,000 due September 15. The remaining 1,800 units are delivered on October 15, along with an invoice for the remaining amount of the total $2,250,000 purchase price, due October 31. Madsen made all payments on the invoice due dates. Assume that Azure Corporation had no uncertainties about its own ability to meet the terms of the contract or about Madsen, Inc.'s ability and willingness to pay. Prepare the journal entries to record the events (leaving out the accounting for Azure's costs). Date July 8 August 31 September 15 October 15 October 31 Account To record the deposit. To record initial delivery of units. To collect cash on account. To record delivery of remaining units. To collect cash on account. <<…Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $400,000 for the quarter ended December 31. Required: A. Journalize the entries to record the accrued pension liability on December 31 and the payment to the funding agent on January 15. Refer to the Chart of Accounts for exact wording of account titles. B. How does a defined contribution plan differ from a defined benefit plan?On November 1, 2021, Jonas Company established an agency in Laguna sending its merchandise samples costing P31, 500 and a working fund of P18, 000 to be maintained on the imprest basis. During the month, the agency transmitted to the home office sales orders which were billed at P128, 760 of which 50% was collected. A home office disbursement chargeable to the agency is the procurement of office furniture costing P50, 000 which is to be depreciated at 24% per year. The agency paid expenses of P7, 630 and received replenishment from the home office. On November 30, 2021, the agency samples were valued at P20, 150. The gross profit on goods shipped averages 33 1/3% of cost. How much is the net income of the agency for the month of November 2021? a. 25, 752 b, None of the above c. 6, 772 d. 12, 210 e. 5, 772
- Tavella Company’s first weekly pay period of the year ends on January 8. On that date, Tavella’s sales employees earned $34,745, office employees earned $21,225, and delivery employees earned $1,030 in salaries. The employees are to have withheld from their salaries FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $8,625 of federal income taxes, $1,160 of medical insurance deductions, and $138 of union dues. No employee earned more than $7,000 in the first pay period. Required 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Tavella Company’s January 8 employee payroll expenses and liabilities. Round amounts to cents. 2. Prepare the journal entry to record Tavella’s employer payroll taxes resulting from the January 8 payroll. Tavella’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Round amounts to cents.Queens College Employees are paid from the general fund semi-monthly on the 15th day and the last day of the month. The QC provides numerous employee benefits. Employees earn ten vacation days for each 12 months of employment. The employee can take the vacation during any summer months (May-September) prior to retirement. The employees also earn one sick day for each month of employment. Sick pay vests at the completion of five years of continuous service. Vested unused sick pay will be paid upon retirement or termination. The city contributes to a retirement plan that is administered by the state. Each year the city gets a statement from the state explaining the actuarially determined contribution required. The QC recognizes revenues/expenditures when collected/paid or if collected/paid within 60 days of year-end. The QC’s fiscal year end is December 31. At the beginning of the current year employees had $0.4 million of earned vacation time and $7 million of vested earned sick…Dixon Sales has five sales employees that receive weekly paychecks. Each earns $10 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in social security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Required: Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. CHART OF ACCOUNTS Dixon Sales 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…
- Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day of the month. Each employee’s wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal tax of 16% and monthly medical insurance premiums of $110 for each employee. Prepare the journal entry to record the January 31 payroll expense and salaries. The employer payroll taxes for Metro Express includes FICA taxes, federal unemployment taxes of 0.8% of the first $7,000 paid to each employee, and state unemployment taxes of 4.0% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer’s payroll taxes on January 31 (Assume that none of the employees has reached the unemployment limit of $7,000). Journal entries will be journalized on the general journal for Problem 6. When complete, upload the general journal to this problem.Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $7,208. Payroll for the month of May is as follows: • FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% Federal income tax of $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. # No new data to save. Last checked at 11:47pm Submit CEncore Records has two employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At February 28, each employee is owed gross pay of $1,000, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the journal entry to record the related employer's liability on February 28, please show the calculations. For the CPP Expense ($102 x 1) & the EI Expense ($32 x 1.4) where do yo get the 1 and 1.4 from?